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Quidel Preliminary Q4 Revenues Grow 15 to 16 Percent

NEW YORK (GenomeWeb) – Quidel announced after the close of market on Monday that it expects its fourth quarter revenues to be in the range of $132 million to $133 million, which would be up 15 to 16 percent from a year ago.

In Q4 2017, the San Diego-based maker of rapid diagnostic testing solutions and molecular diagnostic systems reported revenues of $114.9 million.

The preliminary results would be even with the consensus Wall Street estimate of $132.1 million.  

Quidel President and CEO Douglas Bryant said in a statement that the year-over-year improvement was driven "significantly" by the integration of the Triage assets acquired from Alere. Quidel unlocked synergies, brought most international businesses within its control, and aggressively paid down debt in the year, Bryant said.

The firm also placed nearly 10,000 of its legacy Sofia products in the year, Bryant said, "higher than in any prior year since launch by far, further demonstrating the competitiveness and resilience of the Sofia instrument system, as well as the global commercial organization's proficiency in 'selling the entire bag,'" Bryant said.

The company expects to issue full financial results for the fourth quarter and fiscal year 2018 in February.

In early morning trading on Tuesday, Quidel's shares on the Nasdaq were down about 1 percent to $50.11.