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Quidel's Q2 Revenues Fall 4 Percent

NEW YORK (GenomeWeb News) – Quidel reported after the close of the market Tuesday that its second-quarter revenues declined 4 percent year over year, due primarily to lower sales of its infectious disease diagnostic products.

The San Diego, Calif.-based diagnostics firm brought in total revenues of $29.7 million for the three months ended June 30, compared to $30.9 million for the second quarter of 2012. Analysts, on average had expected revenues of $33.2 million.

"Revenues in the second quarter were relatively flat year-over-year," Quidel President and CEO Douglas Bryant said in a statement. "Gains in new product sales were offset by a lower prevalence of Group A Strep than we saw last April, and the timing of shipments to our US distribution partners."

However, Bryant added that the firm is "seeing good traction on our recent commercial launch of AmpliVue, our handheld molecular product, and anticipate that our Sofia Group A Strep assay will be the next catalyst to drive Sofia placements in the near term."

Quidel posted a net loss of $1.8 million, or $.05 per share, for the quarter, compared to a profit of $3.1 million, or $.09 per share, for the second quarter of 2012. On an adjusted basis, its loss was $1.9 million, or $.06 per share, beating analysts' consensus estimate of $.11 per share.

The firm's R&D spending increased 16 percent to $7.9 million from $6.8 million, while its SG&A expenses climbed 3 percent to $13.2 million from $12.8 million.

Quidel finished the quarter with $22.8 million in cash and cash equivalents.

In Wednesday morning trade on the Nasdaq, shares of Quidel were down 3 percent at $27.26.

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