|By Marketwired .||
|April 23, 2014 04:08 PM EDT|
SAN DIEGO, CA -- (Marketwired) -- 04/23/14 -- Quidel Corporation (NASDAQ: QDEL), a provider of rapid diagnostic testing solutions, cellular-based virology assays and molecular diagnostic systems, announced today financial results for the first quarter ended March 31, 2014.
First Quarter 2014 Highlights:
- Total revenues were $46.7 million compared to $62.0 million in the first quarter of 2013.
- Reported EPS of $(0.04) per share compared to $0.36 per diluted share, in the first quarter of 2013.
- Received 510(k) clearance from the United States Food and Drug Administration (FDA) for Quidel's AmpliVue® HSV 1+2 Assay.
First Quarter 2014 Results
Total revenues for the first quarter of 2014 were $46.7 million compared to $62.0 million in the first quarter of 2013. The decrease in revenue was due to lower sales of infectious disease products in the first quarter of 2014, the result of a weak respiratory disease season.
In the first quarter of 2014, the company generated $18.3 million in total influenza product sales, as a year-over-year decrease in QuickVue Influenza product sales was partially offset by $6.2 million in Sofia Influenza revenue, a 42% increase over the first quarter of 2013.
"While the proportion of patient visits this season that was due to Influenza-like-illness (ILI) was only slightly lower than is typical, and the season was only slightly shorter in duration, the overall number of patient visits was significantly lower than in the previous year. Further, the CDC reported a 27% decrease in the number of laboratory-confirmed influenza-associated hospitalizations from the prior season. Consequently, total sales of products across the respiratory disease category declined, offset slightly by sales of Sofia and molecular products," said Douglas Bryant, president and CEO of Quidel Corporation. "Placements of Sofia were in line with last year's first quarter, and sales of Sofia instruments and test cartridges on a trailing twelve month basis exceeded $20.0 million. Total Sofia revenues for Q1 were up 57% over the prior year."
In the quarter, total costs and expenses were $48.9 million as compared to $44.8 million in the first quarter of 2013. Cost of Sales increased $0.7 million, and also increased as a percentage of revenues, mostly due to a change in the production volume and mix of products. The R&D expense increase was primarily due to a benefit from Life Technologies in 2013 from a R&D collaboration agreement that was not repeated in 2014. The expense increase in sales and marketing was due to an approximate 20% increase in sales personnel in the first quarter of 2014 as compared to the first quarter of 2013.
Net loss for the first quarter of 2014 was $1.5 million, or $(0.04) per share, compared to net income of $12.4 million, or $0.36 per diluted share, for the first quarter of 2013. On a non-GAAP basis, excluding amortization of intangibles, stock compensation expense and certain non-recurring items, net income for the first quarter of 2014 was $2.9 million, or $0.08 per diluted share, compared to $17.0 million, or $0.49 per diluted share, for the same period in 2013.
Non-GAAP Financial Information
The Company is providing non-GAAP financial information to exclude the effect of stock-based compensation and amortization of intangibles on earnings (loss) and net earnings (loss) per share as a supplement to its consolidated financial statements, which are presented in accordance with generally accepted accounting principles in the U.S., or GAAP.
Management is providing the adjusted net earnings and adjusted net earnings per share information for the periods presented because it believes this enhances the comparison of the Company's financial performance from period-to-period, and to that of its competitors. This press release is not meant to be considered in isolation, or as a substitute for results prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures to the comparable GAAP measures is included in this press release as part of the attached financial tables.
Conference Call Information
Quidel management will host a conference call to discuss the first quarter results as well as other business matters today beginning at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). During the conference call, management may answer questions concerning business and financial developments and trends. Quidel's responses to these questions, as well as other matters discussed during the conference call, may contain or constitute material information that has not been previously disclosed.
To participate in the live call by telephone from the U.S., dial 800-706-7741, or from outside the U.S. dial 617-614-3471, and enter the pass code 39-655-069.
A live webcast of the call can be accessed at http://www.quidel.com, and the Web site replay will be available for 14 days. The telephone replay will be available for 48 hours beginning at 9:00 p.m. Eastern Time (6:00 p.m. Pacific Time) today by dialing 888-286-8010 from the U.S., or 617-801-6888 for international callers, and entering pass code 27-776-122.
