Quidel 3Q earnings beating est.5 Nov 2021 08:39
We delivered strong top-line growth in the third quarter of 2021, meeting increased demand for our SARS category products due to the sudden increase in COVID-19 cases associated with the Delta variant,” said Douglas Bryant, President and CEO of Quidel. While we are pleased to see COVID-19 cases trending down, we still see the need for symptomatic and asymptomatic testing and anticipate that a baseline level of demand will continue into early 2022. Our expectations are bolstered by consumer, corporate and institutional purchasing and the 12-month agreement to supply over $500 million in QuickVue At-Home OTC COVID-19 Tests to the federal government.”
Mr. Bryant added, “From a production capacity perspective, we continue to build toward our planned capacity goals for our QuickVue and Sofia diagnostic tests to support our institutional and government partnerships, and further promote rapid testing to minimize the spread of COVID-19 within our communities. In that regard, I am particularly proud of our work with charitable and sports organizations to democratize access to testing in minority and underserved communities that have been hardest-hit by COVID-19 infections. Quidel is committed to expanding these efforts as we scale.”
Mr. Bryant continued, “In addition to our commercial success, I am incredibly pleased with the progress we’ve made on our R&D projects during the quarter as we execute on our multi-faceted, long-term growth strategy. In the quarter, we achieved a notable milestone in obtaining CE Mark for our Savanna platform and resolved a critical component shortage issue, and we are planning to launch the Savanna platform in select markets outside the U.S. These developments, when combined with our global strategic partnerships to increase brand awareness and expand access to high quality, affordable diagnostic testing, make Quidel exceptionally well-prepared to continue driving growth across our multiple platforms and channels.”
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