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 revenues in the fourth quarter of 2020 to be in the range
of $808 million to $810 million, up from $476 million in the prior
quarter.
“The COVID-19 pandemic has presented challenges to all
companies. At Quidel, our people have responded at every level and
function -- from R&D and regulatory to supply chain and
manufacturing. Due to the hard work and dedication of our people,
we had another record quarter, and our best year yet,” said Douglas
Bryant, president and chief executive officer of Quidel
Corporation. “We continue to see strong demand for our COVID-19
diagnostic products; in fact, open orders at the end of 2020 were
approximately 25% of what we shipped the entire year. We’ve
increased the scale meaningfully of our QuickVue and Sofia tests,
and expect to scale further from a current combined 13 million
tests per month, to over 70 million tests per month by the end of
2021. In 2020, we shipped over 23,000 Sofia analyzers to new and
existing customers, over 14,000 of which shipped in Q4 alone.
Further, we expect another 20,000 Sofia analyzers will be shipped
to new customers in the first quarter alone,” added Mr. Bryant.
These preliminary results are based on management’s initial
analysis of operations for the quarter ended December 31, 2020. The
company expects to issue full financial results for the fourth
quarter and fiscal year 2020 in February.
Quidel to Present at 39th Annual J.P. Morgan Healthcare
Conference
Quidel will present at the 39th Annual J.P. Morgan Healthcare
Conference to be held virtually on Wednesday, January 13, 2021.
Douglas Bryant will present that day at 2:00 p.m. Eastern time
(11:00 a.m. Pacific time) with a question and answer session
scheduled immediately following the presentation. During the
presentation, the company will discuss business and financial
developments and trends. The company'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 the company’s Web
site at https://ir.quidel.com, or by clicking on the link
below:
https://jpmorgan.metameetings.net/events/healthcare21/sessions/35234-quidel-corporation/webcast?gpu_only=true&kiosk=true
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
the company’s Web site for 14 days.
Quidel Corporation (Nasdaq: QDEL) is a leading
manufacturer of diagnostic solutions at the point of care
delivering a continuum of rapid testing technologies that further
improve the quality of health care throughout the globe. An
innovator for over 40 years in the medical device industry, Quidel
pioneered the first FDA-cleared point-of-care test for influenza in
1999 and was the first to market a rapid SARS-CoV-2 antigen test in
the U.S. Under trusted brand names Sofia®, Solana®, Lyra®, Triage®
and QuickVue®, Quidel’s comprehensive product portfolio includes
tests for a wide range of infectious diseases, cardiac and
autoimmune biomarkers, as well as a host of products to detect
COVID-19. With products made in America, Quidel’s mission is to
provide patients with immediate and frequent access to highly
accurate, affordable testing for the good of our families, our
communities and the world. For more information about Quidel, visit
quidel.com.
View our story told by our people at www.quidel.com/ourstory
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws that involve material
risks, assumptions and uncertainties. Many possible events or
factors could affect our future results and performance, such that
our actual results and performance may differ materially from those
that may be described or implied in the forward-looking statements.
As such, no forward-looking statement can be guaranteed.
