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Quidel Corp Stock Price Gains After Announcing Preliminary Revenue

Sam Boughedda trader
Updated 8 Oct 2021

Quidel Corporation (NASDAQ: QDEL) announced after yesterday's close its preliminary revenue for the third quarter of 2021.

The provider of rapid diagnostic testing solutions expects total revenue for the third quarter to be between $505 million to $510 million, increasing 7% compared to the $476.1 million in the third quarter of 2020. 

Quidel shipped over 45 million SARS tests in Q3, a 135% increase compared to the same period in 2020. Covid-19 revenues also grew compared to last year to $406 million.

The President and CEO of Quidel, Douglas Bryant, stated: “We saw a significant uptick in demand across multiple markets for our SARS category products as COVID-19 infections continued to rise due to the spread of the highly transmissible Delta variant,” 

He continued, stating that the company “secured a 12-month contract worth an expected $284 million to supply up to 51.2 million QuickVue® At-Home OTC COVID-19 rapid antigen tests to the federal government.” 

Quidel expects to release its full financial results for the third fiscal quarter ending September 30th in November. 

As a result of the announcement, Quidel shares reached a high of $147.89 before falling to $139.75, up 2.6%. JPMorgan also moved to raise Quidel's price target to $80 from $70.

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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.