Quidel Corporation (QDEL) stock soared 6.82% in the after-hours trading session at the price of $145.50 after announcing preliminary revenue for fiscal third-quarter 2021. Quidel is the leading provider of rapid testing technologies to improve the quality of the health care system. It offers instant diagnostic testing solutions, cellular virology assays, and molecular diagnostic services to customers worldwide.
QDEL Published Preliminary Revenue for Fiscal Third Quarter 2021
On 7th October 2021, QDEL published preliminary results for its third quarter of 2021. These result estimations have based on the company’s initial analysis for the quarter ended on 30th September 2021. Full financial results for the fiscal third quarter of 2021 will get published in November 2021.
Financial Results Expectations
QDEL expects total revenues of $505 million to $510 million in its third quarter of 2021. It represents a 6% to 7% gain from $476.1 million in the same quarter of 2020. The company has shipped 45 million SARS tests in the third quarter of 2021. It represents an increase of 135% from the same period of 2020. For the third quarter of 2021, the company estimates $406 million in revenues from COVID-19. Total COVID-19 revenues were $375.7 million for the third quarter of the previous year.
Management Comments
CEO of QDEL, Douglas Bryant, remarked that they gained a notable uptick in demand across various SARS category products during the third quarter of 2021. The higher demand resulted from the continued surge of COVID-19 infections due to the spread of the fatal Delta variant. They had made strategic investments to maintain the growth of their retail channels in the first half of the year. The company was able to meet high demand at increased points of care by driving higher than expected product sales, Mr. Bryant added.
By the end of the quarter, the company has acquired a 12-month agreement worth $284 million with the federal government. As per the deal, QDEL will provide 51.2 million QuickVue At-Home OTC COVID-19 rapid antigen tests. Their management and operations teams have consistently overwhelmed hurdles caused by COVID-19 to drive the business towards growth and advancement. Due to their continued efforts, they have produced and shipped a large volume of tests ever done in Quidel’s history. They are also on track to reach their target run-rate capacity of approximately 70 million rapid antigen tests per month by the end of the year, Mr. Bryant concluded.
