Shares of Quidel (NASDAQ: QDEL) are up by 4.7% as of 10:43 a.m. EDT on Thursday, after jumping by as much as 11.6% earlier today. The catalyst for these gains was the company's release of preliminary top-line results for the third quarter.
For the third quarter, Quidel expects its revenue to be between $475 million and $477 million. This would represent a year-over-year increase of roughly 276% at the midpoint. Quidel Corporation's revenue for the third quarter is also set to come in well ahead of the $394.28 million analysts were expecting. Why is the company's revenue soaring? In a few words, it's because of the ongoing COVID-19 pandemic.
Image source: Getty Images.
Source Fool.com