Business
Quidel Reports First Quarter 2021 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, 2021.\n\nFirst Quarter 2021 Highlights\n\n\nTotal revenue increased 115% to $375.3 million, from $174.7 million in the first quarter of 2020.\n\n\nTotal sales of COVID-19 products were $280.3 million, as compared to $1.0 million in the first quarter of 2020.\n\n\nTotal sales of Influenza products were $5.2 million, as compared to $79.6 million in the first quarter of 2020.\n\n\nCardiometabolic Immunoassay sales increased 23% to $66.6 million.\n\n\nReported GAAP EPS of $4.09 per diluted share in the first quarter of 2021, as compared to $0.93 per diluted share in the first quarter of 2020.\n\n\nReported non-GAAP EPS of $4.38 per diluted share in the first quarter of 2021, as compared to $1.22 per diluted share in the first quarter of 2020.\n\n\nReceived EUA from the FDA for QuickVue® At-Home COVID-19 Test for prescription use and for QuickVue® At-Home OTC COVID-19 Test for serial at-home use without prescription and among asymptomatic persons.\n\n\nFirst Quarter 2021 Results\n\nTotal revenue for the first quarter of 2021 was $375.3 million, versus $174.7 million for the first quarter of 2020. The 115% increase in sales from the first quarter of 2020 was driven by growth in Rapid Immunoassay and Molecular Diagnostic Solutions product categories, the result of strong demand for both rapid antigen and PCR COVID-19 tests. To a lesser extent, growth also came from our Cardiometabolic Immunoassay products. Revenue growth in the quarter was minimally offset by a decline in Specialized Diagnostic Solutions revenues. Currency exchange had a favorable impact of $2.1 million. Excluding COVID-19 and influenza products, revenue for the core business was $89.9 million, as compared to $94.1 million in the first quarter of 2020.\n\nRapid Immunoassay product revenue increased by $141.7 million in the first quarter of 2021 to $237.7 million, primarily due to $212.1 million in revenue for our Sofia® SARS Antigen test. Cardiometabolic Immunoassay revenue totaled $66.6 million in the first quarter of 2021, an increase of 23% from the first quarter of 2020. Molecular Diagnostic Solutions revenue increas...