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Quidel Reports First Quarter 2013 Financial Results
SAN DIEGO, CA -- (Marketwired) --
- Increased total revenues by 63% to
$62.0 millionfrom $38.0 millionin the first quarter of 2012.
- Reported EPS of
$0.36per diluted share compared to $0.00in the first quarter of last year.
- Received 510(k) clearance from the
United States Food and Drug Administration( FDA) for Quidel Molecular Direct C. difficile Assay for use on three (3) thermocycling platforms.
- Received 510(k) clearance from the
FDAfor Quidel Molecular RSV+hMPV Assay.
- Received Moderate Complexity CLIA designation from the
FDAfor the recently 510(k)-cleared AmpliVue C. difficile Assay.
- Received CE Mark for Quidel Molecular Direct HSV 1+2/VZV Assay.
Total revenues for the first quarter of 2013 were
Net income for the first quarter of 2013 was
"This year's influenza season, which began earlier in the previous period, continued well into the first quarter. Demand for our respiratory products, including QuickVue,
Non-GAAP Financial Information
The Company is providing non-GAAP financial information to exclude the effect of stock-based compensation and amortization of intangibles on earnings and net earnings per share as a supplement to its consolidated financial statements, which are presented in accordance with generally accepted accounting principles in the U.S., or GAAP.
Management is providing the adjusted net earnings and adjusted net earnings per share information for the periods presented because it believes this enhances the 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
To participate in the live call by telephone from the U.S., dial 866-515-2913, or from outside the U.S. dial 617-399-5127, and enter the pass code 64054813.
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
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, fluctuations in our operating results resulting from seasonality; the timing of the onset, length and severity of cold and flu seasons; government and media attention focused on influenza and the related potential impact on humans from novel influenza viruses; adverse changes in competitive conditions in domestic and international markets; the reimbursement system currently in place and future changes to that system; changes in economic conditions in our domestic and international markets; changes in sales levels as it relates to the absorption of our fixed costs; lower than anticipated market penetration of our products; the quantity of our product in our distributors' inventory or distribution channels and changes in the buying patterns of our distributors; our development of new technologies, products and markets; our development and protection of intellectual property; our reliance on a limited number of key distributors; our reliance on sales of our influenza diagnostics tests; our ability to manage our growth strategy, including our ability to integrate companies or technologies we have acquired or may acquire; intellectual property risks, including but not limited to, infringement litigation; limitations and covenants in our senior credit facility; that we may incur significant additional indebtedness; our need for additional funds to finance our operating needs; volatility and disruption in the global capital and credit markets; acceptance of our products among physicians and other healthcare providers; competition with other providers of POC diagnostic products; changes in government policies; adverse actions or delays in product reviews by the
|CONSOLIDATED STATEMENTS OF INCOME|
|(In thousands, except per share data; unaudited)|
|Three months ended
|Cost of sales (excludes amortization of intangible assets from acquired businesses and technology)||19,547||14,808|
|Research and development||7,524||8,504|
|Sales and marketing||8,442||6,536|
|General and administrative||7,529||5,924|
|Amortization of intangible assets from acquired businesses and technology||1,764||1,718|
|Total costs and expenses||44,806||37,490|
|Total other expense||(198||)||(389||)|
|Income before taxes||16,991||81|
|Provision for income taxes||4,624||30|
|Basic earnings per share||$||0.37||$||0.00|
|Diluted earnings per share||$||0.36||$||0.00|
|Weighted shares used in basic per share calculation||33,501||32,997|
|Weighted shares used in diluted per share calculation||34,575||33,504|
|Gross profit as a % of total revenues||68||%||61||%|
|Research and development as a % of total revenues||12||%||22||%|
|Sales and marketing as a % of total revenues||14||%||17||%|
|General and administrative as a % of total revenues||12||%||16||%|
|Condensed balance sheet data (in thousands):||3/31/13||12/31/12|
|Cash, cash equivalents and restricted cash||$||45,898||$||17,012|
|Long term debt||5,462||10,567|
|Reconciliation of Non-GAAP Financial Information|
|(In thousands, except per share data)|
|Three months ended|
|Net income - GAAP||$||12,367||$||51|
|Add: Non-cash stock compensation expense||2,141||1,863|
|Amortization of intangibles||4,974||3,800|
|Income tax impact of 2012 research and development tax credit||(510||)||-|
|Income tax impact of non-cash stock compensation expense and amortization of intangibles||(1,935||)||(1,992||)|
|Adjusted net income||$||17,037||$||3,722|
|Basic earnings per share:|
|Adjusted net earnings||$||0.51||$||0.11|
|Net earnings - GAAP||$||0.37||$||0.00|
|Diluted earnings per share:|
|Adjusted net earnings||$||0.49||$||0.11|
|Net earnings - GAAP||$||0.36||$||0.00|
Chief Financial Officer
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