QuidelOrtho 10-Q 30 Oct 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 23, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	0-10961
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-2573850
Entity Address, Address Line One	9975 Summers Ridge Road
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	552-1100
Title of 12(b) Security	Common Stock, $0.001 Par Value
Trading Symbol	QDEL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		42,067,646
Entity Registrant Name	QUIDEL CORPORATION
Entity Central Index Key	0000353569
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 77,547	$ 52,775
Accounts receivable, net	353,154	94,496
Inventories	95,221	58,086
Prepaid expenses and other current assets	35,014	16,870
Total current assets	560,936	222,227
Property, plant and equipment, net	87,697	79,762
Right-of-use assets	102,104	92,119
Goodwill	337,024	337,018
Intangible assets, net	128,251	148,112
Deferred tax asset	24,943	24,502
Other non-current assets	8,403	7,127
Total assets	1,249,358	910,867
Current liabilities:
Accounts payable	49,370	26,701
Accrued payroll and related expenses	28,216	17,286
Income taxes payable	51,376	0
Operating lease liabilities	7,442	6,412
Contingent consideration	5,801	5,969
Deferred consideration	42,000	42,000
Convertible Senior Notes	6,696	12,661
Other current liabilities	16,985	14,862
Total current liabilities	207,886	125,891
Operating lease liabilities - non-current	102,357	93,227
Deferred consideration - non-current	72,408	109,382
Contingent consideration - non-current	5,539	10,566
Other non-current liabilities	11,921	11,981
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value per share; 5,000 shares authorized; none issued or outstanding at September 30, 2020 and December 31, 2019	0	0
Common stock, $0.001 par value per share; 97,500 shares authorized; 42,037 and 41,868 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively	42	42
Additional paid-in capital	375,255	425,557
Accumulated other comprehensive loss	(891)	(463)
Retained earnings	474,841	134,684
Total stockholders’ equity	849,247	559,820
Total liabilities and stockholders’ equity	$ 1,249,358	$ 910,867
Preferred stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Common stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	97,500,000	97,500,000
Common stock, shares issued (in shares)	42,037,000	41,868,000
Common stock, shares outstanding (in shares)	42,037,000	41,868,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	97,500,000	97,500,000
Common stock, shares issued (in shares)	42,037,000	41,868,000
Common stock, shares outstanding (in shares)	42,037,000	41,868,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Total revenues	$ 476,058	$ 126,492	$ 852,465	$ 382,712
Cost of sales	92,439	50,633	205,104	156,747
Gross profit	383,619	75,859	647,361	225,965
Research and development	21,448	11,976	58,797	37,629
Sales and marketing	37,413	26,599	95,718	83,114
General and administrative	16,410	12,146	46,421	38,453
Acquisition and integration costs	389	4,456	3,175	9,116
Total operating expenses	75,660	55,177	204,111	168,312
Operating income	307,959	20,682	443,250	57,653
Interest and other expense, net	(1,797)	(3,152)	(8,071)	(12,239)
Loss on extinguishment of debt	(10,384)	0	(10,384)	(748)
Total other expense, net	(12,181)	(3,152)	(18,455)	(12,987)
Income before income taxes	295,778	17,530	424,795	44,666
Provision for income taxes	63,510	1,349	84,638	2,371
Net income	$ 232,268	$ 16,181	$ 340,157	$ 42,295
Basic earnings per share	$ 5.52	$ 0.39	$ 8.08	$ 1.04
Diluted earnings per share	$ 5.33	$ 0.38	$ 7.82	$ 1.02
Shares used in basic per share calculation	42,105	41,642	42,093	40,520
Shares used in diluted per share calculation	43,596	43,206	43,582	43,051

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 232,268	$ 16,181	$ 340,157	$ 42,295
Other comprehensive income (loss)
Changes in cumulative translation adjustment, net of tax	837	(544)	1,037	(698)
Net unrealized (losses) gains on derivative instruments	(1,468)	868	(1,200)	1,322
Reclassification of net realized losses (gains) on derivative instruments included in net income	71	(230)	(265)	(342)
Total change in unrealized (losses) gains from cash flow hedges, net of tax	(1,397)	638	(1,465)	980
Comprehensive income	$ 231,708	$ 16,275	$ 339,729	$ 42,577

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity Statement - USD ($) $ in Thousands	Total	Common Stock	Additional paid-in capital	Accumulated other comprehensive (loss) income	Retained earnings
Balance (in shares) at Dec. 31, 2018		39,386,000
Balance at Dec. 31, 2018	$ 425,584	$ 39	$ 363,921	$ (139)	$ 61,763
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity compensation plans (in shares)		444,000
Issuance of common stock under equity compensation plans	8,817	$ 1	8,816
Stock-based compensation expense	2,887		2,887
Repurchases of common stock (in shares)		(24,000)
Repurchases of common stock	(1,476)		(1,476)
Other comprehensive gain, net of tax				42
Net income	24,844				24,844
Balance (in shares) at Mar. 31, 2019		39,806,000
Balance at Mar. 31, 2019	460,698	$ 40	374,148	(97)	86,607
Balance (in shares) at Dec. 31, 2018		39,386,000
Balance at Dec. 31, 2018	425,584	$ 39	363,921	(139)	61,763
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive gain, net of tax	(698)
Net income	42,295
Balance (in shares) at Sep. 30, 2019		41,642,000
Balance at Sep. 30, 2019	534,163	$ 42	429,920	143	104,058
Balance (in shares) at Mar. 31, 2019		39,806,000
Balance at Mar. 31, 2019	460,698	$ 40	374,148	(97)	86,607
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity compensation plans (in shares)		122,000
Issuance of common stock under equity compensation plans	1,433		1,433
Stock-based compensation expense	3,309		3,309
Derivative liabilities - Convertible Senior Notes elected to settle in cash	(590)		(590)
Repurchases of common stock (in shares)		(7,000)
Repurchases of common stock	(395)		(395)
Net income	1,270				1,270
Balance (in shares) at Jun. 30, 2019		41,418,000
Balance at Jun. 30, 2019	509,963	$ 41	421,996	49	87,877
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt, Subsequent Adjustments	(43,516)		(43,516)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	146			146
Stock Issued During Period, Value, Conversion of Convertible Securities	86,428	$ 1	86,427
Debt Conversion, Converted Instrument, Shares Issued		1,497,000
Issuance of common stock under equity compensation plans (in shares)		225,000
Issuance of common stock under equity compensation plans	4,924	$ 1	4,923
Stock-based compensation expense	3,030		3,030
Repurchases of common stock (in shares)		(1,000)
Repurchases of common stock	(29)		(29)
Other comprehensive gain, net of tax	(544)
Net income	16,181				16,181
Balance (in shares) at Sep. 30, 2019		41,642,000
Balance at Sep. 30, 2019	534,163	$ 42	429,920	143	104,058
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	94			94
Balance (in shares) at Dec. 31, 2019		41,868,000
Balance at Dec. 31, 2019	559,820	$ 42	425,557	(463)	134,684
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity compensation plans (in shares)		153,000
Issuance of common stock under equity compensation plans	3,571	$ 0	3,571
Stock-based compensation expense	3,325		3,325
Repurchases of common stock (in shares)		(25,000)
Repurchases of common stock	(1,954)		(1,954)
Other comprehensive gain, net of tax				200
Net income	40,237				40,237
Balance (in shares) at Mar. 31, 2020		41,996,000
Balance at Mar. 31, 2020	605,199	$ 42	430,499	(263)	174,921
Balance (in shares) at Dec. 31, 2019		41,868,000
Balance at Dec. 31, 2019	$ 559,820	$ 42	425,557	(463)	134,684
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchases of common stock (in shares)	(257,329)
Repurchases of common stock		$ (43,700)
Other comprehensive gain, net of tax	$ 1,037
Net income	340,157
Balance (in shares) at Sep. 30, 2020		42,037,000
Balance at Sep. 30, 2020	849,247	$ 42	375,255	(891)	474,841
Balance (in shares) at Mar. 31, 2020		41,996,000
Balance at Mar. 31, 2020	605,199	$ 42	430,499	(263)	174,921
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity compensation plans (in shares)		203,000
Issuance of common stock under equity compensation plans	3,287	$ 0	3,287
Stock-based compensation expense	4,665		4,665
Derivative liabilities - Convertible Senior Notes elected to settle in cash	(26,180)		(26,180)
Repurchases of common stock (in shares)		(252,000)
Repurchases of common stock	(42,894)		(42,894)
Net income	67,652				67,652
Balance (in shares) at Jun. 30, 2020		41,949,000
Balance at Jun. 30, 2020	611,709	$ 42	369,425	(331)	242,573
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent				(68)
Stock Issued During Period, Value, Conversion of Convertible Securities	48	$ 0	48
Debt Conversion, Converted Instrument, Shares Issued		2,000
Issuance of common stock under equity compensation plans (in shares)		88,000
Issuance of common stock under equity compensation plans	2,733		2,733
Stock-based compensation expense	$ 5,021		5,021
Repurchases of common stock (in shares)	(10,157)	(14,000)
Repurchases of common stock	$ (2,384)	$ (1,500)	(2,384)
Other comprehensive gain, net of tax	837
Net income	232,268				232,268
Balance (in shares) at Sep. 30, 2020		42,037,000
Balance at Sep. 30, 2020	849,247	$ 42	375,255	(891)	$ 474,841
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(560)			$ (560)
Stock Issued During Period, Value, Conversion of Convertible Securities	$ 460	$ 0	$ 460
Debt Conversion, Converted Instrument, Shares Issued		14,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
OPERATING ACTIVITIES:
Net income	$ 340,157	$ 42,295
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other	36,781	36,740
Stock-based compensation expense	14,561	10,084
Impairment loss	0	1,144
Amortization of debt discount and deferred issuance costs	615	1,367
Change in fair value of acquisition contingencies	848	626
Accretion of interest on deferred consideration	5,026	6,352
Change in deferred tax assets and liabilities	(441)	0
Change in fair value of derivative liabilities - Convertible Senior Notes	1,084	0
Loss on extinguishment of debt	10,384	748
Changes in assets and liabilities:
Accounts receivable	(258,216)	(19,344)
Inventories	(36,949)	5,395
Prepaid expenses and other current and non-current assets	(5,080)	4,942
Accounts payable	19,561	4,429
Accrued payroll and related expenses	10,078	(5,780)
Income taxes payable	51,814	(38)
Other current and non-current liabilities	409	(2,199)
Net cash provided by operating activities:	190,632	86,761
INVESTING ACTIVITIES:
Acquisitions of property, equipment and intangibles	(36,112)	(18,716)
Net cash used for investing activities:	(36,112)	(18,716)
FINANCING ACTIVITIES:
Proceeds from issuance of common stock	8,824	13,156
Payments on Revolving Credit Facility	0	(45,000)
Payments on finance lease obligation	353	262
Repurchases of common stock	(47,232)	(1,900)
Payments of acquisition contingent consideration	(6,043)	(4,044)
Payments of deferred consideration	(42,000)	(44,000)
Payments on convertible notes and derivative liability [Abstract]	(43,416)	0
Transaction costs related to debt exchange	0	(733)
Net cash used for financing activities:	(130,220)	(82,783)
Effect of exchange rates on cash	472	(43)
Net increase (decrease) in cash and cash equivalents	24,772	(14,781)
Cash and cash equivalents, beginning of period	52,775	43,695
Cash and cash equivalents, end of period	77,547	28,914
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Purchase of property, equipment and intangibles by incurring current liabilities	3,536	3,067
Reduction of other current liabilities upon issuance of restricted share units	767	2,018
Extinguishment of Convertible Senior Notes through issuance of common stock	$ 508	$ 86,428

