Quidel Corporation (QDEL) Goldman Sachs Healthcare Conference Call June 05, 2012 06:20 pm ET Executives Doug Bryant - President & CEO Randy Steward - CFO Analysts Isaac Ro - Goldman Sachs Presentation Isaac Ro - Goldman Sachs
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But certainly the seasonality doesn't bother us; it’s the volatility that is a big concern for us. Beginning in 2009, the first step in the process was to bring on board R&D talent, also business development talent. We began creating a pipeline basically from scratch and we focused on a couple of different areas; we focused on a next generation platform to stabilize our presence in the space in which we compete today and then we embarked on molecular diagnostic and the other and I certainly can talk a little bit more about that if you like.We did effectively three deals if you will. We entered into a collaborative agreement with a company called BioHelix; BioHelix is in the R&D that has now created the world’s first handheld molecular device called AmpliVue and will be launching that first product here in the US in Q4. We also entered into an agreement with Northwestern University who had developed a novel extraction technology that will become the basis for the cartridge that goes into our integrated platform. And then we also did an acquisition; we spent in early 2010, $130 million on a company called DHI, Diagnostic Hybrids. And the two major things that we got there were R&D synergies they had significant molecular diagnostic and assay development capability and they had an awesome group of scientists who are terrific at characterizing and developing monoclonal antibiotics. Fast forward to last year, last year was a year in which we finally saw some of the fruits of all that investment. We had four assays cleared here in the United States and to be marketed. Each of those was a 510(k) clearance. And during the period, we also saw a number of technical issues so that in this year, 2012, we should see an acceleration in the topline -- an acceleration in terms of product development and currently we have five assays in clinical trials in the United States and so we expect to see a little bit of productivity gain this year is such that in 2013 we actually see topline acceleration.
Two major things that were milestones for us; we’re launching a product called Sofia. We’re also launching the AmpliVue C. difficile product. Both of those should be responsible for pretty good lift 2013 longer terms in terms of our goals, we’ve stated publicly before that by 2015 we expect to be around $250 million in revenues. That’s about $100 million more than we have today. Big drivers to that of course are the Sofia platform as well as the molecular platform.Isaac Ro - Goldman Sachs And maybe just start with Sofia and give us a little more depth as to the customer, what your experience will look like, how do you compare that competitively against some of the other offerings in the marketplace? Doug Bryant Today, here in the United States we’ve launched just Sofia with the flu product and so my comparison competitively is only there I can say that we knew that we had something as we were developing and this assay is actually about 100% more sensitive than our legacy products. So we knew that we would see during the clinical trials better performance for both sensitivity to flu A and flu B. We didn’t realize how well it would compare with PCR. Read the rest of this transcript for free on seekingalpha.com