QuidelOrtho 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	Apr. 28, 2022
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	0-10961
Entity Registrant Name	QUIDEL CORPORATION
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		41,848,256
Entity Central Index Key	0000353569
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus (Q1,Q2,Q3,FY)	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 1,275,536	$ 802,751
Marketable securities	44,270	25,758
Accounts receivable, net	569,817	377,969
Inventories	181,388	198,765
Prepaid expenses and other current assets	42,639	35,067
Total current assets	2,113,650	1,440,310
Property, plant and equipment, net	364,248	349,202
Marketable securities, non-current	20,726	37,852
Right-of-use assets	125,059	127,622
Goodwill	337,017	337,021
Intangible assets, net	91,584	98,655
Deferred tax asset	20,232	20,089
Other non-current assets	20,609	19,623
Total assets	3,093,125	2,430,374
Current liabilities:
Accounts payable	157,472	101,492
Accrued payroll and related expenses	27,820	40,385
Income taxes payable	205,240	66,945
Operating lease liabilities	9,715	10,039
Contingent consideration	5,957	5,986
Deferred consideration	41,970	41,945
Other current liabilities	44,482	56,728
Total current liabilities	492,656	323,520
Operating lease liabilities - non-current	135,668	128,556
Deferred consideration - non-current	37,448	36,491
Contingent consideration - non-current	87	87
Other non-current liabilities	12,344	12,358
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock, $0.001 par value per share; 5,000 shares authorized; none issued or outstanding at March 31, 2022 and December 31, 2021	0	0
Common stock, $0.001 par value per share; 97,500 shares authorized; 41,846 and 41,686 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	42	42
Additional paid-in capital	285,508	279,768
Accumulated other comprehensive income	239	355
Retained earnings	2,129,133	1,649,197
Total stockholders’ equity	2,414,922	1,929,362
Total liabilities and stockholders’ equity	$ 3,093,125	$ 2,430,374

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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)	41,846,000	41,686,000
Common stock, shares outstanding (in shares)	41,846,000	41,686,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Total revenues	$ 1,002,259	$ 375,338
Cost of sales	262,301	73,379
Gross profit	739,958	301,959
Research and development	26,368	23,304
Sales and marketing	65,388	34,233
General and administrative	24,508	19,507
Acquisition and integration costs	3,037	726
Total operating expenses	119,301	77,770
Operating income	620,657	224,189
Interest and other expense, net	29	2,382
Income before income taxes	620,628	221,807
Provision for income taxes	140,692	43,723
Net income	$ 479,936	$ 178,084
Basic earnings per share	$ 11.46	$ 4.19
Diluted earnings per share	$ 11.31	$ 4.09
Shares used in basic per share calculation	41,875	42,510
Shares used in diluted per share calculation	42,449	43,533

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 479,936	$ 178,084
Other comprehensive income (loss)
Changes in cumulative translation adjustment, net of tax	155	(840)
Changes in unrealized losses from investments, net of tax	(402)	0
Net unrealized gains on derivative instruments	154	341
Reclassification of net realized (gains) losses on derivative instruments included in net income	(23)	1,092
Total change in unrealized gains (losses) from cash flow hedges, net of tax	131	1,433
Comprehensive income	$ 479,820	$ 178,677

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, 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, 2021		41,686
Balance at Dec. 31, 2021	1,929,362	$ 42	279,768	355	1,649,197
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity compensation plans (in shares)		223
Issuance of common stock under equity compensation plans	6,377	$ 0	6,377
Stock-based compensation expense	6,178		6,178
Tax withholdings related to vesting of stock-based awards (in shares)		(63)
Tax withholdings related to vesting of stock-based awards	(6,815)		(6,815)
Other comprehensive gain (loss), net of tax				(116)
Net income	479,936				479,936
Balance (in shares) at Mar. 31, 2022		41,846
Balance at Mar. 31, 2022	$ 2,414,922	$ 42	$ 285,508	$ 239	$ 2,129,133

