QuidelOrtho 10-Q 5 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Oct. 29, 2021
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
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 Registrant Name	QUIDEL CORPORATION
Entity Central Index Key	0000353569
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		41,674,651

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 578,447	$ 489,941
Accounts receivable, net	335,560	497,688
Inventories	196,976	113,798
Prepaid expenses and other current assets	38,082	40,975
Total current assets	1,149,065	1,142,402
Property, plant and equipment, net	319,949	110,481
Right-of-use assets	132,227	100,544
Goodwill	337,023	337,032
Intangible assets, net	105,696	122,431
Deferred tax asset	43,994	44,762
Other non-current assets	18,428	13,512
Total assets	2,106,382	1,871,164
Current liabilities:
Accounts payable	82,698	86,316
Accrued payroll and related expenses	30,149	34,781
Income taxes payable	71,993	127,788
Operating lease liabilities	9,618	7,799
Contingent consideration	5,835	5,987
Deferred consideration	41,922	42,000
Other current liabilities	54,873	32,290
Total current liabilities	297,088	336,961
Operating lease liabilities - non-current	133,212	100,706
Deferred consideration - non-current	35,545	73,951
Other Liabilities, Noncurrent	6,470	26,843
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value per share; 5,000 shares authorized; none issued or outstanding at September 30, 2021 and December 31, 2020	0	0
Common stock, $0.001 par value per share; 97,500 shares authorized; 41,672 and 42,290 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	42	42
Additional paid-in capital	275,325	388,121
Accumulated other comprehensive income (loss)	820	(431)
Retained earnings	1,357,880	944,971
Total stockholders’ equity	1,634,067	1,332,703
Total liabilities and stockholders’ equity	$ 2,106,382	$ 1,871,164
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)	41,672,000	42,290,000
Common stock, shares outstanding (in shares)	41,672,000	42,290,000
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, 2021	Dec. 31, 2020
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)	41,672,000	42,290,000
Common stock, shares outstanding (in shares)	41,672,000	42,290,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Total revenues	$ 509,736	$ 476,058	$ 1,061,684	$ 852,465
Cost of sales	136,328	92,439	280,131	205,104
Gross profit	373,408	383,619	781,553	647,361
Research and development	23,676	21,448	69,594	58,797
Sales and marketing	46,778	37,413	119,111	95,718
General and administrative	21,113	16,410	61,758	46,421
Acquisition and integration costs	0	389	1,754	3,175
Total operating expenses	91,567	75,660	252,217	204,111
Operating income	281,841	307,959	529,336	443,250
Interest and other expense, net	(347)	(1,797)	(4,352)	(8,071)
Loss on extinguishment of debt	0	(10,384)	0	(10,384)
Total other expense, net	(347)	(12,181)	(4,352)	(18,455)
Income before income taxes	281,494	295,778	524,984	424,795
Provision for income taxes	65,742	63,510	112,075	84,638
Net income	$ 215,752	$ 232,268	$ 412,909	$ 340,157
Basic earnings per share	$ 5.17	$ 5.52	$ 9.91	$ 8.08
Diluted earnings per share	$ 5.08	$ 5.33	$ 9.72	$ 7.82
Shares used in basic per share calculation	41,728	42,105	41,657	42,093
Shares used in diluted per share calculation	42,463	43,596	42,471	43,582

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 215,752	$ 232,268	$ 412,909	$ 340,157
Other comprehensive income (loss)
Changes in cumulative translation adjustment, net of tax	(651)	837	(1,160)	1,037
Net unrealized (losses) gains on derivative instruments	(14)	(1,468)	93	(1,200)
Reclassification of net realized losses (gains) on derivative instruments included in net income	466	71	2,319	(265)
Total change in unrealized gains (losses) from cash flow hedges, net of tax	452	(1,397)	2,412	(1,465)
Comprehensive income	$ 215,553	$ 231,708	$ 414,161	$ 339,729