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements of Quidel Corporation and its subsidiaries (the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation (consisting of normal recurring accruals) have been included. The information at September 30, 2020, and for the three and nine months ended September 30, 2020 and 2019, is unaudited. For further information, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2019 included in the Company’s 2019 Annual Report on Form 10-K. Operating results for any quarter are historically seasonal in nature and are not necessarily indicative of the results expected for the full year. For 2020 and 2019, the Company’s fiscal year will end or has ended on January 3, 2021 and December 29, 2019, respectively. For 2020 and 2019, the Company’s third quarter ended on September 27, 2020 and September 29, 2019, respectively. For ease of reference, the calendar quarter end dates are used herein. The three and nine-month periods ended September 30, 2020 and 2019 each included 13 and 39 weeks respectively. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant Accounting Policies During the nine months ended September 30, 2020, there have been no changes to our significant accounting policies as described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 except as noted below. During the three months ended September 30, 2020, the Company entered into a contract with the National Institute of Health (“NIH”) through its newly launched Rapid Acceleration of Diagnostics - Advanced Technology Platforms initiative to support the Company’s expansion of its manufacturing capacity for its diagnostic assays that test for SARS-CoV-2 antigen. The contract provides for consideration to the Company of up to $65.0 million and has a performance period of one year beginning July 2020 with key deliverables and milestones that would directly support the upgrade and addition of new manufacturing lines as well as the outfitting of a new distribution center. The Company will also provide instruments and assays to the NIH. There are no refund provisions under the contract. Consideration from the contract is allocated to each deliverable identified within the contract using a relative fair value allocation method and recognized when there is reasonable assurance the Company will meet the milestones and receive the consideration. Consideration allocated to the delivery of instruments and assays are recognized in accordance with the Company’s existing revenue recognition policy. Consideration that relates to capital expenditures is recorded as a reduction to the carrying value of such assets and amortized over the useful life over the ass ets. Consideration allocated to the remainder of the contract is recorded as reductions to the related expense. During the three months ended September 30, 2020, the Company incurred $14.3 million

Computation of Earnings Per Sha

Computation of Earnings Per Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Computation of Earnings Per Share	Computation of Earnings Per ShareBasic earnings per share (“EPS”) is computed by dividing net income by the weighted-average number of common shares outstanding, including restricted stock units (“RSUs”) vested during the period. Diluted EPS is computed based on the sum of the weighted average number of common shares and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares consist of shares issuable from stock options, unvested RSUs and the 3.25% Convertible Senior Notes due 2020 (“Convertible Senior Notes”). Potentially dilutive common shares from outstanding stock options and unvested RSUs are determined using the average share price for each period under the treasury stock method. Potentially dilutive shares from the Convertible Senior Notes are determined using the if-converted method. Under the provisions of the if-converted method, the Convertible Senior Notes are assumed to be converted and included in the denominator of the EPS calculation and the interest expense, net of tax, recorded in connection with the Convertible Senior Notes is added back to net income. The Convertible Senior Notes have a dilutive impact when the average market price of the Company’s common stock exceeds the applicable conversion price of the notes. The Senior Convertible Notes became convertible on March 31, 2018 and remained convertible through September 30, 2020. The following table reconciles net income and the weighted-average shares used in computing basic and diluted earnings per share (in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Numerator: Net income used for basic earnings per share $ 232,268 $ 16,181 $ 340,157 $ 42,295 Interest expense on Convertible Senior Notes, net of tax 107 180 457 1,669 Net income used for diluted earnings per share, if-converted method $ 232,375 $ 16,361 $ 340,614 $ 43,964 Basic weighted-average common shares outstanding 42,105 41,642 42,093 40,520 Dilutive potential shares issuable from Convertible Senior Notes 218 410 340 1,282 Dilutive potential shares issuable from stock options and unvested RSUs 1,273 1,154 1,149 1,249 Diluted weighted-average common shares outstanding, if-converted 43,596 43,206 43,582 43,051 Potentially dilutive shares excluded from calculation due to anti-dilutive effect 7 223 4 198 Potentially dilutive shares excluded from the calculation above represent stock options when the combined exercise price and unrecognized stock-based compensation are greater than the average market price for the Company’s common stock because their effect is anti-dilutive.