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
OPERATING ACTIVITIES:
Net income	$ 479,936	$ 178,084
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other	16,782	12,705
Stock-based compensation expense	7,432	5,828
Amortization of deferred financing costs	101	101
Accretion of interest on deferred consideration	982	1,451
Net change in operating lease right-of-use assets and liabilities	9,351	794
Change in deferred tax assets and liabilities	(89)	446
Changes in assets and liabilities:
Accounts receivable	(191,452)	427,052
Inventories	17,355	(61,134)
Prepaid expenses and other current and non-current assets	(7,291)	(13,811)
Accounts payable	52,592	(3,860)
Accrued payroll and related expenses	(10,944)	(16,054)
Income taxes payable	138,384	41,386
Other current and non-current liabilities	(12,167)	12,469
Net cash provided by operating activities:	500,972	585,457
INVESTING ACTIVITIES:
Acquisitions of property, equipment, investments and intangibles	(22,402)	(78,291)
Proceeds from government assistance allocated to fixed assets	0	13,722
Purchases of marketable securities	(15,937)	0
Proceeds from sale of marketable securities	13,669	0
Net cash used for investing activities:	(24,670)	(64,569)
FINANCING ACTIVITIES:
Proceeds from issuance of common stock	3,527	4,373
Payments on finance lease obligation	(91)	(62)
Payments of tax withholdings related to vesting of stock-based awards	(6,815)	(33,929)
Principal payments of acquisition contingent consideration	(29)	(30)
Net cash used for financing activities:	(3,408)	(29,648)
Effect of exchange rates on cash	(109)	(129)
Net increase in cash and cash equivalents	472,785	491,111
Cash and cash equivalents, beginning of period	802,751	489,941
Cash and cash equivalents, end of period	1,275,536	981,052
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Purchase of property, equipment and intangibles by incurring current liabilities	13,714	7,284
Capital expenditures to be reimbursed under a government contract	0	12,622
Reduction of other current liabilities upon issuance of restricted share units	$ 2,850	$ 2,001

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, and for the three months ended March 31, 2022 and 2021, is unaudited. For further information, refer to the Company’s Consolidated Financial Statements and notes thereto for the year ended December 31, 2021 included in the Company’s 2021 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 2022 and 2021, the Company’s fiscal year will end or has ended on January 1, 2023 and January 2, 2022, respectively. For 2022 and 2021, the Company’s first quarter ended on April 3, 2022 and April 4, 2021, respectively. For ease of reference, the calendar quarter end dates are used herein. The three-month periods ended March 31, 2022 and 2021 each included 13 weeks. 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. Recent Accounting Pronouncements In October 2021, the Financial Accounting Standards Board issued guidance codified in Accounting Standards Update 2021-08, Business Combinations (Topic 805) Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . Under new guidance, an acquirer is required to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers . This guidance is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company early adopted the guidance during the first quarter of 2022 with no material impact to the Company’s consolidated financial statements. Significant Accounting Policies During the three months ended March 31, 2022, there have been no changes to our significant accounting policies as described in our 2021 Annual Report on Form 10-K.

Computation of Earnings Per Sha

Computation of Earnings Per Share	3 Months Ended
	Mar. 31, 2022
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 and unvested restricted stock units (“RSUs”). 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 presents the calculation of the weighted-average shares used in computing basic and diluted EPS (in thousands): Three Months Ended 2022 2021 Basic weighted-average common shares outstanding 41,875 42,510 Dilutive potential shares issuable from stock options and unvested RSUs 574 1,023 Diluted weighted-average common shares outstanding 42,449 43,533 Potentially dilutive shares excluded from calculation due to anti-dilutive effect 352 96 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	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Account Details	Balance Sheet Account Details Marketable securities The following is a summary of marketable securities (in thousands): March 31, 2022 December 31, 2021 Amortized Cost Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Losses Fair Value Corporate bonds $ 36,844 $ (326) $ 36,518 $ 22,344 $ (28) $ 22,316 Commercial paper 2,197 — 2,197 — — — Corporate asset-backed securities 5,591 (36) 5,555 3,443 (1) 3,442 Total marketable securities, current 44,632 (362) 44,270 25,787 (29) 25,758 Corporate bonds, non-current 12,741 (242) 12,499 26,761 (83) 26,678 Corporate asset-backed securities, non-current 8,320 (93) 8,227 11,197 (23) 11,174 Total marketable securities $ 65,693 $ (697) $ 64,996 $ 63,745 $ (135) $ 63,610 Inventories Inventories are stated at the lower of cost (first-in, first-out) or net realizable value. Inventories consisted of the following (in thousands): March 31, December 31, Raw materials $ 93,276 $ 103,159 Work-in-process (materials, labor and overhead) 28,150 36,091 Finished goods (materials, labor and overhead) 59,962 59,515 Total inventories $ 181,388 $ 198,765 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): March 31, December 31, Other receivables $ 20,144 $ 15,879 Prepaid expenses 17,438 14,598 Other 5,057 4,590 Total prepaid expenses and other current assets $ 42,639 $ 35,067 Other Current Liabilities Other current liabilities consist of the following (in thousands): March 31, December 31, Customer incentives and rebates $ 13,471 $ 15,916 Deferred revenue 7,750 1,922 Accrued other taxes payable 6,996 10,218 Payables under transition services agreements 1,071 10,927 Other 15,194 17,745 Total other current liabilities $ 44,482 $ 56,728

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 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 . 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 March 31, 2022 and 2021, the Company recognized income tax provisions of $140.7 million in relation to income before taxes of $620.6 million and $43.7 million in relation to income before taxes of $221.8 million, respectively, resulting in effective tax rates of 23% and 20%, respectively. As compared to the federal statutory rate of 21%, the effective tax rates in both periods were impacted primarily by income taxes owed in US states. For the three months ended March 31, 2021, this was partially offset by benefits from the discrete impact of excess tax deductions from stock-based compensation, which was immaterial to the effective tax rate in the three months ended March 31, 2022.

