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April 26, 2001 at 12:00 AM EDT

QUIDEL Corporation Confirms Its Achievement of Earnings Expectations

SAN DIEGO, April 26 /PRNewswire/ -- QUIDEL Corporation (Nasdaq: QDEL), a leading provider of rapid diagnostic tests, announced earlier today its results of operations for the first quarter ended March 31, 2001. These results included product sales of $19.5 million and pre-tax earnings of $1.1 million or $.04 per share on a fully diluted basis. As a result of the non-cash nature of the provision for income taxes, analyst's estimates are based on pre-tax earnings.

"QUIDEL confirms it has met analysts' consensus estimates for the quarter," said Charles J. Cashion, Senior Vice President and Chief Financial Officer, of QUIDEL Corporation. "Any report that indicates QUIDEL has missed these estimates has mistakenly confused after tax-results with pre-tax analysts' estimates."

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, infectious mononucleosis, and bacterial vaginosis. 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 (both domestically and internationally) 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 report on Form 10-K. For more information, please visit QUIDEL's web site at http://www.quidel.com.

Sharon Platt, Investor Relations Associate of QUIDEL Corporation, 858-552-7955;
or Matthew Orsagh of Noonan-Russo Communications, 212-696-4455 ext. 357