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity Statement - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Retained earnings
Balance (in shares) at Dec. 31, 2019		41,868
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
Issuance of common stock under equity compensation plans	3,571	$ 0	3,571
Stock-based compensation expense	3,325		3,325
Tax withholdings related to vesting of stock-based awards (in shares)		(25)
Tax withholdings related to vesting of stock-based awards	(1,954)		(1,954)
Other comprehensive gain (loss), net of tax				200
Net income	40,237				40,237
Balance (in shares) at Mar. 31, 2020		41,996
Balance at Mar. 31, 2020	605,199	$ 42	430,499	(263)	174,921
Balance (in shares) at Dec. 31, 2019		41,868
Balance at Dec. 31, 2019	559,820	$ 42	425,557	(463)	134,684
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	340,157
Balance (in shares) at Sep. 30, 2020		42,037
Balance at Sep. 30, 2020	849,247	$ 42	375,255	(891)	474,841
Balance (in shares) at Mar. 31, 2020		41,996
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
Issuance of common stock under equity compensation plans	3,287		3,287
Stock-based compensation expense	4,665		4,665
Issuance of shares in exchange for Convertible Senior Notes (in shares)		2
Issuance of shares in exchange for Convertible Senior Notes	48	$ 0	48
Tax withholdings related to vesting of stock-based awards (in shares)		(5)
Tax withholdings related to vesting of stock-based awards	(716)		(716)
Repurchases of common stock (in shares)		(247)
Repurchases of common stock	(42,178)		(42,178)
Derivative liabilities - Convertible Senior Notes elected to settle in cash	(26,180)		(26,180)
Other comprehensive gain (loss), net of tax	(68)			(68)
Net income	67,652				67,652
Balance (in shares) at Jun. 30, 2020		41,949
Balance at Jun. 30, 2020	611,709	$ 42	369,425	(331)	242,573
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity compensation plans (in shares)		88
Issuance of common stock under equity compensation plans	2,733	$ 0	2,733
Stock-based compensation expense	5,021		5,021
Issuance of shares in exchange for Convertible Senior Notes (in shares)		14
Issuance of shares in exchange for Convertible Senior Notes			460
Tax withholdings related to vesting of stock-based awards (in shares)		(4)
Tax withholdings related to vesting of stock-based awards	(871)		(871)
Repurchases of common stock (in shares)		(10)
Repurchases of common stock	(1,513)		(1,513)
Other comprehensive gain (loss), net of tax	(560)			(560)
Net income	232,268				232,268
Balance (in shares) at Sep. 30, 2020		42,037
Balance at Sep. 30, 2020	849,247	$ 42	375,255	(891)	474,841
Balance (in shares) at Dec. 31, 2020		42,290
Balance at Dec. 31, 2020	1,332,703	$ 42	388,121	(431)	944,971
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity compensation plans (in shares)		409
Issuance of common stock under equity compensation plans	6,374	$ 1	6,373
Stock-based compensation expense	5,889		5,889
Tax withholdings related to vesting of stock-based awards (in shares)		(156)
Tax withholdings related to vesting of stock-based awards	(33,929)		(33,929)
Other comprehensive gain (loss), net of tax				593
Net income	178,084				178,084
Balance (in shares) at Mar. 31, 2021		42,543
Balance at Mar. 31, 2021	1,489,714	$ 43	366,454	162	1,123,055
Balance (in shares) at Dec. 31, 2020		42,290
Balance at Dec. 31, 2020	1,332,703	$ 42	388,121	(431)	944,971
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	412,909
Balance (in shares) at Sep. 30, 2021		41,672
Balance at Sep. 30, 2021	1,634,067	$ 42	275,325	820	1,357,880
Balance (in shares) at Mar. 31, 2021		42,543
Balance at Mar. 31, 2021	1,489,714	$ 43	366,454	162	1,123,055
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity compensation plans (in shares)		59
Issuance of common stock under equity compensation plans	494	$ 0	494
Stock-based compensation expense	5,846		5,846
Tax withholdings related to vesting of stock-based awards (in shares)		(12)
Tax withholdings related to vesting of stock-based awards	(1,467)		(1,467)
Repurchases of common stock (in shares)		(957)
Repurchases of common stock	(103,438)	$ (1)	(103,437)
Other comprehensive gain (loss), net of tax	857			857
Net income	19,073				19,073
Balance (in shares) at Jun. 30, 2021		41,633
Balance at Jun. 30, 2021	1,411,079	$ 42	267,890	1,019	1,142,128
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity compensation plans (in shares)		44
Issuance of common stock under equity compensation plans	2,444		2,444
Stock-based compensation expense	5,605		5,605
Tax withholdings related to vesting of stock-based awards (in shares)		(5)
Tax withholdings related to vesting of stock-based awards	(614)		(614)
Other comprehensive gain (loss), net of tax	(199)			(199)
Net income	215,752				215,752
Balance (in shares) at Sep. 30, 2021		41,672
Balance at Sep. 30, 2021	$ 1,634,067	$ 42	$ 275,325	$ 820	$ 1,357,880

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
OPERATING ACTIVITIES:
Net income	$ 412,909	$ 340,157
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other	39,983	36,614
Stock-based compensation expense	18,679	14,561
Amortization of debt discount and deferred issuance costs	303	615
Change in fair value of acquisition contingencies	101	848
Accretion of interest on deferred consideration	3,515	5,026
Net change in operating lease right-of-use assets and liabilities	2,642	167
Change in deferred tax assets and liabilities	768	(441)
Change in fair value of derivative liabilities - Convertible Senior Notes	0	1,084
Payment of accreted interest on contingent and deferred consideration	(8,157)	0
Loss on extinguishment of debt	0	(10,384)
Changes in assets and liabilities:
Accounts receivable	161,535	(258,216)
Inventories	(83,333)	(36,949)
Prepaid expenses and other current and non-current assets	(15,228)	(5,080)
Accounts payable	(3,461)	19,561
Accrued payroll and related expenses	(3,903)	10,078
Income taxes payable	(67,703)	51,814
Other current and non-current liabilities	25,842	409
Net cash provided by operating activities:	484,492	190,632
INVESTING ACTIVITIES:
Acquisitions of property, equipment, investments and intangibles	(260,399)	(36,112)
Proceeds from government assistance allocated to fixed assets	36,881	0
Net cash used for investing activities:	(223,518)	(36,112)
FINANCING ACTIVITIES:
Proceeds from issuance of common stock	7,310	8,824
Payments on finance lease obligation	(193)	(353)
Payments of tax withholdings related to vesting of stock-based awards	(36,010)	(3,541)
Repurchases of common stock	(103,438)	(43,691)
Principal payments of acquisition contingent consideration	(4,740)	(6,043)
Principal payments of deferred consideration	(35,142)	(42,000)
Net cash used for financing activities:	(172,213)	(130,220)
Effect of exchange rates on cash	(255)	472
Net increase in cash and cash equivalents	88,506	24,772
Cash and cash equivalents, beginning of period	489,941	52,775
Cash and cash equivalents, end of period	578,447	77,547
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Purchase of property, equipment and intangibles by incurring current liabilities	7,681	3,536
Reduction of other current liabilities upon issuance of restricted share units	2,001	767
Debt Conversion, Converted Instrument, Amount	$ 0	$ 508

