Zacks: Brokerages Anticipate Quidel Co. (QDEL) Will Post Quarterly Sales of $115.02 Million

Wall Street brokerages predict that Quidel Co. (NASDAQ:QDEL) will report sales of $115.02 million for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Quidel’s earnings. The highest sales estimate is $122.15 million and the lowest is $110.75 million. Quidel posted sales of $52.81 million during the same quarter last year, which would indicate a positive year over year growth rate of 117.8%. The company is scheduled to report its next earnings results on Wednesday, February 14th.

According to Zacks, analysts expect that Quidel will report full-year sales of $115.02 million for the current fiscal year, with estimates ranging from $273.60 million to $285.91 million. For the next financial year, analysts anticipate that the firm will post sales of $489.01 million per share, with estimates ranging from $485.10 million to $491.30 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Quidel.

Quidel (NASDAQ:QDEL) last announced its quarterly earnings data on Wednesday, November 1st. The company reported ($0.16) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by ($0.21). The company had revenue of $50.89 million during the quarter, compared to analyst estimates of $50.47 million. Quidel had a negative net margin of 2.33% and a negative return on equity of 2.36%. Quidel’s revenue was up 3.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.10 earnings per share.

Several equities analysts have weighed in on the company. BidaskClub raised Quidel from a “sell” rating to a “hold” rating in a report on Saturday, December 2nd. Zacks Investment Research cut Quidel from a “buy” rating to a “hold” rating in a report on Tuesday, November 7th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $50.00 price objective on shares of Quidel in a report on Friday, November 3rd. Canaccord Genuity reaffirmed a “buy” rating and issued a $52.00 price objective (up from $48.00) on shares of Quidel in a report on Thursday, December 21st. Finally, Barclays lifted their price objective on Quidel from $45.00 to $49.00 and gave the company an “overweight” rating in a report on Thursday, November 2nd. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company. Quidel currently has an average rating of “Buy” and a consensus target price of $53.50.

In other news, Director Jack W. Schuler sold 4,000 shares of the business’s stock in a transaction on Friday, January 5th. The stock was sold at an average price of $47.02, for a total transaction of $188,080.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Douglas C. Bryant sold 12,000 shares of the business’s stock in a transaction on Friday, December 28th. The stock was sold at an average price of $44.12, for a total value of $529,440.00. Following the transaction, the chief executive officer now directly owns 286,493 shares of the company’s stock, valued at approximately $12,640,071.16. The disclosure for this sale can be found here. Insiders have sold a total of 385,790 shares of company stock valued at $15,902,715 in the last three months. 22.00% of the stock is owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. TIAA CREF Investment Management LLC increased its holdings in Quidel by 1.1% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 99,227 shares of the company’s stock worth $2,693,000 after purchasing an additional 1,062 shares in the last quarter. Swiss National Bank increased its holdings in Quidel by 4.2% in the 3rd quarter. Swiss National Bank now owns 47,200 shares of the company’s stock worth $2,070,000 after purchasing an additional 1,900 shares in the last quarter. Schwab Charles Investment Management Inc. increased its holdings in Quidel by 45.0% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 174,788 shares of the company’s stock worth $4,744,000 after purchasing an additional 54,206 shares in the last quarter. Harvest Management LLC acquired a new position in Quidel in the 3rd quarter worth about $702,000. Finally, Northern Trust Corp increased its holdings in Quidel by 6.9% in the 2nd quarter. Northern Trust Corp now owns 377,707 shares of the company’s stock worth $10,250,000 after purchasing an additional 24,453 shares in the last quarter. 92.19% of the stock is owned by institutional investors and hedge funds.

Quidel (QDEL) opened at $45.64 on Friday. The firm has a market capitalization of $1,590.37, a price-to-earnings ratio of -304.25, a price-to-earnings-growth ratio of 1.51 and a beta of 1.15. The company has a quick ratio of 5.68, a current ratio of 6.28 and a debt-to-equity ratio of 0.70. Quidel has a fifty-two week low of $18.25 and a fifty-two week high of $49.47.

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About Quidel

Quidel Corporation is engaged in the development, manufacturing and marketing of diagnostic testing solutions. These diagnostic testing solutions are separated into four product categories: immunoassays, molecular assays, virology and specialty products. The Company sells its products directly to end users and distributors, in each case, for professional use in physician offices, hospitals, clinical laboratories, reference laboratories, universities, retail clinics, pharmacies and wellness screening centers.

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