Benzinga | Apr 23, 2021 06:19AM EDT

Quidel Shares Plunge On Lower Than Expected Q1 Outlook

* Quidel Corporation (NASDAQ: QDEL) shares witnessed a drop after announcing lower-than-expected preliminary results for Q1 of 2021 after the bell on Thursday.

* The company expects Q1 revenues in the range of $374 million to $376 million, up 114% Y/Y, but far below the consensus estimate of $466 million.

* In the quarter, Quidel shipped nearly 15 million SARS tests. COVID-19 revenues for the quarter are expected to be over $280 million, compared to just $1 million a year ago.

* Sales of a mere $5 million are anticipated from influenza and other respiratory disease products, compared with $79.6 million in the prior-year quarter.

* Additionally, gross margins are expected to be approximately 80% for the period, with earnings growth over the prior-year quarter above 300%.

* Douglas Bryant, president & CEO, said, "while we will not be providing an updated financial outlook for the full year 2021, given the volatility in the market and the impact on our results, we do look forward to discussing the important revenue growth drivers we have in front of us in more detail during our scheduled first quarter 2021 earnings call on May 6, 2021."

* Separately, Quidel completed a distribution and fulfillment agreement with McKesson Corporation (NYSE: MCK) to expedite consumer access to Quidel's non-prescription QuickVue At-Home OTC COVID-19 Test.

* Price Action: QDEL shares are down 15.1% at $103.75 in premarket trading on the last check Friday.