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Quidel (QDEL) to Report Q2 Earnings: What's in the Offing?
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Quidel Corporation (QDEL - Free Report) is scheduled to report fiscal second-quarter 2020 results on Jul 30, after market close.
The company reported an earnings surprise of 22% in the last reported quarter.
Q2 Estimates
The Zacks Consensus Estimate for total revenues of $201.4 million implies growth of 86.1% from the prior-year quarter figure. Also, the consensus mark for earnings per share (EPS) is pegged at $1.12, suggesting a 211.1% surge from the prior-year quarter figure.
Factors at Play
Per the preliminary announcement, Quidel’s fiscal second-quarter revenues are expected between $201 million and $202 million, suggesting an increase of about 86-87% from the year-ago period.The company is likely to have witnessed solid performance by its COVID-19 Molecular Diagnostics and Rapid Immunoassay products.
In the last-reported quarter, Quidel’s Molecular Diagnostic Solutions delivered robust results. This is likely to have continued in the fiscal second quarter. Continued strong demand for the Solana platform, banking on the Strep A and Influenza product lines, is expected to have driven growth in the to-be reported quarter.
The company is likely to have witnessed an uptick in rapid immunoassay revenues in the fiscal second quarter on growth in Strep and RSV revenues.
Quidel is expected to have registered growth in specialized diagnostic solutions revenues in the to-be-reported quarter. Increase in DHI respiratory revenues and growth in general virology segment are likely to have driven the upside.
The overall molecular growth of Lyra product category is expected to have contributed to the second-quarter topline. In the first quarter, the company began the development of three COVID-19 product offerings viz. the Lyra reverse transcriptase PCR for high volume, high complexity labs, the Sofia SARS antigen assay and the Sofia serology assay. In March 2020, the company received FDA Emergency Use Authorization (EUA) for Lyra SARS-COV2.
During the fiscal second quarter, Quidel finished the development of Sofia SARS Antigen, gained EUA clearance, and manufactured approximately four million Sofia SARS Antigen cassettes.
These developments are expected to get reflected in fiscal second-quarter results.
Quidel has been making progress within its R&D and instrument systems development teams. This is expected to reflect on fiscal second-quarter results.The solid momentum of Savanna cross-functional product development team is also likely to have driven the second-quarter performance.
In recent times, Sniffles, the company’s next-generation Sofia platform, has been gaining traction, which is also likely to have contributed to the top line.
The company is expected to have continued gaining from newer products like Sofia Lyme, Triage, toxicology, High Sense, Troponin and Europe, Triage PLGF and the new Sofia GI products in the quarter as well. These products should account for about $10 million of incremental revenues in fiscal 2020.
What Our Quantitative Model Suggests
Per our proven model, a combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases chances of an earnings beat. That is not the case here as you will see.
Earnings ESP: Quidel has an Earnings ESP of -21.43%. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
Here are a few medical stocks worth considering as they have the right combination of elements to post an earnings beat this quarter.
Integra LifeSciences Holdings Corporation (IART - Free Report) has an Earnings ESP of +20.69% and a Zacks Rank of 2.
Exact Sciences Corporation (EXAS - Free Report) has an Earnings ESP of +6.69% and a Zacks Rank of 2.
Hologic, Inc. (HOLX - Free Report) has an Earnings ESP of +12.27% and a Zacks Rank of 3.
Zacks’ Single Best Pick to Double
From thousands of stocks, 5 Zacks experts each picked their favorite to gain +100% or more in months to come. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
With users in 180 countries and soaring revenues, it’s set to thrive on remote working long after the pandemic ends. No wonder it recently offered a stunning $600 million stock buy-back plan.
The sky’s the limit for this emerging tech giant. And the earlier you get in, the greater your potential gain.
Image: Bigstock
Quidel (QDEL) to Report Q2 Earnings: What's in the Offing?