Balance Sheet Account Details

Balance Sheet Account Details	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Account Details	Balance Sheet Account Details Inventories Inventories are stated at the lower of cost (first-in, first-out) or net realizable value. Inventories consisted of the following (in thousands): September 30, December 31, Raw materials $ 40,430 $ 23,294 Work-in-process (materials, labor and overhead) 33,095 20,514 Finished goods (materials, labor and overhead) 21,696 14,278 Total inventories $ 95,221 $ 58,086 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): September 30, December 31, Other receivables $ 22,978 $ 7,857 Prepaid expenses 10,150 4,568 Income taxes receivable — 2,560 Other 1,886 1,885 Total prepaid expenses and other current assets $ 35,014 $ 16,870 Other Current Liabilities Other current liabilities consist of the following (in thousands): September 30, December 31, Customer incentives $ 4,914 $ 7,369 Customer deposits 1,873 1,500 Other 10,198 5,993 Total other current liabilities $ 16,985 $ 14,862

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company calculates its interim income tax provision in accordance with Accounting Standards Codification (“ASC”) 270, Interim Reporting , and ASC 740, Accounting for Income Taxes (together, “ASC 740”). At the end of each interim period, the Company estimates its annual effective tax rate and applies that rate to its ordinary quarterly earnings to calculate the tax related to ordinary income. The tax effects for other items that are excluded from ordinary income are discretely calculated and recognized in the period in which they occur. The Company recognized income tax provisions of $63.5 million and $1.3 million for the three months ended September 30, 2020 and 2019, respectively, which represent effective tax rates of 21% and 8%, respectively. The Company recognized income tax provisions of $84.6 million and $2.4 million for the nine months ended September 30, 2020 and 2019, respectively, which represent effective tax rates of 20% and 5%, respectively. The Company benefited from discrete impacts of excess tax deductions from stock-based compensation, Foreign Derived Intangible Income and research and development (“R&D”) credits for all periods. For the three and nine months ended September 30, 2020, the effective tax rates were in line with the federal statutory rate as the higher pre-tax income was offset by the impact of these benefits. The Company is subject to periodic audits by domestic and foreign tax authorities. Due to the carryforward of unutilized credits, the Company’s federal tax years from 2009 and forward are subject to examination by the U.S. authorities. The Company’s state and foreign tax years for 2001 and forward are subject to examination by applicable tax authorities. The Company believes that it has appropriate support for the income tax positions taken on its tax returns and that its accruals for tax liabilities are adequate for all open years based on an assessment of many factors, including past experience and interpretations of tax laws applied to the facts of each matter. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted on March 27, 2020. The CARES Act provides for, among other things, refundable payroll tax credits, deferment of employer side social security payments and technical amendments regarding the income tax depreciation of qualified improvement property placed in service after December 31, 2017. The Company is benefiting only from the technical amendments regarding retroactive accelerated income tax depreciation on certain of our leasehold improvement assets.

Debt

Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt Convertible Senior Notes In December 2014, the Company issued $172.5 million aggregate principal amount of its 3.25% Convertible Senior Notes. Debt issuance costs of approximately $5.1 million were primarily comprised of underwriters fees, legal, accounting and other professional fees, of which $4.2 million were recorded as a reduction to long-term debt and are being amortized using the effective interest method to interest expense over the six-year term of the Convertible Senior Notes. The remaining $0.9 million of debt issuance costs were allocated as a component of equity in additional paid-in capital. The implied interest rate of the Convertible Senior Notes was 6.9%, assuming no conversion option. The Convertible Senior Notes mature on December 15, 2020. The Convertible Senior Notes are convertible into cash, shares of common stock, or a combination of cash and shares of common stock based on an initial conversion rate, subject to adjustment, of 31.1891 shares per $1,000 principal amount of the Convertible Senior Notes (which represents an initial conversion price of approximately $32.06 per share) in the following circumstances and to the following extent: (1) during any calendar quarter commencing after the calendar quarter ending on March 31, 2015, if the last reported sales price of the Company’s common stock, for at least 20 trading days (whether or not consecutive) in the period of 30 consecutive trading days ending on the last trading day of the calendar quarter immediately preceding the calendar quarter in which the conversion occurs, is more than 130% of the conversion price of the notes in effect on each applicable trading day; (2) during the five consecutive business day period following any five consecutive trading day period in which the trading price per $1,000 principal amount of the Convertible Senior Notes for each such trading day was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such day; or (3) upon the occurrence of specified events described in the indenture for the Convertible Senior Notes. On or after September 15, 2020 until the close of business on the second scheduled trading day immediately preceding the stated maturity date, holders may surrender their notes for conversion at any time, regardless of the foregoing circumstances. If a fundamental change, as defined in the indenture for the Convertible Senior Notes, such as an acquisition, merger or liquidation of the Company, occurs prior to the maturity date, subject to certain limitations, holders of the Convertible Senior Notes may require the Company to repurchase all or a portion of their Convertible Senior Notes for cash at a repurchase price equal to 100% of the principal amount of the Convertible Senior Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the repurchase date. During the second quarter of 2020, the Company received notices to convert $5.9 million in principal which the Company elected to settle in cash. The settlement amount is determined based on the volume-weighted average stock price during the 25 consecutive trading days beginning on, and including, the third trading day after the conversion date notice is received. The election to settle the notes in cash is irrevocable and the settlement amount is variable based on the stock price. As of June 30, 2020, this 25-day period had not been completed. Therefore, the Company reclassified the conversion feature from equity at fair value and recorded a derivative liability of $26.2 million, measured as of the respective conversion dates. As of June 30, 2020, the derivative liability for the unsettled conversions were revalued, resulting in a loss of $1.1 million included in other expense, net on the Consolidated Statements of Income. The derivative liability was valued using the Company’s volume-weighted average stock price for a 25-day trading period preceding the measurement dates. These conversions were settled for $43.4 million during the three months ended September 30, 2020, resulting in a $10.4 million loss on extinguishment of debt. The Convertible Senior Notes are convertible as of September 30, 2020 and will remain convertible until the second scheduled trading day before maturity. The Convertible Senior Notes outstanding as of September 30, 2020 may be settled at the Company’s option in cash or a combination of cash and shares of common stock. If such Convertible Senior Notes were converted as of September 30, 2020, the if-converted amount would exceed the principal by $40.4 million. The Company pays 3.25% interest per annum on the principal amount of the Convertible Senior Notes semi-annually in arrears in cash on June 15 and December 15 of each year. During the nine months ended September 30, 2020, the Company recorded total interest expense of $0.6 million related to the Convertible Senior Notes, of which $0.3 million related to the amortization of the debt discount and issuance costs and $0.3 million related to the coupon due semi-annually. During the nine months ended September 30, 2019, the Company recorded total interest expense of $2.1 million related to the Convertible Senior Notes of which $1.1 million related to the amortization of the debt discount and issuance costs and $1.0 million related to the coupon due semi-annually. The following table summarizes information about the equity and liability components of the Convertible Senior Notes (dollars in thousands). The fair values of the respective notes outstanding were measured based on quoted market prices and is a Level 2 measurement. September 30, December 31, Principal amount outstanding $ 6,761 $ 13,131 Unamortized discount of liability component (57) (415) Unamortized debt issuance costs (8) (55) Net carrying amount of liability component $ 6,696 $ 12,661 Carrying value of equity component, net of issuance costs $ 1,166 $ 2,265 Fair value of outstanding Convertible Senior Notes $ 41,570 $ 30,991 Remaining amortization period of discount on the liability component 0.3 years 1.0 year Revolving Credit Facility The Company has a $175.0 million Revolving Credit Facility under a credit agreement expiring on August 31, 2023 of which no amounts were utilized as of September 30, 2020. Loans will bear interest at a rate equal to (i) the London Interbank Offered Rate (“LIBOR”) plus the “applicable rate” or (ii) the “base rate” (defined as the highest of (a) the Bank of America prime rate, (b) the Federal Funds rate plus one-half of one percent and (c) LIBOR plus one percent) plus the “applicable rate.” The initial applicable rate was 1.00% per annum for base rate loans and 2.00% per annum for LIBOR rate loans, and thereafter is determined in accordance with a pricing grid based on the Company’s Consolidated Leverage Ratio (as defined in the Credit Agreement) ranging from 1.75% to 2.50% per annum for LIBOR rate loans and from 0.75% to 1.50% per annum for base rate loans. In addition, the Company pays a commitment fee on the unused portion of the Credit Agreement based on the Company’s Consolidated Leverage Ratio ranging from 0.15% to 0.30% per annum. The Revolving Credit Facility is guaranteed by certain material domestic subsidiaries of the Company (the “Guarantors”) and is secured by liens on substantially all of the assets of the Company and the Guarantors, excluding real property and certain other types of excluded assets, and contains affirmative and negative covenants that are customary for credit agreements of this nature. The negative covenants include, among other things, limitations on asset sales, mergers, indebtedness, liens, dividends and other distributions, investments and transactions with affiliates. The Credit Agreement contains two financial covenants: (i) maximum Consolidated Leverage Ratio (as defined in the Credit Agreement) as of the last day of each fiscal quarter of 3.50 to 1.00, which ratio may be increased to 4.50 to 1.00 in case of certain qualifying acquisitions; and (ii) a minimum Consolidated Fixed Charge Coverage Ratio (as defined in the Credit Agreement) of 1.25 to 1.00 as of the end of any fiscal quarter for the most recently completed four fiscal quarters. The Company was in compliance with all financial covenants as of September 30, 2020.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Issuances of Common Stock A summary of the status of stock option activity for the nine months ended September 30, 2020 is as follows (in thousands, except price data): Shares Weighted-average Outstanding at December 31, 2019 944 $ 30.63 Granted 141 93.15 Exercised (279) 21.07 Forfeited (12) 43.34 Outstanding at September 30, 2020 794 $ 44.89 A summary of the status of restricted stock unit activity for the nine months ended September 30, 2020 is as follows (in thousands, except price data): Shares Weighted-average Non-vested December 31, 2019 786 $ 41.88 Granted 227 97.33 Vested (115) 25.82 Forfeited (18) 58.11 Non-vested at September 30, 2020 880 $ 58.03 During the nine months ended September 30, 2020, the Company issued 49,972 shares of common stock in connection with the Company’s employee stock purchase plan (the “ESPP”). On August 28, 2020, the Board authorized an increase of additional $150.0 million to the Company’s previously announced stock repurchase program authorization. The Board also extended the repurchase authorization through August 28, 2022. During the three months ended September 30, 2020, 10,157 shares of outstanding common stock were repurchased under the Company’s share repurchase program for $1.5 million. During the nine month ended September 30, 2020, 257,329 shares of outstanding common stock were repurchased under the Company’s share repurchase program for $43.7 million. As of September 30, 2020, the Company had approximately $156.3 million available under the revised repurchase program. Stock-Based Compensation The expense related to the Company’s stock-based compensation plans included in the accompanying Consolidated Statements of Income was as follows (in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Cost of sales $ 539 $ 265 $ 1,232 $ 807 Research and development 1,032 573 2,540 1,682 Sales and marketing 1,580 827 4,218 2,850 General and administrative 2,402 1,459 6,571 4,745 Total stock-based compensation expense $ 5,553 $ 3,124 $ 14,561 $ 10,084 As of September 30, 2020, total unrecognized compensation expense was $35.8 million, which is expected to be recognized over a weighted-average period of approximately 1.8 years. The estimated fair value of each stock option was determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions for the option grants. Nine Months Ended 2020 2019 Risk-free interest rate 1.20 % 2.51 % Expected option life (in years) 5.13 5.68 Volatility rate 40 % 39 % Dividend rate 0 % 0 % Weighted-average grant date fair value $ 35.28 $ 23.67 The fair value of RSUs is determined based on the closing market price of the Company’s common stock on the grant date. The weighted-average fair value of RSUs granted during the nine months ended September 30, 2020 and 2019 was $97.33 and $59.45, respectively.

