Welcome!

Microsoft Cloud Authors: Andreas Grabner, Stackify Blog, Liz McMillan, David H Deans, Automic Blog

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
                     CONSOLIDATED STATEMENTS OF INCOME
              (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
                     CONSOLIDATED STATEMENTS OF INCOME
              (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
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo Silicon Valley Call for Papers is now open.
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
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).
SYS-CON Events announced today that DivvyCloud will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. DivvyCloud software enables organizations to achieve their cloud computing goals by simplifying and automating security, compliance and cost optimization of public and private cloud infrastructure. Using DivvyCloud, customers can leverage programmatic Bots to identify and remediate common cloud problems in rea...
SYS-CON Events announced today that Tintri, Inc, a leading provider of enterprise cloud infrastructure, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Tintri offers an enterprise cloud platform built with public cloud-like web services and RESTful APIs. Organizations use Tintri all-flash storage with scale-out and automation as a foundation for their own clouds – to build agile development environments...
SYS-CON Events announced today that Carbonite will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Carbonite protects your entire IT footprint with the right level of protection for each workload, ensuring lower costs and dependable solutions with DoubleTake and Evault.
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
SYS-CON Events announced today that Tappest will exhibit MooseFS at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. MooseFS is a breakthrough concept in the storage industry. It allows you to secure stored data with either duplication or erasure coding using any server. The newest – 4.0 version of the software enables users to maintain the redundancy level with even 50% less hard drive space required. The software func...
SYS-CON Events announced today that EARP will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "We are a software house, so we perfectly understand challenges that other software houses face in their projects. We can augment a team, that will work with the same standards and processes as our partners' internal teams. Our teams will deliver the same quality within the required time and budget just as our partn...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
DevOps at Cloud Expo – being held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real r...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software in the hope of capturing value in IoT. Although IoT is relatively new in the market, it has already gone through many promotional terms such as IoE, IoX, SDX, Edge/Fog, Mist Compute, etc. Ultimately, irrespective of the name, it is about deriving value from independent software assets participating in an ecosystem as one comprehensive solution.
SYS-CON Events announced today that A&I Solutions has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 1999, A&I Solutions is a leading information technology (IT) software and services provider focusing on best-in-class enterprise solutions. By partnering with industry leaders in technology, A&I assures customers high performance levels across all IT environments including: mai...
Every successful software product evolves from an idea to an enterprise system. Notably, the same way is passed by the product owner's company. In his session at 20th Cloud Expo, Oleg Lola, CEO of MobiDev, will provide a generalized overview of the evolution of a software product, the product owner, the needs that arise at various stages of this process, and the value brought by a software development partner to the product owner as a response to these needs.
SYS-CON Events announced today that Systena America will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Systena Group has been in business for various software development and verification in Japan, US, ASEAN, and China by utilizing the knowledge we gained from all types of device development for various industries including smartphones (Android/iOS), wireless communication, security technology and IoT serv...