Stock Alert: Quidel Corporation Rops 8% As Q1 Prel. Revenue Falls Short Of Estimates

(RTTNews) - Shares of diagnostic testing solutions provider Quidel Corporation (QDEL) are down more than 8% Friday morning after the company announced first-quarter preliminary revenue, that fell short of the Street view.

The Company expects revenues in the first quarter to be in the range of $374 million to $376 million, up 114% from $174.7 million in the prior year quarter. On average, 6 analysts polled by Thomson Reuters expect the company to report revenue of $465.7 million.

Since first quarter of 2021 did not have a respiratory season, Influenza revenues are expected to be $5 million during the quarter, compared with $79.6 million in the same quarter a year ago.

Covid-19 revenues for the first quarter are expected to be more than $280 million, compared with $1 million in the comparable quarter last year.

"While the COVID-19 scenario continues to evolve, we believe Quidel remains incredibly well-positioned given our robust portfolio and recent regulatory indications for serial asymptomatic screening with both our QuickVue OTC and Sofia rapid antigen tests. There are three macro trends that we are tracking and expect to be material to both market demand and revenues going forward," president & CEO Douglas Bryant commented.

The company is scheduled to report first-quarter results on May 6.

QDEL, currently at $111.53, has been trading in the range of $105.93- $306.72 in the past one year.