Industry and Geographic Informa

Industry and Geographic Information	9 Months Ended
	Sep. 30, 2020
Industry And Geographic Information [Abstract]
Industry and Geographic Information	Industry and Geographic Information The Company operates in one reportable segment. Sales to customers outside of the U.S. represented $140.5 million (16%) and $129.0 million (34%) of total revenue for the nine months ended September 30, 2020 and 2019, respectively. As of September 30, 2020 and December 31, 2019, net accounts receivable due from foreign customers were $18.9 million and $22.9 million, respectively. The Company had sales to individual customers in excess of 10% of total revenues, as follows: Nine Months Ended 2020 2019 Customer: A 25 % 13 % B 18 % 17 % C 11 % 6 % D 9 % 15 % Total: 63 % 51 % As of September 30, 2020 and December 31, 2019, net accounts receivable from customers with balances due in excess of 10% of total accounts receivable totaled $226.9 million and $53.5 million, respectively. Consolidated total revenues by product category for the three and nine months ended September 30, 2020 and 2019 were as follows (in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Rapid Immunoassay $ 337,042 $ 42,534 $ 513,578 $ 126,800 Cardiometabolic Immunoassay 64,810 66,820 172,902 200,674 Specialized Diagnostic Solutions 11,213 12,455 39,452 40,595 Molecular Diagnostic Solutions 62,993 4,683 126,533 14,643 Total revenues $ 476,058 $ 126,492 $ 852,465 $ 382,712

