This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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 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.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

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