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Quidel's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Today Quidel released financial results for the three months ended June 30, 2012. If you have not received our news release or if you would like to be added to the company’s distribution list, please call Ruben at 858-646-8023.

For today’s call Doug will report on the highlights of the second quarter and provide updates on our product pipeline. I will then briefly discuss our financial results and we will open the call for your questions.

I’ll now hand the call over to Doug for his comments.

Doug Bryant

Thank you, Randy. Total revenues for the second quarter at $39.9 million were just slightly better than what we had expected and we have 12% improvement over revenues of $27.5 million in the second quarter of 2011. This was also a 24% improvement over revenues of $25 million in the second quarter of 2010.

While physician visits for influenza like illness and testing, for influenza in the first quarter of this year were much lower than normal. Respiratory illness and test demand in the second quarter were at levels that we would typical see this time of year.

Inventory levels at distribution were low as we exited the first quarter and remained that way as we entered the third quarter. Spending during the quarter was also as planned, and representative of our ongoing R&D investment and the increase in the size of our U.S. sales force. Overall we had a productive quarter.

Sales and operating margin were bit better than we had planned, Randy will walk you through these details shortly. And we made pretty good progress with the two initiatives that we are likely to drive sales within the next year or so. Let me walk you through where we are with growth.

Let’s start with Sofia, we did received clear waiver from the FDA in the second quarter for Sofia influenza A+B for nasal for swap specimens across all its ranges. And have now launched in both U.S. hospital and physician segment.

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