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Quidel Q2 Revenues Grow 86 Percent on COVID-19 Test Sales

NEW YORK – Quidel reported after the close of the market Thursday that its second quarter revenues rose 86 percent year over year with the firm topping $109.0 million in sales of COVID-19 testing products.

The San Diego-based diagnostics company reported total sales of $201.8 million, up from $108.3 million in the second quarter of 2019 and beating analysts' consensus estimate of $189.8 million. In preliminary earnings earlier this month the firm had anticipated an 86 to 87 percent revenue increase and revenues in the range of $201 million to $202 million.

CEO Douglas Bryant said in a statement that overall the quarter reflected Quidel's ability "to quickly develop and scale diagnostic products," noting that the firm also made progress in the quarter in its product pipeline and its sourcing and manufacturing capacity initiatives.

Sales of rapid immunoassay products nearly tripled to $80.6 million from $21.8 million in Q2 2019, which the firm said was due in part to $56.3 million in revenue for its Sofia SARS Antigen test. The firm's antigen test received Emergency Use Authorization in May, and a large purchase by the US Health and Human Services Department is intended to support testing in nursing homes

Cardiometabolic immunoassay revenue, which includes revenue from the Triage, Triage Toxicology, and Beckman BNP products acquired in October 2017, totaled $54.2 million, down 20 percent from $68.0 million a year ago.

Quidel's specialized diagnostic solutions revenue decreased 18 percent to $11.8 million from $14.3 million. Molecular diagnostic product sales skyrocketed to $55.2 million from $4.2 million, due to $52.7 million in revenues from its Lyra SARS-CoV-2 molecular diagnostic assay.

In the quarter, Quidel received Emergency Use Authorization from the US Food and Drug Administration for its Sofia SARS Antigen FIA test for use with Sofia and Sofia 2 instruments, as well as EUA for the extraction-free Lyra Direct assay. The firm also repurchased 247,172 shares of its stock for $42.2 million.

Quidel posted a net income of $67.7 million, or $1.55 per share, for the quarter compared to income of $1.3 million, or $.03 per share, for the second quarter of 2019. Its adjusted EPS for the quarter was $ 1.86, shattering analysts' average estimate of $1.09.

The firm's R&D spending increased 79 percent to $21.0 million from $11.7 million, which Quidel attributed to increased spending on Sofia, Savanna, and next-generation platform development projects. The firm's SG&A expenses increased 9 percent to $43.3 million from $39.8 million in the prior year quarter. 

Quidel finished the quarter with $72.6 million in cash and cash equivalents.

On a call Thursday to recap the earnings, Bryant said that although the firm has historically not provided quarterly or annual guidance, variation in forecasts suggests a revenue floor might be useful.

"Based on the current demand for our antigen tests, good visibility in our ordering patterns for our Lyra SARS-CoV-2 assays, and assuming minimal supply chain disruptions, we are confident that third quarter revenue will be at least $375 million," Bryant said.

Quidel stock on the Nasdaq was up approximately 6 percent in Friday morning trading, to $286.67.