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Good morning. We’re going to go ahead and get started. Welcome to day three of the JPMorgan Healthcare Conference. I’d like to remind you all that please silence your cell phones. I am very happy to have this morning Quidel’s CEO, Doug Bryant. The breakout here will be in the Olympic Room.
Thanks, Kevin [ph]. Good morning, everyone. We will be making some forward-looking statements. Our company is one with a fairly rich and long history. We actually commercialized our first in vitro diagnostic product in 1984, became known as a company that manufactured pregnancy tests and that was the basis for our business for some time.
We introduced one of the early strep tests as well the following year and then a few years later. We became one of the early developers and manufactures of the flu A/B test. We’ve done a number of things over the years to improve the productivity of manufacturing and you see and up there for 2007. By 2007, we had almost fully automated all of our manufacturing processes and in fact today direct labor is only about 4% of cost of goods sold.
So, highly automated, highly reproducible products that we manufacture these rapid point-of-care tests in Santiago. We do about 50 million tests per year, that’s growing and I’ll talk more about that in a little bit.