Quidel Corporation (QDEL - Free Report) is scheduled to report fiscal second-quarter 2020 results on Jul 30, after market close.
The company reported an earnings surprise of 22% in the last reported quarter.
Q2 Estimates
The Zacks Consensus Estimate for total revenues of $201.4 million implies growth of 86.1% from the prior-year quarter figure. Also, the consensus mark for earnings per share (EPS) is pegged at $1.12, suggesting a 211.1% surge from the prior-year quarter figure.
Factors at Play
Per the preliminary announcement, Quidel’s fiscal second-quarter revenues are expected between $201 million and $202 million, suggesting an increase of about 86-87% from the year-ago period.The company is likely to have witnessed solid performance by its COVID-19 Molecular Diagnostics and Rapid Immunoassay products.
In the last-reported quarter, Quidel’s Molecular Diagnostic Solutions delivered robust results. This is likely to have continued in the fiscal second quarter. Continued strong demand for the Solana platform, banking on the Strep A and Influenza product lines, is expected to have driven growth in the to-be reported quarter.
The company is likely to have witnessed an uptick in rapid immunoassay revenues in the fiscal second quarter on growth in Strep and RSV revenues.
Quidel is expected to have registered growth in specialized diagnostic solutions revenues in the to-be-reported quarter. Increase in DHI respiratory revenues and growth in general virology segment are likely to have driven the upside.
Quidel Corporation Price and EPS Surprise
Quidel Corporation price-eps-surprise | Quidel Corporation Quote
The overall molecular growth of Lyra product category is expected to have contributed to the second-quarter topline. In the first quarter, the company began the development of three COVID-19 product offerings viz. the Lyra reverse transcriptase PCR for high volume, high complexity labs, the Sofia SARS antigen assay and the Sofia serology assay. In March 2020, the company received FDA Emergency Use Authorization (EUA) for Lyra SARS-COV2.
During the fiscal second quarter, Quidel finished the development of Sofia SARS Antigen, gained EUA clearance, and manufactured approximately four million Sofia SARS Antigen cassettes.
These developments are expected to get reflected in fiscal second-quarter results.
Quidel has been making progress within its R&D and instrument systems development teams. This is expected to reflect on fiscal second-quarter results.The solid momentum of Savanna cross-functional product development team is also likely to have driven the second-quarter performance.
In recent times, Sniffles, the company’s next-generation Sofia platform, has been gaining traction, which is also likely to have contributed to the top line.
The company is expected to have continued gaining from newer products like Sofia Lyme, Triage, toxicology, High Sense, Troponin and Europe, Triage PLGF and the new Sofia GI products in the quarter as well. These products should account for about $10 million of incremental revenues in fiscal 2020.
What Our Quantitative Model Suggests
Per our proven model, a combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases chances of an earnings beat. That is not the case here as you will see.
Earnings ESP: Quidel has an Earnings ESP of -21.43%. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
Zacks Rank: It carries a Zacks Rank #3.You can see the complete list of today’s Zacks #1 Rank stocks here.
Stocks Worth a Look
Here are a few medical stocks worth considering as they have the right combination of elements to post an earnings beat this quarter.
Integra LifeSciences Holdings Corporation (IART - Free Report) has an Earnings ESP of +20.69% and a Zacks Rank of 2.
Exact Sciences Corporation (EXAS - Free Report) has an Earnings ESP of +6.69% and a Zacks Rank of 2.
Hologic, Inc. (HOLX - Free Report) has an Earnings ESP of +12.27% and a Zacks Rank of 3.
Zacks’ Single Best Pick to Double
From thousands of stocks, 5 Zacks experts each picked their favorite to gain +100% or more in months to come. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
With users in 180 countries and soaring revenues, it’s set to thrive on remote working long after the pandemic ends. No wonder it recently offered a stunning $600 million stock buy-back plan.
The sky’s the limit for this emerging tech giant. And the earlier you get in, the greater your potential gain.
Click Here, See It Free >>