NEW YORK (GenomeWeb) — Quidel said after the close of the market Wednesday that first quarter revenues fell 26 percent to $46.7 million from $62.7 million in Q1 2013.
The decrease in revenue was due to lower sales of infectious disease products in Q1 2014, the result of a weak respiratory disease season.
In Q1, the company generated $18.3 million in total influenza product sales, as a year-over-year decrease in QuickVue Influenza product sales was partially offset by $6.2 million in Sofia Influenza revenue, a 42 percent increase over Q1 2013.
First quarter R&D expenses at the San Diego-based clinical diagnostics firm totaled $9 million, a 20 percent increase from $7.5 million in the year-ago quarter. Quidel said that the R&D expense increase was primarily due to a benefit from Life Technologies in 2013 from an R&D collaboration agreement that was not repeated in 2014.
Meantime, SG&A expenses in Q1 were $17.2 million, an 8 percent increase from $15.9 million in Q1 2013. An increase in sales and marketing was due to an approximate 20 percent increase in sales personnel in Q1 2014 compared to Q1 2013.
Quidel reported a net loss of $1.5 million, or $.04 per share, for the first quarter compared to net income of $12.4 million, or $.36 per share, in Q1 2013. On a non-GAAP basis, net income for the first quarter was $2.9 million, or $.08 per share, compared to $17 million, or $.49 per share, for the same quarter last year.
Quidel ended the quarter with $25.7 million in cash, cash equivalents, and restricted cash.