.NET Authors: Liz McMillan, Carmen Gonzalez, Elizabeth White, Greg O'Connor, Jason Bloomberg

News Feed Item

Quidel Reports Fourth Quarter and Full Year 2012 Financial Results

SAN DIEGO, CA -- (Marketwire) -- 02/12/13 -- Quidel Corporation (NASDAQ: QDEL), a leading provider of rapid diagnostic testing solutions and cellular-based virology assays, announced today financial results for the fourth quarter and full year ended December 31, 2012.

Fourth Quarter 2012 Highlights:

  • Increased total revenues 40% to $53.9 million compared to $38.4 million in the fourth quarter of 2011.
  • Received CE Mark for Sofia® Legionella Fluorescent Immunoassay (FIA) for use with the Sofia Fluorescent Immunoassay Analyzer.
  • Received 510(k) clearance from the United States Food and Drug Administration (FDA) for its AmpliVue® handheld molecular diagnostic test for the detection of C. difficile.
  • Awarded a milestone-based grant totaling up to $8.3 million from the Bill and Melinda Gates Foundation to develop, manufacture and validate a quantitative, low-cost, nucleic acid assay for HIV drug treatment monitoring on the integrated Savanna™ MDx platform (Project Wildcat) for use in limited resource settings.

Fourth Quarter 2012 Results

Total revenues in the fourth quarter increased to $53.9 million from $38.4 million in the fourth quarter of 2011, an increase of 40%. The increase in revenue was driven by growth of infectious disease products in the quarter, due to the onset of an early and severe influenza and respiratory disease season.

Net income for the fourth quarter of 2012 was $8.7 million, or $0.26 per diluted share, compared to net income of $1.0 million, or $0.03 per diluted share, in the fourth quarter of 2011. On a non-GAAP basis, excluding amortization of intangibles, stock compensation expense, and including the income tax benefit of research and development tax credit in 2012, net income for the fourth quarter of 2012 was $12.5 million, or $0.37 per diluted share, compared to net income of $4.9 million, or $0.15 per diluted share, for the same period in 2011.

"We were pleased with our ability to respond to the sudden increase in demand for our flu tests. While sales of QuickVue Influenza A+B benefited most, the Sofia, D3 Ultra, and Quidel Molecular PCR products were a contributor to the increase in revenues in the quarter as well," said Douglas Bryant, president and chief executive officer. "More importantly, our product development teams achieved several key milestones during the period, and we are now poised to introduce a number of new products over the next several quarters," added Bryant.

Full Year 2012 Results

Total revenues for 2012 were $155.7 million as compared to $158.6 million in 2011. For the year ended December 31, 2012, net income was $5.0 million, or $0.15 per diluted share, compared to net income of $7.6 million, or $0.23 per diluted share, in 2011. On a non-GAAP basis, excluding amortization of intangibles, stock compensation expense, and including the income tax benefit of research and development tax credit in 2012, net income for the full year 2012 was $19.1 million, or $0.56 per diluted share, compared to net income of $19.8 million, or $0.59 per share, for the full year 2011.

"Even though the revenue impact of an early start to the influenza season was a positive for our quarter and year, our focus lies in diversifying our company's revenue mix and creating other growth opportunities. Our efforts are reflected, noticeably, in the increase in 2012 of R&D and sales and marketing expenses ahead of the launch and commercialization of AmpliVue C. difficile and several other Sofia and Quidel Molecular products in 2013," concluded Bryant.

Non-GAAP Financial Information

The Company's consolidated financial statements are presented in accordance with generally accepted accounting principles in the U.S., or GAAP. The Company is providing non-GAAP financial information to present net income and earnings per share excluding the effect of stock-based compensation and amortization of intangibles and including the effect of the research and development tax credit in 2012. Although the research and development tax credit relates to 2012, the benefit of the tax credit cannot be recognized until 2013 under GAAP, the result of legislative approval occurring in January, 2013.

