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Quidel Posts 21 Percent Revenue Growth for Q4

NEW YORK (GenomeWeb News) – Quidel reported after the close of the market Wednesday that its fourth-quarter revenues increased 21 percent year over year driven by its infectious disease and women's health products.

The San Diego-based diagnostics firm generated total revenues of $38.4 million for the three-month period ended Dec. 31, 2011, compared to $31.7 million for Q4 2010.

Quidel CFO Randy Seward said on a conference call following the release of the results that sales were led by infectious disease test products, which grew 28 percent year over year to $27.3 million. The firm's women's health products increased 8 percent year over year to $8.2 million, he added.

Quidel posted net income of $958,000, or $.03 per share, versus a net loss of $426,000, or $.02 per share, for Q4 2010. On a non-GAAP basis, its Q4 2011 net income was $4.9 million, or $.15 per share, compared to net income of $1.5 million, or $.05 per share, for Q4 2010.

The firm's R&D spending jumped 21 percent to $6.8 million from $5.6 million, while its SG&A expenses climbed 13 percent to $12.4 million from $10.8 million.

For full-year 2011, Quidel had revenues of $158.6 million, up 40 percent from $113.3 million.

It did not break out specific sales for its molecular diagnostics products for the quarter or the year. In late 2011, Quidel received US Food and Drug Administration clearance for two real-time PCR diagnostic products — a test for influenza A and B and a test for human metapneumovirus — both of which can run on commercially available thermocyclers, President and CEO Douglas Bryant noted on the call.

The firm also has several other PCR assays in development, including tests for C. difficile and RSV human metapneumovirus, and is developing a fully integrated molecular diagnostics instrument called Wildcat. It hopes to complete development of the Wildcat system by the end of 2013, Bryant said.

Quidel's profit for the year was $7.6 million, or $.23 per share, compared to a net loss of $11.3 million, or $.39 per share, for FY 2010. On a non-GAAP basis, its net income for the year was $19.8 million, or $.59 per share, compared to a 2010 net loss of $1.5 million, or $.05 per share.

The firm's R&D spending for the year was $26.3 million, up 11 percent from $23.7 million. Its SG&A expenses increased 12 percent to $48.5 million from $43.3 million.

Quidel finished the year with $61.3 million in cash and cash equivalents.

In early Thursday trade on the Nasdaq, shares of Quidel were up 9 percent at $15.50.

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