Business
Quidel Reports Third 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 third quarter ended September 30, 2021.\n\nThird Quarter 2021 Highlights\n\n\nTotal revenues increased 7% to $509.7 million, from $476.1 million in the third quarter of 2020.\n\n\nTotal sales of COVID-19 products increased 7% to $402.6 million, from $375.7 million in the third quarter of 2020.\n\n\nTotal sales of Influenza products were $13.8 million, compared to $9.0 million in the third quarter of 2020.\n\n\nReported GAAP EPS of $5.08 per diluted share in the third quarter of 2021, as compared to $5.33 per diluted share in the third quarter of 2020.\n\n\nReported non-GAAP EPS of $5.36 per diluted share in the third quarter of 2021, as compared to $5.78 per diluted share in the third quarter of 2020.\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, and pro-rated for 2021.\n\n\nReceived the CE Mark for Savanna® multiplex molecular analyzer and Savanna RVP4 assay.\n\n\nMade QuickVue® At-Home OTC COVID-19 Test available to consumers at CVS Pharmacy and online at cvs.com.\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\nResults for the Third Quarter 2021\n\nTotal revenues for the third quarter of 2021 were $509.7 million, versus $476.1 million for the third quarter of 2020. The 7% increase in sales from the third quarter of 2020 was driven by increased sales of COVID-19 diagnostic tests, led by QuickVue At-Home OTC COVID-19 Test, and strong sales of Sofia® SARS and Lyra® PCR COVID-19 tests. Currency exchange rate impact for the third quarter of 2021 was favorable by $1.0 million. Excluding COVID-19 and influenza products, revenue for the core business increased 2% to $93.3 million in the third quarter of 2021, as compared to $91.4 million in the third quarter of 2020.\n\nRapid Immunoassay revenue increased by $41.7 million in the third quarter of 2021 to $378.7 million, driven primarily by continued demand for our Sofia SARS and QuickVue SARS antigen ass...