Business
Quidel Reports Fourth Quarter and Full Year 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 fourth quarter and year ended December 31, 2021.\n\nFourth Quarter 2021 Highlights\n\n\nSigned definitive agreement to acquire Ortho Clinical Diagnostics Holdings plc (\"Ortho\"), funded through a combination of cash and newly issued shares in the combined company.\n\n\nTotal revenue was $636.9 million, from $809.2 million in the fourth quarter of 2020.\n\n\nRevenue for COVID-19 products was $511.8 million, versus $405.3 million in the fourth quarter of 2020.\n\n\nTotal Influenza revenue was $40.5 million (inclusive of our Sofia® 2 Flu + SARS antigen FIA).\n\n\nReported GAAP EPS of $6.85 per diluted share in the fourth quarter of 2021, compared to $10.78 per diluted share in the fourth quarter of 2020.\n\n\nReported non-GAAP EPS of $7.29 per diluted share in the fourth quarter of 2021, compared to $11.07 per diluted share in the fourth quarter of 2020.\n\n\nLaunched Savanna® MDx instrumented system in select ex-U.S. markets.\n\n\nFull Year 2021 Highlights\n\n\nTotal revenue for 2021 increased to $1,698.6 million, a 2% increase from $1,661.7 million in 2020.\n\n\nRevenue for COVID-19 products in 2021 increased 42% to $1,267.0 million, from $891.0 million in 2020.\n\n\nTotal Influenza revenue was $72.4 million.\n\n\nReported GAAP EPS of $16.43 per diluted share in 2021, compared to $18.60 per diluted share in 2020.\n\n\nReported non-GAAP EPS of $17.72 per diluted share in 2021, compared to $19.92 per diluted share in 2020.\n\n\nEntered retail and at-home testing markets with QuickVue At-Home OTC COVID-19 test by creating partnerships with CVS, Walgreens, McKesson, and National Institutes of Health (NIH).\n\n\nSecured 12-month agreement with U.S. government worth over $500 million to supply QuickVue At-Home OTC COVID-19 tests.\n\n\nResolved ongoing litigation with Beckman Coulter; substantially completed transition of the BNP business to Beckman Coulter for cash payments to Quidel of between $70.0 million and $75.0 million per year from 2022 through 2029.\n\n\nOpened new highly automated QuickVue manufacturing facility in Carlsbad, California.\n\n\nFourth Quarter 2021 Results\n\nTotal revenue for the fourth quart...