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Quidel Signs Distributor Agreements in Germany and Italy
SAN DIEGO--(BUSINESS WIRE)--Sept. 17, 2003--Quidel Corporation (Nasdaq:QDEL), a leading provider of rapid point-of-care (POC) diagnostic tests, today announced the signing of agreements for distribution of the Company's entire product line in Germany and Italy. These agreements, which took effect September 1, complete the European component of Quidel's restructuring initiative announced in April 2003.
In Germany, PROGEN Biotechnik Diagnostics will distribute all RapidVue(R)-branded products and Teco Medical Instruments GmbH will distribute Quidel's QUS-2(R) bone health test. In Italy, Promesan SRL will distribute all Quidel products.
"We are delighted to have completed agreements with these leading European distributors on time and according to plan," said S. Wayne Kay, Quidel's President and Chief Executive Officer. "The business rationale for transitioning to a distributor model in Germany and Italy remains compelling, and we believe this new strategy will result in significant cost savings while increasing our sales presence and potential in these countries."
About Quidel's European Distributors
PROGEN Biotechnik Diagnostics, based in Heidelberg, Germany, is a division of PROGEN Biotechnik and sells in vitro diagnostics and hardware equipment for diagnostic laboratories. Teco Medical Instruments develops and produces high-performance coagulation instruments for physician offices, medical laboratories and hospitals, and distributes a full line of coagulation and hemostasis reagents. PROMESAN SRL, based in Milan, Italy, is a major distributor of point-of-care rapid tests throughout Italy.
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 infectious vaginitis. 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 www.quidel.com.
This press release contains forward-looking statements within the meaning of the federal securities laws that involve material risk 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. As such, no forward-looking statement can be guaranteed. Differences in operating results may arise as a result of a number of factors including, without limitation, results of the development project and the ability of the new distributors to provide cost savings or increase sales, seasonality, adverse changes in the competitive and economic conditions in domestic and international markets, actions of our major distributors, manufacturing and production delays or difficulties, adverse actions or delays in product reviews by the FDA and the lower acceptance of our new products than forecast. Forward-looking statements typically are identified by the use of terms such as "may," "will," "should," "might," "expect," "anticipate," "estimate" and similar words, although some forward-looking statements are expressed differently. The risks described under "Risk Factors" and in other sections of our Form 10-K for year ended December 31, 2001, and in other reports and registration statements that we file with the Securities and Exchange Commission from time to time should be carefully considered. You are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date of this presentation. We undertake no obligation to publicly release the results of any revision of the forward-looking statements.
CONTACT: Quidel Corporation
Paul E. Landers, 858-552-7962
Lippert/Heilshorn & Associates
Ina McGuinness (firstname.lastname@example.org)
Bruce Voss (email@example.com)
SOURCE: Quidel Corporation