Quidel : Presents at JPM Healthcare Conference

JPM Investor Presentation

January 13, 2021

Forward-Looking Statements

This presentation contains forward-looking statements within the meaning of the federal securities laws that involve material risks, assumptions and uncertainties. Many possible events or factors could affect our future results and performance, such that our actual results and performance may differ materially from those that may be described or implied in the forward-looking statements. As such, no forward-looking statement can be guaranteed. Differences in actual results and performance may arise as a result of a number of factors including, without limitation: the impact and duration of the novel virus (COVID-19) global pandemic; funding and compliance risks relating to government contracts, including our ability to meet key deliverables and milestones under our NIH RADx-ATP contract; our ability to accurately forecast demand for our products and products in development, including in new market segments; adverse changes in competitive conditions, the reimbursement system currently in place and future changes to that system, changes in economic conditions in our domestic and international markets, lower than anticipated market penetration of our products, our reliance on sales of our influenza and COVID-19 diagnostic tests, fluctuations in our operating results resulting from the timing of the onset, length and severity of cold and flu seasons, seasonality, government and media attention focused on influenza and other respiratory or novel viruses and the related potential impact on humans from such viruses; our ability to meet demand for our products; interruptions, delays or shortages in the supply of raw materials, equipment and other components; the quantity of our product in our distributors' inventory or distribution channels; changes in the buying patterns of our distributors; changes in the healthcare market and consolidation of our customer base; our development, acquisition and protection of proprietary technology rights; our ability to develop new technologies, products and markets and to commercialize new products; our reliance on a limited number of key distributors; our exposure to claims and litigation that could result in significant expenses and could ultimately result in an unfavorable outcome for us, including the ongoing litigation between us and Beckman Coulter, Inc.; intellectual property risks, including but not limited to, infringement litigation; our ability to finance our capital or operating needs; the financial soundness of our customers and suppliers; acceptance of our products among physicians and other healthcare providers; competition from other providers of diagnostic products; failures or delays in receipt of reviews or regulatory approvals, clearances or authorizations for new products or related to currently-marketed products by the U.S. Food and Drug Administration (the "FDA") or other regulatory authorities or loss of any previously received regulatory approvals, clearances or authorizations or other adverse actions by regulatory authorities; changes in government policies; costs of and adverse operational impact from failure to comply with government regulations in addition to FDA regulations; compliance with government regulations relating to the handling, storage and disposal of hazardous substances; third-party reimbursement policies and potential cost constraints; our failure to comply with laws and regulations relating to billing and payment for healthcare services; product defects; business risks not covered by insurance; costs and disruptions from failures in our information technology and storage systems; our exposure to data corruption, cyber-based attacks, security breaches and privacy violations; competition for and loss of management and key personnel; international risks, including but not limited to, compliance with product registration requirements, compliance with legal requirements, tariffs, exposure to currency exchange fluctuations and foreign currency exchange risk, longer payment cycles, lower selling prices and greater difficulty in collecting accounts receivable, reduced protection of intellectual property rights, social, political and economic instability, increased financial accounting and reporting burdens and complexities, taxes, and diversion of lower priced international products into U.S. markets; changes in tax rates and exposure to additional tax liabilities or assessments; our ability to manage our growth strategy and successfully identify, acquire and integrate potential acquisition targets or technologies and our ability to obtain financing; the level of our deferred payment obligations; that our Revolving Credit Facility is secured by substantially all of our assets; operating and financial restrictions on us under the agreements for our indebtedness and their effect on our ability to operate our business; that an event of default could trigger acceleration of outstanding indebtedness; that we may incur additional indebtedness; dilution resulting from future sales of our equity; volatility in our stock price; provisions in our charter documents and Delaware law that might delay or impede stockholder actions with respect to business combinations or similar transactions; and our intention of not paying dividends. Forward-looking statements typically are identified by the use of terms such as "may," "will," "should," "might," "expect," "anticipate," "estimate," "plan," "intend," "goal," "project," "strategy," "future," and similar words, although some forward-looking statements are expressed differently.

Forward-looking statements in this presentation include, among others, statements concerning our outlook for the business, including, among others, projections about our revenue, indebtedness, product demand, new and expansion product developments and market opportunities, including pricing, growth of our non-COVID portfolio, OTC opportunities, manufacturing, regulatory and commercial activities; our strategic initiatives, goals, focus and objectives, including company transformation; our merger and acquisition ("M&A") strategy. The risks described in reports and registration statements that we file with the Securities and Exchange Commission from time to time, should be carefully considered, including those discussed in Item 1A, "Risk Factors" and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2019 and in our subsequent Quarterly Reports on Form 10-Q. You are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date of this presentation. Except as required by law, we undertake no obligation to publicly release any revision or update of these forward- looking statements, whether as a result of new information, future events or otherwise.

• Projections: The projections and estimates in this presentation are based on numerous variables and assumptions, which are inherently uncertain, including factors related to the impact of the COVID-19 pandemic, continuity of supply of raw materials and other components, and general economic and competitive conditions. Accordingly, actual results could differ materially from those set forth in the projected or estimated numbers. Inclusion of such projected and estimated numbers in this presentation should not be regarded as a representation that such results will be achieved. See "Forward-Looking Statements" above.
• Non-GAAPFinancial Measures: This presentation contains adjusted EBITDA, which is a non-GAAP financial measure. Such non-GAAP financial measures are presented as supplemental financial measurements in the evaluation of our business. We believe the presentation of these financial measures helps investors to assess our operating performance from period to period and enhances understanding of our financial performance and highlights operational trends. Such measurements may not be comparable to those of other companies in our industry, which limits their usefulness as comparative metrics. Such metrics are not required by or calculated in accordance with generally accepted accounting principles ("GAAP") and should not be considered as substitutes for net income or any other measure of financial performance reported in accordance with GAAP or as a measure of operating cash flow or liquidity. You can find a reconciliation of EBITDA to the most directly comparable GAAP financial measure in the Appendix to this presentation.

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2020 in Review

• Responded quickly to the pandemic: received 6 EUAs for COVID-19 diagnostics across multiple technologies:

1. PCR, rapid antigen, and isothermal SARS assays for professional use

• 1. QuickVue and Sofia Q SARS tests for OTC and "at-home" use expected soon
• Total Revenues grew by approximately $1.1B to $1.6B; +210% growth versus last year:
• 1. Sofia SARS revenues were $1.0B

1. Lyra SARS-2-CoV-2 revenues were $0.2B

1. Minimal QuickVue and Solana SARS revs in 2020; will be growth drivers for 2021

• 1. Core Revenues down ~7%
• Operating Margins expected to exceed 60%, compared to 2019 at 17%
• Sofia installed base accelerated in Q4, growing to 65,000 total instrument placements; Solana at 1,350 placements
• Focused Production Capacity Ramp: Gross Capital investment in excess of $60M

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Outlook for 2021

Anticipate everything we can make will get shipped. Currently spotting, laminating and cutting

3 million tests per week for QuickVue and Sofia. Looking at mix and supply chain as we

anticipate QV SARS OTC approval.

OTC, although important, will have a limited impact in H1 as we install equipment

and hire additional staff.

We expect to double 2020 revenue in 2021 with a similar drop-through to the bottom line.

4	Copyright © 2021 Quidel Corporation. All rights reserved.