|By Marketwired .||
|February 12, 2013 04:05 PM EST||
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
Chief Financial Officer
Media and Investors Contact:
"We work in the area of Big Data analytics and Big Data analytics is a very crowded space - you have Hadoop, ETL, warehousing, visualization and there's a lot of effort trying to get these tools to talk to each other," explained Mukund Deshpande, head of the Analytics practice at Accelerite, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 1, 2016 12:30 AM EDT Reads: 659
Cloud Expo, Inc. has announced today that Andi Mann returns to 'DevOps at Cloud Expo 2016' as Conference Chair The @DevOpsSummit at Cloud Expo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited t...
Jul. 1, 2016 12:00 AM EDT Reads: 573
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often ...
Jun. 30, 2016 07:30 PM EDT Reads: 712
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
Jun. 30, 2016 04:00 PM EDT Reads: 1,028
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, provided an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profession...
Jun. 30, 2016 04:00 PM EDT Reads: 493
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, wh...
Jun. 30, 2016 03:00 PM EDT Reads: 1,284
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Jun. 30, 2016 02:45 PM EDT Reads: 370
When people aren’t talking about VMs and containers, they’re talking about serverless architecture. Serverless is about no maintenance. It means you are not worried about low-level infrastructural and operational details. An event-driven serverless platform is a great use case for IoT. In his session at @ThingsExpo, Animesh Singh, an STSM and Lead for IBM Cloud Platform and Infrastructure, will detail how to build a distributed serverless, polyglot, microservices framework using open source tec...
Jun. 30, 2016 02:00 PM EDT Reads: 704
Connected devices and the industrial internet are growing exponentially every year with Cisco expecting 50 billion devices to be in operation by 2020. In this period of growth, location-based insights are becoming invaluable to many businesses as they adopt new connected technologies. Knowing when and where these devices connect from is critical for a number of scenarios in supply chain management, disaster management, emergency response, M2M, location marketing and more. In his session at @Th...
Jun. 30, 2016 01:30 PM EDT Reads: 1,367
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Jun. 30, 2016 01:00 PM EDT Reads: 1,527
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jun. 30, 2016 11:45 AM EDT Reads: 625
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
Jun. 30, 2016 11:30 AM EDT Reads: 657
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
Jun. 30, 2016 11:15 AM EDT Reads: 752
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, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Jun. 30, 2016 11:00 AM EDT Reads: 1,130
The idea of comparing data in motion (at the sensor level) to data at rest (in a Big Data server warehouse) with predictive analytics in the cloud is very appealing to the industrial IoT sector. The problem Big Data vendors have, however, is access to that data in motion at the sensor location. In his session at @ThingsExpo, Scott Allen, CMO of FreeWave, discussed how as IoT is increasingly adopted by industrial markets, there is going to be an increased demand for sensor data from the outermos...
Jun. 30, 2016 11:00 AM EDT Reads: 486
CenturyLink has announced that application server solutions from GENBAND are now available as part of CenturyLink’s Networx contracts. The General Services Administration (GSA)’s Networx program includes the largest telecommunications contract vehicles ever awarded by the federal government. CenturyLink recently secured an extension through spring 2020 of its offerings available to federal government agencies via GSA’s Networx Universal and Enterprise contracts. GENBAND’s EXPERiUS™ Application...
Jun. 30, 2016 11:00 AM EDT Reads: 503
Presidio has received the 2015 EMC Partner Services Quality Award from EMC Corporation for achieving outstanding service excellence and customer satisfaction as measured by the EMC Partner Services Quality (PSQ) program. Presidio was also honored as the 2015 EMC Americas Marketing Excellence Partner of the Year and 2015 Mid-Market East Partner of the Year. The EMC PSQ program is a project-specific survey program designed for partners with Service Partner designations to solicit customer feedbac...
Jun. 30, 2016 10:45 AM EDT Reads: 710
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
Jun. 30, 2016 10:30 AM EDT Reads: 596
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
Jun. 30, 2016 10:15 AM EDT Reads: 1,001
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
Jun. 30, 2016 10:00 AM EDT Reads: 584