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Quidel Reports Second Quarter Fiscal Year 2000 Financial Results
SAN DIEGO, Nov. 3 /PRNewswire/ -- Quidel Corporation (Nasdaq: QDEL) today announced its financial results for the second fiscal quarter ended September 30, 1999. The net loss for the quarter ended September 30, 1999 was $2,418,000, or $.10 per share, compared to a net loss of $716,000, or $.03 per share for the quarter ended September 30, 1998. The net loss for the quarter is primarily the result of the consolidation of Metra Biosystems, Inc., which was acquired in August 1999. Metra had a net loss of $892,000 for the quarter, and $820,000 was written-off for in-process research and development acquired from Metra. Quidel's existing operations resulted in a loss of $706,000 for the quarter primarily related to the conversion by the Company to an enterprise-wide computer operating system.
The net loss for the six months ended September 30, 1999 was $1,933,000, or $.08 per share, compared to a net loss of $698,000, or $.03 per share for the six months ended September 30, 1998.
"This quarter, we took the first step in expanding our product portfolio with the acquisition of Metra Biosystems. The integration is progressing as planned and we expect Metra to break even or be profitable in subsequent quarters," said Andre de Bruin, vice chairman, president and chief executive officer of Quidel Corporation. "In addition, the Company has successfully completed the implementation of a sophisticated computer system that is expected to substantially improve our ability to manage the Company more efficiently in the future."
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 such as reproductive status, pregnancy management and osteoporosis. Quidel also provides point-of-care diagnostics for infectious diseases, including strep throat, H. pylori infection, chlamydia and infectious mononucleosis. Quidel's products are sold to healthcare professionals for use in physician's 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, its products and its 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.
Quidel Corporation Condensed Consolidated Statements of Operations (In thousands, except per share data) Three months ended Six months ended 9/30/99 9/30/98 9/30/99 9/30/98 (unaudited) (unaudited) Net sales $11,584 $10,344 $22,184 $20,147 Research contracts, license fees and royalties 619 1,076 1,591 2,144 Total revenues 12,203 11,420 23,775 22,291 Operating expenses Cost of sales 6,374 6,074 11,809 11,099 Sales and marketing 3,685 2,251 6,340 4,473 General and administrative 1,717 1,798 2,774 2,756 Research and development 2,373 2,067 3,957 4,114 Purchased in-process research and development 820 -- 820 -- Write-down and closure of European subsidiaries -- 20 -- 687 Total operating expenses 14,969 12,210 25,700 23,129 Operating loss (2,766) (790) (1,925) (838) Other income (expense) 25 74 (8) 140 Benefit for income taxes 323 -- -- -- Net loss $(2,418) $(716) $(1,933) $(698) Basic and diluted earnings per share $(.10) $(.03) $(.08) $(.03) Shares used in basic and diluted EPS 23,840 23,780 23,831 23,767 Gross profit as a percent of net sales 45.0% 41.3% 46.8% 44.9% Sales and marketing as a percent of net sales 31.8% 21.8% 28.6% 22.2% General and administrative as a percent of net sales 14.8% 17.4% 12.5% 13.7% Research and development as a percent of net sales 20.5% 20.0% 17.8% 20.4% Earnings (loss) before interest, taxes, depreciation and amortization (EBITDA) $(1,318) $123 $427 $1,023 Basic and diluted EBITDA per share $(.06) $.01 $.02 $.04 Balance sheet data: 9/30/99 3/31/99 Cash and Cash Equivalents $7,132 $6,622 Working Capital 8,675 16,547 Total Assets 59,207 52,606 Stockholders' Equity 42,841 44,706 SOURCE Quidel Corporation
Charles J. Cashion, Chief Financial Officer of Quidel Corporation, 858-552-7962;
or Angela Hartley of IRPR Strategies,858-451-0772,
for Quidel Corporation