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases We lease administrative, research and development, sales and marketing and manufacturing facilities and certain equipment under various non-cancelable lease agreements. Facility leases generally provide for periodic rent increases, and may contain clauses for rent escalation, renewal options or early termination. Summers Ridge Lease — The Company leases three of the four buildings that are located on the Summers Ridge Property in San Diego, California with an initial term through January 2033 with options to extend the lease for two additional five-year terms upon satisfaction of certain conditions, which have not been included in the determination of the lease term. The lease is subject to must-take provisions related to one additional building, which will have the same lease term as the three buildings originally leased. The remaining building is subject to the expiration of the lease with its current tenant for which the expiration date is not yet known. As a result of the relocation of the Company’s headquarters to the Summers Ridge Property, the Company entered into a sublease of its former headquarters building in January 2020, with minimum rent of $2.4 million under the sublease agreement. Lease income for the nine months ended September 30, 2020 was $0.7 million. McKellar Court Lease — In 1999, the Company completed a sale and leaseback transaction of its San Diego facility at McKellar Court to a partnership for which the Company is a 25% limited partner. The partnership is deemed to be a variable interest entity (VIE). The Company is not, however, the primary beneficiary of the VIE as it does not have the power to direct the activities of the partnership and does not have the obligation to absorb losses or receive benefits of the partnership that could potentially be significant to the partnership. The McKellar Court lease was scheduled to expire on December 31, 2020. On July 27, 2020 the Company entered into an amendment to the lease to extend the lease term through December 31, 2030. In addition, the McKellar court lease contains options to extend the lease for two additional five-year periods, with one five-year renewal option included within the lease term determination. Total minimum lease payments under the amended lease agreement is $51.2 million. San Diego Distribution Center Lease - During the three months ended September 30, 2020, the Company entered into a lease agreement for a facility to be used as a distribution center in San Diego, California to support the expansion of the Company’s operations and recorded a right-of-use asset of $14.8 million and a corresponding lease liability. The initial lease term is through January 31, 2031, with options to extend the lease for two additional five-year periods. Litigation and Other Legal Proceedings In Beckman Coulter Inc. v. Quidel Corporation, which was filed in the Superior Court for the County of San Diego, California, on November 27, 2017, Beckman Coulter (“Beckman”) alleges that a provision of an agreement between Quidel and Beckman violates state antitrust laws. Our acquisition of the B-type Naturietic Peptide assay business (“BNP Business”) consisted of assets and liabilities relating to a contractual arrangement with Beckman (the “Beckman Agreement”) for the supply of antibodies and other inputs related to, and distribution of, the Triage® BNP Test for the Beckman Coulter Access Family of Immunoassay Systems. The Beckman Agreement further provides that Beckman, for a specified period, cannot research, develop, manufacture or sell an assay for use in the diagnosis of cardiac diseases that measures or detects the presence or absence of BNP or NT-pro-BNP (a related biomarker) (the “Exclusivity Provision”). In the lawsuit, Beckman asserts that this provision violates certain state antitrust laws and is unenforceable. Beckman contends that it has suffered damages due to this provision and seeks a declaration that this provision is void. On December 7, 2018, the trial court granted a motion by Beckman for summary adjudication, holding that the Exclusivity Provision is void under California law (the “December 7 Order”). On December 18, 2018, the trial court stayed the effect of the December 7 Order pending a decision on a writ petition Quidel intended to file with the Court of Appeal. Quidel filed its writ petition on January 18, 2019, asking the Court of Appeal to review and reverse the December 7 Order. On February 7, 2019, the trial court stayed all the remaining litigation pending the outcome of the writ petition and vacated all deadlines in the case. On March 14, 2019, the Court of Appeal issued an order to show cause why the relief sought in Quidel’s petition should not be granted. The Court also stayed the December 7 Order pending a further order from the Court of Appeal. On August 29, 2019, the Court of Appeal issued a written decision ruling in Quidel’s favor and overturning the December 7 Order. Beckman challenged the Court of Appeal’s ruling with a petition for rehearing on September 10, 2019, which was denied on September 13, 2019. On October 1, 2019, Beckman filed a petition for review of the Court of Appeal’s ruling with the Supreme Court of California (the “Supreme Court”). We subsequently filed an answer to Beckman’s petition, Beckman filed a response to our reply and on November 13, 2019, the Supreme Court granted review of the Court of Appeal ruling, with further action in this matter being deferred pending consideration and disposition of a related issue in Ixchel Pharma v. Biogen, or pending further order of the Supreme Court. On August 3, 2020, the Supreme Court issued its opinion in Ixchel Pharma v. Biogen, holding, among other matters, that in evaluating whether a restraint in a business-to-business agreement violates California law, “a rule of reason applies to determine the validity of a contractual provision by which a business is restrained from engaging in a lawful trade or business with another business.” That is, the Supreme Court rejected the position that every contract in restraint of trade in the business context is per se void, but rather each must be evaluated based on a rule of reason. On September 9, 2020, the Supreme Court transferred the matter back to the Court of Appeal with directions to vacate its decision and reconsider the case in light of the Supreme Court’s Ixchel Pharma v. Biogen ruling. Supplemental briefing was submitted by the parties to the Court of Appeal on October 14, 2020 and the matter is currently submitted before the Court of Appeal. The stay remains in place at the trial court level and a status conference is scheduled for December 11, 2020 Quidel denies that the Exclusivity Provision is unlawful, denies any liability with respect to this matter, and intends to vigorously defend itself. There are multiple factors that prevent us from being able to estimate the amount of loss, if any, that may result from this matter including: (1) we are vigorously defending ourselves and believe that we have a number of meritorious legal defenses; (2) there are unresolved questions of law and fact that could be important to the ultimate resolution of this matter, some of which are subject to review by the Supreme Court; and (3) discovery is ongoing. Accordingly, at this time, we are not able to estimate a possible loss or range of loss that may result from this matter or to determine whether such loss, if any, would have a material adverse effect on our financial condition, results of operations or liquidity. From time to time, the Company is involved in other litigation and proceedings, including matters related to product liability claims, commercial disputes and intellectual property claims, as well as regulatory, employment, and other claims related to our business. The Company accrues for legal claims when, and to the extent that, amounts associated with the claims become probable and are reasonably estimable. The actual costs of resolving legal claims may be substantially higher or lower than the amounts accrued for those claims. For those matters as to which we are not able to estimate a possible loss or range of loss, we are not able to determine whether the loss will have a material adverse effect on our business, financial condition or results of operations or liquidity. No accrual has been recorded as of September 30, 2020 and December 31, 2019 related to such matters as they are not probable and/or reasonably estimable. Management believes that all such current legal actions, in the aggregate, will not have a material adverse effect on the Company. However, the resolution of, or increase in any accruals for, one or more matters may have a material adverse effect on the Company’s results of operations and cash flows. The Company also maintains insurance, including coverage for product liability claims, in amounts that management believes are appropriate given the nature of its business.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of the following periods (in thousands): September 30, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Derivative assets $ — $ 3 $ — $ 3 $ — $ 321 $ — $ 321 Total assets measured at fair value $ — $ 3 $ — $ 3 $ — $ 321 $ — $ 321 Liabilities: Derivative liabilities $ — $ 1,799 $ — $ 1,799 $ — $ 433 $ — $ 433 Contingent consideration — — 11,340 11,340 — — 16,535 16,535 Deferred consideration — 114,408 — 114,408 — 151,382 — 151,382 Total liabilities measured at fair value $ — $ 116,207 $ 11,340 $ 127,547 $ — $ 151,815 $ 16,535 $ 168,350 There were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 categories of the fair value hierarchy during the three and nine-month periods ended September 30, 2020 and the year ended December 31, 2019. Derivative financial instruments are measured based on observable inputs that are corroborated by market data. Observable inputs include broker quotes and daily market foreign currency rates, forward pricing curves . In connection with the acquisition of the BNP Business, the Company pays annual installments of $42.0 million each in deferred consideration through April 2023 and up to $8.0 million each in contingent consideration through April 2022. The fair value of the deferred consideration is calculated based on the net present value of cash payments using an estimated borrowing rate based on a quoted price for a similar liability. The Company recorded $1.4 million and $5.0 million, respectively, for the accretion of interest on the deferred consideration during the three and nine months ended September 30, 2020. The fair value of contingent consideration is calculated using a discounted probability weighted valuation model. Significant assumptions used in the measurement include revenue projections and discount rates that are not observed in the market and thus represent Level 3 measurements. The discount rate of 3.5% used as of September 30, 2020 was based on estimated borrowing rate for a similar liability. Changes in estimated fair value of contingent consideration liabilities from December 31, 2019 through September 30, 2020 were as follows (in thousands): Contingent consideration liabilities Balance at December 31, 2019 $ 16,535 Cash payments (6,043) Change in estimated fair value, recorded in general and administrative expenses 848 Balance at September 30, 2020 $ 11,340

Derivatives and Hedging

Derivatives and Hedging	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	Foreign Currency Hedges In the normal course of business, the Company is exposed to gains and losses resulting from fluctuations in foreign currency exchange rates. As part of its strategy to manage the level of exposure to the risk of fluctuations in foreign currency exchange rates, the Company uses designated cash flow hedges in the form of foreign currency forward contracts to mitigate the impact of foreign currency translation on transactions that are denominated primarily in the Euro and the Chinese Yuan. The Company also uses non-designated forward contracts to hedge non-functional currency denominated balance sheet assets. All hedging relationships for all designated derivative hedges and the underlying hedged items, as well as the risk management objectives and strategies for undertaking the hedge transactions, are formally documented. The duration of these forward contracts is generally less than one year. The Company does not use any derivative financial instruments for trading or other speculative purposes. Such forward foreign currency contracts are carried at fair value in prepaid expenses and other current assets or other current liabilities depending on the unrealized gain or loss position of the hedged contract as of the balance sheet date. Changes in the value of the designated derivatives are recorded to other comprehensive income (loss) until the underlying hedged item is recognized in earnings, or the derivative no longer qualifies as a highly effective hedge. Changes in the value of non-designated derivatives are recorded to other expense, net on the Consolidated Statements of Income. The cash flows from derivatives treated as hedges are classified in the Consolidated Statements of Cash Flows in the same category as the item being hedged. The notional principal amounts for outstanding derivative instruments provide one measure of the transaction volume outstanding and do not represent the amount of our exposure to credit or market loss. Credit risk represents our gross exposure to potential accounting loss on derivative instruments that are outstanding or unsettled if all counterparties failed to perform according to the terms of the contract, based on then-current currency exchange rates at each respective date. We generally enter into master netting arrangements, which reduces credit risk by permitting net settlement of transactions with the same counterparty. We present our derivative assets and derivative liabilities at their net fair values. We did not have any derivative instruments with credit-risk related contingent features that would require us to post collateral. The following table summarizes the fair value and notional amounts of designated and non-designated foreign currency forward contracts as of September 30, 2020 and December 31, 2019 (in thousands): September 30, 2020 December 31, 2019 Notional Amount Fair Value, Net Notional Amount Fair Value, Net Designated cash flow hedges: Prepaid expenses and other current assets $ — $ — $ 27,944 $ 321 Other current liabilities $ 43,325 $ 1,657 $ 6,219 $ 433 Non-designated forward contracts: Prepaid expenses and other current assets $ 6,903 $ 3 $ — $ — Other current liabilities $ 5,939 $ 142 $ — $ —