Management is providing the adjusted net earnings and adjusted net earnings per share information for the periods presented because it believes this enables a better 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 fourth quarter and full year 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 866-730-5769, or from outside the U.S. dial 857-350-1593, and enter the pass code 75220493.

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 7:00 p.m. Eastern Time (4:00 p.m. Pacific Time) on February 12 by dialing 888-286-8010 from the U.S., or 617-801-6888 for international callers, and entering pass code 87777394.

About Quidel Corporation

Quidel Corporation serves to enhance the health and well being 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® and AmpliVue® 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 www.quidel.com and Diagnostic Hybrids at www.dhiusa.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, seasonality, the timing of onset, length and severity of cold and flu seasons, the level of success in executing on our strategic initiatives, our reliance on sales of our influenza diagnostic tests, uncertainty surrounding the detection of novel influenza viruses involving human specimens, our ability to develop new products and technology, adverse changes in the competitive and economic conditions in domestic and international markets, our reliance on and actions of our major distributors, technological changes and uncertainty with research and technology development, including any future molecular-based technology, the medical reimbursement system currently in place and future changes to that system, manufacturing and production delays or difficulties, adverse regulatory actions or delays in product reviews by the U.S. Food and Drug Administration (the "FDA"), compliance with FDA and environmental regulations, our ability to meet unexpected increases in demand for our products, our ability to execute our growth strategy, including the integration of new companies or technologies, disruptions in the global capital and credit markets, our ability to hire key personnel, intellectual property, product liability, environmental or other litigation, potential required patent license fee payments not currently reflected in our costs, adverse changes in our international markets, potential inadequacy of booked reserves and possible impairment of goodwill, and lower-than-anticipated acceptance, sales or market penetration of our new products. 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
                                                 December 31,  December 31,
                                                     2012          2011
                                                 ------------  ------------

Total revenues                                   $     53,925  $     38,391

Cost of sales (excludes amortization of
 intangible assets from acquired businesses and
 technology)                                           17,597        15,286
Research and development                                7,283         6,765
Sales and marketing                                     8,330         6,755
General and administrative                              4,828         5,664
Amortization of intangible assets from acquired
 businesses and technology                              1,770         1,782
                                                 ------------  ------------

Total costs and expenses                               39,808        36,252
                                                 ------------  ------------

Operating income                                       14,117         2,139

Interest expense                                         (261)         (444)
Interest income                                             6            52
Other expense                                              (3)         (376)
                                                 ------------  ------------

Total other expense                                      (258)         (768)
                                                 ------------  ------------

Income before taxes                                    13,859         1,371

Provision for income taxes                              5,119           413
                                                 ------------  ------------

Net income                                       $      8,740  $        958
                                                 ============  ============

Basic and diluted earnings per share             $       0.26  $       0.03

Weighted shares used in basic per share
 calculation                                           33,213        33,039
Weighted shares used in diluted per share
 calculation                                           33,979        33,639

Gross profit as a % of total revenues                      67%           60%
Research and development as a % of total
 revenues                                                  14%           18%
Sales and marketing as a % of total revenues               15%           18%
General and administrative as a % of total
 revenues                                                   9%           15%

  Condensed balance sheet data (in thousands):     12/31/12      12/31/11
                                                 ------------  ------------

  Cash, cash equivalents and restricted cash     $     17,012  $     61,332
  Accounts receivables                                 32,120        14,646
  Inventory                                            15,496        14,654
  Total assets                                        241,649       278,894
  Long term debt                                       10,567        47,947
  Stockholders' equity                                199,780       185,386

                             QUIDEL CORPORATION
              (In thousands, except per share data; unaudited)

                                                     Twelve months ended
                                                 December 31,  December 31,
                                                     2012          2011
                                                 ------------  ------------