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
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 “Compan y” or “Quidel”) h ave 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, 2021, and for the three and nine months ended September 30, 2021 and 2020, is unaudited. For further information, refer to the Company’s Consolidated Financial Statements and notes thereto for the year ended December 31, 2020 included in the Company’s 2020 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 2021 and 2020, the Company’s fiscal year will end or has ended on January 2, 2022 and January 3, 2021, respectively. For 2021 and 2020, the Company’s third quarter ended on October 3, 2021 and September 27, 2020, respectively. For ease of reference, the calendar quarter end dates are used herein. The three and nine-month periods ended September 30, 2021 and 2020 each included 13 and 39 weeks, respectively. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the related 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, 2021, there have been no changes to our significant accounting policies as described in our 2020 Annual Report on Form 10-K.

Computation of Earnings Per Sha

Computation of Earnings Per Share	9 Months Ended
	Sep. 30, 2021
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. 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 restricted stock units (“RSUs”) and, for the 2020 periods, the 3.25% Convertible Senior Notes (“Convertible 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. The following table reconciles net income and the weighted-average shares used in computing basic and diluted EPS (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Numerator: Net income used for basic earnings per share $ 215,752 $ 232,268 $ 412,909 $ 340,157 Interest expense on Convertible Senior Notes, net of tax — 107 — 457 Net income used for diluted earnings per share $ 215,752 $ 232,375 $ 412,909 $ 340,614 Basic weighted-average common shares outstanding 41,728 42,105 41,657 42,093 Dilutive potential shares issuable from Convertible Senior Notes — 218 — 340 Dilutive potential shares issuable from stock options and unvested RSUs 735 1,273 814 1,149 Diluted weighted-average common shares outstanding 42,463 43,596 42,471 43,582 Potentially dilutive shares excluded from calculation due to anti-dilutive effect 177 7 147 4 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. For the 2020 periods, potentially dilutive shares from the Convertible Notes were determined using the if-converted method. Under the provisions of the if-converted method, the Convertible Notes were assumed to be converted and the resulting common shares were included in the denominator of the EPS calculation and the interest expense, net of tax, recorded in connection with the Convertible Notes was added back to net income. The Convertible Notes had a dilutive impact when the average market price of the Company’s common stock exceeded the applicable conversion price of the notes. The Convertible Notes became convertible on March 31, 2018 and matured on December 15, 2020.

Balance Sheet Account Details

Balance Sheet Account Details	9 Months Ended
	Sep. 30, 2021
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 $ 109,015 $ 58,264 Work-in-process (materials, labor and overhead) 43,169 31,359 Finished goods (materials, labor and overhead) 44,792 24,175 Total inventories $ 196,976 $ 113,798 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): September 30, December 31, Other receivables $ 15,033 $ 15,442 Unbilled receivables — 16,041 Prepaid expenses 19,003 7,335 Other 4,046 2,157 Total prepaid expenses and other current assets $ 38,082 $ 40,975 Unbilled receivables as of December 31, 2020 primarily consisted of receivables arising from unbilled milestone achievements for capital expenditures to be reimbursed under the National Institute of Health (“NIH”) contract. Amounts billed but not collected as of December 31, 2020 were included in other receivables. As of September 30, 2021, the Company had achieved and collected payments for all milestones under the NIH contract. Other Current Liabilities Other current liabilities consist of the following (in thousands): September 30, December 31, Customer incentives and rebates $ 11,483 $ 15,663 Deferred revenue 18,728 3,733 Accrued other taxes payable 4,403 2,157 Derivative liabilities 442 3,061 Payables under transition services agreements 5,455 — Other 14,362 7,676 Total other current liabilities $ 54,873 $ 32,290

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
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. For the three months ended September 30, 2021 and 2020, the Company recognized income tax provisions of $65.7 million in relation to income before taxes of $281.5 million and $63.5 million in relation to income before taxes of $295.8 million, respectively, resulting in effective tax rates of 23% and 21%, respectively. For the nine months ended September 30, 2021 and 2020, the Company recognized income tax provisions of $112.1 million in relation to income before taxes of $525.0