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements of Quidel Corporation and its subsidiaries (the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation (consisting of normal recurring accruals) have been included. The information at September 30, 2020, and for the three and nine months ended September 30, 2020 and 2019, is unaudited. For further information, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2019 included in the Company’s 2019 Annual Report on Form 10-K. Operating results for any quarter are historically seasonal in nature and are not necessarily indicative of the results expected for the full year. For 2020 and 2019, the Company’s fiscal year will end or has ended on January 3, 2021 and December 29, 2019, respectively. For 2020 and 2019, the Company’s third quarter ended on September 27, 2020 and September 29, 2019, respectively. For ease of reference, the calendar quarter end dates are used herein. The three and nine-month periods ended September 30, 2020 and 2019 each included 13 and 39 weeks respectively.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Regulatory Accounting	Significant Accounting Policies During the nine months ended September 30, 2020, there have been no changes to our significant accounting policies as described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 except as noted below. During the three months ended September 30, 2020, the Company entered into a contract with the National Institute of Health (“NIH”) through its newly launched Rapid Acceleration of Diagnostics - Advanced Technology Platforms initiative to support the Company’s expansion of its manufacturing capacity for its diagnostic assays that test for SARS-CoV-2 antigen. The contract provides for consideration to the Company of up to $65.0 million and has a performance period of one year beginning July 2020 with key deliverables and milestones that would directly support the upgrade and addition of new manufacturing lines as well as the outfitting of a new distribution center. The Company will also provide instruments and assays to the NIH. There are no refund provisions under the contract. Consideration from the contract is allocated to each deliverable identified within the contract using a relative fair value allocation method and recognized when there is reasonable assurance the Company will meet the milestones and receive the consideration. Consideration allocated to the delivery of instruments and assays are recognized in accordance with the Company’s existing revenue recognition policy. Consideration that relates to capital expenditures is recorded as a reduction to the carrying value of such assets and amortized over the useful life over the ass ets. Consideration allocated to the remainder of the contract is recorded as reductions to the related expense. During the three months ended September 30, 2020, the Company incurred $14.3 million

Computation of Earnings Per S_2

Computation of Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table reconciles net income and the weighted-average shares used in computing basic and diluted earnings per share (in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Numerator: Net income used for basic earnings per share $ 232,268 $ 16,181 $ 340,157 $ 42,295 Interest expense on Convertible Senior Notes, net of tax 107 180 457 1,669 Net income used for diluted earnings per share, if-converted method $ 232,375 $ 16,361 $ 340,614 $ 43,964 Basic weighted-average common shares outstanding 42,105 41,642 42,093 40,520 Dilutive potential shares issuable from Convertible Senior Notes 218 410 340 1,282 Dilutive potential shares issuable from stock options and unvested RSUs 1,273 1,154 1,149 1,249 Diluted weighted-average common shares outstanding, if-converted 43,596 43,206 43,582 43,051 Potentially dilutive shares excluded from calculation due to anti-dilutive effect 7 223 4 198 Potentially dilutive shares excluded from the calculation above represent stock options when the combined exercise price and unrecognized stock-based compensation are greater than the average market price for the Company’s common stock because their effect is anti-dilutive.

Balance Sheet Account Details (

Balance Sheet Account Details (Tables)	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Inventory	Inventories are stated at the lower of cost (first-in, first-out) or net realizable value. Inventories consisted of the following (in thousands): September 30, December 31, Raw materials $ 40,430 $ 23,294 Work-in-process (materials, labor and overhead) 33,095 20,514 Finished goods (materials, labor and overhead) 21,696 14,278 Total inventories $ 95,221 $ 58,086
Other Current Assets	Prepaid expenses and other current assets consist of the following (in thousands): September 30, December 31, Other receivables $ 22,978 $ 7,857 Prepaid expenses 10,150 4,568 Income taxes receivable — 2,560 Other 1,886 1,885 Total prepaid expenses and other current assets $ 35,014 $ 16,870
Other Current Liabilities	Other current liabilities consist of the following (in thousands): September 30, December 31, Customer incentives $ 4,914 $ 7,369 Customer deposits 1,873 1,500 Other 10,198 5,993 Total other current liabilities $ 16,985 $ 14,862

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes information about the equity and liability components of the Convertible Senior Notes (dollars in thousands). The fair values of the respective notes outstanding were measured based on quoted market prices and is a Level 2 measurement. September 30, December 31, Principal amount outstanding $ 6,761 $ 13,131 Unamortized discount of liability component (57) (415) Unamortized debt issuance costs (8) (55) Net carrying amount of liability component $ 6,696 $ 12,661 Carrying value of equity component, net of issuance costs $ 1,166 $ 2,265 Fair value of outstanding Convertible Senior Notes $ 41,570 $ 30,991 Remaining amortization period of discount on the liability component 0.3 years 1.0 year

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Share-based Payment Arrangement, Option, Activity	A summary of the status of stock option activity for the nine months ended September 30, 2020 is as follows (in thousands, except price data): Shares Weighted-average Outstanding at December 31, 2019 944 $ 30.63 Granted 141 93.15 Exercised (279) 21.07 Forfeited (12) 43.34 Outstanding at September 30, 2020 794 $ 44.89
Schedule of Nonvested Share Activity	A summary of the status of restricted stock unit activity for the nine months ended September 30, 2020 is as follows (in thousands, except price data): Shares Weighted-average Non-vested December 31, 2019 786 $ 41.88 Granted 227 97.33 Vested (115) 25.82 Forfeited (18) 58.11 Non-vested at September 30, 2020 880 $ 58.03
Compensation Expense Related to Stock-Based Compensation Plans	The expense related to the Company’s stock-based compensation plans included in the accompanying Consolidated Statements of Income was as follows (in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Cost of sales $ 539 $ 265 $ 1,232 $ 807 Research and development 1,032 573 2,540 1,682 Sales and marketing 1,580 827 4,218 2,850 General and administrative 2,402 1,459 6,571 4,745 Total stock-based compensation expense $ 5,553 $ 3,124 $ 14,561 $ 10,084
Estimated Fair Value of Each Stock Option Award	The estimated fair value of each stock option was determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions for the option grants. Nine Months Ended 2020 2019 Risk-free interest rate 1.20 % 2.51 % Expected option life (in years) 5.13 5.68 Volatility rate 40 % 39 % Dividend rate 0 % 0 % Weighted-average grant date fair value $ 35.28 $ 23.67

Industry and Geographic Infor_2

Industry and Geographic Information (Tables)	9 Months Ended
	Sep. 30, 2020
Industry And Geographic Information [Abstract]
Sales to Individual Customers in Excess of 10% of Total Revenues	The Company had sales to individual customers in excess of 10% of total revenues, as follows: Nine Months Ended 2020 2019 Customer: A 25 % 13 % B 18 % 17 % C 11 % 6 % D 9 % 15 % Total: 63 % 51 %
Net Revenues by Product Category	Consolidated total revenues by product category for the three and nine months ended September 30, 2020 and 2019 were as follows (in thousands): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Rapid Immunoassay $ 337,042 $ 42,534 $ 513,578 $ 126,800 Cardiometabolic Immunoassay 64,810 66,820 172,902 200,674 Specialized Diagnostic Solutions 11,213 12,455 39,452 40,595 Molecular Diagnostic Solutions 62,993 4,683 126,533 14,643 Total revenues $ 476,058 $ 126,492 $ 852,465 $ 382,712

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Liabilities Measured at Fair Value on Recurring Basis	The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of the following periods (in thousands): September 30, 2020 December 31, 2019 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Derivative assets $ — $ 3 $ — $ 3 $ — $ 321 $ — $ 321 Total assets measured at fair value $ — $ 3 $ — $ 3 $ — $ 321 $ — $ 321 Liabilities: Derivative liabilities $ — $ 1,799 $ — $ 1,799 $ — $ 433 $ — $ 433 Contingent consideration — — 11,340 11,340 — — 16,535 16,535 Deferred consideration — 114,408 — 114,408 — 151,382 — 151,382 Total liabilities measured at fair value $ — $ 116,207 $ 11,340 $ 127,547 $ — $ 151,815 $ 16,535 $ 168,350
Changes in Estimated Fair Value of Contingent Consideration Liabilities	Changes in estimated fair value of contingent consideration liabilities from December 31, 2019 through September 30, 2020 were as follows (in thousands): Contingent consideration liabilities Balance at December 31, 2019 $ 16,535 Cash payments (6,043) Change in estimated fair value, recorded in general and administrative expenses 848 Balance at September 30, 2020 $ 11,340

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets at Fair Value	The following table summarizes the fair value and notional amounts of designated and non-designated foreign currency forward contracts as of September 30, 2020 and December 31, 2019 (in thousands): September 30, 2020 December 31, 2019 Notional Amount Fair Value, Net Notional Amount Fair Value, Net Designated cash flow hedges: Prepaid expenses and other current assets $ — $ — $ 27,944 $ 321 Other current liabilities $ 43,325 $ 1,657 $ 6,219 $ 433 Non-designated forward contracts: Prepaid expenses and other current assets $ 6,903 $ 3 $ — $ — Other current liabilities $ 5,939 $ 142 $ — $ —

