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Quidel Q4 Revenues Grow 27 Percent on Infectious Disease Sales

NEW YORK (GenomeWeb) – Quidel said after the close of the market on Wednesday that its fourth quarter revenues rose 27 percent year over year on strong infectious disease product sales.

For the three months ended Dec. 31, 2014, Quidel reported revenues of $63.6 million compared to $50.2 million in Q4 2013, and ahead of the consensus analysts' estimate of $61.1 million.

Infectious disease product revenues grew 29 percent led by increased sales of influenza, group A Streptococcus, and respiratory syncytial virus products, Quidel said. Meantime, women's health revenues grew 7 percent and gastrointestinal revenues grew 2 percent.

In a conference call recapping the company's earnings, Quidel President and CEO Douglas Bryant that growth in the quarter came from the firm's influenza and strep A products across all platforms; Sofia RSV immunoassay; AmpliVue and Lyra molecular products; and grant revenue.

On the molecular testing front, Bryant noted that "sales of molecular products continued to grow in the quarter, as well, led by a doubling of AmpliVue C. difficile revenue from the fourth quarter of 2013, and helped by the introductions of AmpliVue Group B Strep, Group A Strep, and HSV 1/HSV 2." Meantime, Quidel's Lyra product line also grew in the fourth quarter led by its Lyra Direct Strep Assay, a multiplex real-time PCR assay that detects and differentiates between pyogenic Group A and pyogenic C or G Streptococcal throat infections.

"We're finding that although some of our molecular assays may be niche products that aren't necessarily generating considerable revenue, these products prove to be compelling enough to begin the dialog with the customer and to build our brand," Bryant said. "Although the molecular sales process can be lengthy, when customers in the highly complex labs complete the validation process and come online, they do so with large-volume commitments."

During Q4 Quidel received 510(k) clearance from the US Food and Drug Administration for three molecular assays: AmpliVue Bordetella Pertussis; Lyra Human Parainfluenza Viruses 1, 2, and 3; and Lyra Adenovirus. It also received the first-ever FDA simultaneous 510(k) clearance and CLIA waiver designation for its Sofia Strep A+ Fluorescent Immunoassay.

Fourth quarter R&D expenses dropped 19 percent to $9.2 million from $11.3 million in the year-ago period, while SG&A expenses increased 10 percent to $18.0 million from $16.4 million.

Quidel's net income in Q4 was $7.1 million, or $.20 per share, compared to $1.1 million, or $.03 per share, in Q4 2013. On an adjusted basis, Quidel's Q4 EPS was $.37, besting the consensus analysts' estimate of $.09 per share.

For full-year 2014, Quidel reported total revenues of $182.6 million, up 4 percent from $175.4 million in 2013 and ahead of the consensus analysts' estimate of $180.1 million. This increase was driven primarily by the aforementioned strong infectious disease sales in Q4.

In 2014, Quidel's R&D expenses increased 11 percent to $37.9 million from $34.2 million in 2013 due to the added investment in the company's Savanna molecular testing system and other molecular platforms. Meantime, SG&A expenses rose 13 percent to $67.3 million from $59.4 million.

Other expenses for the year included an $8.8 million charge for amortization of intangible assets from acquired businesses and technology and a $3.6 million impairment loss. Last year's expenses included charges of $8.2 million for amortization of intangible assets from acquired businesses and technology, and facility restructuring charges of $1.8 million.

Quidel's net loss in 2014 was $7.1 million, or $.21 per share, compared to net income of $7.4 million, or $.21 per share, in 2013. On an adjusted basis, Quidel had net income of $12.3 million, or $.35 per share, compared to $21.3 million, or $.61 per share, in 2013. On average, analysts had expected a net loss of $.32 per share for the year.

Quidel ended the year with $204.0 million in cash, cash equivalents, and restricted cash.

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