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	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 outstanding as of September 30, 2021. 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, (c) LIBOR plus one percent, and (d) one percent) plus the “applicable rate.” The applicable rate 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 in accordance with the pricing grid. 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, 2021.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2021
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, 2021 is as follows (in thousands, except price data): Shares Weighted-average Outstanding at December 31, 2020 760 $ 46.95 Granted 58 232.75 Exercised (83) 38.92 Outstanding at September 30, 2021 735 $ 62.58 A summary of the status of RSU activity for the nine months ended September 30, 2021 is as follows (in thousands, except price data): Shares Weighted-average Non-vested December 31, 2020 878 $ 59.60 Granted 113 200.05 Vested (399) 48.41 Forfeited (5) 122.58 Non-vested at September 30, 2021 587 $ 93.70 During the nine months ended September 30, 2021, the Company issued 29,948 shares of common stock in connection with the Company’s employee stock purchase plan (the “ESPP”). 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 2021 2020 2021 2020 Cost of sales $ 909 $ 539 $ 2,068 $ 1,232 Research and development 1,369 1,032 3,296 2,540 Sales and marketing 1,736 1,580 4,696 4,218 General and administrative 2,991 2,402 8,619 6,571 Total stock-based compensation expense $ 7,005 $ 5,553 $ 18,679 $ 14,561 As of September 30, 2021, total unrecognized compensation expense was $42.5 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 2021 2020 Risk-free interest rate 0.48 % 1.20 % Expected option life (in years) 4.99 5.13 Volatility rate 54 % 40 % Dividend rate 0 % 0 % Weighted-average grant date fair value $106.55 $35.28 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, 2021 and 2020 was $200.05 and $97.33, respectively.

Industry and Geographic Informa

Industry and Geographic Information	9 Months Ended
	Sep. 30, 2021
Industry And Geographic Information [Abstract]
Industry and Geographic Information	Industry and Geographic InformationThe Company operates in one reportable segment. Sales to customers outside of the United States represented $196.0 million (18%) and $140.5 million (16%) of total revenues for the nine months ended September 30, 2021 and 2020, respectively. As of September 30, 2021 and December 31, 2020, net accounts receivable due from foreign customers were $32.6 million and $18.6 million, respectively. The Company had sales to individual customers in excess of 10% of total revenues, as follows: Nine Months Ended 2021 2020 Customer: A 27 % 25 % B 11 % 18 % C 10 % 11 % Total: 48 % 54 % As of September 30, 2021 and December 31, 2020, net accounts receivable from customers with balances due in excess of 10% of total accounts receivable totaled $205.6 million and $411.7 million, respectively. Consolidated total revenues by product category for the nine months ended September 30, 2021 and 2020 were as follows (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Rapid Immunoassay $ 378,721 $ 337,042 $ 676,461 $ 513,578 Cardiometabolic Immunoassay 64,790 64,810 203,008 172,902 Molecular Diagnostic Solutions 54,834 62,993 149,553 126,533 Specialized Diagnostic Solutions 11,391 11,213 32,662 39,452 Total revenues $ 509,736 $ 476,058 $ 1,061,684 $ 852,465

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8. 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 in October 2022, subject to an option to renew for a two-year period. McKellar Court Lease — During 1999, the Company completed a sale and leaseback transaction of its San Diego facility at McKellar Court to 10165 McKellar Court, L.P. (“McKellar LP” or the “partnership”) for which the Company was the limited partner. McKellar LP owned the real property and improvements located at 10165 McKellar Court (the “McKellar Property”). The partnership was deemed to be a variable interest entity (“VIE”). The Company wa s not, however, the primary beneficiary of the VIE as it did not have the power to direct the activities of the partnership and did not have the obligation to absorb losses or receive benefits of the partnership that could potentially be significant to the partnership. The Company’s primary use of the McKellar Property is for manufacturing and administrative offices. On August 17, 2021, a wholly owned subsidiary of the Company purchased the general partner’s interest (the “GP interest”) in McKellar LP for a net purchase price of $28.9 million, which was acquired using cash on hand. As a result of the purchase of the GP interest, the partnership is now a wholly owned subsidiary of the Company. The partnership continues to be a VIE for which the Company is now the primary beneficiary. The Company accounted for the GP interest as an asset acquisition and recorded building and land with a total value of $28.9 million. Prior to the purchase date, the Company was leasing the McKellar Property through 2030, with options to extend for two additional five‐year periods. As a result of the Company’s purchase of the GP interest in McKellar LP, the Company no longer makes lease payments for the McKellar Prop erty. Prior to the acquisition, t he Company made lease payments to the partnership of approximately $0.6 million during the nine months ended September 30, 2021. Rutherford Lease — During January 2021, the Company entered into a lease agreement for a manufacturing facility in Carlsbad, California and recorded a right-of-use asset and a corresponding lease liability of $39.4 million. The initial lease term is 15 years 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, Inc. (“Beckman Coulter”) alleged that a provision of an agreement between Quidel and Beckman Coulter violated state antitrust laws. Our acquisition of the B-type Naturietic Peptide assay business (“BNP Business”) in October 2017 consisted of assets and liabilities relating to a contractual arrangement with Beckman Coulter (the “BNP Supply Agreement”) for the supply of antibodies and other inputs related to, and distribution of, the Triage ® B-type Naturietic Peptide Test (“BNP Test”) for the Beckman Coulter Access Family of Immunoassay Systems. In the lawsuit, Beckman Coulter asserted that an exclusivity provision violated certain state antitrust laws and was unenforceable. From the inception of the lawsuit, the lawsuit was subject to numerous motions, rulings, appellate reviews and opinions. The matter was scheduled for trial starting April 15, 2022. On July 24, 2021, the Company and Beckman Coulter entered into a Master Agreement (the “Master Agreement”) pursuant to which, among other matters, Quidel’s business of selling and distributing the BNP Test for the BNP Business will be transitioned to Beckman Coulter. Concurrent with entering into the Master Agreement, Quidel and Beckman Coulter entered into a Settlement Agreement to resolve all disputes relating to the existing BNP Supply Agreement, among other matters. On August 3, 2021, the lawsuit was dismissed with prejudice. As consideration for the arrangements during each of calendar years 2022 through and including 2029, Quidel will receive a minimum payment of $70.0 million and a maximum payment of $75.0 million. Such maximum payments will be pro-rated for 2021, based on the period commencing on the date of the initial commercial transition to Beckman Coulter, through December 31, 2021. In addition, the parties entered into other related agreements under the Master Agreement, including a Transition Services Agreement, pursuant to which the parties will provide various transitional services, a Supply Agreement for the supply by Quidel of the Quidel antibody and other components used in the manufacture of the BNP Test, and a Distribution Agreement, granting Beckman Coulter the right to sell and distribute the BNP Test as described above. 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, 2021 and December 31, 2020 related to such matters as they are not probable and/or reasonably estimable.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
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, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash equivalents (money market funds) $ 200,002 $ — $ — $ 200,002 $ 200,003 $ — $ — $ 200,003 Derivative assets — 167 — 167 — 24 — 24 Total assets measured at fair value $ 200,002 $ 167 $ — $ 200,169 $ 200,003 $ 24 $ — $ 200,027 Liabilities: Derivative liabilities $ — $ 442 $ — $ 442 $ — $ 3,061 $ — $ 3,061 Contingent consideration — — 5,957 5,957 — — 11,896 11,896 Deferred consideration — 77,467 — 77,467 — 115,951 — 115,951 Total liabilities measured at fair value $ — $ 77,909 $ 5,957 $ 83,866 $ — $ 119,012 $ 11,896 $ 130,908 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, 2021 and the year ended December 31, 2020. Cash equivalents consist of funds held in money market accounts that are valued using quoted prices in active markets for identical instruments. Derivative financial instruments are measured based on observable inputs that are corroborated by market data. Observable inputs include broker quotes, daily market foreign currency rates and forward pricing curves . In connection with the acquisition of the BNP Business, the Company has an annual installment payment payable in 2022 of up to $48.0 million and an annual installment payment of $40.0 million payable in 2023 remaining as of September 30, 2021. The fair value of the payments treated as deferred consideration i s 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 fair value of the payments treated as contingent consideration is calculated using a discounted probability weighted valuation model. Discount rates used in such calculation are a significant assumption that are not observed in the market and, therefore, the resulting fair value represents a Level 3 measurement. The discount rate of 2.9% used as of September 30, 2021 was based on an estimated borrowing rate for a similar liability. Changes in estimated fair value of contingent consideration liabilities from December 31, 2020 through September 30, 2021 were as follows (in thousands): Contingent consideration liabilities Balance at December 31, 2020 $ 11,896 Cash payments (6,040) Change in estimated fair value, recorded in general and administrative expenses 101 Balance at September 30, 2021 $ 5,957

