Skip to main content
Premium Trial:

Request an Annual Quote

Flu Season Drives Quidel's Q1 Revenues up 63 Percent

NEW YORK (GenomeWeb News) – Quidel reported after the close of the market on Tuesday that its revenues in the first quarter increased 63 percent year over year.

For the three months ended March 31, Quidel recorded revenues of $62.0 million, up from $38.0 million in Q1 2012, but short of the consensus Wall Street estimate of $62.6 million.

The increase was driven by the influenza season, which started in the fourth quarter of 2012 and ran "well into the first quarter," Quidel President and CEO Douglas Bryant said in a statement. "Demand for our respiratory products, including QuickVue, Sofia, Quidel Molecular, and Diagnostic Hybrids, remained elevated through much of February until the percentage of patient visits attributable to influenza-like illness fell as the epidemic ebbed."

The firm's profits during the quarter rose to $12.4 million, or $.36 per share, compared to $51,000, or breakeven on an EPS basis, a year ago. On a non-GAAP basis, excluding amortization of intangibles and stock compensation expense, EPS was $.49, beating the average analyst EPS estimate of $.37.

Its R&D costs were down 12 percent year over year to $7.5 million from $8.5 million, while SG&A costs increased 28 percent to $16.0 million from $12.5 million a year ago.

Quidel finished the quarter with $45.9 million in cash, cash equivalents, and restricted cash.

Highlights from the firm's first quarter included clearance by the US Food and Drug Administration of the company's C. difficile assay with Life Technologies' QuantStudio Dx and 7500 Fast Dx Applied Biosystems Real-Time PCR instruments, as well as FDA clearance of Quidel's molecular respiratory viral panel.

"In addition to strong financial performance in the quarter we continued to execute our product development strategy and are poised to launch an increasing number of new products in 2013," Bryant said.

The Scan

Breast Cancer Risk Related to Pathogenic BRCA1 Mutation May Be Modified by Repeats

Several variable number tandem repeats appear to impact breast cancer risk and age at diagnosis in almost 350 individuals carrying a risky Ashkenazi Jewish BRCA1 founder mutation.

Study Explores Animated Digital Message Approach to Communicate Genetic Test Results to Family Members

In the Journal of Genetic Counseling, the approach showed promise in participants presented with a hypothetical scenario related to a familial hereditary breast and ovarian cancer syndrome diagnosis.

Computational Tool Predicts Mammalian Messenger RNA Degradation Rates

A tool called Saluki, trained with mouse and human messenger RNA data, appears to improve mRNA half-life predictions by taking RNA and genetic features into account, a Genome Biology paper reports.

UK Pilot Study Suggests Digital Pathway May Expand BRCA Testing in Breast Cancer

A randomized pilot study in the Journal of Medical Genetics points to similar outcomes for breast cancer patients receiving germline BRCA testing through fully digital or partially digital testing pathways.