Why Quidel Stock Jumped Today
Shares of Quidel Corporation (NASDAQ: QDEL) jumped on Friday morning after the company reported blistering-hot growth for the first quarter of 2021. The company didn't quite hit expectations for the quarter. But the stock was down over 65% from 52-week highs going into the Q1 earnings release, providing a depressed price per share to bounce higher from. As of 1:20 p.m. EST, Quidel stock was up 12%.
It seems almost every metric was up triple digits for Quidel in Q1. Total revenue was up 115% year over year to $375 million, as its test kits for the coronavirus are still in high demand. In fact, these COVID-19 test kits accounted for almost 75% of revenue in Q1. This surge in sales created operating leverage resulting in a whopping $585 million in operating cash flow for the quarter. For perspective, this stock has a market cap just barely over $5 billion.
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Source Fool.com
