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Quidel (QDEL) to Report Q1 Earnings: What's in the Offing?

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·4 min read
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Quidel Corporation QDEL is expected to report first-quarter fiscal 2021 results on May 6, 2021.

The company delivered an earnings surprise of 9.6% in the last reported quarter. Further, its bottom line beat estimates in each of the trailing four quarters, the average being 30.9%.

Q1 Estimates

The Zacks Consensus Estimate for total revenues of $375.2 million implies growth of 114.9% from the prior-year quarter’s reported figure. Also, the consensus mark for earnings per share (EPS) is pegged at $4.87, indicating significant growth from the prior-year quarter’s reported figure.

Factors at Play

In the last reported quarter, Quidel’s Molecular Diagnostic Solutions delivered robust results. This momentum is likely to have continued in the to-be reported quarter as well. Further, higher sales of COVID-19 products are expected to have boosted growth in the to-be-reported quarter.

The company is likely to have witnessed an uptick in rapid immunoassay revenues in the fiscal first quarter on higher sales derived from the Sofia platform. Progress of this platform is expected to have been aided by an increase in Sofia SARS Antigen and Sofia Combo ABC product sales.

However, Quidel witnessed a decline in its specialized diagnostic solutions revenues in the last reported quarter. This downside was due to weak respiratory products in the company’s Cell Culture business, a trend that most likely continued in the fiscal first quarter too.

Also, Quidel witnessed softness in its overall Influenza revenues in the fourth quarter of fiscal 2020 due to a very low prevalence of Influenza in the period, a trend that most likely persisted in the first quarter of fiscal 2021 as well.

Nonetheless, overall molecular growth of the Lyra product category is expected to have contributed to the to-be-reported quarter’s top line, possibly led by an uptick in Solana SARS revenues.

In the to-be reported quarter, the company’s Cardiometabolic Immunoassay business is expected to have been driven by strength in the Triage business and the Beckman BNP business.

Advancement of the COVID-diagnostic product pipeline, especially with the Sofia Serology assay, is expected to have boosted the company’s performance in the fiscal first quarter. The FDA EUA approvals to market Solana SARS and QuickVue SARS Antigen is also expected to have driven growth in the to-be reported quarter.

Quidel Corporation Price and EPS Surprise

Quidel Corporation Price and EPS Surprise
Quidel Corporation Price and EPS Surprise

Quidel Corporation price-eps-surprise | Quidel Corporation Quote

Quidel has been evolving within its R&D and instrument systems development teams for a while now. This, in turn, is expected to reflect on its results for the fiscal first quarter. Moreover, solid momentum of the Savanna cross-functional product development team might have enhanced the company’s to-be-reported quarter’s performance.

In recent times, Sofia Q, formerly named Sniffles, which is the company’s next-generation Sofia platform, is steadily gaining traction. This is also likely to have bumped up the top line in the to-be-reported quarter.

Additionally, the company is expected to have consistently benefited from newer products like Sofia Lyme, TriageTrue, High Sense, Troponin assay, Triage PLGF and the new Sofia GI suite in the quarter as well.

What Our Quantitative Model Suggests

Our proven model does not predict an earnings beat for Quidel this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. But that is not the case here as you will see.

Earnings ESP: Quidel has an Earnings ESP of -2.47%. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.

Zacks Rank: Quidel carries a Zacks Rank #5 (Strong Sell).

Zacks Rank and Key Picks

Here are some medical stocks worth considering as these have the right combination of elements to beat on earnings this reporting cycle.

AmerisourceBergen ABC has an Earnings ESP of +0.23% and a Zacks Rank of 3, currently. You can see the complete list of today’s Zacks #1 Rank stocks here.

DENTSPLY SIRONA XRAY has an Earnings ESP of +11.36% and is a Zacks #2 Ranked stock, presently.

Cerner Corporation CERN has an Earnings ESP of +0.37% and a Zacks Rank of 3 at present.

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