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	3 Months Ended
	Sep. 30, 2020USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contract Consideration	$ 65
Government Contract Receivable	$ 14.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Expected timing of satisfaction, period	1 year

Computation of Earnings Per S_3

Computation of Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income	$ 232,268	$ 67,652	$ 40,237	$ 16,181	$ 1,270	$ 24,844	$ 340,157	$ 42,295
Interest expense on Convertible Senior Notes, net of tax	107			180			457	1,669
Net income used for diluted earnings per share, if-converted method	$ 232,375			$ 16,361			$ 340,614	$ 43,964
Basic weighted-average common shares outstanding	42,105			41,642			42,093	40,520
Dilutive potential shares issuable from Convertible Senior Notes	218			410			340	1,282
Dilutive potential shares issuable from stock options and unvested RSUs	1,273			1,154			1,149	1,249
Diluted weighted-average common shares outstanding, if-converted	43,596			43,206			43,582	43,051
Potentially dilutive shares excluded from calculation due to anti-dilutive effect							4	198
Stock options
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares excluded from calculation due to anti-dilutive effect	7			223

Computation of Earnings Per S_4

Computation of Earnings Per Share - Additional information (Details)	Sep. 30, 2020
Convertible Senior Notes | 3.25% Convertible Senior Notes due 2020 | Convertible Senior Notes
Debt Instrument [Line Items]
Stated interest rate	3.25%

Balance Sheet Account Details I

Balance Sheet Account Details Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Inventory, Net [Abstract]
Raw materials	$ 40,430	$ 23,294
Work-in-process (materials, labor and overhead)	33,095	20,514
Finished goods (materials, labor and overhead)	21,696	14,278
Total inventories	$ 95,221	$ 58,086

Balance Sheet Account Details P

Balance Sheet Account Details Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Prepaid Expense and Other Assets, Current [Abstract]
Other receivables	$ 22,978	$ 7,857
Prepaid expenses	10,150	4,568
Income taxes receivable	0	2,560
Other	1,886	1,885
Total prepaid expenses and other current assets	$ 35,014	$ 16,870

Balance Sheet Account Details O

Balance Sheet Account Details Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Customer incentives	$ 4,914	$ 7,369
Customer deposits	1,873	1,500
Other	10,198	5,993
Total other current liabilities	$ 16,985	$ 14,862

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 63,510	$ 1,349	$ 84,638	$ 2,371
Effective income tax rate	21.00%	8.00%	20.00%	5.00%

Debt - Convertible Senior Notes

Debt - Convertible Senior Notes, Additional Information (Details)	1 Months Ended	3 Months Ended			9 Months Ended
	Dec. 31, 2014USD ($)	Sep. 30, 2020USD ($)d$ / shares	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Sep. 30, 2020USD ($)d$ / shares	Sep. 30, 2019USD ($)	Sep. 30, 2015
Debt Instrument [Line Items]
Interest expense, debt					$ 600,000	$ 2,100,000
Extinguishment of Convertible Senior Notes through issuance of common stock					508,000	86,428,000
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature			$ 26,180,000	$ 590,000
Change in fair value of derivative liabilities - Convertible Senior Notes		$ 1,100,000			1,084,000	0
Debt Instrument, Convertible, If-converted Value in Excess of Principal, Liability		40,400,000			40,400,000
Payments on convertible notes and derivative liability		43,400,000			$ 43,416,000	0
Convertible Debt Securities
Debt Instrument [Line Items]
Adjustments to Additional Paid in Capital, Convertible Debt with Conversion Feature		$ 26,200,000
Convertible Senior Notes
Debt Instrument [Line Items]
Face amount	$ 172,500,000
Convertible Senior Notes | 3.25% Convertible Senior Notes due 2020
Debt Instrument [Line Items]
Debt issuance cost	5,100,000
Deferred financing costs	4,200,000
Debt instrument, term							6 years
Adjustments to additional paid in capital	$ 900,000
Effective interest rate	6.90%
Conversion ratio					31.1891
Conversion price (in usd per share) | $ / shares		$ 32.06			$ 32.06
Number of threshold trading days | d		20
Number of threshold consecutive trading days | d		30
Threshold percentage of stock price trigger		130.00%
Threshold consecutive trading days | d					5
Threshold percentage of stock price trigger					98.00%
Amortization of debt discount (premium)					$ 300,000	1,100,000
Interest expense					$ 300,000	$ 1,000,000
Extinguishment of Convertible Senior Notes through issuance of common stock		$ 5,900,000
Convertible Senior Notes | Convertible Senior Notes | 3.25% Convertible Senior Notes due 2020
Debt Instrument [Line Items]
Stated interest rate		3.25%			3.25%

Debt - Extinguishment of Debt (

Debt - Extinguishment of Debt (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt	$ 10,384	$ 0	$ 10,384	$ 748

Debt - Components of Convertibl

Debt - Components of Convertible Senior Notes (Details) - Convertible Senior Notes - Convertible Senior Notes - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal amount outstanding	$ 6,761	$ 13,131
Unamortized discount of liability component	(57)	(415)
Unamortized debt issuance costs	(8)	(55)
Net carrying amount of liability component	6,696	12,661
Carrying value of equity component, net of issuance costs	1,166	2,265
Fair value of outstanding Convertible Senior Notes	$ 41,570	$ 30,991
Remaining amortization period of discount on the liability component	3 months 18 days	1 year

Debt - Credit Agreement, Additi

Debt - Credit Agreement, Additional Information (Details)	Aug. 31, 2018USD ($)covenant	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	$ 175,000,000
Commitment fee percentage	0.15%
Commitment fee percentage on unused capacity	0.30%
Number of financial covenants | covenant	2
Ratio of indebtedness to net capital	3.50
Consolidated fixed charge coverage ratio	1.25
Interest expense, debt				$ 600,000	$ 2,100,000
Maximum
Debt Instrument [Line Items]
Ratio of indebtedness to net capital	4.50
Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate				0.005%
Base Rate
Debt Instrument [Line Items]
Stated interest rate	1.00%
Base Rate | Minimum
Debt Instrument [Line Items]
Stated interest rate	0.75%
Base Rate | Maximum
Debt Instrument [Line Items]
Stated interest rate	1.50%
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate				1.00%
Stated interest rate	2.00%
London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Stated interest rate	1.75%
London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Stated interest rate	2.50%
Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense, debt		$ 200,000	$ 300,000	$ 600,000	$ 1,400,000

Stockholders' Equity Stock-Base

Stockholders' Equity Stock-Based Compensation - Summary of Status of Stock Option Activity (Details) - $ / shares shares in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Shares
Stock options outstanding, beginning (in shares)	944
Granted (in shares)	141
Exercised (in shares)	(279)
Stock options cancelled (in shares)	(12)
Stock options outstanding, ending (in shares)	794
Weighted-average exercise price per share
Stock options outstanding beginning, weighted average exercise price (in USD per share)	$ 30.63
Stock options granted, weighted average exercise price (in USD per share)		$ 93.15
Stock options exercised, weighted average exercise price (in USD per share)		21.07
Stock options cancelled, weighted average exercise price (in USD per share)		$ 43.34
Stock options outstanding ending, weighted average exercise price (in USD per share)	$ 44.89

Stockholders' Equity Stock-Ba_2

Stockholders' Equity Stock-Based Compensation - Summary of Status of Stock Awards Activity (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Shares
Restricted stock outstanding, non-vested, beginning (in shares) | shares	786
Granted (in shares) | shares	227
Vested (in shares) | shares	(115)
Forfeited (in shares) | shares	(18)
Restricted stock outstanding, non-vested, ending (in shares) | shares	880
Weighted-average grant date fair value
Restricted stock outstanding, non-vested, beginning, weighted average fair value (in USD per share) | $ / shares	$ 41.88
Restricted stock granted, weighted average fair value (in USD per share) | $ / shares	97.33
Restricted stock vested, weighted average fair value (in USD per share) | $ / shares	25.82
Restricted stock forfeited, weighted average far value (in USD per share) | $ / shares	58.11
Restricted stock outstanding, non-vested, ending, weighted average fair value (in USD per share) | $ / shares	$ 58.03

