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Quidel Reports First Quarter Pre-Tax EPS of $0.09 on Total Revenues of $21.2M
Quidel Meets or Exceeds Quarterly Consensus Earnings Estimates For Sixth Consecutive Quarter
SAN DIEGO, April 30 /PRNewswire-FirstCall/ -- Quidel Corporation (Nasdaq: QDEL), a leading provider of rapid point-of-care (POC) diagnostic tests, today reported results for the quarter ended March 31, 2002.
Total revenues for the first quarter of 2002 were $21.2 million, up 6% compared with total revenues of $19.9 million for the first quarter of 2001. Pre-tax earnings for the first quarter of 2002 were $2.7 million, or $0.09 per diluted share, compared with $1.1 million, or $0.04 per diluted share for the first quarter of 2001. Net earnings for the first quarter of 2002 were $1.6 million, or $0.05 per diluted share, compared with $0.4 million, or $0.01 per diluted share for the first quarter of 2001.
First quarter results mark the sixth consecutive quarter that Quidel has met or exceeded First Call consensus earnings expectations. These results reflect the Company's continued focus on improving manufacturing operations, growing sales, controlling costs and achieving profitability.
"Our first quarter results are encouraging given the late onset of influenza season this year, as well as the reduced incidence of flu in the U.S. We continue to post excellent revenue growth, and importantly, we are establishing sustained profitability. Top line growth was driven primarily by a strong performance from our core products, aided by success in Japan with the first season of our influenza test," said S. Wayne Kay, President and Chief Executive Officer.
"Looking forward, we feel confident that we will improve our operating results over the remainder of 2002, and we have set the stage to increase penetration of the global POC market. Additionally, we expect our bone health products to gain importance as the year progresses, and we anticipate the launch of two new products in mid-year -- the pH and Amines test, and the G. vaginalis test, both of which are built on Quidel's Layered Thin Film(TM) platform," added Mr. Kay.
Conference Call Information
Quidel management will host a conference call to discuss first quarter results and provide financial guidance for 2002 today, April 30, 2002, beginning at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). To participate via telephone, please call (888) 803-7383 from the U.S., or for international callers (706) 634-1052. A telephone replay will be available for 48 hours following the conclusion of the call by dialing (800) 642-1687 or (706) 645-9291, and entering reservation number 3828377. The conference call will be broadcast live over the Internet at www.quidel.com . A replay will also be available on Quidel's Web site for 14 days.
About Quidel Corporation
Quidel Corporation 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 www.quidel.com .
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.
QUIDEL CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) Three months ended March 31 2002 2001 (unaudited) Net sales $20,766 $19,544 Research contract, license and royalty income 446 398 Total revenues 21,212 19,942 Cost of sales 9,981 8,994 Research and development 1,559 1,533 Sales and marketing 4,038 4,102 General and administrative 2,292 2,221 Restructuring -- 550 Amortization of intangibles 491 1,103 Total costs and expenses 18,361 18,503 Earnings from operations 2,851 1,439 Interest expense 245 337 Interest income (2) (11) Other, net (104) 11 Total other (income) expense 139 337 Earnings before income taxes 2,712 1,102 Income tax expense 1,103 685 Net earnings $1,609 $417 Earnings per share before income taxes - basic and diluted $0.09 $0.04 Net earnings per share - basic $0.06 $0.01 Net earnings per share - diluted $0.05 $0.01 Weighted shares used in basic per share calculation 28,754 28,124 Weighted shares used in diluted per share calculation 30,133 29,038 Gross profit as a % of net sales 52% 54% Research and development as a % of net sales 8% 8% Sales and marketing as a % of net sales 19% 21% General and administrative as a % of net sales 11% 11% Condensed balance sheet data (in thousands): 3/31/02 12/31/01 (unaudited) (audited) Cash and cash equivalents $3,653 $3,396 Working capital 21,054 17,790 Total assets 79,470 82,393 Long term obligations 10,541 10,654 Stockholders' equity 62,311 60,409 QUIDEL CORPORATION Proforma Pre-Tax Earnings and Cash Flow Information (In thousands, except per share data) Three months ended March 31 2002 2001 (unaudited) EBITDA (net earnings before interest, taxes, depreciation and amortization): Net earnings $1,609 $417 Add: Interest, net 243 326 Income tax expense 1,103 685 Depreciation 931 1,072 Amortization 491 1,103 EBITDA (net earnings before interest, taxes, depreciation and amortization): $4,377 $3,603 EBITDA per share - basic $0.15 $0.13 EBITDA per share - diluted $0.15 $0.12 Weighted shares used in basic per share calculation 28,754 28,124 Weighted shares used in diluted per share calculation 30,133 29,038
SOURCE Quidel Corporation
Martin Halsall, firstname.lastname@example.org, or
Bruce Voss, email@example.com,
both of Lippert/Heilshorn & Associates,
+1-310-691-7100, for Quidel Corporation;
or Paul E. Landers,
Vice President & CFO of Quidel Corporation,