Quidel Announces Preliminary Revenue for Fourth Quarter 2021
Quidel Corporation (NASDAQ: QDEL) (“Quidel”),a provider of rapid diagnostic testing solutions, cellular-based virology assays and molecular diagnostic systems, announced today that it expects total revenues in the fourth quarter of 2021 to be in the range of $633 million to $637 million and full year total revenues to be in the range of $1,695 million to $1,699 million. COVID-19 revenues in the fourth quarter of 2021 are expected to be approximately $510 million.
“The fourth quarter of 2021 put the final exclamation point on a truly outstanding and transformational year for Quidel,” said Douglas Bryant, President and Chief Executive Officer of Quidel. “From the opening of our largest American immunoassay manufacturing facility to date in just nine months, to shipping nearly 77 million total rapid immunoassay tests in the quarter, to announcing our definitive agreement to acquire Ortho Clinical Diagnostics Holdings plc (“Ortho”), Quidel emerged from a challenging year with the strongest portfolio of physical, financial, and intellectual assets in our history. Quidel has never been more capable, more consequential or more committed than we are today – which only fuels our confidence for the successes ahead.”
Mr. Bryant added, “We’ve always believed that rapid tests are critical for both peace of mind and improved public health. That’s why we never wavered in our drive to maximize test development and manufacturing capacity, which proved to be the right decision with the rise of both Delta and Omicron variants. In the fourth quarter of 2021, we sold approximately 65 million QuickVue® COVID-19 antigen tests and over 4 million Sofia® SARS antigen tests – the highest quarterly sales volume for tests for Quidel. We continue to work diligently to meet demand from government, retail, employers and distributors for our QuickVue At-Home OTC COVID-19 test. We’ve also expanded our installed base of Sofia analyzers to over 76,000 instrument placements, further broadening our footprint at the point of care and increasing opportunities in the professional setting to introduce our full portfolio of assays to patients and providers.”
Mr. Bryant concluded, “Our performance in the fourth quarter of 2021 and the full year reflects the professionalism and resolve of our people to advance diagnostics excellence and better serve our customers and constituents across the healthcare spectrum. As we look forward to the first half of 2022, we anticipate adding two new transformative drivers to what we have already built. First, the U.S. introduction and global acceleration of our revolutionary Savanna® multiplex molecular analyzer platform that enables professional customers to analyze up to 12 pathogens or targets, plus controls, from a single sample, run in less than 25 minutes. Second, the opportunity to extend Quidel’s point-of-care testing to include clinical laboratories and transfusion medicine once we successfully close our acquisition of Ortho. The synergies of our and Ortho’s complementary product portfolios, robust innovation pipelines and enhanced global reach position the combined company to substantially increase its global addressable market and meaningfully expand its commercial reach.”
These preliminary results are based on management’s initial analysis of operations for the quarter ended December 31, 2021. Quidel expects to issue full financial results for the fourth quarter of 2021 and full year 2021 in February.
Quidel to Present at 40th Annual J.P. Morgan Healthcare Conference
Quidel will present at the 40th Annual J.P. Morgan Healthcare Conference to be held virtually on Wednesday, January 12, 2022.
Douglas Bryant will present that day at 1:30 p.m. Eastern time (10:30 a.m. Pacific time) with a question-and-answer session scheduled immediately following the presentation. During the presentation, Quidel will discuss business and financial developments and trends. Quidel`s statements may contain or constitute material information that has not been previously disclosed.
A live webcast and audio archive of the presentation will be available via the Investor Relations section of Quidel’s Web site at https://ir.quidel.com, or by clicking on the link below:
Participants should allow approximately five to ten minutes prior to the presentation`s start time to visit the site and download any streaming media software needed to listen to the Internet webcast. A replay of the webcast will also be available on Quidel’s Web site for 14 days.