Business
Quidel Reports Fourth Quarter and Full Year 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 fourth quarter and year ended December 31, 2020.\n\nFourth Quarter 2020 Highlights\n\n\nTotal revenue increased 432% to $809.2 million, from $152.2 million in the fourth quarter of 2019.\n\n\nRevenue for COVID-19 products was $678.7 million.\n\n\nReported GAAP EPS of $10.78 per diluted share in the fourth quarter of 2020, compared with $0.71 per diluted share in the fourth quarter of 2019.\n\n\nReported non-GAAP EPS of $11.07 per diluted share in the fourth quarter of 2020, compared with $1.00 per diluted share in the fourth quarter of 2019.\n\n\nReceived Emergency Use Authorization (EUA) for Sofia® 2 Flu + SARS Antigen FIA rapid test.\n\n\nReceived EUA for QuickVue® SARS Antigen test for the professional point-of-care segment.\n\n\nReceived EUA for Solana® SARS-CoV-2 Assay for use with the Solana® molecular diagnostic system.\n\n\nFull Year 2020 Highlights\n\n\nTotal revenue increased 211% to $1,661.7 million, from $534.9 million in 2019.\n\n\nRevenue for COVID-19 products was $1,164.4 million.\n\n\nReported GAAP EPS of $18.60 per diluted share in the 2020, compared with $1.73 per diluted share in 2019.\n\n\nReported non-GAAP EPS of $19.92 per diluted share in 2020, compared with $2.97 per diluted share in 2019.\n\n\nReceived EUA for 6 different COVID-19 diagnostic products, ranging from PCR to isothermal molecular to rapid antigen technologies.\n\n\nFourth Quarter 2020 Results\n\nTotal revenue for the fourth quarter of 2020 was $809.2 million, versus $152.2 million for the fourth quarter of 2019. The 432% increase in sales from the fourth quarter of 2019 was driven by growth in Rapid Immunoassay and Molecular Diagnostic Solutions product categories, the result of strong demand for the newly launched Sofia® SARS Antigen and Lyra® SARS-CoV-2 tests. Additionally, Cardiometabolic Immunoassay revenues were higher compared with the fourth quarter of 2019. This growth in revenue was minimally offset by a decline in Specialized Diagnostic Solutions revenues. Currency exchange had a favorable impact of $1.4 million.\n\nRapid Immunoassay product revenue increased by $566.3 million in the fourth quarter of 2020 to $631...