US-based Quidel has posted total revenues of $1.002bn for the first quarter (Q1) of the year, which ended on 31 March. The figure more than doubled the $375.3m reported in the same quarter a year ago.
The company attributed the jump to the increase in sales of its rapid immunoassay products.
Quidel’s rapid immunoassay revenue totalled $892.8m in Q1, driven by sales of QuickVue At-Home OTC Covid-19 tests as well as Sofia Influenza + SARS and Sofia Influenza tests.
Gross profit in the quarter was $740m, compared to $302m in the corresponding three-month period of 2021.
Quidel’s net income also soared to $479.9m, or $11.31 per diluted share, in Q1 2022, from $178.1m, or $4.09 per diluted share, in Q1 2021.
The company spent around $26m in research and development during the quarter, around $3.1m more than the previous year quarter.
Quidel president and CEO Douglas Bryant said: “We had an extraordinary start to the year, achieving record revenue and profitability along with strong cash generation as we continued to execute against our growth roadmap.
“Our diverse suite of assays, increasing brand strength and growing installed base of Sofia analysers continue to propel our market expansion, broadening our post-pandemic opportunities. Once again, the entire Quidel team performed brilliantly, and we fired on all cylinders.”
Quidel focuses on manufacturing rapid diagnostic testing solutions, cellular-based virology assays and molecular diagnostic systems.
The company is said to be the first to market a rapid SARS-CoV-2 antigen test in the US.
Last December, Quidel signed a deal to acquire Ortho Clinical Diagnostics for $6bn. The deal is slated to close in the first half of the year.