Qorvo Biotechnologies Awarded $24.4 Million National Institutes of Health Contract to Scale Point-of-Care COVID-19 Antigen Testing

GREENSBORO, N.C., April 15, 2021 (GLOBE NEWSWIRE) — Qorvo® (Nasdaq: QRVO), a leading provider of innovative radio frequency (RF) solutions that connect the world, has been awarded a $24.4 million contract with the National Institutes of Health (NIH) through the Rapid Acceleration of Diagnostics (RADx^SM) initiative. The contract, awarded to Qorvo Biotechnologies, a wholly owned subsidiary of Qorvo, helps advance the production and market launch of the Qorvo Omnia™ diagnostic test platform.

Qorvo Biotechnologies’ COVID-19 antigen test was recently granted emergency use authorization (EUA) by the U.S. FDA.  The Qorvo Omnia platform represents a paradigm shift in diagnostic testing capability by using high frequency Bulk Acoustic Wave (BAW) sensors to achieve rapid SARS-CoV-2 (COVID-19) antigen testing.  BAW sensor technology enables low Limit of Detection (LOD) levels that are similar to molecular testing capability.

NIH launched RADx in the early months of the pandemic to speed innovation in the development and commercialization of technologies for COVID-19 testing. “Qorvo’s RF-based diagnostic technology has met review criteria to become a part of the RADx portfolio,” said Tiffani Bailey Lash, Ph.D., Co-Program Lead for the RADxTech program. “Qorvo’s antigen test has a lot of potential with near-PCR-level accuracy for use at point-of-care settings.”

James Klein, president of Qorvo Biotechnologies, said, “Widespread testing with rapid and reliable results plays a critical role in helping public health officials respond to infectious disease outbreaks. We are committed to supporting the ongoing fight against COVID-19 as well as expanding the availability of tools with broader applicability.”

Qorvo has more than 30 years of experience working with government contracts and has shipped billions of products containing its BAW RF technology across a range of industries. For more information, visit www.qorvobiotech.com.

This project has been funded in part by the NIH Rapid Acceleration of Diagnostics (RADx^SM) initiative with federal funds from the National Institute of Biomedical Imaging and Bioengineering, National Institutes of Health.  The current contract is funded from the Public Health and Social Services Emergency Fund through the Biomedical Advanced Research and Development Authority, HHS Office of the Assistant Secretary for Preparedness and Response, Department of Health and Human Services.

About Qorvo Biotechnologies
Qorvo Biotechnologies, LLC is a wholly owned subsidiary of Qorvo, Inc. focused on the development of point-of-care (POC) diagnostics solutions leveraging Qorvo’s innovative BAW sensor technology.

About Qorvo
Qorvo (Nasdaq: QRVO) makes a better world possible by providing innovative radio frequency (RF) solutions at the center of connectivity. We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers’ most complex technical challenges. Qorvo serves diverse high-growth segments of large global markets, including advanced wireless devices, wired and wireless networks, and defense radar and communications. We also leverage unique competitive strengths to advance 5G networks, cloud computing, the Internet of Things and other emerging applications that expand the global framework interconnecting people, places and things. Visit www.qorvo.com to learn how Qorvo connects the world.

Qorvo is a registered trademark and Qorvo Omnia is a trademark of Qorvo, Inc. in the U.S. and in other countries. All other trademarks are the property of their respective owners.

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions, and are not historical facts and typically are identified by use of terms such as “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue” and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management’s current judgment and expectations, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under U.S. federal securities laws. Our business is subject to numerous risks and uncertainties, including those relating to fluctuations in our operating results; our substantial dependence on developing new products and achieving design wins; our dependence on a few large customers for a substantial portion of our revenue; a loss of revenue if contracts with the United States government or defense and aerospace contractors are canceled or delayed or if defense spending is reduced; the COVID-19 pandemic, which has and will likely continue to negatively impact the global economy and disrupt normal business activities, and which may have an adverse effect on our results of operations; our dependence on third parties; risks related to sales through distributors; risks associated with the operation of our manufacturing facilities; business disruptions; poor manufacturing yields; increased inventory risks and costs due to timing of customer forecasts; our inability to effectively manage or maintain evolving relationships with platform providers; risks from international sales and operations; economic regulation in China; changes in government trade policies, including imposition of tariffs and export restrictions; our ability to implement innovative technologies; underutilization of manufacturing facilities as a result of industry overcapacity; we may not be able to borrow funds under our credit facility or secure future financing; we may not be able to generate sufficient cash to service all of our debt; restrictions imposed by the agreements governing our debt; volatility in the price of our common stock; damage to our reputation or brand; fluctuations in the amount and frequency of our stock repurchases; our recent and future acquisitions and other strategic investments could fail to achieve financial or strategic objectives; our ability to attract, retain and motivate key employees; our reliance on our intellectual property portfolio; claims of infringement of third-party intellectual property rights; security breaches and other similar disruptions compromising our information; theft, loss or misuse of personal data by or about our employees, customers or third parties; warranty claims, product recalls and product liability; and risks associated with environmental, health and safety regulations and climate change. Many of the foregoing risks and uncertainties are, and will continue to be, exacerbated by the COVID-19 pandemic and any worsening of the global business and economic environment as a result. These and other risks and uncertainties, which are described in more detail in Qorvo’s most recent Annual Report on Form 10-K and in other reports and statements filed with the Securities and Exchange Commission, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements..