Shares of Quidel (QDEL) are under pressure on Wednesday after the company said demand for testing was down 30%-40% quarter-to-date versus the fourth quarter and that it sees quarterly revenue of “at least” $450M, with consensus estimates at roughly $755M. The guidance also sent shares of several peers, including Qiagen (QGEN) and Fulgent Genetics (FLGT), into negative territory.
DEMAND DOWN: During Barclays’ Global Health Virtual Conference, Quidel said that testing in February and March has “softened significantly,” with demand for testing down 30%-40% quarter-to-date versus the fourth quarter. The company also noted that it sees revenue of “at least” $450M for the quarter, with consensus at $755.07M. For the current fiscal year, Quidel sees revenue of roughly $2.5B, with consensus at $2.87B.
PRICE ACTION: In afternoon trading, shares of Quidel have dropped over 16% to $130.75. Also lower, Qiagen has slipped almost 4% to $45.84, Fulgent Genetics has plunged over 12% to $96.09, GenMark (GNMK) has slid more than 18% to $16.31, PerkinElmer (PKI) has slipped over 4% to $120.57, Becton Dickinson (BDX) has slid about 2% to $237.50, and Opko Health (OPKO) and Hologic (HOLX) have dropped about 5% apiece to $4.31 and $68.47, respectively.