SAN DIEGO, May 13 /PRNewswire/ -- QUIDEL Corporation (Nasdaq: QDEL) today
reported results for its fourth quarter and fiscal year 1997, ended March 31,
1997.
Fourth Quarter
In the fourth quarter, net sales increased to $12.2 million compared to
$8.8 million in the prior year period, a 39 percent increase. Net income for
the quarter improved significantly to $1,343,000 or $0.06 per share compared
to $133,000, or $0.01 per share, in the prior year's three month period.
Year End
Net sales for the year ended March 31, 1997, rose to $41.9 million, up 22
percent from the prior year's sales of $34.5 million.
Net income improved significantly to $3,549,000, or $0.16 per share,
compared to net income of $579,000, or $0.03 per share in the prior year.
Gross profit margin for the year was 53 percent compared to 54 percent in
the prior year period, reflecting lower OTC product pricing under the Ansell
distribution agreement which was partially offset by improvements in
efficiency and the Company's continued sales emphasis on QUIDEL branded
products sold through the Company's distribution channels.
The total year's operating expenses, excluding contract research expense
which is fully funded, grew only 4 percent on a sales increase of 22 percent
and declined to 45 percent of sales in 1997 as compared to 52 percent of sales
in 1996.
"It is gratifying to see the significant accomplishments over the past
year begin to translate into meaningful financial results," said Steven T.
Frankel, President and Chief Executive Officer of QUIDEL. "Sales increases
were driven by our Infectious Disease products which increased two and one-
half times, year-over-year. The waived status of our Strep A and H. pylori
tests provided sales opportunities in 28,000 'waived' physician offices,
contributing significantly to this sales increase."
QUIDEL Corporation discovers, develops, manufactures, and markets rapid
immunodiagnostic products for point-of-care detection of human medical
conditions and illnesses. These products provide simple, accurate, and cost-
effective diagnoses for human fertility, infectious diseases, allergies and
autoimmune disorders. QUIDEL's products are sold to professionals in the
physician's office and clinical laboratory, and to consumers through retail
drug stores.
QUIDEL Corporation
Condensed Consolidated Statements of Operations
For the periods ended March 31
Three Months Twelve Months
(In thousands,
except per share data) FY 1997 FY 1996 FY 1997 FY 1996
Net sales $ 12,243 $ 8,827 $ 41,919 $ 34,481
* Contract research
and other revenue 662 93 2,803 572
Total revenues 12,905 8,920 44,722 35,053
Gross profit 6,444 4,677 22,250 18,448
* Research and development 1,656 1,139 6,700 4,130
Sales and marketing 3,064 2,457 10,744 10,451
General and administrative 843 941 3,534 3,483
Total operating
expenses 5,563 4,537 20,978 18,064
Net income $1,343 $133 $ 3,549 $579
Net income per share $.06 $.01 $.16 $.03
Shares used in computing
net income per share 23,354 23,085 22,791 22,684
* Increased contract research revenue relates primarily to QUIDEL's new
influenza collaboration with Glaxo Wellcome and offsets an increase in
research and development expense and other administrative expenses associated
with the program.
This press release contains forward-looking statements regarding QUIDEL
and its future sales-related activities. Actual results could differ
materially from those described or implied in this press release as a result
of a number of factors, including, but not limited to, the outcome of lawsuits
(including the recently filed suit by Becton Dickinson and Company), the
future growth of the waived-only markets, any adverse actions by the Company's
distribution partners, competitive products, other economics factors affecting
the Company's markets, the degree of acceptance that new products achieve, and
seasonality, as certain of these items have been discussed in the Company's
annual Report on Form 1O-K and subsequent quarterly reports on Form 10-Q.
SOURCE QUIDEL Corporation
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