Flu test sales drive strong Q3 for Quidel
This article was originally published in Clinica
Executive Summary
Increased global demand for influenza tests has helped diagnostic specialist Quidel record a 76% increase its third-quarter revenues. The company’s turnover for that period reached $56.2m on the back of demand for Quidel’s QuickVue rapid diagnostics tests, which pushed infectious disease test sales to grow 91% to $47m. According to the company’s president and CEO, Douglas Bryant, increased sales of its strep and pregnancy product lines also contributed to the higher revenues – sales of reproductive and women’s health products grew 38% to $5.5m. The stronger revenues boosted the firm’s net income, which jumped from $4.7m in Q3 2008 to $14.9m this period. The Q3 performance is markedly different from results at the beginning of the year when the San Diego, California-based firm suffered from a “significant decrease in the number of doctor visits for influenza-like illnesses”. During Q1, the firm posted a 55% drop in revenues compared to the same period in 2008 (www.clinica.co.uk, May 15 2009).
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