Derivatives and Hedging

Derivatives and Hedging	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	Foreign Currency HedgesIn 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. Hedging relationships for all 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 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 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. 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 reduce 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, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Notional Amount Fair Value, Net Notional Amount Fair Value, Net Designated cash flow hedges: Prepaid expenses and other current assets $ 6,341 $ 167 $ — $ — Other current liabilities $ 6,752 $ 255 $ 38,435 $ 2,819 Non-designated forward contracts: Prepaid expenses and other current assets $ — $ — $ 18,160 $ 24 Other current liabilities $ 15,405 $ 187 $ 23,120 $ 242

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited Consolidated Financial Statements of Quidel Corporation and its subsidiaries (the “Compan y” or “Quidel”) h ave 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, 2021, and for the three and nine months ended September 30, 2021 and 2020, is unaudited. For further information, refer to the Company’s Consolidated Financial Statements and notes thereto for the year ended December 31, 2020 included in the Company’s 2020 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 2021 and 2020, the Company’s fiscal year will end or has ended on January 2, 2022 and January 3, 2021, respectively. For 2021 and 2020, the Company’s third quarter ended on October 3, 2021 and September 27, 2020, respectively. For ease of reference, the calendar quarter end dates are used herein. The three and nine-month periods ended September 30, 2021 and 2020 each included 13 and 39 weeks, respectively.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the related 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, 2021, there have been no changes to our significant accounting policies as described in our 2020 Annual Report on Form 10-K.

Computation of Earnings Per S_2

Computation of Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
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 EPS (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Numerator: Net income used for basic earnings per share $ 215,752 $ 232,268 $ 412,909 $ 340,157 Interest expense on Convertible Senior Notes, net of tax — 107 — 457 Net income used for diluted earnings per share $ 215,752 $ 232,375 $ 412,909 $ 340,614 Basic weighted-average common shares outstanding 41,728 42,105 41,657 42,093 Dilutive potential shares issuable from Convertible Senior Notes — 218 — 340 Dilutive potential shares issuable from stock options and unvested RSUs 735 1,273 814 1,149 Diluted weighted-average common shares outstanding 42,463 43,596 42,471 43,582 Potentially dilutive shares excluded from calculation due to anti-dilutive effect 177 7 147 4 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, 2021
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 $ 109,015 $ 58,264 Work-in-process (materials, labor and overhead) 43,169 31,359 Finished goods (materials, labor and overhead) 44,792 24,175 Total inventories $ 196,976 $ 113,798
Other Current Assets	Prepaid expenses and other current assets consist of the following (in thousands): September 30, December 31, Other receivables $ 15,033 $ 15,442 Unbilled receivables — 16,041 Prepaid expenses 19,003 7,335 Other 4,046 2,157 Total prepaid expenses and other current assets $ 38,082 $ 40,975
Other Current Liabilities	Other current liabilities consist of the following (in thousands): September 30, December 31, Customer incentives and rebates $ 11,483 $ 15,663 Deferred revenue 18,728 3,733 Accrued other taxes payable 4,403 2,157 Derivative liabilities 442 3,061 Payables under transition services agreements 5,455 — Other 14,362 7,676 Total other current liabilities $ 54,873 $ 32,290

