Quidel Corp (QDEL) Tops Q3 EPS by $1.03, Revenues Beat
Quidel Corp (NASDAQ: QDEL) reported Q3 EPS of $5.78, $1.03 better than the analyst estimate of $4.75. Revenue for the quarter came in at $476.1 million versus the consensus estimate of $450.39 million.
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.
“Our strong third quarter results serve as preamble for what will be a truly remarkable finish to 2020,” said Douglas Bryant, president and chief executive officer of Quidel Corporation. “It is a story of creativity, innovation and grit that stretches from our research labs to our regulatory affairs, supply chain management and test manufacturing to benefit the lives and livelihoods of millions of Americans.
“The entire Quidel Team has risen to the challenge of this pandemic,” Mr. Bryant added. “We were the first to develop and scale a rapid antigen test that democratized COVID-19 testing by providing affordable, highly accurate results in minutes at diverse points of care in tens of thousands of communities throughout the United States. As we enter both Q4 and flu season, Quidel is once again extending our innovation leadership with the first FDA-authorized ‘ABC’ rapid antigen test capable of detecting and distinguishing between Influenza A + B and COVID-19 from a single nasal swab in just 15 minutes. This real-time diagnostic tool will significantly enhance medical effectiveness in treating and containing the dangerous twin pandemic of COVID-19 and virulent flu.”
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