Quidel Corp. (NASDAQ:QDEL) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 05:00 pm ET


Quidel Corp. (NASDAQ:QDEL) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by. Welcome to the Quidel Corporation Second Quarter 2020 Earnings Conference Call. [Operator Instructions]

I'd now like to turn the call over to Mr. Ruben Argueta, Quidel's Director of Investor Relations. Please go ahead.

Ruben Argueta

Thank you, Operator. Good afternoon everyone, and thank you for joining today's call. With me today is our President and Chief Executive Officer, Doug Bryant; and Randy Steward, our Chief Financial Officer. Our second quarter 2020 earnings release is now available on ir.quidel.com, our Investor Relations website. We will also post our prepared remarks on the Presentations tab of our IR website following the conclusion of this call, on July 30, for a period of 24 hours.

Please note that this conference call will include forward-looking statements within the meaning of Federal Securities Laws, including our anticipated revenues for Q3 2020. Forward-looking statements by their nature involve material risks, assumptions and uncertainties. In particular, our expectations and assumptions around the impact of the COVID-19 pandemic on our business, results of operations and financial condition and that of our suppliers, customers and other business partners are uncertain and subject to change. Many possible events or factors could affect our future financial results and performance, such that our actual results and performance may differ materially from those in the forward-looking statements.

For a discussion of such factors, please review Quidel's most recent annual report on Form 10-K, including the section titled Risk Factors, registration statements and subsequent quarterly reports on Form 10-Q, as filed with the SEC. Furthermore, this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast, July 30, 2020. Quidel undertakes no obligation to revise or update any statements to reflect events or circumstances after the date of this conference call, except as required by law.

Today, Quidel released financial results for the three and six months ended June 30, 2020. If you have not received our news release, or if you would like to be added to the Company's distribution list, please contact me at 858-646-8023. Following Doug's comments, Randy will briefly discuss our financial results. Then, we'll open the call to take your questions.

I'll now hand the call over to Doug for his comments.

Douglas C. Bryant

Thank you, Ruben, and good afternoon everyone. Thank you for joining us today. I hope that you and your families are well and safe. These times have certainly been challenging for everyone. Despite the country's efforts to deliver more testing, there is still a considerable backlog for sample processing, especially in central labs, accounting for the long period of time between sample to result, typically taking between five to seven days or more. Obviously, getting a COVID-19 test result a week later is not helpful, and not conducive to the test and contact trace process that is needed to flatten the curve and reduce the healthcare burden that we are seeing in hotspots across the country. And so, we believe that expanding access to affordable,