Quidel Declines After Quarterly Results Miss Consensus

Shares of diagnostic healthcare products and solutions provider Quidel Corporation (QDEL) are down more than 13% in the morning trade on Friday after reporting 12% decline in revenue, that missed the consensus estimates.

Earnings also missed view in the quarter.

Net income for the second quarter was $19.1 million, or $0.45 per diluted share, down from $67.7 million, or $1.55 per diluted share in the same quarter a year ago.

Excluding items, earnings of 0.75 per share missed the average estimate of 6 analysts surveyed by Thomson Reuters at $1.46 per share.

Revenue for the quarter decreased 12% to $176.6 million, from $201.8 million last year, driven by decreased demand for Sofia and PCR COVID-19 assays, as well as lower demand for influenza products. The consensus estimate was for $194.5 million.

QDEL, currently at $125.01, has been trading in the range of $103.31- $306.72 in the past 52 weeks.

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