Quidel Q4 Revenues Rise 15 Percent

Diagnostics manufacturer Quidel reported after the close of the market recently that its fourth quarter revenues rose 15 percent year over year, due primarily to growth in its rapid immunoassay business.
"Q4 was really good, 2019 was fine [and] in line with expectations, and we're really looking forward to 2020 on a number of fronts," said Quidel CEO Doug Bryant on a call with analysts and investors to recap the results."Camaraderie in this company is terrific, and the morale and happiness of our employees has never been higher," he added.
For the three months ended Dec. 31, Quidel reported revenues of $152.2 million, up from $132.6 million in Q4 2018, beating analysts' consensus estimate of $145.2 million and consistent with the firm's preliminary earnings estimates.
Randy Steward, Quidel's CFO, said during the call that total influenza revenue grew 44 percent in the quarter, to $50.3 million, with 83 percent of the firm's $45 million of influenza rapid immunoassay revenue derived from the Sofia platform. In the quarter the firm also saw "the highest revenue for flu in the fourth quarter since the 2009 pandemic over a decade ago," Bryant also said in a statement.
During the quarter, cardiac immunoassay revenue increased 5 percent year over year to $65.8 million from $62.9 million. Revenues from rapid immunoassays rose 29 percent to $64.9 million from $50.4 million, while revenues from specialized diagnostic solutions increased 7 percent to $14.3 million from $13.4 million.
Molecular diagnostics revenue, meanwhile, increased 21 percent to $7.1 million from $5.8 million, led by 29 percent revenue growth from Solana. "We continue to see strong growth from our Solana platform, specifically with the Strep A and influenza product lines, driven by the severe and earlier-than-typical influenza season," Steward said, adding that the firm is also seeing "strong growth" from its Solana C. difficile and HSV/VZV products.
Quidel's Q4 net income was $30.6 million, or $.71 per share, down from net income of $32.5 million, or $.78 per share, in Q4 2018. On an adjusted basis, Quidel's Q4 2019 EPS was $1.00, beating the consensus estimate of $.82 per share.