Quidel Corp (QDEL) Tops Q3 EPS by 6c, Revenues Beat

Quidel Corp (NASDAQ: QDEL) reported Q3 EPS of $0.70, $0.06 better than the analyst estimate of $0.64. Revenue for the quarter came in at $126.5 million versus the consensus estimate of $125.55 million.

Third Quarter 2019 Highlights

• Total revenue increased 8% to $126.5 million, as compared to $117.4 million in the third quarter of 2018.
• Cardiac Immunoassay revenue increased 2% to $66.8 million, and on a constant currency basis grew 3%.
• Molecular Diagnostic Solutions revenue was $4.7 million, 5% growth from the third quarter of 2018.
• Influenza revenue increased 36% to $29.3 million, as compared to $21.6 million in the third quarter of 2018.
• Reported GAAP EPS of $0.38 per diluted share in the third quarter of 2019, as compared to $0.27 per diluted share in the third quarter of 2018.
• Reported non-GAAP EPS of $0.70 per diluted share in the third quarter of 2019, as compared to $0.60 per diluted share in the third quarter of 2018.
• Paid $10.0 million on the Revolving Credit Facility; remaining balance of $8.2 million was paid in full in October.
• “Quidel's third quarter financial performance was in line with our expectations. Total Triage revenue was once again within the range we expected, and revenue from our Sofia franchise was slightly ahead of what we had been forecasting, driven by heavier U.S. distributor stocking of Sofia Influenza A+B kits following low inventories at the end of Q2,” said Douglas Bryant, president and CEO of Quidel Corporation. “I was pleased with our product development progress in the quarter as well, and am excited about what the pipeline of new products could mean for us in 2020.”

For earnings history and earnings-related data on Quidel Corp (QDEL) click here.

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