Revolving Credit Facility

Revolving Credit Facility	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Revolving Credit Facility	Revolving Credit Facility The Company has a $175.0 million Revolving Credit Facility under an Amended and Restated Credit Agreement (the “Credit Agreement”) expiring on August 31, 2023 of which no amounts were outstanding as of March 31, 2022. 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 (0.50%), (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 March 31, 2022.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Issuances of Common Stock A summary of the status of stock option activity for the three months ended March 31, 2022 is as follows (in thousands, except price data): Shares Weighted-average Outstanding at December 31, 2021 722 $ 62.71 Granted 135 103.06 Exercised (40) 36.00 Forfeited (14) 110.68 Outstanding at March 31, 2022 803 $ 69.98 A summary of the status of RSU activity for the three months ended March 31, 2022 is as follows (in thousands, except price data): Shares Weighted-average Non-vested December 31, 2021 587 $ 95.81 Granted 313 103.60 Vested (156) 77.83 Forfeited (27) 100.98 Non-vested at March 31, 2022 717 $ 102.94 During the three months ended March 31, 2022, the Company issued 26,426 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 2022 2021 Cost of sales $ 649 $ 516 Research and development 1,124 1,034 Sales and marketing 1,760 1,404 General and administrative 3,529 2,874 Acquisition and integration costs 370 — Total stock-based compensation expense $ 7,432 $ 5,828 As of March 31, 2022, total unrecognized compensation expense was $66.7 million, which is expected to be recognized over a weighted-average period of approximately 2.6 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. Three Months Ended 2022 2021 Risk-free interest rate 1.63 % 0.42 % Expected option life (in years) 4.91 5.01 Volatility rate 58 % 53 % Dividend rate 0 % 0 % Weighted-average grant date fair value $51.79 $115.78 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 three months ended March 31, 2022 and 2021 was $103.60 and $238.20, respectively.

Industry and Geographic Informa

Industry and Geographic Information	3 Months Ended
	Mar. 31, 2022
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 United States represented $95.1 million (9%) and $86.6 million (23%) of total revenues for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022 and December 31, 2021, net accounts receivable due from foreign customers were $70.3 million and $53.5 million, respectively. For the three months ended March 31, 2022 and 2021, sales of COVID-19 products accounted for 83% an d 72% of total revenue, respectively. For the three months ended March 31, 2022 and 2021, sales of influenza products accounted for 9% and 4% of total revenue, respectively. The Company had sales to individual customers in excess of 10% of total revenues, as follows: Three Months Ended 2022 2021 Customer: A 38 % — % B 14 % 22 % C 8 % 12 % Total: 60 % 34 % As of March 31, 2022 and December 31, 2021, net accounts receivable from customers with balances due in excess of 10% of total accounts receivable totaled $468.2 million and $267.3 million, respectively. Consolidated total revenues by product category for the three months ended March 31, 2022 and 2021 were as follows (in thousands): Three Months Ended 2022 2021 Rapid Immunoassay $ 892,810 $ 237,670 Cardiometabolic Immunoassay 50,153 66,552 Molecular Diagnostic Solutions 45,989 60,263 Specialized Diagnostic Solutions 13,307 10,853 Total revenues $ 1,002,259 $ 375,338