Total revenues                                   $    155,741  $    158,603

Cost of sales (excludes amortization of
 intangible assets from acquired businesses and
 technology)                                           61,285        62,865
Research and development                               27,716        26,325
Sales and marketing                                    30,319        25,751
General and administrative                             20,640        22,798
Amortization of intangible assets from acquired
 businesses and technology                              6,935         7,124
                                                 ------------  ------------

Total costs and expenses                              146,895       144,863
                                                 ------------  ------------

Operating income                                        8,846        13,740

Interest expense                                       (1,246)       (2,083)
Interest income                                            41           203
Other expense                                             (30)         (376)
                                                 ------------  ------------

Total other expense                                    (1,235)       (2,256)
                                                 ------------  ------------

Income before taxes                                     7,611        11,484

Provision for income taxes                              2,618         3,851
                                                 ------------  ------------

Net income                                       $      4,993  $      7,633
                                                 ============  ============

Basic and diluted earnings per share             $       0.15  $       0.23

Weighted shares used in basic per share
 calculation                                           33,068        32,903
Weighted shares used in diluted per share
 calculation                                           33,702        33,320

Gross profit as a % of total revenues                      61%           60%
Research and development as a % of total
 revenues                                                  18%           17%
Sales and marketing as a % of total revenues               19%           16%
General and administrative as a % of total
 revenues                                                  13%           14%

                             QUIDEL CORPORATION
              Reconciliation of Non-GAAP Financial Information
                   (In thousands, except per share data)

                                  Three months ended    Twelve months ended
                                 --------------------  --------------------
                                     December 31,          December 31,
                                    2012       2011       2012       2011
                                 ---------  ---------  ---------  ---------
                                      (unaudited)           (unaudited)

Net income - GAAP                $   8,740  $     958  $   4,993  $   7,633

Add: Non-cash stock compensation
 expense                             1,597      2,346      6,598      7,500
    Amortization of intangibles      4,115      3,937     14,978     11,844
    Income tax impact of 2012
     research and development
     tax credit                        510          -        510          -
    Income tax impact of non-
     cash stock compensation
     expense and amortization of
     intangibles                    (2,465)    (2,327)    (8,017)    (7,185)
                                 ---------  ---------  ---------  ---------

Adjusted net income              $  12,497  $   4,914  $  19,062  $  19,792
                                 =========  =========  =========  =========

Basic earnings per share:
  Adjusted net earnings          $    0.37  $    0.15  $    0.57  $    0.60
  Net earnings - GAAP            $    0.26  $    0.03  $    0.15  $    0.23

Diluted earnings per share:
  Adjusted net earnings          $    0.37  $    0.15  $    0.56  $    0.59
  Net earnings - GAAP            $    0.26  $    0.03  $    0.15  $    0.23

Quidel Contact:
Quidel Corporation
Randy Steward
Chief Financial Officer
(858) 552-7931

Media and Investors Contact:
Quidel Corporation
Ruben Argueta
(858) 646-8023
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.

