Quidel Q2 Revenues Up 5 Percent on Rapid Immunoassay Busines

Quidel reported after the close of the market Thursday that its second quarter revenues rose 5 percent year over year due primarily to growth in the firm's rapid immunoassay business. Growth in molecular and specialized diagnostic solutions also contributed to a lesser extent.
 
The San Diego-based diagnostics company reported total sales of $108.3 million, up from $103.2 million in the second quarter of 2018 and in line with analysts' consensus estimate.
 
Sales of rapid immunoassay products rose 30 percent to $21.8 million from $16.7 million in Q2 2018, which the firm said was due in part to a $6.2 million increase in influenza revenue.
 
Cardiac immunoassay revenue, which includes revenue from the Triage, Triage Toxicology, and Beckman BNP products acquired in October 2017, totaled $68.0 million, down 3 percent from $69.9 million a year ago.
 
The quarter was marked by continued strength of the Sofia immunoassay franchise, "both in terms of placements and revenue," CEO Douglas Bryant said in a statement, adding that the Triage franchise continued on track as well, with cardiac revenue coming in at the upper end of the range that the firm had previously suggested.
 
Quidel's specialized diagnostic solutions revenue increased 13 percent to $14.3 million from $12.7 million, while molecular diagnostic product sales increased 7 percent to $4.2 million from $3.9 million driven by 26 percent revenue growth from Solana molecular diagnostic products.
 
Bryant highlighted that "significant progress" was made in the quarter across the firm's product development programs during the quarter, "which portends well for a steady cadence of new product introductions over the next several quarters, as we efficiently leverage our assets and infrastructure."
 
Quidel posted a net income of $1.3 million, or $.03 per share, for the quarter compared to loss of $3.1 million, or $.08 per share, for the second quarter of 2018. Its adjusted earnings per share for the quarter was $.36, beating analysts' average estimate of $.34.
 
The firm's R&D spending declined 12 percent to $11.7 million from $13.3 million, and its SG&A expenses increased 2 percent to $39.8 million from $39.0 million in the prior year quarter.
 
Quidel finished the quarter with $28.6 million in cash and cash equivalents.