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended	9 Months Ended
	Jun. 30, 2021	Sep. 30, 2021
Equity [Abstract]
Share-based Payment Arrangement, Option, Activity		A summary of the status of stock option activity for the nine months ended September 30, 2021 is as follows (in thousands, except price data): Shares Weighted-average Outstanding at December 31, 2020 760 $ 46.95 Granted 58 232.75 Exercised (83) 38.92 Outstanding at September 30, 2021 735 $ 62.58
Schedule of Nonvested Share Activity	A summary of the status of RSU activity for the nine months ended September 30, 2021 is as follows (in thousands, except price data): Shares Weighted-average Non-vested December 31, 2020 878 $ 59.60 Granted 113 200.05 Vested (399) 48.41 Forfeited (5) 122.58 Non-vested at September 30, 2021 587 $ 93.70
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 2021 2020 2021 2020 Cost of sales $ 909 $ 539 $ 2,068 $ 1,232 Research and development 1,369 1,032 3,296 2,540 Sales and marketing 1,736 1,580 4,696 4,218 General and administrative 2,991 2,402 8,619 6,571 Total stock-based compensation expense $ 7,005 $ 5,553 $ 18,679 $ 14,561
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 2021 2020 Risk-free interest rate 0.48 % 1.20 % Expected option life (in years) 4.99 5.13 Volatility rate 54 % 40 % Dividend rate 0 % 0 % Weighted-average grant date fair value $106.55 $35.28

Industry and Geographic Infor_2

Industry and Geographic Information (Tables)	9 Months Ended
	Sep. 30, 2021
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 2021 2020 Customer: A 27 % 25 % B 11 % 18 % C 10 % 11 % Total: 48 % 54 %
Net Revenues by Product Category	Consolidated total revenues by product category for the nine months ended September 30, 2021 and 2020 were as follows (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Rapid Immunoassay $ 378,721 $ 337,042 $ 676,461 $ 513,578 Cardiometabolic Immunoassay 64,790 64,810 203,008 172,902 Molecular Diagnostic Solutions 54,834 62,993 149,553 126,533 Specialized Diagnostic Solutions 11,391 11,213 32,662 39,452 Total revenues $ 509,736 $ 476,058 $ 1,061,684 $ 852,465

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash equivalents (money market funds) $ 200,002 $ — $ — $ 200,002 $ 200,003 $ — $ — $ 200,003 Derivative assets — 167 — 167 — 24 — 24 Total assets measured at fair value $ 200,002 $ 167 $ — $ 200,169 $ 200,003 $ 24 $ — $ 200,027 Liabilities: Derivative liabilities $ — $ 442 $ — $ 442 $ — $ 3,061 $ — $ 3,061 Contingent consideration — — 5,957 5,957 — — 11,896 11,896 Deferred consideration — 77,467 — 77,467 — 115,951 — 115,951 Total liabilities measured at fair value $ — $ 77,909 $ 5,957 $ 83,866 $ — $ 119,012 $ 11,896 $ 130,908
Changes in Estimated Fair Value of Contingent Consideration Liabilities	Changes in estimated fair value of contingent consideration liabilities from December 31, 2020 through September 30, 2021 were as follows (in thousands): Contingent consideration liabilities Balance at December 31, 2020 $ 11,896 Cash payments (6,040) Change in estimated fair value, recorded in general and administrative expenses 101 Balance at September 30, 2021 $ 5,957

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 and December 31, 2020 (in thousands): September 30, 2021 December 31, 2020 Notional Amount Fair Value, Net Notional Amount Fair Value, Net Designated cash flow hedges: Prepaid expenses and other current assets $ 6,341 $ 167 $ — $ — Other current liabilities $ 6,752 $ 255 $ 38,435 $ 2,819 Non-designated forward contracts: Prepaid expenses and other current assets $ — $ — $ 18,160 $ 24 Other current liabilities $ 15,405 $ 187 $ 23,120 $ 242

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, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income	$ 215,752	$ 19,073	$ 178,084	$ 232,268	$ 67,652	$ 40,237	$ 412,909	$ 340,157
Interest expense on Convertible Senior Notes, net of tax	0			107			0	457
Net income used for diluted earnings per share	$ 215,752			$ 232,375			$ 412,909	$ 340,614
Basic weighted-average common shares outstanding	41,728			42,105			41,657	42,093
Dilutive potential shares issuable from Convertible Senior Notes	0			218			0	340
Dilutive potential shares issuable from stock options and unvested RSUs	735			1,273			814	1,149
Diluted weighted-average common shares outstanding	42,463			43,596			42,471	43,582
Potentially dilutive shares excluded from calculation due to anti-dilutive effect							147	4
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	177			7

