Quidel Co. (NASDAQ:QDEL) Expected to Announce Quarterly Sales of $125.56 Million

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Equities research analysts expect that Quidel Co. (NASDAQ:QDEL) will announce $125.56 million in sales for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for Quidel’s earnings, with the lowest sales estimate coming in at $123.19 million and the highest estimate coming in at $126.95 million. Quidel reported sales of $117.40 million during the same quarter last year, which would suggest a positive year over year growth rate of 7%. The firm is expected to announce its next earnings results after the market closes on Tuesday, November 5th.

According to Zacks, analysts expect that Quidel will report full-year sales of $529.64 million for the current financial year, with estimates ranging from $528.80 million to $530.24 million. For the next fiscal year, analysts anticipate that the firm will report sales of $557.83 million, with estimates ranging from $554.80 million to $560.60 million. Zacks’ sales averages are an average based on a survey of research firms that cover Quidel.

Quidel (NASDAQ:QDEL) last issued its earnings results on Thursday, August 8th. The company reported $0.36 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.02. Quidel had a return on equity of 23.34% and a net margin of 13.71%. The firm had revenue of $108.25 million for the quarter, compared to analysts’ expectations of $108.40 million. During the same quarter last year, the firm earned $0.36 earnings per share. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year.

A number of research analysts recently weighed in on the company. Canaccord Genuity reiterated a “buy” rating and issued a $70.00 target price on shares of Quidel in a report on Monday, July 1st. ValuEngine upgraded Quidel from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Craig Hallum upgraded Quidel from a “hold” rating to a “buy” rating and lifted their target price for the company from $63.00 to $75.00 in a report on Thursday, August 29th. TheStreet cut Quidel from a “b” rating to a “c+” rating in a report on Thursday, August 8th. Finally, BidaskClub cut Quidel from a “buy” rating to a “hold” rating in a report on Tuesday, July 9th. Three research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Quidel has an average rating of “Buy” and an average price target of $73.00.

In other Quidel news, SVP Michael Donald Jr. Abney sold 8,798 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $65.00, for a total value of $571,870.00. Following the transaction, the senior vice president now directly owns 14,226 shares of the company’s stock, valued at $924,690. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Douglas C. Bryant sold 21,789 shares of the firm’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $57.78, for a total value of $1,258,968.42. Following the completion of the transaction, the chief executive officer now directly owns 323,231 shares in the company, valued at $18,676,287.18. The disclosure for this sale can be found here. Insiders sold 140,150 shares of company stock worth $314,041,420 over the last three months. 14.10% of the stock is currently owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the business. First Light Asset Management LLC increased its position in shares of Quidel by 0.5% during the second quarter. First Light Asset Management LLC now owns 54,943 shares of the company’s stock worth $3,259,000 after acquiring an additional 268 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Quidel by 7.8% during the second quarter. Vanguard Group Inc. now owns 3,451,846 shares of the company’s stock worth $204,764,000 after acquiring an additional 250,095 shares during the last quarter. Kornitzer Capital Management Inc. KS increased its position in shares of Quidel by 12.9% during the second quarter. Kornitzer Capital Management Inc. KS now owns 111,680 shares of the company’s stock worth $6,625,000 after acquiring an additional 12,785 shares during the last quarter. Pitcairn Co. increased its position in shares of Quidel by 2.6% during the second quarter. Pitcairn Co. now owns 7,214 shares of the company’s stock worth $428,000 after acquiring an additional 182 shares during the last quarter. Finally, Man Group plc increased its position in shares of Quidel by 170.1% during the second quarter. Man Group plc now owns 174,205 shares of the company’s stock worth $10,334,000 after acquiring an additional 109,716 shares during the last quarter. 90.39% of the stock is currently owned by institutional investors.

Shares of Quidel stock opened at $61.80 on Monday. Quidel has a twelve month low of $44.27 and a twelve month high of $70.31. The stock has a market capitalization of $2.51 billion, a P/E ratio of 21.91 and a beta of 1.43. The company has a current ratio of 1.40, a quick ratio of 0.83 and a debt-to-equity ratio of 0.20. The business’s fifty day moving average price is $61.54 and its 200 day moving average price is $59.79.

About Quidel

Quidel Corporation develops, manufactures, and markets diagnostic testing solutions for applications in infectious diseases, cardiology, thyroid, women's and general health, eye health, gastrointestinal diseases, and toxicology. The company offers Sofia and Sofia 2 fluorescent immunoassay systems; QuickVue, a lateral flow immunoassay products; and InflammaDry and AdenoPlus, a point-of-care products for the detection of infectious and inflammatory diseases and conditions of the eye.

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