Business
Quidel Reports First Quarter 2020 Financial Results
SAN DIEGO--(BUSINESS WIRE)-- Quidel Corporation (NASDAQ: QDEL), a provider of rapid diagnostic testing solutions, cellular-based virology assays and
About this update from Quidelortho Corporation
[{"type":"text","content":" SAN DIEGO--(BUSINESS WIRE)--\nQuidel Corporation (NASDAQ: QDEL), a provider of rapid diagnostic testing solutions, cellular-based virology assays and molecular diagnostic systems, announced today financial results for the first quarter ended March 31, 2020.\n\n\nFirst Quarter 2020 Highlights\n\n\n\nTotal revenue increased 18% to $174.7 million, from $148.0 million in the first quarter of 2019.\n\n\nCardiometabolic Immunoassay revenue decreased 18% to $53.9 million, and decreased 17% on a constant currency basis.\n\n\nMolecular Diagnostic Solutions revenue grew 45% from the first quarter of 2019 to $8.4 million.\n\n\nInfluenza revenue increased 69% to $79.6 million, compared with $47.2 million in the first quarter of 2019.\n\n\nReported GAAP EPS of $0.93 per diluted share in the first quarter of 2020, compared with $0.60 per diluted share in the first quarter of 2019.\n\n\nReported non-GAAP EPS of $1.22 per diluted share in the first quarter of 2020, compared with $0.91 per diluted share in the first quarter of 2019.\n\n\nReceived Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration for Lyra® SARS-CoV-2 Assay.\n\n\n\nFirst Quarter 2020 Results\n\n\nTotal revenue for the first quarter of 2020 was $174.7 million, versus $148.0 million for the first quarter of 2019. The 18% increase in sales from the first quarter of 2019 was primarily driven by growth in the Rapid Immunoassay business, and to a lesser extent, by growth in Molecular Diagnostic and Specialized Diagnostic Solutions. This growth was partially offset by a decline in Cardiometabolic Immunoassay. Currency exchange had an unfavorable impact of $0.5 million.\n\n\nRapid Immunoassay product revenue, which includes QuickVue, Sofia and Eye Health products, increased 54% in the first quarter of 2020 to $95.9 million, primarily due to a $30.3 million increase in Influenza revenue from the first quarter of 2019. Sofia Influenza revenue increased 58% from the first quarter of 2019 to $55.9 million, while QuickVue Influenza revenue increased 119% from the first quarter of 2019 to $17.9 million. Cardiometabolic Immunoassay revenue, which includes revenue from the Triage and Beckman BNP products, totaled $53.9 million in the first quarter of 2020, a decline of 18% from the first quarter of 2019, due to reduced hospital visits by chest pain patients stemming fr...