Virtual Investor Day to Be Held on November
12th
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 third fiscal quarter of 2020 to be in the
range of $475 million to $477 million.
"The entire team at Quidel has truly risen to the challenge of
the COVID-19 pandemic, producing and shipping millions of tests to
those with the greatest need, and further democratizing testing by
providing affordable rapid testing to tens of thousands of
communities throughout the United States. We are proud of the
leading role we are playing to slow the spread of disease and,
ultimately, get Americans back to work," said Douglas Bryant,
president and chief executive officer of Quidel Corporation.
"Moving forward, we expect even greater success in augmenting our
supply chains and production for our COVID-19 diagnostic products,
resulting in $800 million or more in revenue in our final quarter
of 2020."
These preliminary results are based on management’s initial
analysis of operations for the quarter ended September 30, 2020.
The company expects to issue full financial results for the third
quarter in late October.
Quidel to Hold Virtual Investor Day on November 12th
Quidel’s management team will hold a virtual Investor Day
presentation on November 12, 2020 beginning at 8:00 am Pacific Time
with a question-and-answer session scheduled immediately following
the management 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 http://ir.quidel.com. 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 90 days.
About Quidel Corporation
Quidel Corporation serves to enhance the health and well-being
of people around the globe through the development of diagnostic
solutions that can lead to improved patient outcomes and provide
economic benefits to the healthcare system. Marketed under the
Sofia®, QuickVue®, D3® Direct Detection, Thyretain®, Triage® and
InflammaDry® leading brand names, as well as under the new Solana®,
AmpliVue® and Lyra® molecular diagnostic brands, Quidel’s products
aid in the detection and diagnosis of many critical diseases and
conditions, including, among others, COVID-19, influenza,
respiratory syncytial virus, Strep A, lyme, herpes, pregnancy,
thyroid disease and fecal occult blood. Quidel's Triage® system of
tests comprises a comprehensive test menu that provides rapid,
cost-effective treatment decisions at the point-of-care (POC),
offering a diverse immunoassay menu in a variety of tests to
provide diagnostic answers for quantitative BNP, CK-MB, d-dimer,
myoglobin, troponin I and qualitative TOX Drug Screen. Quidel’s
research and development engine is also developing a continuum of
diagnostic solutions from advanced immunoassay to molecular
diagnostic tests to further improve the quality of healthcare in
physicians’ offices and hospital and reference laboratories. For
more information about Quidel’s comprehensive product portfolio and
to explore exciting employment opportunities, visit quidel.com.
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 financial 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 of the novel virus (COVID-19) global pandemic; an
inability to meet key deliverables and milestones under the NIH’s
RADx-ATP contract; 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 the COVID-19
global pandemic and 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, the quantity of our product in our distributors’ inventory
or distribution channels, changes in the buying patterns of our
distributors, and changes in the healthcare market and
consolidation of our customer base; our development, acquisition
and protection of proprietary technology rights; our development of
new technologies, products and markets; 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 need for additional funds 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 with other providers of
diagnostic products; failures or delays in receipt of new product
reviews 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 or
clearances 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; our
ability to meet demand for our products; interruptions or shortages
in our supply of raw materials and other components; 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; risks relating to our
acquisition and integration of the Triage MeterPro Cardiovascular
and toxicology business and B-type Natriuretic Peptide assay
business; that we may have to write off goodwill relating to our
acquisitions; our ability to manage our growth strategy and
identify and integrate acquired companies or technologies and our
ability to obtain financing; the level of our indebtedness and
deferred payment obligations; our ability to generate sufficient
cash to meet our debt service and deferred and contingent payment
obligations; that our Revolving Credit Facility is secured by
substantially all of our assets; the agreements for our
indebtedness place operating and financial restrictions on us and
our ability to operate our business; that an event of default could
trigger acceleration of our outstanding indebtedness; that we may
incur additional indebtedness; increases in interest rate relating
to our variable rate debt; dilution resulting from future sales of
our equity; volatility in our stock price; provisions in our
charter documents, Delaware law and the indenture governing our
Convertible Senior Notes that might delay or impede stockholder
actions with respect to business combinations or similar
transactions; our intention of not paying dividends; and our
ability to identify and successfully acquire and integrate
potential acquisition targets. The financial information set forth
in this press release reflects our current preliminary revenue
estimates, is subject to the completion of our review process, and
is subject to change. Our full third quarter results could differ
materially from the preliminary estimates provided in this press
release. 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 (the “SEC”) from time to
time, should be carefully considered. 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 the results of 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/20201001005210/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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