What happened

There are earnings misses, and there are earnings misses. Quidel's (QDEL) latest quarter fell firmly into the latter category, and as a result its stock was tumbling by 13% in midafternoon trading on Friday.

So what

Quidel, a veteran healthcare diagnostics specialist that is known these days for its COVID-19 testing kits, reported its second-quarter results after hours on Thursday.

Sick man making a phone call.

Image source: Getty Images.

Revenue was $176.6 million, representing a 12% decline from the prior-year quarter. Nearly half of that ($83.4 million) was for COVID testing products, sales of which fell by 23%. Adjusted net income also headed south, sliding to $31.8 million ($0.75 per share) from the year-ago result of $81.6 million.

Neither headline number came close to the average analyst estimates, which were for $194.5 million on the top line and $1.46 for adjusted per-share net profit.

Now what

During the quarter, many believed we had finally turned the corner with the pandemic, so it's little wonder that COVID testing fell dramatically. With the rise of the delta variant, that trend is already very much in reverse, and Quidel's current quarter should be better.

Besides, the company isn't only about COVID screening. For instance, it recently received amended Emergency Use Authorization from the Food and Drug Administration for its Sofia Q test for influenza and respiratory syncytial virus (RSV). CEO Douglas Bryan said that Sofia Q "will make access to our Sofia tests more affordable for professional and point-of-care customers. Longer-term, it could create a retail pathway for our full portfolio of Sofia tests for influenza, RSV, strep and other conditions."