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 first quarter of 2022 to be in the range of
$990 million to $1,000 million, or growth of 164% to 166% from the
first quarter 2021 revenue of $375.3 million. COVID-19 product
revenues in the first quarter of 2022 are expected to be
approximately $836 million, composed of approximately $657 million
in QuickVue® COVID-19 test revenue and approximately $138 million
in Sofia® SARS antigen test revenue.
“We had another outstanding quarter and an excellent start to
the year, delivering a record quarter for revenue,” said Douglas
Bryant, President and Chief Executive Officer of Quidel. “In the
first quarter of 2022, we sold approximately 113 million QuickVue
COVID-19 antigen tests and approximately 12 million Sofia SARS
antigen tests. We also expanded our installed base of Sofia
analyzers to 79,000 instrument placements, which further widens our
point-of-care footprint and increases opportunities to introduce
our full portfolio of assays to patients and healthcare
providers.”
Mr. Bryant concluded, “Thanks to the continued dedication of our
people, Quidel is well-positioned to deliver strong performance for
the year and advance our mission to expand access to accurate,
affordable diagnostic testing in professional, retail and
government sectors.”
These preliminary results are based on management’s initial
analysis of operations for the quarter ended March 31, 2022. Quidel
expects to issue full financial results for the first quarter of
2022 in May.
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.
Where You Can Find Additional Information
In connection with the proposed business combination transaction
among Quidel, Ortho Clinical Diagnostics Holdings plc (“Ortho”) and
Coronado Topco, Inc. (“Topco”), Topco has filed a registration
statement on Form S-4 with the Securities and Exchange Commission
(the “Commission”) that contains a joint proxy statement/prospectus
and other relevant documents concerning the proposed transaction.
YOU ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND THE
OTHER RELEVANT DOCUMENTS FILED WITH THE COMMISSION (INCLUDING ANY
AMENDMENTS OR SUPPLEMENTS THERETO) BECAUSE THEY CONTAIN IMPORTANT
INFORMATION ABOUT QUIDEL, ORTHO AND THE PROPOSED TRANSACTION. The
joint proxy statement/prospectus will be mailed to Quidel’s
stockholders and Ortho’s shareholders when available. The joint
proxy statement/prospectus and the other documents filed with the
Commission may also be obtained free of charge at the Commission’s
website, www.sec.gov. In addition, you may obtain free copies of
the joint proxy statement/prospectus and the other documents filed
by Quidel and Ortho with the Commission by requesting them in
writing from Quidel Corporation, 9975 Summers Ridge Road, San
Diego, California 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.
Quidel 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
Quidel’s directors and executive officers and their ownership of
Quidel’s common stock is set forth in the joint proxy
statement/prospectus. Information about Ortho’s directors and
executive officers and their ownership of Ortho’s ordinary shares
is also set forth in the joint proxy statement/prospectus. The
joint proxy statement/prospectus 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, is included in the joint proxy statement/prospectus,
which constitutes a part of the registration statement on Form S-4
filed by Topco with the Commission, as amended from time to time.
Stockholders may obtain additional information about the interests
of the directors and executive officers in the proposed transaction
by reading the joint proxy statement/prospectus and other relevant
materials 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
first quarter of 2022 and other statements that are not historical
facts. Such statements are based upon the current beliefs and
expectations of Quidel’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 stockholder 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 Quidel and
Ortho generally. Additional risks and factors are identified under
“Risk Factors” in the joint proxy statement/prospectus and Quidel’s
Annual Report on Form 10-K filed on February 18, 2022 and
subsequent reports 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 Quidel nor 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/20220407005985/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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