After the market closed on Thursday, QuidelOrtho released its preliminary financial figures for the first quarter, stating that it anticipates total revenues of between $840 million and $850 million.
The news was well received by investors, as QuidelOrtho shares increased 9.8% to $98.46 in early Friday trade on the Nasdaq.
Revenue from respiratory products is anticipated to be between $262 million and $267 million for the three months ending on April 2; this includes COVID-19 product revenue of between $212 million and $217 million. At the midpoint, non-respiratory product sales is anticipated to be between $578 million and $583 million, growing by 7% on an annualised basis in constant currency.
According to QuidelOrtho, its Labs business segment was responsible for the first-quarter revenue boost, which also included a $21 million settlement for a partnership agreement.
According to Douglas Bryant, president and CEO of QuidelOrtho, “This great start to the year was supported by providing more instruments creating strong results in our Labs business, as well as better-than-expected performance in the Point of Care business. The strength of our newly formed scale and range of products across the diagnostics continuum, as well as the resilience of our business model, were demonstrated by our team’s excellent non-respiratory revenue growth across all significant geographic regions, with particular strength in China.
According to Bryant, the company’s supply chain is becoming better, and it is “confident” that it will be able to “deliver sustainable high-single-digit growth over the coming years.”
In March, QuidelOrtho stated that it has received approval from the U.S. Food and Drug Administration (FDA) to market its Sofia 2 SARS Antigen+ FIA test for use with a prescription only. When testing is initiated within six days after symptom onset, the test is intended for the qualitative detection of the SARS-CoV-2 nucleocapsid protein antigen in direct anterior nasal swab specimens from persons with signs and symptoms of upper respiratory illness.
After the market closes on May 3, the company will release its first quarter 2023 financial results.
