Business
Quidel Reports Fourth Quarter and Full Year 2019 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 fourth quarter and the year ended December 31, 2019.\n\n\nFourth Quarter 2019 Highlights\n\n\n\nTotal revenue increased 15% to $152.2 million, compared with $132.6 million in the fourth quarter of 2018.\n\n\nCardiac Immunoassay revenue increased 5% to $65.8 million.\n\n\nMolecular Diagnostic Solutions revenue was $7.1 million, 21% growth from the fourth quarter of 2018.\n\n\nInfluenza revenue increased 44% to $50.3 million, compared with $34.9 million in the fourth quarter of 2018.\n\n\nReported GAAP EPS of $0.71 per diluted share in the fourth quarter of 2019, compared with $0.78 per diluted share in the fourth quarter of 2018.\n\n\nReported non-GAAP EPS of $1.00 per diluted share in the fourth quarter of 2019, compared with $0.81 per diluted share in the fourth quarter of 2018.\n\n\nPaid off remaining balance of $8.2 million on the Revolving Credit Facility.\n\n\n\nFull Year 2019 Highlights\n\n\n\nTotal revenue increased 2% to $534.9 million, compared with $522.3 million in 2018, and on a constant currency basis grew 3%.\n\n\nCardiac Immunoassay revenue totaled $266.5 million, and on a constant currency basis grew 2%.\n\n\nMolecular Diagnostic Solutions revenue grew 12% from 2018 to $21.7 million.\n\n\nInfluenza revenue increased 10% to $139.9 million, compared with $126.7 million in 2018.\n\n\nReported GAAP EPS of $1.73 per diluted share in 2019, compared with $1.86 per diluted share in 2018.\n\n\nReported non-GAAP EPS of $2.97 per diluted share in 2019, compared with $3.06 per diluted share in 2018.\n\n\nReduced debt by $98.6 million.\n\n\n\nFourth Quarter 2019 Results\n\n\nTotal revenue for the fourth quarter of 2019 was $152.2 million, versus $132.6 million for the fourth quarter of 2018. The 15% increase in sales from the fourth quarter of 2018 was primarily driven by growth in the Rapid Immunoassay business, and to a lesser extent, by growth in all other major product categories: Cardiac Immunoassay, Molecular Diagnostic, and Specialized Diagnostic Solutions.\n\n\nRapid Immunoassay product revenue, which includes QuickVue, Sofia and Eye Health products, increased 29% in the fourth quarter of 2019 to $6...