Differences in actual results and performance may arise as a result
of a number of factors including, without limitation: the impact
and duration of the novel virus (COVID-19) global pandemic; funding
and compliance risks relating to government contracts, including
our ability to meet key deliverables and milestones under our NIH
RADx-ATP contract; our ability to accurately forecast demand for
our products and products in development, including in new market
segments; adverse changes in competitive conditions; the
reimbursement system currently in place and future changes to that
system; changes in economic conditions in our domestic and
international markets; lower than anticipated market penetration of
our products; our reliance on sales of our influenza and COVID-19
diagnostic tests; fluctuations in our operating results resulting
from the timing of the onset, length and severity of cold and flu
seasons, seasonality, government and media attention focused on
influenza and other respiratory or novel viruses and the related
potential impact on humans from such viruses; our ability to meet
demand for our products; interruptions, delays or shortages in the
supply of raw materials, equipment and other components; the
quantity of our product in our distributors’ inventory or
distribution channels; changes in the buying patterns of our
distributors; changes in the healthcare market and consolidation of
our customer base; our development, acquisition and protection of
proprietary technology rights; our ability to develop new
technologies, products and markets and to commercialize new
products; our reliance on a limited number of key distributors; our
exposure to claims and litigation that could result in significant
expenses and could ultimately result in an unfavorable outcome for
us, including the ongoing litigation between us and Beckman
Coulter, Inc.; intellectual property risks, including but not
limited to, infringement litigation; our ability to finance our
capital or operating needs; the financial soundness of our
customers and suppliers; acceptance of our products among
physicians and other healthcare providers; competition from other
providers of diagnostic products; failures or delays in receipt of
reviews or regulatory approvals, clearances or authorizations for
new products or related to currently-marketed products by the U.S.
Food and Drug Administration (the “FDA”) or other regulatory
authorities or loss of any previously received regulatory
approvals, clearances or authorizations or other adverse actions by
regulatory authorities; changes in government policies; costs of
and adverse operational impact from failure to comply with
government regulations in addition to FDA regulations; compliance
with government regulations relating to the handling, storage and
disposal of hazardous substances; third-party reimbursement
policies and potential cost constraints; our failure to comply with
laws and regulations relating to billing and payment for healthcare
services; product defects; business risks not covered by insurance;
costs and disruptions from failures in our information technology
and storage systems; our exposure to data corruption, cyber-based
attacks, security breaches and privacy violations; competition for
and loss of management and key personnel; international risks,
including but not limited to, compliance with product registration
requirements, compliance with legal requirements, tariffs, exposure
to currency exchange fluctuations and foreign currency exchange
risk, longer payment cycles, lower selling prices and greater
difficulty in collecting accounts receivable, reduced protection of
intellectual property rights, social, political and economic
instability, increased financial accounting and reporting burdens
and complexities, taxes, and diversion of lower priced
international products into U.S. markets; changes in tax rates and
exposure to additional tax liabilities or assessments; our ability
to manage our growth strategy and successfully identify, acquire
and integrate potential acquisition targets or technologies and our
ability to obtain financing; the level of our deferred payment
obligations; that our Revolving Credit Facility is secured by
substantially all of our assets; operating and financial
restrictions on us under the agreements for our indebtedness and
their effect on our ability to operate our business; that an event
of default could trigger acceleration of outstanding indebtedness;
that we may incur additional indebtedness; dilution resulting from
future sales of our equity; volatility in our stock price;
provisions in our charter documents and Delaware law that might
delay or impede stockholder actions with respect to business
combinations or similar transactions; and our intention of not
paying dividends. Forward-looking statements typically are
identified by the use of terms such as “may,” “will,” “should,”
“might,” “expect,” “anticipate,” “estimate,” “plan,” “intend,”
“goal,” “project,” “strategy,” “future,” and similar words,
although some forward-looking statements are expressed differently.
The risks described in reports and registration statements that we
file with the Securities and Exchange Commission from time to time,
should be carefully considered, including those discussed in Item
1A, "Risk Factors" and elsewhere in our Annual Report on Form 10-K
for the year ended December 31, 2019 and in our subsequent
Quarterly Reports on Form 10-Q. You are cautioned not to place
undue reliance on these forward-looking statements, which reflect
management’s analysis only as of the date of this press release.
Except as required by law, we undertake no obligation to publicly
release any revision or update of these forward-looking statements,
whether as a result of new information, future events or
otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210107005809/en/
Quidel Contact: Quidel Corporation Randy Steward Chief Financial
Officer (858) 552-7931
Media and Investors Contact: Quidel Corporation Ruben Argueta
(858) 646-8023 rargueta@quidel.com
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