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
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 in October 2022, subject to an option to renew for a two-year period. 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 From time to time, the Company is involved in litigation and other legal 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 March 31, 2022 and December 31, 2021 related to such matters as they are not probable and/or reasonably estimable.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
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): March 31, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 204,603 $ 4,857 $ — $ 209,460 $ 204,672 $ 6,649 $ — $ 211,321 Marketable securities — 64,996 — 64,996 — 63,610 — 63,610 Derivative assets — 257 — 257 — 84 — 84 Total assets measured at fair value $ 204,603 $ 70,110 $ — $ 274,713 $ 204,672 $ 70,343 $ — $ 275,015 Liabilities: Derivative liabilities $ — $ 29 $ — $ 29 $ — $ 269 $ — $ 269 Contingent consideration — — 6,044 6,044 — — 6,073 6,073 Deferred consideration — 79,418 — 79,418 — 78,436 — 78,436 Total liabilities measured at fair value $ — $ 79,447 $ 6,044 $ 85,491 $ — $ 78,705 $ 6,073 $ 84,778 There were no transfers of assets or liabilities into or out of Level 3 of the fair value hierarchy during the three-month period ended March 31, 2022 and the year ended December 31, 2021. Cash equivalents consist of funds held in money market accounts that are valued using quoted prices in active markets for identical instruments and highly liquid corporate debt securities with maturities within three months from purchase. Marketable securities consist of investment-grade corporate debt securities, corporate asset-backed securities and commercial paper. Derivative financial instruments are 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 B-type Natriuretic Peptide (“BNP”) assay business (“BNP Business”) from Alere Inc., the Company will pay annual installments of up to $48.0 million each year through April 2023. 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. Changes in estimated fair value of contingent consideration liabilities from December 31, 2021 through March 31, 2022 were as follows (in thousands): Contingent consideration liabilities Balance at December 31, 2021 $ 6,073 Cash payments (29) Balance at March 31, 2022 $ 6,044

Derivatives and Hedging

Derivatives and Hedging	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Foreign Currency Hedges	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. 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 foreign currency forward 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 the Company’s exposure to credit or market loss. Credit risk represents the Company’s 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. The Company generally enters into master netting arrangements that reduce credit risk by permitting net settlement of transactions with the same counterparty. The Company presents its derivative assets and derivative liabilities at their net fair values. The Company does not have any derivative instruments with credit-risk related contingent features that would require it to post collateral. The following table summarizes the fair value and notional amounts of designated and non-designated foreign currency forward contracts as of March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 December 31, 2021 Notional Amount Fair Value, Net Notional Amount Fair Value, Net Designated cash flow hedges: Prepaid expenses and other current assets $ 4,593 $ 219 $ — $ 84 Other current liabilities $ 2,409 $ 29 $ 17,629 $ 139 Non-designated forward contracts: Prepaid expenses and other current assets $ 22,548 $ 38 $ — $ — Other current liabilities $ — $ — $ 15,809 $ 130

Business Combinations and Asset

Business Combinations and Asset Acquisitions	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Pending Business Combination	Pending Business Combination On December 22, 2021, the Company entered into a Business Combination Agreement (the “BCA”) with Ortho Clinical Diagnostics Holdings plc (“Ortho”), Coronado Topco, Inc. (“Topco”), Orca Holdco, Inc. (“US Holdco Sub”), Laguna Merger Sub, Inc. (“US Merger Sub”) and Orca Holdco 2, Inc. (“US Holdco Sub 2”). Under the terms of the BCA, the Company is entering into a business combination with Ortho under Topco, a new holding company (the “Combinations”). The Combinations are expected to be implemented by way of (i) a scheme of arrangement to be undertaken by Ortho under Part 26 of the UK Companies Act 2006 (the “Ortho Scheme”), pursuant to which each issued and outstanding share of Ortho (the “Ortho Shares”) will be acquired by a nominee of Topco, such that Ortho will become a wholly owned subsidiary of Topco, and (ii) a merger (the “Quidel Merger”) of US Merger Sub with and into the Company immediately following consummation of the Ortho Scheme, with the Company surviving the merger as a wholly owned subsidiary of Topco. At the effective time of the Ortho Scheme, each Ortho Share will be acquired by a nominee on behalf and for the benefit of Topco in exchange for 0.1055 shares of common stock of Topco (the “Topco Shares”) and $7.14 in cash. At the effective time of the Quidel Merger, each share of the Company’s common stock (each, a “Quidel Share”) will be converted into the right to receive one Topco Share. Ortho will be acquired for total consideration of approximately $4.3 billion (which is based on the April 26, 2022 closing price of $100.12 per Quidel Share), including $1.7 billion of cash, funded through cash on the Company’s balance sheet and expected incremental borrowings. Following the closing of the Combinations, Ortho’s current net debt of $2.0 billion is expected to continue to be outstanding. The Combinations are expected to be completed in the second quarter of 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, and for the three months ended March 31, 2022 and 2021, is unaudited. For further information, refer to the Company’s Consolidated Financial Statements and notes thereto for the year ended December 31, 2021 included in the Company’s 2021 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 2022 and 2021, the Company’s fiscal year will end or has ended on January 1, 2023 and January 2, 2022, respectively. For 2022 and 2021, the Company’s first quarter ended on April 3, 2022 and April 4, 2021, respectively. For ease of reference, the calendar quarter end dates are used herein. The three-month periods ended March 31, 2022 and 2021 each included 13 weeks.
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 three months ended March 31, 2022, there have been no changes to our significant accounting policies as described in our 2021 Annual Report on Form 10-K.

