Demand for COVID-19 testing has received a fresh boost from the fast-spreading Omicron variant in the United States, with pharmacy chains including Walgreens Boots Alliance (WBA.O) and CVS Health (CVS.N) as well as retailer Walmart (WMT.N) limiting sales of at-home tests. AACC.org Quidel said on Thursday it would pay $24.68 per share, representing a premium of 24.7% to Ortho Clinical's closing price on Wednesday, and would also acquire the company's existing net debt of $2 billion. The buyout is expected to significantly expand Quidels point-of-care diagnostics portfolio with access to Ortho Clinical Diagnostics broad global reach across many countries. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. The company is preparing to submit ColoAlert for Food and Drug Administration approval. QAD Inc. is a leading provider of next-generation manufacturing and supply chain solutions in the cloud. The variant has become the dominant strain in the country, accounting for 73% of infections for the week ended Dec. 18. Also, we believe this partnership could benefit Quidel as the company and Runda Medical has a relationship for almost 2 decades. The standard warning in IVD as well as other industries we are sure, mergers beget mergers. Quidel Corporation (NASDAQ: QDEL), a provider of rapid diagnostic testing solutions, cellular-based virology assays and molecular diagnostic systems, announced today financial results for the fourth quarter and year ended December 31, 2021. POC markets (and the companies that served them) grew faster than non-POC markets. The deal to acquire Ortho Clinical Diagnostics, a well-known in-vitro diagnostics player, is to be completed using a combination of cash and newly issued shares in the combined company. Register at MyQuidel.com to download and install the latest Software Updates, Assay and testing capabilities for your Quidel Instruments. For Research Use Only. Gross profit in the fourth quarter of 2021 was $489.3 million, a decrease of $212.2 million, driven by lower revenue, and product mix shift from high margin Sofia SARS products to lower margin QuickVue COVID-19 products, partially offset by increased absorption driven by the higher volumes produced in the current quarter. To succeed in a turbulent world, facing disruptions in supply and fluctuations in demand, manufacturers and supply chains must rapidly respond to change and seamlessly optimize agility, efficiency, and resilience for effective customer service. Dr. Kroll served as Senior Vice President, Research & Development of Quidel Corp. from 2014 to 2022, where he facilitated the development of countless industry-defining immunoassay and molecular products. Furthermore, 5 companies stock prices declined in Q4 while the average stock price change was up 11.2%. More Stock News: This Is Bigger than the iPhone! Moving beyond the fourth quarter, demand for COVID-19 testing remains elevated, and despite ebbs and flows, we continue our previously announced work to accelerate development and production of tests to help meet demand from government, institutions and individuals, Mr. Bryant said. And we stood at the forefront of diagnostics innovation throughout the coronavirus pandemic, developing one of the earliest molecular PCR assays for SARS-CoV-2, the first FDA emergency use authorized rapid antigen test that delivers results in 15 minutes, and high-volume antibody and antigen tests for COVID-19. Today, QuidelOrthos comprehensive product portfolio covers a wide range of point-of-care tests for infectious diseases, critical cardiac health and autoimmune biomarkers, and a host of clinical and at-home products to detect COVID-19. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Website Terms of Use Privacy Policy EEA Privacy Policy AdvaMed Code of Ethics Site Map, QuidelOrtho Announces Separation of Chairman and Chief Executive Officer Roles, SARS-CoV-2: Testing option and patient care. The combined company will also be poised to meet patient testing needs at all points of the care continuum, including reference labs, hospitals, physicians offices, urgent care centers and at-home / retail locations. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. The joint proxy statement/prospectus may be obtained free of charge from the sources indicated above. On a non-GAAP basis, net income for the fourth quarter of 2021 was $309.8 million, or $7.29 per diluted share, as compared to net income of $482.8 million, or $11.07 per diluted share, for the same period in 2020. Proven lateral-flow technology andproprietary advanced fluorescence chemistry and assay development techniquesare allintegratedintotwo small bench top analyzers that can be used near patient and in laboratory settings. Under the deal, Mainz has exclusive global rights to five gene expression biomarkers demonstrated to effectively detect CRC lesions, including advanced adenoma (AA), a pre-cancerous polyp often attributed to this deadly disease. *All MicroVue Bone IVD products are also CE marked. The 2% increase in revenue was driven primarily by incremental COVID-19 Rapid Immunoassay product sales, and to a lesser extent, by increased sales of Cardiometabolic Immunoassay products. Total Influenza revenue was $72.4 million. Under the terms of the agreement governing the transaction, former Ortho shareholders received $7.14 in cash and 0.1055 shares of QuidelOrtho common stock for each Ortho common share. The IVD Market in 2023: $130 Billion and Growing, https://kaloramainformation.com/wp-content/uploads/sites/5/2021/12/orthoquidel.png, https://d3lstfzn07k02o.cloudfront.net/wp-content/uploads/sites/12/2019/01/08092216/logo_ki.gif, 19 Need-To-Know Developments in Cell and Gene Therapy. The Sofia Strep A+ Fluorescent Immunoassay (FIA) uses advanced immunofluorescence-based lateral-flow technology to detect Group A Streptococcal Quidel Corporation Headquarters: QuidelOrtho unites the strengths of Quidel Corporation and Ortho Clinical Diagnostics, creating a world-leading in vitro diagnostics company with award-winning expertise in immunoassay and molecular testing, clinical chemistry and transfusion medicine. Our sophisticated yet simple-to-use point-of-care tests enable clinicians to chart a course of treatment and empower people to take charge of their health. We have interests in 100+ investments across multiple asset classes, countries, sectors and industries. At QuidelOrtho Corporation, we promise to treat your data with respect and will not share your information with any third party. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. The buyout is expected to significantly boost Quidels global position in the diagnostics space by combining highly complementary diagnostic portfolios with enhanced technologies and platforms spanning high-throughput systems to near-patient and at-home testing. More than 20 years ago, the company introduced the first test for the detection of antibodies to hepatitis C and has since remained a leader in the marketing and development of instrumentation and reagent systems for blood typing. 858.552.7931, Media and Investors Contact: Orthos largest segment, Clinical Laboratories, develops clinical chemistry and immunoassay tests, targeting primarily small/medium size hospitals. Despite Declines, COVID-19 Still a Large IVD Market, Single Cell Genomics Market Reaches $1 Billion, The Worldwide Market for In Vitro Diagnostic Tests, 14th Edition, The Global Market for Medical Devices, 11th Edition, The World Market for Molecular Diagnostics Tests, 10th Edition, Remote Patient Monitoring and Telehealth Markets, 12th Edition. Clinical Laboratory News . Quidel Buying Ortho Clinical Diagnostics for $6 Billion By George Lurie January 3, 2022 375 Photo courtesy of Quidel San Diego-based Quidel (NASDAQ: QDEL) has agreed to acquire Ortho Clinical Diagnostics Holdings (NASDAQ: OCDX) for $6 billion. The combined organization will unite the companies technologies and platforms to benefit customers with expanded access to clinical chemistry, immunoassay, molecular diagnostics, immunohematology, donor screening, and point-of-care diagnostics offerings, Quidel said. You should not rely upon forward-looking statements as predictions of future events because these statements are based on assumptions that may not come true and are speculative by their nature. Total revenue for 2021 increased to $1,698.6 million, a 2% increase from $1,661.7 million in 2020. Not for use in diagnostic procedures. Ortho Clinical also makes products for diagnosing diseases and other equipment used for in-vitro diagnostics, a nearly $80 billion market that serves hospitals and clinics. Information about Quidels directors and executive officers and their ownership of Quidels common stock is set forth in the joint proxy statement/prospectus. The change in sales from the fourth quarter of 2020 was mostly driven by a $249 million revenue decline of the Sofia 2 Flu + SARS antigen FIA in the quarter versus 2020. Click here to browse webinars focused on various disease states and diagnostic solutions. Want the latest recommendations from Zacks Investment Research? Ortho markets