The 10-second takeaway
For the quarter ended June 30 (Q2), Quidel whiffed on revenues and missed expectations on earnings per share.
Compared to the prior-year quarter, revenue dropped. Non-GAAP earnings per share dropped to a loss. GAAP loss per share dropped.
Gross margins contracted, operating margins dropped, net margins grew.
Quidel logged revenue of $29.7 million. The eight analysts polled by S&P Capital IQ predicted revenue of $33.2 million on the same basis. GAAP reported sales were 3.7% lower than the prior-year quarter's $30.9 million.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures are normalized by S&P Capital IQ and may vary to maintain comparability with normalized estimates.
EPS came in at -$0.06. The six earnings estimates compiled by S&P Capital IQ predicted $0.00 per share. Non-GAAP EPS were -$0.06 for Q2 versus $0.01 per share for the prior-year quarter. GAAP EPS were -$0.05 for Q2 against -$0.09 per share for the prior-year quarter.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures are normalized by S&P Capital IQ and may vary to maintain comparability with normalized estimates.
For the quarter, gross margin was 54.0%, 60 basis points worse than the prior-year quarter. Operating margin was -24.0%, 940 basis points worse than the prior-year quarter. Net margin was -5.9%, 420 basis points better than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $37.2 million. On the bottom line, the average EPS estimate is $0.05.
Next year's average estimate for revenue is $182.3 million. The average EPS estimate is $0.62.
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 166 members out of 174 rating the stock outperform, and eight members rating it underperform. Among 45 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 43 give Quidel a green thumbs-up, and two give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Quidel is outperform, with an average price target of $25.86.
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