Business
Quidel Announces Preliminary Revenue for Fiscal Third Quarter 2021
SAN DIEGO--(BUSINESS WIRE)-- Quidel Corporation (NASDAQ: QDEL) (“Quidel”), a provider of rapid diagnostic testing solutions, cellular-based virology assays
About this update from Quidelortho Corporation
[{"type":"text","content":" SAN DIEGO--(BUSINESS WIRE)--\nQuidel Corporation (NASDAQ: QDEL) (“Quidel”), a provider of rapid diagnostic testing solutions, cellular-based virology assays and molecular diagnostic systems, announced today preliminary results for the third quarter of 2021.\n\nQuidel expects total revenues in the third quarter of 2021 to be in the range of $505 million to $510 million, an increase of between 6% and 7% from $476.1 million in the third quarter of 2020. In the third quarter of 2021, Quidel shipped over 45 million SARS tests, an increase of 135% over the third quarter of 2020. COVID-19 revenues for the third quarter of 2021 are expected to be approximately $406 million, compared with $375.7 million for the third quarter of 2020.\n\n“In the third quarter of 2021, we saw a significant uptick in demand across multiple markets for our SARS category products as COVID-19 infections continued to rise due to the spread of the highly transmissible Delta variant. Thanks to the strategic investments we made to continue building out our professional and retail channels in the first half of the year, Quidel was able to meet much of this demand at multiple points of care, including to consumers in stores and online, driving better-than-expected product sales,” said Douglas Bryant, President and CEO of Quidel.\n\nMr. Bryant continued, “Along with the surge in professional and OTC demand, near the end of the quarter, we secured a 12-month contract worth an expected $284 million to supply up to 51.2 million QuickVue® At-Home OTC COVID-19 rapid antigen tests to the federal government. Although the order quantities from the government have not yet been confirmed, we believe this award validates our long-held conviction that a decentralized rapid antigen testing regimen utilizing high-quality tests is a crucial tool to help prevent the spread of COVID-19 within our communities.”\n\nMr. Bryant concluded, “Throughout this pandemic, our operations teams have consistently overcome challenges to drive our business forward, and the third quarter was no exception. Due to the efforts of these teams, in the third quarter we manufactured and shipped the largest volume of tests ever produced and shipped in any quarter in Quidel’s history and are also on-track to reach our target run-rate capacity of approximately 70 million rapid antigen tests (50 million QuickV...