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New Products, Infectious Disease Drive 31 Percent Jump in Quidel's Q1 Revenues

NEW YORK (GenomeWeb) – Quidel reported after the close of the market on Thursday that its first quarter revenues improved 31 percent year over year as new product revenues more than doubled and infectious disease test revenues grew sharply. 

The San Diego-based firm said that revenues for the three months ended March 31 increased to $61.3 million compared to $46.7 million in Q1 2014, nudging past the average analysts' estimate of $61.2 million. 

The firm said that new product revenues increased 104 percent year over year to $16.1 million and noted that infectious disease product revenues were up 35 percent, led by influenza products, which rose 47 percent to $33.3 million. The jump in influenza revenues resulted from a 91 percent increase in Sofia influenza orders, as well as a 44 percent increase in QuickVue influenza orders, Quidel said. 

Women's health revenues were up 14 percent year over year to $9.3 million, while gastrointestinal business revenues grew 7 percent to $1.7 million. 

In a statement, Quidel President and CEO Douglas Bryant also noted that the firm's AmpliVue and Lyra molecular product lines "grew noticeably" in Q1 2015 "due in part to the commercialization of several assays that were cleared within the last year. 

"We had a fine start to the year and believe that we have several opportunities ahead that may translate into growth in the near to medium term," he said. 

Highlights for the recently completed quarter include clearance by the US Food and Drug Administration of the AmpliVue Trichomonas Assay, as well as CE marking for the Solana molecular instrument and the Solana Group A Strep molecular assay. 

The Solana instrument runs up to a dozen of Quidel's isothermal helicase-dependent amplification-based assays simultaneously. 

Quidel posted a profit of $4 million, or $.11 per share, in Q1 2015, compared to a loss of $1.5 million, or $.04 per share, in the year-ago quarter. On a non-GAAP basis, EPS was $.30, well above the average Wall Street estimate of $.12. 

The company reduced its R&D costs 11 percent year over year to $8.1 million from $9.1 million, but increased its SG&A costs 23 percent to $21.2 million from $17.2 million. 

Quidel finished the first quarter with $232.9 million in cash, cash equivalents, and restricted cash.