Quidel Reports Third Quarter 2010 Results
Nine Months Ended September 30, 2010
Total revenues decreased 16% to $81.6 million for the nine-month period ended September 30, 2010 from $97.7 million for the same period in 2009. For the nine-month period in 2010, loss per share was $0.38 compared to earnings per diluted share of $0.42 for the same period of the prior year. On a non-GAAP basis, excluding non-recurring items and amortization of acquired intangibles, net loss for the nine months ended September 30, 2010 was $6.6 million, or $0.23 per share, compared to net income of $14.0 million, or $0.46 per diluted share for the same period of 2009.
Non-GAAP Financial Information
The Company is providing certain non-GAAP measures, which exclude the effect of certain non-recurring items and amortization of acquired intangibles on earnings (loss) and net earnings (loss) per share. These non-GAAP measures are provided as a supplement to the Company’s consolidated financial statements, which are presented in accordance with generally accepted accounting principles in the U.S., or GAAP.Management is providing the adjusted net earnings (loss) and adjusted net earnings (loss) per share information for the periods presented because it believes this enables a better comparison of the Company's financial performance from period-to-period, and to that of its competitors. These non-GAAP measures are not meant to be considered in isolation, or as a substitute for results prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures to the comparable GAAP measures is included in this press release as part of the attached financial tables. Conference Call Information Quidel management will host a conference call to discuss the third quarter 2010 results as well as other business matters today beginning at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). During the conference call, management may answer questions concerning business and financial developments and trends. Quidel's responses to these questions, as well as other matters discussed during the conference call, may contain or constitute material information that has not been previously disclosed.
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