This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Quidel Reports Third Quarter 2010 Results

Quidel Corporation (NASDAQ: QDEL), a leading provider of rapid diagnostic testing solutions, announced today financial results for its third quarter ended September 30, 2010.

Third Quarter 2010 Results

For the third quarter of 2010, total revenues were $28.2 million, compared to $56.2 million for the third quarter of 2009, a decrease of 50%. The comparison to the prior year is affected by higher than normal revenues in 2009 due to the H1N1 pandemic.

Net loss for the third quarter of 2010 was $5.9 million, or $0.21 per share, compared to net income of $14.9 million, or $0.50 per diluted share, for the third quarter of 2009. Included in the third quarter results is $3.2 million of income tax expense to adjust the previously recorded tax benefit to the third quarter year-to-date effective tax rate. On a non-GAAP basis, excluding non-recurring items and amortization of acquired intangibles, net loss for the third quarter of 2010 was $1.6 million, or $0.06 per share.

“Our revenues and operating performance for the third quarter were in line with our expectations, driven by sales of non-seasonal products and a more just in time influenza inventory stocking strategy with distribution,” said Douglas Bryant, president and chief executive officer at Quidel Corporation. “In a more typical respiratory disease season we have seen very little end user demand for our influenza tests in the third quarter, as three-quarters of that demand has traditionally occurred in the first quarter. And as expected, in the third quarter our sales of flu tests were modest, and reflective of sales from our distributors to their customers, which were nearly equivalent to what we saw in 2008, a season that is a better benchmark than last year’s pandemic. Going forward, because of our just in time inventory stocking strategy, we expect that revenues for our products, like our influenza tests, will more closely coincide with end user demand for those products.”

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,678.70 +6.10 0.03%
S&P 500 2,057.09 +5.27 0.26%
NASDAQ 4,771.7630 +13.8840 0.29%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs