Quidel to Present Virtually at 40th Annual
J.P. Morgan Healthcare Conference
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:
https://jpmorgan.metameetings.net/events/healthcare22/sessions/40551-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
Quidel’s Web site for 14 days.
About Quidel Corporation
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. 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.
NO OFFER OR SOLICITATION
The information in this press release is for informational
purposes only and is neither an offer to purchase, nor a
solicitation of an offer to sell, subscribe for or buy any
securities or the solicitation of any vote or approval in any
jurisdiction pursuant to or in connection with the proposed
business combination transaction among Quidel Corporation (the
“Company”), Ortho Clinical Diagnostics Holdings plc (“Ortho”) and
Coronado Topco, Inc. (“Topco”) or otherwise, nor shall there be any
sale, issuance or transfer of securities in any jurisdiction in
contravention of applicable law. No offer of securities shall be
made except by means of a prospectus meeting the requirements of
Section 10 of the Securities Act of 1933, as amended, and otherwise
in accordance with applicable law.
WHERE YOU CAN FIND ADDITIONAL INFORMATION
In connection with the proposed business combination transaction
among the Company, Ortho and Topco, Topco will file a registration
statement on Form S-4 with the Securities and Exchange Commission
(the “Commission”) that will contain a joint proxy
statement/prospectus and other relevant documents concerning the
proposed transaction. YOU ARE URGED TO READ THE JOINT PROXY
STATEMENT/PROSPECTUS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS
THERETO) WHEN IT BECOMES AVAILABLE AND THE OTHER RELEVANT DOCUMENTS
FILED WITH THE COMMISSION BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE COMPANY, ORTHO AND THE PROPOSED TRANSACTION.
The joint proxy statement/prospectus will be mailed to the
Company’s shareholders and Ortho’s shareholders when available. You
will also be able to obtain the joint proxy statement/prospectus
(when it becomes available) and the other documents filed with the
Commission free of charge at the Commission’s website, www.sec.gov.
In addition, you may obtain free copies of the joint proxy
statement/prospectus (when it becomes available) and the other
documents filed by the Company and Ortho with the Commission by
requesting them in writing from Quidel Corporation, 9975 Summers
Ridge Road, San Diego, CA 92121, Attention: Investor Relations, or
by telephone at 858-646-8023, or from Ortho Clinical Diagnostics
Holdings plc, 1001 Route 202, Raritan, New Jersey 08869, Attention:
Investor Relations, or by directing a written request to SVC
Ortho-SVC@SARDVERB.com.
The Company and Ortho and their respective directors and
executive officers may be deemed under the rules of the Commission
to be participants in the solicitation of proxies. Information
about the Company’s directors and executive officers and their
ownership of the Company’s common stock is set forth in the
Company’s proxy statement on Schedule 14A filed with the Commission
on April 15, 2021. Information about Ortho’s directors and
executive officers and their ownership of Ortho’s ordinary shares
is set forth in Ortho’s Annual Report on Form 10-K filed with the
Commission on March 19, 2021. These documents may be obtained free
of charge from the sources indicated above. Information regarding
the identity of the potential participants, and their direct or
indirect interests in the transaction, by security holdings or
otherwise, will be contained in the joint proxy
statement/prospectus and other relevant materials when they are
filed with the Commission.
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. You can identify these statements and other forward-looking
statements in this press release by words such as “may”, “will”,
“would”, “expect”, “anticipate”, “believe”, “estimate”, “plan”,
“intend”, “continue”, or similar words, expressions or the negative
of such terms or other comparable terminology. These statements
include, but are not limited to, our estimated revenues for the
fourth quarter of 2021, and the benefits of the business
combination transaction involving the Company, Ortho and Topco,
including the combined company’s future financial and operating
results, plans, objectives, expectations and intentions and other
statements that are not historical facts. Such statements are based
upon the current beliefs and expectations of the Company’s and
Ortho’s management and are subject to significant risks and
uncertainties. Actual results may differ from those set forth in
the forward-looking statements.
The following factors, among others, could cause actual results
to differ from those set forth in the forward-looking statements:
the evolution of the COVID-19 pandemic and its impact; competition;
our development of new technologies, products, and markets; our
reliance on sales of our COVID-19 and influenza diagnostic tests;
our reliance on a limited number of key distributors; acceptance of
our products among physicians, healthcare providers, or other
customers; the impact of third-party reimbursement policies; our
ability to meet demand for our products; interruptions in our
supply of raw materials and other product and production
components; costs and disruptions from failures in our information
technology and storage systems; international risks, including
compliance with product registration requirements and legal
requirements, tariffs, currency exchange fluctuations, reduced
protection of intellectual property rights, and taxes; worldwide
economic, political, and social uncertainty; our development,
acquisition, and protection of proprietary technology rights;
intellectual property risks and third-party claims of infringement;
loss of our Emergency Use Authorization from the U.S. Food and Drug
Administration for our COVID-19 products; failures or delays in
receiving regulatory approvals, clearances, or authorizations, the
loss of previously received approvals, or other adverse actions by
regulatory authorities; performance, timing, funding and compliance
risks relating to government contracts; product defects; compliance
with government regulations relating to the handling, storage, and
disposal of hazardous substances; our ability to identify and
successfully acquire and integrate potential acquisition targets;
our need for additional funds to finance our capital or operating
needs; failure to complete the proposed business combination
transaction on the proposed terms or on the anticipated timeline,
or at all, including risks and uncertainties related to securing
the necessary regulatory and shareholder approvals, the sanction of
the High Court of Justice of England and Wales and satisfaction of
other closing conditions to consummate the proposed transaction;
the occurrence of any event, change or other circumstance that
could give rise to the termination of the definitive transaction
agreement relating to the proposed business combination
transaction; the challenges and costs of closing, integrating,
restructuring and achieving anticipated synergies; the ability to
retain key employees; and other economic, business, competitive,
and/or regulatory factors affecting the businesses of the Company
and Ortho generally. Additional risks and factors are identified
under “Risk Factors” in the Company’s Annual Report on Form 10-K
filed on February 19, 2021 and subsequent reports filed with the
Commission and will be identified under “Risk Factors” in the joint
proxy statement/prospectus when it is filed with the
Commission.
You should not rely upon forward-looking statements as
predictions of future events because these statements are based on
assumptions that may not come true and are speculative by their
nature. Neither the Company or Ortho undertakes an obligation to
update any of the forward-looking information included in this
press release, whether as a result of new information, future
events, changed expectations or otherwise, except as required by
law.
The City Code on Takeovers and Mergers
The City Code on Takeovers and Mergers does not apply to the
proposed business combination.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220106005893/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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