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Quidel Comments on Earnings
SAN DIEGO, Sept. 18 /PRNewswire/ -- Quidel Corporation (Nasdaq: QDEL) announced today that the Company expects a significant loss for the quarter ending September 30, 2000. Quidel cited a reduction of distributor orders in July and August after satisfying a substantial manufacturing backlog, which unexpectedly overstocked the pipeline in June.
"While our third quarter performance does change the Company's financial forecast for the year, we do not believe this reflects a change in end-user demand for our products nor does it change our corporate vision for the Company," said Andre de Bruin, Quidel Vice Chairman, President and Chief Executive Officer. "Moving forward, we believe that the confluence of events that occurred in recent months is now passed and we anticipate a return to stronger performance."
In August, Quidel announced the market introduction of its new QuickVue(R) UrinChek(TM) 10+ SG urine test strips in the United States. Quidel had also previously announced that it had received premarket approval (PMA) from the U.S. Food and Drug Administration (FDA) to market the QUS(TM)-2 Calcaneal Ultrasonometer which measures bone density in the treatment of osteoporosis.
"We intend to expand our role as a world leader in rapid diagnostic information for women and families," said Charles Cashion, Senior Vice President, Corporate Operations and Chief Financial Officer. "A key strategy in fulfilling this mission is the expansion of our product and technology base. We anticipate implementing both short- and long-term initiatives that support this goal."
Quidel Corporation will hold a conference call Tuesday, September 19 at 8:30 a.m. Eastern Daylight Time. Those wishing to participate should telephone 800-670-3540. Additionally, the conference call will be broadcast live over the Internet. It can be accessed through http://www.videonewswire.com/QUIDEL/091900. To access PostView dial 800-633-8284 or 858-812-6440 and enter reservation number 16390978. For additional information regarding the call, please call Kesinee Yip at 415-677-4455, ext. 244.
Quidel Corporation discovers, develops, manufactures and markets point-of-care, rapid diagnostic tests for detection of medical conditions and illnesses. These products provide accurate, rapid and cost-effective diagnostic information for acute and chronic conditions that affect women's health throughout the phases of their lives including reproductive status, pregnancy management and osteoporosis. Quidel also provides point-of-care diagnostics for infectious diseases, including influenza A and B, strep throat, H. pylori infection, chlamydia and infectious mononucleosis. Quidel's products are sold to healthcare professionals for use in physicians' offices, clinical laboratories and pharmacies, and to consumers through organizations that provide private label, store brand products. These tests provide diagnostic information to enable rapid treatment and improve health outcomes, lower costs, and increase patient satisfaction.
This press release contains forward-looking statements regarding Quidel's future activities within the meaning of the federal securities laws. These forward-looking statements involve material risks and uncertainties. Many possible factors could affect the future results and performance of Quidel's products, such that actual results and performance may differ materially. If Quidel's products fail to perform as expected, or if there is lower consumer demand for these products than expected, Quidel's financial condition and operating results may be materially and adversely affected. Quidel's financial condition and operating results may also be materially and adversely affected by a number of other factors, including, without limitation, seasonality, adverse changes in competitive and economic conditions, actions by the Company's distributors, manufacturing and production delays or difficulties and adverse actions or delays in product reviews by the FDA. Please see the discussion of these and other factors in Quidel's annual reports on Form 10-K and subsequent quarterly reports on Form 10-Q. For more information, please visit Quidel's web site at http://www.quidel.com.
Charles J. Cashion, Chief Financial Officer of QuidelCorporation, 858-552-7962,
or 212-696-4455; or Margaret Kuhn,Director, Investor Relations of Quidel Corporation, 858-646-8031;
or Kesinee Yip Assistant Vice President of Noonan-RussoCommunications, 415-677-4455, ext. 244, for Quidel Corporation