News Release

Printer Friendly Version View printer-friendly version << Back
July 11, 2002 at 6:02 AM EDT

Quidel Joins Russell 3000(R) Index

SAN DIEGO, Jul 11, 2002 /PRNewswire-FirstCall via COMTEX/ -- QUIDEL CORPORATION, (Nasdaq: QDEL) a leading provider of rapid point-of-care (POC) diagnostic tests, today announced it has been added to the Russell 3000(R) Index. Index membership in the Russell 3000 means automatic inclusion in either the large-cap Russell 1000(R) or small-cap Russell 2000(R) Index.

Paul E. Landers, Quidel Chief Financial Officer, stated, "We view Quidel's inclusion in the Russell 3000 Index to be a form of recognition of our strengthening fundamentals and of the mark we are making in the global market for rapid, point-of-care diagnostic products that detect medical conditions and illnesses. Inclusion in the Russell Index should create additional investor awareness of the company and its products, which is of benefit to all Quidel shareholders, as well as to the markets our products serve."

Membership in Russell's 21 U.S. equity indexes is determined strictly by market capitalization rankings and style attributes rather than by subjective opinion or committee decisions. Russell indexes are widely used by managers for index funds and as benchmarks for both passive and active investment strategies. About $250 billion is invested in index funds based on Russell's indexes and an additional $850 billion is benchmarked to them. Investment managers who oversee these funds purchase shares of member stocks according to that company's weighing in the particular index.

Annual reconstruction of the Russell indexes captures the 3,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization to create the Russell 3000. The largest 1,000 companies in the ranking comprise the Russell 1000 Index, while the remaining 2,000 companies become the widely used Russell 2000 Index.

About Quidel Corporation

Quidel Corporation, a worldwide company helping women and their families live healthy lives, discovers, develops, manufactures and markets rapid point- of-care diagnostic tests for detection of medical conditions and illnesses. These products provide accurate, rapid and cost-effective diagnostic information for acute and chronic conditions associated with women's health in areas such as reproduction and diseases of the elderly. 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 physician offices, clinical laboratories and pharmacies, and to consumers through organizations that provide private label, store brand products. These tests provide diagnostic information that enables rapid treatment and improves health outcomes, lowers costs and increases patient satisfaction. For more information, please visit Quidel's Web site at http://www.quidel.com .

Safe Harbor Statement

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 business, 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 and subsequent quarterly reports on Form 10-Q.

Ina McGuinness, imcguinness@lhai.com, or Bruce Voss,
bvoss@lhai.com, both of Lippert/Heilshorn & Associates, +1-310-691-7100, for
Quidel Corporation; or Paul E. Landers, Chief Financial Officer of Quidel
Corporation, +1-858-552-7962