immunohematology products used by blood banks and hospitals to determine patient-donor compatibility in blood transfusions. Ranked among the worlds largest in vitro diagnostics (IVD) providers, QuidelOrtho is building on more than 120 years of collective experience and innovation. The Opportunity QuidelOrtho unites the strengths of Quidel Corporation and Ortho Clinical Diagnostics, creating a world-leading in vitro diagnostics company with award-winning expertise in immunoassay and molecular testing, clinical chemistry and transfusion medicine. Quidel tends to sell to the clinic, Ortho Clinical to the hospital. We are not an ordinary contract manufacturer providing simple services based . Specifically, BioReference Laboratories will use Gestalt Diagnostics digital pathology solution with MindPeaks AI-based cancer diagnostics BreastIHC algorithm. Additionally, the deal will deepen Quidels innovation pipeline, diversify its product portfolio, and accelerate its product growth, the company said. Foreign exchange had a positive impact of $7.9 million for the twelve months ended December 31, 2021. Quidels complement antisera are raised in goats and are quality controlled for specificity by immunochemical analysis. Quidel is pleased to provide the following webinars on the topic of Lyme Disease: Olivia Goodreau, Lyme Warrior is presented by Olivia Goodreau, who founded the LivLyme Foundation when she was 12 years old. SUPPLELAB is a dynamically growing Polish company specializing in the production of various forms of food supplements. Quidel Corporation is a leading manufacturer of diagnostic solutions at the point of care delivering a continuum of rapid testing technologies that further improve the quality of health care. Signed definitive agreement to acquire Ortho Clinical Diagnostics Holdings plc ("Ortho"), funded through a combination of cash and newly issued shares in the combined company. Laboratory Corporation of America Holdings (LH): Free Stock Analysis Report, Thermo Fisher Scientific Inc. (TMO): Free Stock Analysis Report, Quidel Corporation (QDEL): Free Stock Analysis Report, Ortho Clinical Diagnostics Holdings PLC (OCDX): Free Stock Analysis Report. Per the preliminary report, third-quarter 2022 revenues are estimated to be $782-$785 million on a . We believe the companys estimated CAGR are reasonable as they fall in line with the market CAGR. Though, we believe that its Lab segment presents the highest opportunity for the company as it has the highest TAM of $28 bln with a % of TAM of 4.8%, the second lowest. Each monoclonal antibody has been purified from ascites fluid and labeled with biotin. The Sofia Influenza A+B Fluorescent Immunoassay (FIA) uses advanced immunofluorescence-based lateral-flow technology to detect influenza A and For use with Sofia 2 and Sofia. Per a report by MarketsandMarkets, the global point of care diagnostics market is projected to reach $50.6 billion by 2025 from $29.5 billion in 2020 at a CAGR of 11.4%. Find company research, competitor information, contact details & financial data for ORTHO PL CENTRUM DENTYSTYCZNO ORTODONTYCZNE S C of Wrocaw, dolnolskie. Also impacting revenue was a shift in product mix for our Rapid Immunoassay COVID-19 products from higher-priced Sofia products sold in the professional market to lower-priced QuickVue products sold in the retail, pharmacy and employer testing markets. The industry leader for online information for tax, accounting and finance professionals. They added that BreastIHC can increase throughput and reporting speed. SAN DIEGO, CA and RARITAN, NJ-- (BUSINESS WIRE)- December 23, 2021 - Quidel Corporation (NASDAQ: QDEL) ("Quidel") and Ortho Clinical Diagnostics Holdings plc (NASDAQ: OCDX) ("Ortho") today announced that they have entered into a definitive agreement in which Quidel will acquire Ortho, one of the world's largest in vitro diagnostics companies, fo. NEW: Visit ConnectMe.quidel.com for help connecting your Quidel Instruments to the cloud, including the Virena surveillance system. Prior to joining Quidel, Dr. Kroll was Vice President and Global Head of Research and Innovation for Novartis Molecular Diagnostics . With the power of Virena wireless connectivity and myvirena.com, all instrument and user history can be easily, securely and remotely accessed from any desktop. Ruben Argueta This change was offset by an increase in QuickVue At-Home OTC COVID-19 test sales, which were $427.0 million in the quarter, compared to $9.8 million in the fourth quarter of 2020.
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