• Tue. Dec 1st, 2020

Pharma Oracle

Evolving Today for better Tomorrow

Attractive stock to investors: Quidel Corporation (NASDAQ: QDEL)

On 11 March 2020, Quidel Corporation (NASDAQ: QDEL) spotted trading 6.77% off 52-week high price. On the other end, the stock has been noted 70.85% away from the low price over the last 52-weeks. The stock changed 10.81% to recent value of $89.68. The stock transacted 747640 shares during most recent day however it has an average volume of 253.92K shares. The company has 40.77M of outstanding shares and 36.89M shares were floated in the market.

Quidel Corporation (QDEL) reported recently financial results for the fourth quarter and the year ended December 31, 2019.

Fourth Quarter 2019 Highlights

Total revenue increased 15% to $152.2M, contrast with $132.6M in the fourth quarter of 2018.

Cardiac Immunoassay revenue increased 5% to $65.8M.

Molecular Diagnostic Solutions revenue was $7.1M, 21% growth from the fourth quarter of 2018.

Influenza revenue increased 44% to $50.3M, contrast with $34.9M in the fourth quarter of 2018.

Stated GAAP EPS of $0.71 per diluted share in the fourth quarter of 2019, contrast with $0.78 per diluted share in the fourth quarter of 2018.

Stated non-GAAP EPS of $1.00 per diluted share in the fourth quarter of 2019, contrast with $0.81 per diluted share in the fourth quarter of 2018.

Paid off remaining balance of $8.2M on the Revolving Credit Facility.

Full Year 2019 Highlights

Total revenue increased 2% to $534.9M, contrast with $522.3M in 2018, and on a constant currency basis grew 3%.

Cardiac Immunoassay revenue totaled $266.5M, and on a constant currency basis grew 2%.

Molecular Diagnostic Solutions revenue grew 12% from 2018 to $21.7M.

Influenza revenue increased 10% to $139.9M, contrast with $126.7M in 2018.

Stated GAAP EPS of $1.73 per diluted share in 2019, contrast with $1.86 per diluted share in 2018.

Stated non-GAAP EPS of $2.97 per diluted share in 2019, contrast with $3.06 per diluted share in 2018.

Reduced debt by $98.6M.

Fourth Quarter 2019 Results

Total revenue for the fourth quarter of 2019 was $152.2M, versus $132.6M for the fourth quarter of 2018. The 15% increase in sales from the fourth quarter of 2018 was primarily driven by growth in the Rapid Immunoassay business, and to a lesser extent, by growth in all other major product categories: Cardiac Immunoassay, Molecular Diagnostic, and Specialized Diagnostic Solutions.

Rapid Immunoassay product revenue, which includes QuickVue, Sofia and Eye Health products, increased 29% in the fourth quarter of 2019 to $64.9M, primarily Because of a $13.8M increase in Influenza revenue from the fourth quarter of 2018. Cardiac Immunoassay revenue, which includes revenue from the Triage and Beckman BNP products, totaled $65.8M in the fourth quarter of 2019, a growth of 5% from the fourth quarter of 2018. Molecular Diagnostic Solutions revenue increased 21% to $7.1M, led by 29% revenue growth from Solana, our instrumented molecular diagnostic system. Specialized Diagnostic Solutions revenue, which includes revenue from Virology/DHI, Specialty and Other, increased 7% from the fourth quarter of 2018 to $14.3M.

“We had a superb ending to a good year, with the total business growing 15% in the quarter, largely driven by an early influenza season in which Flu B was the dominant circulating strain. As a result, increased testing through our Sofia and Solana systems continued to drive revenue growth in the Rapid Immunoassay and Molecular categories, respectively, resulting in the highest revenue for flu in the fourth quarter since the 2009 pandemic over a decade ago,” stated Douglas Bryant, president and CEO of Quidel Corporation. “We also saw growth from other categories. Cardiac Immunoassay grew 5% in the fourth quarter, showing good momentum heading into 2020. From a product development perspective, our R&D teams made good progress on our pipeline in the quarter, which we believe can have an impact in 2020 and beyond.”

Gross Profit in the fourth quarter of 2019 increased to $94.8M, primarily driven by improved product mix and higher influenza sales in the quarter, partially offset by lower factory overhead absorption. Overall, gross margin for the quarter was slightly improved as contrast to the same period last year, Because of improved product mix, partially offset by lower factory overhead absorption. R&D expense increased by $2.3M in the fourth quarter as contrast to the same period last year, primarily driven by higher spending on new product platforms. Sales and Marketing expense increased by $1.6M in the quarter, primarily Because of increased spend on expanding our international sales organization, product promotion costs and higher freight costs. The increase was partially offset by lower transition service fees as we have completed the globalization of our commercial team. G&A expense increased by $2.0M in the quarter, primarily Because of higher facilities and Information Technology costs, offset by lower fees for professional services. Acquisition and Integration Costs in the quarter reduced by $0.7M to $2.6M, as more of the global operations became fully integrated into the business. Such decrease was partially offset by $1.6M incurred during the fourth quarter of 2019 related to the review of new business development opportunities.

Its earnings per share (EPS) expected to touch remained -0.50% for this year while earning per share for the next 5-years is expected to reach at 7.20%. QDEL has a gross margin of 60.00% and an operating margin of 17.20% while its profit margin remained 13.60% for the last 12 months.  According to the most recent quarter its current ratio was 1.8 that represents company’s ability to meet its current financial obligations. The price moved ahead of 11.91% from the mean of 20 days, 14.73% from mean of 50 days SMA and performed 36.93% from mean of 200 days price. Company’s performance for the week was 8.52%, 15.69% for month and YTD performance remained 19.53%.

 

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