Business
Quidel Reports Third Quarter 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 third quarter ended September 30, 2019.\n\n\nThird Quarter 2019 Highlights\n\n\n\nTotal revenue increased 8% to $126.5 million, as compared to $117.4 million in the third quarter of 2018.\n\n\nCardiac Immunoassay revenue increased 2% to $66.8 million, and on a constant currency basis grew 3%.\n\n\nMolecular Diagnostic Solutions revenue was $4.7 million, 5% growth from the third quarter of 2018.\n\n\nInfluenza revenue increased 36% to $29.3 million, as compared to $21.6 million in the third quarter of 2018.\n\n\nReported GAAP EPS of $0.38 per diluted share in the third quarter of 2019, as compared to $0.27 per diluted share in the third quarter of 2018.\n\n\nReported non-GAAP EPS of $0.70 per diluted share in the third quarter of 2019, as compared to $0.60 per diluted share in the third quarter of 2018.\n\n\nPaid $10.0 million on the Revolving Credit Facility; remaining balance of $8.2 million was paid in full in October.\n\n\n\nThird Quarter 2019 Results\n\n\nTotal revenue for the third quarter of 2019 was $126.5 million, versus $117.4 million for the third quarter of 2018. The 8% increase in sales from the third quarter of 2018 was primarily driven by growth in the Rapid Immunoassay business, and to a lesser extent, 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 20% in the third quarter of 2019 to $42.5 million, primarily due to a $7.1 million increase in Influenza revenue from the third quarter of 2018. Cardiac Immunoassay revenue, which includes revenue from the Triage, Triage Toxicology and Beckman BNP products acquired in October 2017, totaled $66.8 million in the third quarter of 2019. Excluding the foreign exchange impact, Cardiac revenue grew 3% from the third quarter of last year. Molecular Diagnostic Solutions revenue increased 5% to $4.7 million, led by 20% revenue growth from Solana, our instrumented molecular diagnostic system. Specialized Diagnostic Solutions revenue, which includes revenue from Virology/DHI, Spec...