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Quidel Reports Fourth Quarter And Full Year 2010 Results

“The absence of a flu season in 2010 and its impact to our financial performance further demonstrated the company’s dependence on flu and the need to broaden its product portfolio. In a financially challenging year, we acquired and integrated DHI, introduced six products into the marketplace and partnered with Northwestern University to further the development of an integrated molecular system,” Bryant continued. “These milestones were an important part of creating a broader-based business, and we are encouraged by the significant progress made in realizing our longer-term goals.”

Non-GAAP Financial Information

The Company is providing non-GAAP financial information to reflect the effect of certain non-recurring items on earnings (loss) and net earnings (loss) per share as a supplement to its 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. This presentation is 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 fourth quarter and full year 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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