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Quidel's Q2 Revenues Rise 11 Percent

This story has been updated to include information from a conference call to discuss Quidel's earnings.

NEW YORK (GenomeWeb) – Quidel reported after the close of the market on Wednesday that its second quarter revenues rose 11 percent year over year due primarily to sales of infectious disease and women's health products.

Revenues for the three months ended June 30 increased to $39.1 million from $34.9 million in Q2 2015, above the average analysts' estimate of $38 million.

Infectious disease revenues rose 14 percent on influenza and Strep A products, while women's health revenues increased 17 percent, to $10.7 million. Influenza product revenues for the firm were up 21 percent. The company's bone health and complement marker revenue, meanwhile, increased by 57 percent, and total molecular sales rose 63 percent.

During the quarter the firm closed its largest Solana customer to date, "a large integrated delivery network that will be purchasing over $1 million in Solana Group A Strep annually," CEO Douglas Bryant noted on a call to discuss the earnings. Results of the clinical trial of the Strep test, which was cleared last year, were also published in the quarter.

The firm also received CE mark for Solana Trichomonas, and that assay is under active review at the FDA as is the firm's Solana Influenza A and B product, Bryant said.

Quidel posted a net loss for the quarter of $7.8 million, or $.24 per share, compared to a loss of $8.9 million, or $.26 per share, in the year-ago quarter. On a non-GAAP basis, loss per share was $.11, beating the Wall Street estimate of $.24.

The company increased its R&D costs slightly year over year to $9.7 million from $9.1 million, and increased its SG&A costs to $18.9 million from $17.9 million.

Quidel finished the first quarter with $155.6 million in cash, cash equivalents, and restricted cash.