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Quidel Reports Fourth Quarter And Full Year 2010 Results

Quidel Corporation (NASDAQ: QDEL), a leading provider of rapid diagnostic testing solutions, announced today financial results for the fourth quarter and full year ended December 31, 2010.

Fourth Quarter 2010 Results

For the fourth quarter of 2010, total revenues were $31.7 million, compared to $66.6 million for the fourth quarter of 2009, a decrease of 52%, largely due to higher than normal revenues in 2009 associated with the H1N1 pandemic. Partially offsetting the decrease in total revenues was an increase in sales as a result of the acquisition of Diagnostic Hybrids in February 2010. International revenues were $3.4 million in the fourth quarter of 2010 compared to $12.6 million in the fourth quarter of 2009.

Net loss for the fourth quarter of 2010 was $0.4 million, or $0.02 per share, compared to net income of $20.1 million, or $0.67 per diluted share, for the fourth quarter of 2009. On a non-GAAP basis, excluding non-recurring items and amortization of acquired intangibles, net income for the fourth quarter of 2010 was $0.6 million, or $0.02 per diluted share, compared to net income of $20.4 million, or $0.68 per diluted share for the same period of 2009.

“Revenues in the fourth quarter were expected to remain modest since outpatient visits for influenza-like illness in the United States remained below the national baseline until late December. As a result, any meaningful end-user demand for QuickVue® Influenza products did not occur until the end of 2010,” said Douglas Bryant, president and CEO of Quidel Corporation. “Thus far in 2011, we appear to be experiencing a typical flu season and expect demand for QuickVue® Influenza products to be similar to the level we saw in 2008.”

Results for the Year Ended December 31, 2010

Total revenues declined 31% to $113.3 million for the year ended December 31, 2010 from $164.3 million for the same period in 2009. Net loss for the year ended 2010 was $11.3 million, or $0.39 per share, compared to net income of $32.9 million, or $1.08 per diluted share, 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 year ended December 31, 2010 was $6.0 million, or $0.21 per share, compared to net income of $34.4 million, or $1.13 per diluted share for the same period of 2009. Included in diluted earnings per share for the year ended 2010 are business acquisition costs of $2.3 million or $0.08 per share.

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