Computation of Earnings Per S_2

Computation of Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents the calculation of the weighted-average shares used in computing basic and diluted EPS (in thousands): Three Months Ended 2022 2021 Basic weighted-average common shares outstanding 41,875 42,510 Dilutive potential shares issuable from stock options and unvested RSUs 574 1,023 Diluted weighted-average common shares outstanding 42,449 43,533 Potentially dilutive shares excluded from calculation due to anti-dilutive effect 352 96

Balance Sheet Account Details (

Balance Sheet Account Details (Tables)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Marketable Securities	The following is a summary of marketable securities (in thousands): March 31, 2022 December 31, 2021 Amortized Cost Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Losses Fair Value Corporate bonds $ 36,844 $ (326) $ 36,518 $ 22,344 $ (28) $ 22,316 Commercial paper 2,197 — 2,197 — — — Corporate asset-backed securities 5,591 (36) 5,555 3,443 (1) 3,442 Total marketable securities, current 44,632 (362) 44,270 25,787 (29) 25,758 Corporate bonds, non-current 12,741 (242) 12,499 26,761 (83) 26,678 Corporate asset-backed securities, non-current 8,320 (93) 8,227 11,197 (23) 11,174 Total marketable securities $ 65,693 $ (697) $ 64,996 $ 63,745 $ (135) $ 63,610
Inventory	Inventories are stated at the lower of cost (first-in, first-out) or net realizable value. Inventories consisted of the following (in thousands): March 31, December 31, Raw materials $ 93,276 $ 103,159 Work-in-process (materials, labor and overhead) 28,150 36,091 Finished goods (materials, labor and overhead) 59,962 59,515 Total inventories $ 181,388 $ 198,765
Other Current Assets	Prepaid expenses and other current assets consist of the following (in thousands): March 31, December 31, Other receivables $ 20,144 $ 15,879 Prepaid expenses 17,438 14,598 Other 5,057 4,590 Total prepaid expenses and other current assets $ 42,639 $ 35,067
Other Current Liabilities	Other current liabilities consist of the following (in thousands): March 31, December 31, Customer incentives and rebates $ 13,471 $ 15,916 Deferred revenue 7,750 1,922 Accrued other taxes payable 6,996 10,218 Payables under transition services agreements 1,071 10,927 Other 15,194 17,745 Total other current liabilities $ 44,482 $ 56,728

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Share-based Payment Arrangement, Option, Activity	A summary of the status of stock option activity for the three months ended March 31, 2022 is as follows (in thousands, except price data): Shares Weighted-average Outstanding at December 31, 2021 722 $ 62.71 Granted 135 103.06 Exercised (40) 36.00 Forfeited (14) 110.68 Outstanding at March 31, 2022 803 $ 69.98
Schedule of Nonvested Share Activity	A summary of the status of RSU activity for the three months ended March 31, 2022 is as follows (in thousands, except price data): Shares Weighted-average Non-vested December 31, 2021 587 $ 95.81 Granted 313 103.60 Vested (156) 77.83 Forfeited (27) 100.98 Non-vested at March 31, 2022 717 $ 102.94
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 2022 2021 Cost of sales $ 649 $ 516 Research and development 1,124 1,034 Sales and marketing 1,760 1,404 General and administrative 3,529 2,874 Acquisition and integration costs 370 — Total stock-based compensation expense $ 7,432 $ 5,828
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. Three Months Ended 2022 2021 Risk-free interest rate 1.63 % 0.42 % Expected option life (in years) 4.91 5.01 Volatility rate 58 % 53 % Dividend rate 0 % 0 % Weighted-average grant date fair value $51.79 $115.78

Industry and Geographic Infor_2

Industry and Geographic Information (Tables)	3 Months Ended
	Mar. 31, 2022
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: Three Months Ended 2022 2021 Customer: A 38 % — % B 14 % 22 % C 8 % 12 % Total: 60 % 34 %
Net Revenues by Product Category	Consolidated total revenues by product category for the three months ended March 31, 2022 and 2021 were as follows (in thousands): Three Months Ended 2022 2021 Rapid Immunoassay $ 892,810 $ 237,670 Cardiometabolic Immunoassay 50,153 66,552 Molecular Diagnostic Solutions 45,989 60,263 Specialized Diagnostic Solutions 13,307 10,853 Total revenues $ 1,002,259 $ 375,338

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
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): March 31, 2022 December 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 204,603 $ 4,857 $ — $ 209,460 $ 204,672 $ 6,649 $ — $ 211,321 Marketable securities — 64,996 — 64,996 — 63,610 — 63,610 Derivative assets — 257 — 257 — 84 — 84 Total assets measured at fair value $ 204,603 $ 70,110 $ — $ 274,713 $ 204,672 $ 70,343 $ — $ 275,015 Liabilities: Derivative liabilities $ — $ 29 $ — $ 29 $ — $ 269 $ — $ 269 Contingent consideration — — 6,044 6,044 — — 6,073 6,073 Deferred consideration — 79,418 — 79,418 — 78,436 — 78,436 Total liabilities measured at fair value $ — $ 79,447 $ 6,044 $ 85,491 $ — $ 78,705 $ 6,073 $ 84,778
Changes in Estimated Fair Value of Contingent Consideration Liabilities	Changes in estimated fair value of contingent consideration liabilities from December 31, 2021 through March 31, 2022 were as follows (in thousands): Contingent consideration liabilities Balance at December 31, 2021 $ 6,073 Cash payments (29) Balance at March 31, 2022 $ 6,044

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 December 31, 2021 Notional Amount Fair Value, Net Notional Amount Fair Value, Net Designated cash flow hedges: Prepaid expenses and other current assets $ 4,593 $ 219 $ — $ 84 Other current liabilities $ 2,409 $ 29 $ 17,629 $ 139 Non-designated forward contracts: Prepaid expenses and other current assets $ 22,548 $ 38 $ — $ — Other current liabilities $ — $ — $ 15,809 $ 130

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
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net income	$ 479,936	$ 178,084
Basic weighted-average common shares outstanding	41,875	42,510
Dilutive potential shares issuable from stock options and unvested RSUs	574	1,023
Diluted weighted-average common shares outstanding	42,449	43,533
Potentially dilutive shares excluded from calculation due to anti-dilutive effect	352	96

Balance Sheet Account Details I

Balance Sheet Account Details Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory, Net [Abstract]
Raw materials	$ 93,276	$ 103,159
Work-in-process (materials, labor and overhead)	28,150	36,091
Finished goods (materials, labor and overhead)	59,962	59,515
Total inventories	$ 181,388	$ 198,765

Balance Sheet Account Details P

Balance Sheet Account Details Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets, Current [Abstract]
Other receivables	$ 20,144	$ 15,879
Income taxes receivable	17,438	14,598
Other	5,057	4,590
Total prepaid expenses and other current assets	$ 42,639	$ 35,067

Balance Sheet Account Details O

Balance Sheet Account Details Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Customer incentives and rebates	$ 13,471	$ 15,916
Deferred revenue	7,750	1,922
Accrued other taxes payable	6,996	10,218
Payables, Transition Service Agreements	1,071	10,927
Other	15,194	17,745
Total other current liabilities	$ 44,482	$ 56,728

Balance Sheet Account Details M

Balance Sheet Account Details Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	$ 65,693	$ 63,745
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(697)	(135)
Marketable securities, current	44,270	25,758
Marketable securities, non-current	20,726	37,852
Marketable Securities	64,996	63,610
Corporate Debt Securities
Marketable Securities [Line Items]
Marketable securities, current	36,518	22,316
Marketable securities, non-current	12,499	26,678
Asset-backed Securities
Marketable Securities [Line Items]
Marketable securities, current	5,555	3,442
Marketable securities, non-current	8,227	11,174
Commercial Paper
Marketable Securities [Line Items]
Marketable securities, current	2,197	0
Short-term Investments
Marketable Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	44,632	25,787
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(362)	(29)
Short-term Investments | Corporate Debt Securities
Marketable Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	36,844	22,344
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(326)	(28)
Short-term Investments | Asset-backed Securities
Marketable Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	5,591	3,443
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(36)	(1)
Short-term Investments | Commercial Paper
Marketable Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	2,197	0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	0	0
Long-Term Investments | Corporate Debt Securities
Marketable Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	12,741	26,761
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(242)	(83)
Long-Term Investments | Asset-backed Securities
Marketable Securities [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	8,320	11,197
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	$ (93)	$ (23)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 140,692	$ 43,723
Effective income tax rate	23.00%	20.00%
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$ 620,628	$ 221,807

Revolving Credit Facility (Deta

Revolving Credit Facility (Details)	Aug. 31, 2018USD ($)covenant	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)
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			$ 200,000
Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Stated interest rate	1.75%
Minimum | Base Rate
Debt Instrument [Line Items]
Stated interest rate	0.75%
Maximum
Debt Instrument [Line Items]
Ratio of indebtedness to net capital	4.50
Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Stated interest rate	2.50%
Maximum | Base Rate
Debt Instrument [Line Items]
Stated interest rate	1.50%
Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense, debt		$ 200,000

