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Quidel Reports Third Quarter 2020 Financial Results

Quidel 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, 2020.

Third Quarter 2020 Highlights




Total revenue increased 276% to $476.1 million, from $126.5 million in the third quarter of 2019.






Total sales of COVID-19 products were $375.7 million.






Reported GAAP EPS of $5.33 per diluted share in the third quarter of 2020, compared with $0.38 per diluted share in the third quarter of 2019.






Reported non-GAAP EPS of $5.78 per diluted share in the third quarter of 2020, compared with $0.70 per diluted share in the third quarter of 2019.




Third Quarter 2020 Results

Total revenue for the third quarter of 2020 was $476.1 million, versus $126.5 million for the third quarter of 2019. The 276% increase in sales from the third quarter of 2019 was driven by growth in Rapid Immunoassay and Molecular Diagnostic Solutions product categories, the result of strong demand for the newly launched SofiaA® SARS Antigen and LyraA® SARS-CoV-2 tests. This growth in revenue was minimally offset by declines in Specialized Diagnostic Solutions and Cardiometabolic Immunoassay revenues. Currency exchange had a favorable impact of $0.5 million.

Rapid Immunoassay product revenue increased by $294.5 million in the third quarter of 2020 to $337.0 million, primarily due to $317.9 million in revenue for our Sofia SARS Antigen test. Cardiometabolic Immunoassay revenue totaled $64.8 million in the third quarter of 2020, a decline of 3% from the third quarter of 2019, driven by reduced hospital visits by chest pain patients stemming from the COVID-19 pandemic. Molecular Diagnostic Solutions revenue increased $58.3 million to $63.0 million due to LyraA® SARS-CoV-2 assay revenue of $57.8 million. Specialized Diagnostic Solutions revenue decreased 10% from the third quarter of 2019 to $11.2 million.
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