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Quidel Q4 Preliminary Revenues Miss Analysts' Estimate

NEW YORK (GenomeWeb) – Quidel reported after the close of the market Friday that it expects to report fourth quarter revenues of $52 million to $53 million.

The firm's preliminary revenues fall well short of the average Wall Street estimate of $63.1 million. This firm also missed analysts' average estimate for revenues in Q3, reporting sales of $49.3 million compared to analysts' expectations for revenues of $50.9 million.

The company seemed to attribute the late start of the flu season for the lower-than-expected revenues. "According to the CDC, the proportion of outpatient visits for Influenza-like Illness (ILI) crossed the 2.2 percent national baseline in Week 50, indicating a later start to the Influenza season," said Quidel CEO Douglas Bryant in a statement. "In comparison, the 2014-2015 influenza season crossed the national baseline in Week 47. These data correlate with the insights gleaned from our Virena Influenza test data, which indicate that people are testing, but the number of positive influenza diagnoses has not risen until fairly recently. Having said that, the CDC's ILI data for Week 51 measured 2.9 percent, and suggest to us that the influenza season has begun."

Bryant added that the company is continuing to see demand for its respiratory disease products, and it has now placed over 17,500 Sofia instruments.