Quidel's (QDEL) QuickVue OTC COVID-19 Test Now Widely Available
In-store and online availability of Quidel's (QDEL) QuickVue OTC COVID-19 Test is expected to meet the rising COVID-19 testing needs across the United...
Quidel Corporation QDEL recently announced that it will make its non-prescription QuickVue At-Home OTC COVID-19 Test available to consumers from the next week. The test will be available at more than 7,000 CVS Health Corporation’s CVS pharmacy locations across the United States as well as online at cvs.com.
For investors’ note, the rapid antigen test enables consumers to perform the test themselves easily without a doctor’s prescription, and get results within minutes. Each shelf-stable package contains two self-administered rapid antigen tests.
The availability of the OTC test is expected to significantly boost Quidel’s Rapid Immunoassay product category of its broader diagnostic testing solutions.
Significance of the Availability
Per management, the ease of availability of the QuickVue At-Home OTC COVID-19 Tests both in-store and online at CVS Pharmacy is expected to meet the COVID-19 testing requirements across the United States. With the recent surge in testing demand due to the rapid spread of the Delta variant, the company has been experiencing robust demand for its portfolio of Sofia SARS and QuickVue COVID-19 rapid antigen tests. Hence, adding capacity via CVS Pharmacy is likely to aid in addressing customers’ demand.
Quidel’s management has also confirmed that on the back of surging demand, it is continuing to add manufacturing units and is on-track to reach its target run-rate capacity of approximately 70 million rapid antigen COVID-19 tests per month by the end of the year.
The excellent performance of the QuickVue test is likely to enable customers to run the test confidently, thereby helping to prevent asymptomatic spread of the virus.
Per a report by MarketsandMarkets, the global immunoassay market is anticipated to reach $39.0 billion by 2026 from $28.4 billion in 2021, at a CAGR of 6.6%. Factors like rising incidence of chronic and infectious disease, along with increase in the prevalence of chronic conditions, are expected to drive the market.
Given the market potential, wider availability of the company’s QuickVue At-Home OTC COVID-19 Test is expected to provide a significant boost to its business.
Notable Developments in Rapid Immunoassay
Of late, Quidel has witnessed a few notable developments in its Rapid Immunoassay business.
In June, the company received an amended Emergency Use Authorization from the FDA for Sofia Q, thereby allowing the company to market the same, which is its latest addition to the Sofia and Sofia 2 line of Fluorescent Immunoassay Analyzers (“FIA”).
Quidel, in May, announced that its Sofia SARS Antigen FIA is the first rapid antigen test to receive authorization from Health Canada for serial testing for the detection of active coronavirus infection in both symptomatic and asymptomatic populations.
Also in May, the company announced that its non-prescription QuickVue At-Home OTC COVID-19 Test will be available in the United States to consumers for online order via e-commerce retailer Amazon.
Shares of Quidel have lost 9.1% in the past year against the industry’s 14.2% growth and the S&P 500's 33.7% rise.
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Zacks Rank & Stocks to Consider
Currently, Quidel carries a Zacks Rank #4 (Sell).
Henry Schein’s long-term earnings growth rate is estimated at 13.9%. The company presently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
IDEXX’s long-term earnings growth rate is estimated at 19.9%. It currently has a Zacks Rank #2.
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