About Quidel Corporation
Quidel Corporation serves to enhance the health and wellbeing of people around the globe through the development of diagnostic solutions that can lead to improved patient outcomes and provide economic benefits to the healthcare system. Marketed under the QuickVue®, D3® Direct Detection and Thyretain® leading brand names, as well as under the new Sofia®, AmpliVue® and Lyra brands, Quidel's products aid in the detection and diagnosis of many critical diseases and conditions, including, among others, influenza, respiratory syncytial virus, Strep A, herpes, pregnancy, thyroid disease and fecal occult blood. Quidel's research and development engine is also developing a continuum of diagnostic solutions from advanced lateral-flow and direct fluorescent antibody to molecular diagnostic tests to further improve the quality of healthcare in physicians' offices and hospital and reference laboratories. For more information about Quidel's comprehensive product portfolio, visit quidel.com.
This press release 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 financial 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, fluctuations in our operating results resulting from seasonality; the timing of the onset, length and severity of cold and flu seasons; government and media attention focused on influenza and the related potential impact on humans from novel influenza viruses; adverse changes in competitive conditions in domestic and international markets; the reimbursement system currently in place and future changes to that system; changes in economic conditions in our domestic and international markets; changes in sales levels as it relates to the absorption of our fixed costs; lower than anticipated market penetration of our products; the quantity of our product in our distributors' inventory or distribution channels and changes in the buying patterns of our distributors; our development of new technologies, products and markets; our development and protection of intellectual property; our reliance on a limited number of key distributors; our reliance on sales of our influenza diagnostics tests; our ability to manage our growth strategy, including our ability to integrate companies or technologies we have acquired or may acquire; intellectual property risks, including but not limited to, infringement litigation; limitations and covenants in our senior credit facility; that we may incur significant additional indebtedness; our need for additional funds to finance our operating needs; volatility and disruption in the global capital and credit markets; acceptance of our products among physicians and other healthcare providers; competition with other providers of POC diagnostic products; changes in government policies; adverse actions or delays in product reviews by the U.S. Food and Drug Administration (the "FDA"); compliance with other government regulations, such as safe working conditions, manufacturing practices, environmental protection, fire hazard and disposal of hazardous substances; third-party reimbursement policies; our ability to meet demand for our products; interruptions in our supply of raw materials; product defects; business risks not covered by insurance; the loss of key personnel; international risks, including but not limited to, compliance with product registration requirements, exposure to currency exchange fluctuations, longer payment cycles, lower selling prices and greater difficulty in collecting accounts receivable, reduced protection of intellectual property rights, political and economic instability, taxes, and diversion of lower priced international products into US markets; our failure to maintain adequate internal control over financial reporting; volatility in our stock price; dilution resulting from future sales of our equity; and provisions in our charter documents and Delaware law that might delay stockholder actions with respect to business combinations or the election of directors. Forward-looking statements typically are identified by the use of terms such as "may," "will," "should," "might," "expect," "anticipate," "estimate," and similar words, although some forward-looking statements are expressed differently. The risks described under "Risk Factors" in reports and registration statements that we file with the Securities and Exchange Commission (SEC) from time to time should be carefully considered. 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 press release. We undertake no obligation to publicly release the results of any revision or update of the forward-looking statements, except as required by law.