Computation of Earnings Per S_4

Computation of Earnings Per Share - Additional information (Details)	Sep. 30, 2021
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, 2021	Dec. 31, 2020
Inventory, Net [Abstract]
Raw materials	$ 109,015	$ 58,264
Work-in-process (materials, labor and overhead)	43,169	31,359
Finished goods (materials, labor and overhead)	44,792	24,175
Total inventories	$ 196,976	$ 113,798

Balance Sheet Account Details P

Balance Sheet Account Details Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Prepaid Expense and Other Assets, Current [Abstract]
Other receivables	$ 15,033	$ 15,442
Unbilled Receivables, Current	0	16,041
Income taxes receivable	19,003	7,335
Other	4,046	2,157
Total prepaid expenses and other current assets	$ 38,082	$ 40,975

Balance Sheet Account Details O

Balance Sheet Account Details Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Customer incentives and rebates	$ 11,483	$ 15,663
Deferred revenue	18,728	3,733
Accrued other taxes payable	4,403	2,157
Derivative liabilities	442	3,061
Payables, Transition Service Agreements	5,455	0
Other	14,362	7,676
Total other current liabilities	$ 54,873	$ 32,290

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 65,742	$ 63,510	$ 112,075	$ 84,638
Effective income tax rate	23.00%	21.00%	21.00%	20.00%
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ 281,494	$ 295,778	$ 524,984	$ 424,795

Debt (Details)

Debt (Details)	Aug. 31, 2018USD ($)covenant	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2021	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)
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
Maximum
Debt Instrument [Line Items]
Ratio of indebtedness to net capital	4.50
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%
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%
Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate					0.005%
Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense, debt		$ 300,000	$ 200,000		$ 600,000	$ 600,000

Stockholders' Equity Stock-Base

Stockholders' Equity Stock-Based Compensation - Summary of Status of Stock Option Activity (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Shares
Stock options outstanding, beginning (in shares) | shares	760
Granted (in shares) | shares	58
Exercised (in shares) | shares	(83)
Stock options outstanding, ending (in shares) | shares	735
Weighted-average exercise price per share
Stock options outstanding beginning, weighted average exercise price (in USD per share) | $ / shares	$ 46.95
Stock options granted, weighted average exercise price (in USD per share) | $ / shares	232.75
Stock options exercised, weighted average exercise price (in USD per share) | $ / shares	38.92
Stock options outstanding ending, weighted average exercise price (in USD per share) | $ / shares	$ 62.58

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, 2021$ / sharesshares
Shares
Restricted stock outstanding, non-vested, beginning (in shares) | shares	878
Granted (in shares) | shares	113
Vested (in shares) | shares	(399)
Forfeited (in shares) | shares	(5)
Restricted stock outstanding, non-vested, ending (in shares) | shares	587
Weighted-average grant date fair value
Restricted stock outstanding, non-vested, beginning, weighted average fair value (in USD per share) | $ / shares	$ 59.60
Restricted stock granted, weighted average fair value (in USD per share) | $ / shares	200.05
Restricted stock vested, weighted average fair value (in USD per share) | $ / shares	48.41
Restricted stock forfeited, weighted average far value (in USD per share) | $ / shares	122.58
Restricted stock outstanding, non-vested, ending, weighted average fair value (in USD per share) | $ / shares	$ 93.70

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued in connection with employee stock purchase plan (in shares)	29,948,000
Restricted stock granted, weighted average fair value (in USD per share)	$ 200.05
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 42.5
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)	$ 200.05	$ 97.33

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 7,005	$ 5,553	$ 18,679	$ 14,561
Cost of sales
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	909	539	2,068	1,232
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	1,369	1,032	3,296	2,540
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	1,736	1,580	4,696	4,218
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 2,991	$ 2,402	$ 8,619	$ 6,571

Stockholders' Equity - Estimate

Stockholders' Equity - Estimated Fair Value of Each Stock Option Award (Details) - $ / shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Equity [Abstract]
Risk-free interest rate	0.48%	1.20%
Expected option life (in years)	4 years 11 months 26 days	5 years 1 month 17 days
Volatility rate	54.00%	40.00%
Dividend rate	0.00%	0.00%
Weighted-average grant date fair value of stock options granted (in USD per share)	$ 106.55	$ 35.28

Industry and Geographic Infor_3

Industry and Geographic Information - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)segment	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
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.	$ 196	$ 140.5
Customer Concentration Risk | Sales | Non-US
Revenue, Major Customer [Line Items]
Percentage of risk concentration by major customer	18.00%	16.00%
Geographic Concentration Risk | Non-US
Revenue, Major Customer [Line Items]
Accounts receivable	$ 32.6		$ 18.6
Credit Concentration Risk
Revenue, Major Customer [Line Items]
Accounts receivable	$ 205.6		$ 411.7

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, 2021	Sep. 30, 2020
Customer One [Member]
Revenue, Major Customer [Line Items]
Sales percentage	27.00%	25.00%
Customer B
Revenue, Major Customer [Line Items]
Sales percentage	11.00%	18.00%
Customer C
Revenue, Major Customer [Line Items]
Sales percentage	10.00%	11.00%
Total:
Revenue, Major Customer [Line Items]
Sales percentage	48.00%	54.00%

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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 509,736	$ 476,058	$ 1,061,684	$ 852,465
Rapid Immunoassay
Disaggregation of Revenue [Line Items]
Total revenues	378,721	337,042	676,461	513,578
Cardiometabolic Immunoassay
Disaggregation of Revenue [Line Items]
Total revenues	64,790	64,810	203,008	172,902
Molecular Diagnostic Solutions
Disaggregation of Revenue [Line Items]
Total revenues	54,834	62,993	149,553	126,533
Specialized Diagnostic Solutions
Disaggregation of Revenue [Line Items]
Total revenues	$ 11,391	$ 11,213	$ 32,662	$ 39,452

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Aug. 17, 2021USD ($)	Jul. 24, 2021USD ($)	Jan. 05, 2018buildingoption	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Jan. 31, 2021renewal_term
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
Option to extend, term				5 years
Renewal term				2 years
Payments to Acquire Property, Plant, and Equipment				$ 260,399	$ 36,112
Minimum
Other Ownership Interests [Line Items]
Master agreement, annual payment		$ 70,000
Maximum
Other Ownership Interests [Line Items]
Master agreement, annual payment		$ 75,000
Rutherford
Other Ownership Interests [Line Items]
Renewal term						5 years
Operating leases				39,400
Lessee, operating lease, term of contract						15 years
Number of renewal terms | renewal_term						2
Partnership, McKellar San Diego Facility
Other Ownership Interests [Line Items]
Payments to Acquire Partners Interest in Real Estate Partnership, Net of Cash Acquired	$ 28,900
Sale Leaseback Transaction, YTD Rental Payments				$ 600

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets:
Total assets measured at fair value	$ 200,169	$ 200,027
Liabilities:
Derivative liabilities	442	3,061
Total liabilities measured at fair value	83,866	130,908
Money Market Funds, at Carrying Value	200,002	200,003
Derivative
Assets:
Derivative assets	167	24
Liabilities:
Financial Liabilities Fair Value Disclosure	442	3,061
Contingent consideration
Liabilities:
Nonfinancial Liabilities Fair Value Disclosure	5,957	11,896
Deferred consideration
Liabilities:
Nonfinancial Liabilities Fair Value Disclosure	77,467	115,951
Level 1
Assets:
Total assets measured at fair value	200,002	200,003
Liabilities:
Total liabilities measured at fair value	0	0
Money Market Funds, at Carrying Value	200,002	200,003
Level 1 | Derivative
Assets:
Derivative assets	0	0
Liabilities:
Financial Liabilities Fair Value Disclosure	0	0
Level 1 | Contingent consideration
Liabilities:
Nonfinancial Liabilities Fair Value Disclosure	0	0
Level 1 | Deferred consideration
Liabilities:
Nonfinancial Liabilities Fair Value Disclosure	0	0
Level 2
Assets:
Total assets measured at fair value	167	24
Liabilities:
Total liabilities measured at fair value	77,909	119,012
Money Market Funds, at Carrying Value	0	0
Level 2 | Derivative
Assets:
Derivative assets	167	24
Liabilities:
Financial Liabilities Fair Value Disclosure	442	3,061
Level 2 | Contingent consideration
Liabilities:
Nonfinancial Liabilities Fair Value Disclosure	0	0
Level 2 | Deferred consideration
Liabilities:
Nonfinancial Liabilities Fair Value Disclosure	77,467	115,951
Level 3
Assets:
Total assets measured at fair value	0	0
Liabilities:
Total liabilities measured at fair value	5,957	11,896
Money Market Funds, at Carrying Value	0	0
Level 3 | Derivative
Assets:
Derivative assets	0	0
Liabilities:
Financial Liabilities Fair Value Disclosure	0	0
Level 3 | Contingent consideration
Liabilities:
Nonfinancial Liabilities Fair Value Disclosure	5,957	11,896
Level 3 | Deferred consideration
Liabilities:
Nonfinancial Liabilities Fair Value Disclosure	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) $ in Millions	Sep. 30, 2021USD ($)	Jun. 30, 2021
Consideration B | BNP Business
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Installment payment in 2021	$ 48
Installment payment in 2022	48
Installment payment in 2023	$ 40
Measurement Input, Discount Rate
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Discount rate		0.029

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, 2021	Dec. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	$ 5,957	$ 11,896
Cash payments	(6,040)
Change in estimated fair value, recorded in general and administrative expenses	$ 101

Derivatives and Hedging - Forei

Derivatives and Hedging - Foreign Currency (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Designated as Hedging Instrument | Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Derivative Liability, Notional Amount	$ 6,752	$ 38,435
Derivative Liability, Fair Value, Gross Liability	255	2,819
Prepaid expenses and other current assets | Designated as Hedging Instrument | Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Notional Amount	6,341	0
Derivative Asset, Fair Value, Gross Asset	167	0
Prepaid expenses and other current assets | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Amount	0	18,160
Derivative Liability, Notional Amount	15,405	23,120
Derivative Liability, Fair Value, Gross Liability	187	242
Derivative Asset, Fair Value, Gross Asset	$ 0	$ 24

Uncategorized Items - qdel-2021

Label	Element	Value
Payments on convertible notes and derivative liability	qdel_PaymentsOnConvertibleNotesAndDerivativeLiability	$ 43,416,000
Payments on convertible notes and derivative liability	qdel_PaymentsOnConvertibleNotesAndDerivativeLiability	$ 0