QUIDEL Reports Fiscal Year 1999 Third Quarter Results
Monday January 25, 9:32 am Eastern Time
Company Press Release
SOURCE: Quidel Corporation
SAN DIEGO, Jan. 25 /PRNewswire/ -- QUIDEL Corporation (Nasdaq: QDEL - news) announced today that net income for its third fiscal quarter ended December 31, 1998 totaled $946,000 or $.04 per share, compared to net income of $1,704,000, or $.07 per share in the third fiscal quarter of the prior year. Revenues for the quarter ended December 31, 1998 increased by 11% to $14,927,000 from $13,442,000 in the prior third fiscal quarter. A non-cash tax provision of $308,000 was recorded for the quarter consistent with generally accepted accounting principles.
Net income for the nine months ended December 31, 1998 was $248,000, or $.01 per share, as compared to a net income of $1,217,000, or $.05 per share, during the prior year to date period. Total revenues increased 7% to $37,218,000 for the nine months ended December 31, 1998 from $34,798,000 for nine months ended December 31, 1997.
''We are pleased to report increased sales and a profitable quarter despite the delay in the onset of the strep season,'' said Andre de Bruin, president and chief executive officer of QUIDEL Corporation. ''While the positive trend in operating results do not yet reflect the benefits of our efforts, significant progress has been made in the areas of manufacturing efficiency and personnel reorganization. In addition, during the quarter, QUIDEL successfully launched a new waived test for infectious mononucleosis for use in physician office laboratories and completed the remainder of the restructuring of the international distribution operations. With the new management team in place, I am confident that the efforts underway will begin to yield measurable improvements in the overall financial performance of the company.''
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 acute and chronic conditions in the areas of reproductive and women's health and infectious diseases. QUIDEL's products are sold to professionals in the physician's office and clinical laboratory, and to consumers through retail drug stores. QUIDEL is based in San Diego, California. For more information on QUIDEL, go to quidel.com
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 future growth of the waived-only markets, any adverse actions by the Company's distribution partners, competitive products, other economic 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 10-K and subsequent quarterly reports on Form 10-Q. For more information on QUIDEL, go to quidel.com |