QUIDEL CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data; unaudited) Three months ended March 31, 2014 2013 ------------- ------------- Total revenues $ 46,673 $ 61,995 Cost of sales (excludes amortization of intangible assets from acquired businesses and technology) 20,247 19,547 Research and development 9,081 7,524 Sales and marketing 9,927 8,442 General and administrative 7,397 7,529 Amortization of intangible assets from acquired businesses and technology 2,208 1,764 ------------- ------------- Total costs and expenses 48,860 44,806 ------------- ------------- Operating (loss) income (2,187) 17,189 Interest expense (179) (204) Interest income 6 6 Other expense (16) - ------------- ------------- Total other expense (189) (198) ------------- ------------- (Loss) income before taxes (2,376) 16,991 (Benefit) provision for income taxes (864) 4,624 ------------- ------------- Net (loss) income $ (1,512) $ 12,367 ============= ============= Basic (loss) earnings per share $ (0.04) $ 0.37 Diluted (loss) earnings per share $ (0.04) $ 0.36 Weighted shares used in basic per share calculation 34,199 33,501 Weighted shares used in diluted per share calculation 34,199 34,575 Gross profit as a % of total revenues 57% 68% Research and development as a % of total revenues 19% 12% Sales and marketing as a % of total revenues 21% 14% General and administrative as a % of total revenues 16% 12% Condensed balance sheet data (in thousands): 3/31/14 12/31/13 ------------- ------------- Cash, cash equivalents and restricted cash $ 25,706 $ 9,357 Accounts receivables 16,676 29,928 Inventories 24,986 27,639 Total assets 271,419 271,485 Long term debt 5,005 5,126 Stockholders' equity 225,007 223,779 QUIDEL CORPORATION Reconciliation of Non-GAAP Financial Information (In thousands, except per share data) Three months ended March 31, 2014 2013 ------------- ------------- (unaudited) Net (loss) income - GAAP $ (1,512) $ 12,367 Add: Non-cash stock compensation expense 2,239 2,141 Amortization of intangibles 4,752 4,974 Income tax impact of 2012 research and development tax credit - (510) Income tax impact of non-cash stock compensation expense and amortization of intangibles (2,545) (1,935) ------------- ------------- Adjusted net income $ 2,934 $ 17,037 ============= ============= Basic earnings per share: Adjusted net earnings $ 0.09 $ 0.51 Net (loss) earnings - GAAP $ (0.04) $ 0.37 Diluted earnings per share: Adjusted net earnings $ 0.08 $ 0.49 Net (loss) earnings - GAAP $ (0.04) $ 0.36
Chief Financial Officer
Media and Investors Contact:
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
May. 26, 2016 12:00 PM EDT Reads: 1,978
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
May. 26, 2016 12:00 PM EDT Reads: 2,191
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, will explore the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences betwee...
May. 26, 2016 12:00 PM EDT Reads: 1,552
SYS-CON Events announced today that Isomorphic Software will exhibit at SYS-CON's [email protected] at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, high-productivity enterprise web applications for any device. SmartClient couples the industry’s broadest, deepest UI component set with a java server framework to deliver an end-...
May. 26, 2016 11:45 AM EDT Reads: 1,978
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
May. 26, 2016 11:45 AM EDT Reads: 2,174
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
May. 26, 2016 11:30 AM EDT Reads: 955
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
May. 26, 2016 11:15 AM EDT Reads: 2,466
SYS-CON Events announced today the Docker Meets Kubernetes – Intro into the Kubernetes World, being held June 9, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Register for 'Docker Meets Kubernetes Workshop' Here! This workshop led by Sebastian Scheele, co-founder of Loodse, introduces participants to Kubernetes (container orchestration). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, participants learn ...
May. 26, 2016 11:00 AM EDT Reads: 1,880
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
May. 26, 2016 11:00 AM EDT Reads: 1,045
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
May. 26, 2016 10:45 AM EDT Reads: 2,681
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
May. 26, 2016 10:45 AM EDT Reads: 1,063
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and ...
May. 26, 2016 10:38 AM EDT Reads: 263
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
May. 26, 2016 10:15 AM EDT Reads: 2,240
SYS-CON Events announced today that EastBanc Technologies will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. EastBanc Technologies has been working at the frontier of technology since 1999. Today, the firm provides full-lifecycle software development delivering flexible technology solutions that seamlessly integrate with existing systems – whether on premise or cloud. EastBanc Technologies partners with p...
May. 26, 2016 10:00 AM EDT Reads: 2,025
In his session at 18th Cloud Expo, Andrew Cole, Director of Solutions Engineering at Peak 10, will discuss how the newest technology advances are reducing the cost and complexity of traditional business continuity and disaster recovery solutions. Attendees will: Learn why having a full disaster recovery strategy is more important now than ever before Explore the key drivers of a successful disaster recovery solution Achieve measurable operational and business value from a disaster recovery ...
May. 26, 2016 10:00 AM EDT Reads: 1,289