@ThingsExpo Stories
Avnet, Inc. has announced that it ranked No. 4 on the InformationWeek Elite 100 – a list of the top business technology innovators in the U.S. Avnet was recognized for the development of an innovative cloud-based training system that serves as the foundation for Avnet Academy – the company’s education and training organization focused on technical training around top IT vendor technologies. The development of this system allowed Avnet to quickly expand its IT-related training capabilities around the world, while creating a new service that Avnet and its IT solution providers can offer to their...
The Internet of Things Maturity Model (IoTMM) is a qualitative method to gauge the growth and increasing impact of IoT capabilities in an IT environment from both a business and technology perspective. In his session at @ThingsExpo, Tony Shan will first scan the IoT landscape and investigate the major challenges and barriers. The key areas of consideration are identified to get started with IoT journey. He will then pinpoint the need of a tool for effective IoT adoption and implementation, which leads to IoTMM in which five maturity levels are defined: Advanced, Dynamic, Optimized, Primitive,...
SYS-CON Events announced today that B2Cloud, a provider of enterprise resource planning software, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. B2cloud develops the software you need. They have the ideal tools to help you work with your clients. B2Cloud’s main solutions include AGIS – ERP, CLOHC, AGIS – Invoice, and IZUM
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in 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 and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
Enterprise IoT is an exciting and chaotic space with a lot of potential to transform how the enterprise resources are managed. In his session at @ThingsExpo, Hari Srinivasan, Sr Product Manager at Cisco, will describe the challenges in enabling mass adoption of IoT, and share perspectives and insights on architectures/standards/protocols that are necessary to build a healthy ecosystem and lay the foundation to for a wide variety of exciting IoT use cases in the years to come.
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on Twitter at @MicroservicesE
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
There is no doubt that Big Data is here and getting bigger every day. Building a Big Data infrastructure today is no easy task. There are an enormous number of choices for database engines and technologies. To make things even more challenging, requirements are getting more sophisticated, and the standard paradigm of supporting historical analytics queries is often just one facet of what is needed. As Big Data growth continues, organizations are demanding real-time access to data, allowing immediate and actionable interpretation of events as they happen. Another aspect concerns how to deliver ...
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
So I guess we’ve officially entered a new era of lean and mean. I say this with the announcement of Ubuntu Snappy Core, “designed for lightweight cloud container hosts running Docker and for smart devices,” according to Canonical. “Snappy Ubuntu Core is the smallest Ubuntu available, designed for security and efficiency in devices or on the cloud.” This first version of Snappy Ubuntu Core features secure app containment and Docker 1.6 (1.5 in main release), is available on public clouds, and for ARM and x86 devices on several IoT boards. It’s a Trend! This announcement comes just as...
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...
It's time to put the "Thing" back in IoT. Whether it’s drones, robots, self-driving cars, ... There are multiple incredible examples of the power of IoT nowadays that are shadowed by announcements of yet another twist on statistics, databases, .... Sorry, I meant, Big Data(TM), tiered storage(TM), complex systems(TM), smart nations(TM), .... In his session at WebRTC Summit, Dr Alex Gouaillard, CTO and Co-Founder of Temasys, will discuss the concrete, cool, examples of IoT already happening today, and how mixing all those different sources of visual and audio input can make your life happier ...
SYS-CON Events announced today the IoT Bootcamp – Jumpstart Your IoT Strategy, being held June 9–10, 2015, in conjunction with 16th Cloud Expo and Internet of @ThingsExpo at the Javits Center in New York City. This is your chance to jumpstart your IoT strategy. Combined with real-world scenarios and use cases, the IoT Bootcamp is not just based on presentations but includes hands-on demos and walkthroughs. We will introduce you to a variety of Do-It-Yourself IoT platforms including Arduino, Raspberry Pi, BeagleBone, Spark and Intel Edison. You will also get an overview of cloud technologies s...
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using the URL as a basic building block, we open this up and get the same resilience that the web enjoys.
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
The WebRTC Summit 2015 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
There are lots of challenges in IoT around secure, scalable and business friendly infrastructure for enterprises. For large corporations, IoT implementations are one of the top priorities of the decade. All industries are seeing a competitive need to sustain by investing in IoT initiatives. The value addition comes from improved customer service, innovative product and additional revenue streams. The data from these IP-connected devices can be leveraged for a variety of business applications as well as responsive action controls. The various architectural building blocks of an IoT ...
Chuck Piluso will present a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Speaker Bio: Prior to Data Storage Corporation (DSC), Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Telecommunications Corporation, a facilities-based international carrier licensed by t...
Recent technology advances in miniaturization has positioned the wearables as the pinnacle of technology convergence with the human body. We inquire if wearables are mere standard miniaturized devices extended with the connectivity and present our views on considerations like design, applications, performance, efficiency, interoperability, usage scenarios, human device interaction and consequent trade-offs enabling wearables to impart optimal value.