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Quidel Q2 Revenues Up 6 Percent

NEW YORK (GenomeWeb) — Quidel said after the close of the market Tuesday that second quarter revenues rose 6 percent to $31.5 million compared to $29.7 million in the second quarter of 2013.

The increase in revenue was due to greater sales of infectious disease products in the second quarter of 2014, as well as growth in all other product segments, the company said.

In the quarter ended June 30, the company generated $3.8 million in total influenza product sales, the result of a 49 percent increase in international influenza orders.

During a conference call following the earnings release, CEO Douglas Bryant noted that in the last 12 months Quidel generated $24 million in new product revenue, $5.1 million of which was from non-influenza products.

"While overall revenue for the second quarter was at 6 percent versus the second quarter last year, if we were to normalize for the soft flu season, year-over-year growth would have been ten percent, due again to revenue from new products," he added.

Second quarter R&D expenses at the San Diego-based clinical diagnostics firm totaled $8.1 million, compared to $7.9 million in the year-ago quarter. Quidel said that the R&D expense increase was primarily due to addition of R&D costs from BioHelix, which Quidel acquired in May 2013, and AnDiaTec, which it acquired in October, as well as increased expense for the development of Savanna, its cartridge-based molecular diagnostics platform. This was somewhat offset by a $400,000 expense reimbursement from Life Technologies relating to the R&D collaboration agreement signed in March 2012, and $900,000 in rebates from a key service provider on the Savanna project.

Meantime, SG&A expenses in Q2 were $15.2 million, a 17 percent increase from $13 million in Q2 2013.

Quidel reported a net loss of $6.9 million, or $.20 per share, for the second quarter compared to net loss of $1.8 million, or $.05 per share, in Q2 2013. On a non-GAAP basis, net loss for the second quarter was $3.4 million, or $.10 per share, compared to $1.9 million, or $.06 per share, for the same quarter last year.

Quidel ended the quarter with $18.1 million in cash, cash equivalents, and restricted cash.