Quidel Corp. (QDEL) stock prices were up by 0.72% as of the market closing on October 7th, 2021. This brought the price per share up to USD$136.21 at the end of the trading day. Subsequent premarket fluctuations have seen the stock surge by 6.82%, bringing it up to USD$145.50.
Promising Revenue Report
In their preliminary results for the third quarter of fiscal 2021, QDEL stock announced expected revenues in the range of USD$505 million and USD$510 million. This marks a 6% to 7% improvement from the numbers reported in the prior year quarter. the 2021 quarter saw the company ship more than 45 million SARS tests, representing an increase of 135% as compared to shipments over the third quarter of fiscal 2020. Covid-19 revenues for the third quarter of fiscal 2021 are expected to be roughly USD$406 million. This is an improvement from the USD$375.7 million reported for the prior year quarter.
The third quarter of fiscal 2021 saw QDEL stock reported a substantial increase in demand across several markets for its SARS category products. This is a result of the continued proliferation of Covid-19 infections due to the emergence of the highly transmissible Delta variant. The company was able to meet most of the demand at various points of care, including to consumers in stores and online, which resulted in driving product sales that were better than expected. The company’s ability to meet demand stems from its successful strategic investments made toward building out its professional and retail channels over the course of the first half of fiscal 2021.
QDEL Stock Secures Contract
In addition to the increase in professional and over the counter demand, QDEL stock also secured a 12-month contract. The contract is for the supplying of up to 51.2 million Quick Vue At-Home OTC Covid-19 rapid antigen tests to the federal government. The contract is expected to be worth USD$284 million, with order quantities from the government yet to be confirmed. Nevertheless, this award validates the company’s belief that a decentralized rapid antigen testing regiment that uses high-quality tests would be a critical tool to manage the spread of the coronavirus.
Future Outlook for QDEL Stock
QDEL stock is poised to capitalize on the expanded scope of opportunities afforded to it from the momentum generated over fiscal 2021. The company is keen to spearhead the accelerated proliferation of its proprietary healthcare solutions. Current and potential investors are hopeful that management will be able to effectively leverage the resources at their disposal. This is hoped to facilitate consistent and organic growth in shareholder value over the long term.