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued in connection with employee stock purchase plan (in shares)							49,972,000
Restricted stock granted, weighted average fair value (in USD per share)							$ 97.33
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 156,300,000						$ 156,300,000
Repurchases of common stock (in shares)	10,157						257,329
Repurchases of common stock	$ 2,384,000	$ 42,894,000	$ 1,954,000	$ 29,000	$ 395,000	$ 1,476,000
Stock Repurchase Program, Authorized Amount	$ 150,000,000						$ 150,000,000
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchases of common stock (in shares)	14,000	252,000	25,000	1,000	7,000	24,000
Repurchases of common stock	$ 1,500,000						43,700,000
Additional paid-in capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchases of common stock	2,384,000	$ 42,894,000	$ 1,954,000	$ 29,000	$ 395,000	$ 1,476,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 35,800,000						$ 35,800,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected weighted-average period of recognition for unrecognized compensation expense							1 year 9 months 18 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted, weighted average fair value (in USD per share)							$ 97.33	$ 59.45

Stockholders' Equity - Compensa

Stockholders' Equity - Compensation Expense Related to Stock-Based Compensation Plans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 5,553	$ 3,124	$ 14,561	$ 10,084
Cost of sales
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	539	265	1,232	807
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	1,032	573	2,540	1,682
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	1,580	827	4,218	2,850
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 2,402	$ 1,459	$ 6,571	$ 4,745

Stockholders' Equity - Estimate

Stockholders' Equity - Estimated Fair Value of Each Stock Option Award (Details) - $ / shares	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Equity [Abstract]
Risk-free interest rate	1.20%	2.51%
Expected option life (in years)	5 years 1 month 17 days	5 years 8 months 4 days
Volatility rate	40.00%	39.00%
Dividend rate	0.00%	0.00%
Weighted-average grant date fair value of stock options granted (in USD per share)	$ 35.28	$ 23.67

Industry and Geographic Infor_3

Industry and Geographic Information - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)segment	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Revenue, Major Customer [Line Items]
Number of reportable segments | segment	1
Customer Concentration Risk | Non-US
Revenue, Major Customer [Line Items]
Sales to customers outside the U.S.	$ 140.5	$ 129
Customer Concentration Risk | Sales
Revenue, Major Customer [Line Items]
Percentage of risk concentration by major customer	63.00%	51.00%
Customer Concentration Risk | Sales | Non-US
Revenue, Major Customer [Line Items]
Percentage of risk concentration by major customer	16.00%	34.00%
Geographic Concentration Risk | Non-US
Revenue, Major Customer [Line Items]
Accounts receivable	$ 18.9		$ 22.9
Credit Concentration Risk
Revenue, Major Customer [Line Items]
Accounts receivable	$ 226.9		$ 53.5

Industry and Geographic Infor_4

Industry and Geographic Information - Sales to Individual Customers in Excess of 10% of Total Revenues (Details) - Sales - Customer Concentration Risk	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Revenue, Major Customer [Line Items]
Sales percentage	63.00%	51.00%
Customer One [Member]
Revenue, Major Customer [Line Items]
Sales percentage	25.00%	13.00%
Customer B
Revenue, Major Customer [Line Items]
Sales percentage	18.00%	17.00%
Customer C
Revenue, Major Customer [Line Items]
Sales percentage	11.00%	6.00%
Customer D
Revenue, Major Customer [Line Items]
Sales percentage	9.00%	15.00%

Industry and Geographic Infor_5

Industry and Geographic Information Industry and Geographic Information - Revenue by Category (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Total revenues	$ 476,058	$ 126,492	$ 852,465	$ 382,712
Rapid Immunoassay
Disaggregation of Revenue [Line Items]
Total revenues	337,042	42,534	513,578	126,800
Cardiometabolic Immunoassay
Disaggregation of Revenue [Line Items]
Total revenues	64,810	66,820	172,902	200,674
Specialized Diagnostic Solutions
Disaggregation of Revenue [Line Items]
Total revenues	11,213	12,455	39,452	40,595
Molecular Diagnostic Solutions
Disaggregation of Revenue [Line Items]
Total revenues	$ 62,993	$ 4,683	$ 126,533	$ 14,643

Commitments and Contingencies L

Commitments and Contingencies Lease Expense (Details) $ in Millions	Sep. 05, 2020option	Jul. 27, 2020option	Sep. 30, 2020USD ($)
Other Ownership Interests [Line Items]
Lessor Operating Lease Option To Extend, Term	5 years		5 years
Number of extension	2
McKellar Ct. [Member]
Other Ownership Interests [Line Items]
Lessor Operating Lease Option To Extend, Term		5 years
Operating Leases, Future Minimum Payments Due | $			$ 51.2
Number of extension		2

Commitments and Contingencies M

Commitments and Contingencies Minimum Rentals (Details) $ in Millions	3 Months Ended
	Sep. 30, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals	$ 2.4
Operating Leases, Rent Expense, Sublease Rentals	$ 0.7

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Sep. 05, 2020option	Jul. 27, 2020option	Jan. 05, 2018buildingoption	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Other Ownership Interests [Line Items]
Sale leaseback transaction, number of buildings | building			3
Number of buildings | building			4
Lessee, sale leaseback, option to extend | option			2
Number of extension | option	2
Lessor Operating Lease Option To Extend, Term	5 years			5 years
Right-of-use assets | $				$ 102,104	$ 92,119
Building
Other Ownership Interests [Line Items]
Right-of-use assets | $				14,800
Operating lease, liability | $				$ 14,800
McKellar Ct. [Member]
Other Ownership Interests [Line Items]
Number of extension | option		2
Lessor Operating Lease Option To Extend, Term		5 years
Variable Interest Entity, Not Primary Beneficiary [Member] | McKellar Ct. [Member]
Other Ownership Interests [Line Items]
Ownership Interest				25.00%

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets:
Total assets measured at fair value	$ 3	$ 321
Liabilities:
Total liabilities measured at fair value	127,547	168,350
Derivative
Assets:
Derivative assets	3	321
Liabilities:
Derivative Liability, Current	1,799	433
Contingent consideration
Liabilities:
Total liabilities measured at fair value	11,340	16,535
Deferred consideration
Liabilities:
Total liabilities measured at fair value	114,408	151,382
Level 1
Assets:
Total assets measured at fair value	0	0
Liabilities:
Total liabilities measured at fair value	0	0
Level 1 | Derivative
Assets:
Derivative assets	0	0
Level 1 | Contingent consideration
Liabilities:
Total liabilities measured at fair value	0	0
Level 1 | Deferred consideration
Liabilities:
Total liabilities measured at fair value	0	0
Level 2
Assets:
Total assets measured at fair value	3	321
Liabilities:
Total liabilities measured at fair value	116,207	151,815
Level 2 | Derivative
Assets:
Derivative assets	3	321
Liabilities:
Derivative Liability, Current	1,799	433
Level 2 | Contingent consideration
Liabilities:
Total liabilities measured at fair value	0	0
Level 2 | Deferred consideration
Liabilities:
Total liabilities measured at fair value	114,408	151,382
Level 3
Assets:
Total assets measured at fair value	0	0
Liabilities:
Total liabilities measured at fair value	11,340	16,535
Level 3 | Derivative
Assets:
Derivative assets	0	0
Level 3 | Contingent consideration
Liabilities:
Total liabilities measured at fair value	11,340	16,535
Level 3 | Deferred consideration
Liabilities:
Total liabilities measured at fair value	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2020USD ($)	Oct. 06, 2017USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Non-cash interest expense, deferred consideration	$ 1.4	$ 5
Consideration B | BNP Business
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amount of installment payment			$ 42
Consideration A | BNP Business
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amount of installment payment			$ 8
Measurement Input, Discount Rate [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Business Combination, Contingent Consideration, Liability, Measurement Input	0.035	0.035

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Estimated Fair Value of Contingent Consideration Liabilities (Details) - Level 3 - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	$ 11,340	$ 16,535
Cash payments	(6,043)
Change in estimated fair value, recorded in general and administrative expenses	$ 848

Derivatives and Hedging - Forei

Derivatives and Hedging - Foreign Currency (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Designated as Hedging Instrument | Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Derivative Liability, Notional Amount	$ 43,325	$ 6,219
Derivative Liability, Fair Value, Gross Liability	1,657	433
Prepaid expenses and other current assets | Designated as Hedging Instrument | Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Notional Amount	0	27,944
Derivative Asset, Fair Value, Gross Asset	0	321
Prepaid expenses and other current assets | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Amount	6,903	0
Derivative Liability, Fair Value, Gross Liability	142
Derivative Asset, Fair Value, Gross Asset	$ 3	$ 0