Click here to close now.


News Feed Item

Quidel Reports First Quarter 2014 Financial Results

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, 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

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
              (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
                                               -------------  -------------

Net (loss) income - GAAP                       $      (1,512) $      12,367
  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

Quidel Contact:
Quidel Corporation
Randy Steward
Chief Financial Officer

Media and Investors Contact:
Quidel Corporation
Ruben Argueta
Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
Internet of @ThingsExpo, taking place June 7-9, 2016 at Javits Center, New York City and Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 18th International @CloudExpo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
The cloud. Like a comic book superhero, there seems to be no problem it can’t fix or cost it can’t slash. Yet making the transition is not always easy and production environments are still largely on premise. Taking some practical and sensible steps to reduce risk can also help provide a basis for a successful cloud transition. A plethora of surveys from the likes of IDG and Gartner show that more than 70 percent of enterprises have deployed at least one or more cloud application or workload. Y...
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 ...
We are rapidly moving to a brave new world of interconnected smart homes, cars, offices and factories known as the Internet of Things (IoT). Sensors and monitoring devices will touch every part of our lives. Let's take a closer look at the Internet of Things. The Internet of Things is a worldwide network of objects and devices connected to the Internet. They are electronics, sensors, software and more. These objects connect to the Internet and can be controlled remotely via apps and programs. ...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, 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. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, explored the IoT cloud-based platform technologies driving t...
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
As organizations shift towards IT-as-a-service models, the need for managing & protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection & E-Discovery of your data - whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise.
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).