Stockholders' Equity Stock-Base

Stockholders' Equity Stock-Based Compensation - Summary of Status of Stock Option Activity (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Shares
Stock options outstanding, beginning (in shares) | shares	722
Granted (in shares) | shares	135
Exercised (in shares) | shares	(40)
Stock options outstanding, ending (in shares) | shares	803
Weighted-average exercise price per share
Stock options outstanding beginning, weighted average exercise price (in USD per share) | $ / shares	$ 62.71
Stock options granted, weighted average exercise price (in USD per share) | $ / shares	103.06
Stock options exercised, weighted average exercise price (in USD per share) | $ / shares	36
Stock options outstanding ending, weighted average exercise price (in USD per share) | $ / shares	$ 69.98
Stock options cancelled (in shares) | shares	(14)
Stock options cancelled, weighted average exercise price (in USD per share) | $ / shares	$ 110.68

Stockholders' Equity Stock-Ba_2

Stockholders' Equity Stock-Based Compensation - Summary of Status of Stock Awards Activity (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Shares
Restricted stock outstanding, non-vested, beginning (in shares) | shares	587
Granted (in shares) | shares	313
Vested (in shares) | shares	(156)
Forfeited (in shares) | shares	(27)
Restricted stock outstanding, non-vested, ending (in shares) | shares	717
Weighted-average grant date fair value
Restricted stock outstanding, non-vested, beginning, weighted average fair value (in USD per share) | $ / shares	$ 95.81
Restricted stock granted, weighted average fair value (in USD per share) | $ / shares	103.60
Restricted stock vested, weighted average fair value (in USD per share) | $ / shares	77.83
Restricted stock forfeited, weighted average far value (in USD per share) | $ / shares	100.98
Restricted stock outstanding, non-vested, ending, weighted average fair value (in USD per share) | $ / shares	$ 102.94

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued in connection with employee stock purchase plan (in shares)	26,426,000
Restricted stock granted, weighted average fair value (in USD per share)	$ 103.60
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 66.7
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected weighted-average period of recognition for unrecognized compensation expense	2 years 7 months 6 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted, weighted average fair value (in USD per share)	$ 103.60	$ 238.20

Stockholders' Equity - Compensa

Stockholders' Equity - Compensation Expense Related to Stock-Based Compensation Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 7,432	$ 5,828
Cost of sales
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	649	516
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	1,124	1,034
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	1,760	1,404
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	3,529	2,874
Acquisition-related Costs
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 370	$ 0

Stockholders' Equity - Estimate

Stockholders' Equity - Estimated Fair Value of Each Stock Option Award (Details) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Equity [Abstract]
Risk-free interest rate	1.63%	0.42%
Expected option life (in years)	4 years 10 months 28 days	5 years 3 days
Volatility rate	58.00%	53.00%
Dividend rate	0.00%	0.00%
Weighted-average grant date fair value of stock options granted (in USD per share)	$ 51.79	$ 115.78

Industry and Geographic Infor_3

Industry and Geographic Information - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)segment	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
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.	$ 95.1	$ 86.6
Customer Concentration Risk | Sales | Non-US
Revenue, Major Customer [Line Items]
Percentage of risk concentration by major customer	9.00%	23.00%
Geographic Concentration Risk | Non-US
Revenue, Major Customer [Line Items]
Accounts receivable	$ 70.3		$ 53.5
Credit Concentration Risk
Revenue, Major Customer [Line Items]
Accounts receivable	$ 468.2		$ 267.3
Product Concentration Risk | Sales | Influenza Products
Revenue, Major Customer [Line Items]
Percentage of risk concentration by major customer	9.00%	4.00%
Product Concentration Risk | Sales | COVID Products [Domain]
Revenue, Major Customer [Line Items]
Percentage of risk concentration by major customer	83.00%	72.00%

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	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Customer A
Revenue, Major Customer [Line Items]
Sales percentage	38.00%	0.00%
Customer B
Revenue, Major Customer [Line Items]
Sales percentage	14.00%	22.00%
Customer C
Revenue, Major Customer [Line Items]
Sales percentage	8.00%	12.00%
Total:
Revenue, Major Customer [Line Items]
Sales percentage	60.00%	34.00%

Industry and Geographic Infor_5

Industry and Geographic Information Industry and Geographic Information - Revenue by Category (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,002,259	$ 375,338
Rapid Immunoassay
Disaggregation of Revenue [Line Items]
Total revenues	892,810	237,670
Cardiometabolic Immunoassay
Disaggregation of Revenue [Line Items]
Total revenues	50,153	66,552
Molecular Diagnostic Solutions
Disaggregation of Revenue [Line Items]
Total revenues	45,989	60,263
Specialized Diagnostic Solutions
Disaggregation of Revenue [Line Items]
Total revenues	$ 13,307	$ 10,853

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022buildingrenewal_termoption	Jan. 31, 2021USD ($)renewal_term	Jan. 05, 2018building
Other Ownership Interests [Line Items]
Sale leaseback transaction, number of buildings | building	3		3
Number of buildings | building	4
Number of additional terms | option	2
Option to extend, term	5 years
Number of additional buildings | renewal_term	1
Renewal term	2 years
Lessee, operating lease, term of contract		15 years
Rutherford
Other Ownership Interests [Line Items]
Renewal term		5 years
Number of renewal terms | renewal_term		2
Rutherford
Other Ownership Interests [Line Items]
Operating lease, liability | $		$ 39.4

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets:
Total assets measured at fair value	$ 274,713	$ 275,015
Liabilities:
Total liabilities measured at fair value	85,491	84,778
Money Market Funds, at Carrying Value	209,460	211,321
Marketable Securities	64,996	63,610
Derivative
Assets:
Derivative assets	257	84
Liabilities:
Financial Liabilities Fair Value Disclosure	29	269
Contingent consideration
Liabilities:
Nonfinancial Liabilities Fair Value Disclosure	6,044	6,073
Deferred consideration
Liabilities:
Nonfinancial Liabilities Fair Value Disclosure	79,418	78,436
Level 1
Assets:
Total assets measured at fair value	204,603	204,672
Liabilities:
Total liabilities measured at fair value	0	0
Money Market Funds, at Carrying Value	204,603	204,672
Marketable Securities	0	0
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	70,110	70,343
Liabilities:
Total liabilities measured at fair value	79,447	78,705
Money Market Funds, at Carrying Value	4,857	6,649
Marketable Securities	64,996	63,610
Level 2 | Derivative
Assets:
Derivative assets	257	84
Liabilities:
Financial Liabilities Fair Value Disclosure	29	269
Level 2 | Contingent consideration
Liabilities:
Nonfinancial Liabilities Fair Value Disclosure	0	0
Level 2 | Deferred consideration
Liabilities:
Nonfinancial Liabilities Fair Value Disclosure	79,418	78,436
Level 3
Assets:
Total assets measured at fair value	0	0
Liabilities:
Total liabilities measured at fair value	6,044	6,073
Money Market Funds, at Carrying Value	0	0
Marketable Securities	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	6,044	6,073
Level 3 | Deferred consideration
Liabilities:
Nonfinancial Liabilities Fair Value Disclosure	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - Consideration B - BNP Business $ in Millions	Mar. 31, 2022USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Installment payment in 2021	$ 48
Installment payment in 2022	$ 48

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Estimated Fair Value of Contingent Consideration Liabilities (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	$ 6,044	$ 6,073
Cash payments	$ (29)

Derivatives and Hedging - Forei

Derivatives and Hedging - Foreign Currency (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Designated as Hedging Instrument | Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Derivative Liability, Notional Amount	$ 2,409	$ 17,629
Derivative Liability, Fair Value, Gross Liability	29	139
Prepaid expenses and other current assets | Designated as Hedging Instrument | Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Notional Amount	4,593	0
Derivative Asset, Fair Value, Gross Asset	219	84
Prepaid expenses and other current assets | Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Amount	22,548	0
Derivative Liability, Notional Amount	0	15,809
Derivative Liability, Fair Value, Gross Liability	0	130
Derivative Asset, Fair Value, Gross Asset	$ 38	$ 0

Business Combinations and Ass_2

Business Combinations and Asset Acquisitions (Details) - USD ($)	Apr. 26, 2022	Dec. 22, 2021
Topco
Business Acquisition [Line Items]
Noncontrolling Interest, Expected Ownership Percentage by Parent		62.00%
Ortho | Topco
Business Acquisition [Line Items]
Noncontrolling Interest, Expected Ownership Percentage By Noncontrolling Owners		38.00%
Ortho | Subsequent Event
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Expected Long-Term Debt	$ 2,000,000,000
Ortho Acquisition
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable, Entity Shares To Be Issued Per Acquire Share		1
Ortho Acquisition | Subsequent Event
Business Acquisition [Line Items]
Business Combination, Consideration To Be Transferred	$ 4,300,000,000
Business Acquisition, Share Price	$ 100.12
Expected Payments To Acquire Businesses, Gross	$ 1,700,000,000
Ortho Acquisition | Topco
Business Acquisition [Line Items]
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable, Entity Shares To Be Issued Per Acquire Share		0.1055
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable, Cash To Be Paid Per Acquire Share		$ 7.14