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Biotech / Medical : QDEL - Quidel more quick diagnosis -- Ignore unavailable to you. Want to Upgrade?

To: Ambrym Man who wrote (1194)	10/22/1997 8:43:00 AM
From: jad	Read Replies (2) \| Respond to of 1693

Quidel Reports FY 1998 Second Quarter Results; Company Returns to Profitability on 26% Sales Increase SAN DIEGO, Oct. 22 /PRNewswire/ -- QUIDEL Corporation (Nasdaq:QDEL) announced that net sales for its second fiscal quarter ended September 30, 1997 increased 26%, or$2,352,000, to $11,254,000 from $8,902,000 a year ago. The Company returned to profitability in the second quarter as the gross profit generated from increased sales volume offset the impact of higher patent license royalty expense and increased operating expenses. Net income for the quarter ended September 30 was $304,000, one cent per share, versus $208,000, or one cent per share, in the prior year period. Research and development and general administration expense were increased in the current quarter over the prior year level. Research and development costs increased in the areas of recruiting and relocation associated with the hiring of new senior scientists, patent license amortization which commenced April 1, 1997 related to the licenses obtained from Becton Dickinson, and the clinical trial costs associated with the recent FDA 510(k) filings for new pregnancy products. General and administrative expense increased $355,000 over the second quarter of the prior year. Approximately $196,000 of this increase was related to certain personnel costs which are not expected to continue. ''Continued progress in manufacturing productivity and growth in physicians office sales were the drivers of performance. U.S. physicians office sales increased $2,539,000 or 48% in the quarter over the prior year level as a result of increased sales of the company's Strep A, Pregnancy and H. Pylori products,'' said Steven T. Frankel, QUIDEL's president and chief executive officer. The current quarter's sales were also enhanced by the shipment of approximately $773,000 of backorders carried into the quarter which had resulted from the first quarter's production issues. Results for the six months ended September 30 reflect a net loss of $487,000, or two cents per share, as compared to a net income of $401,000, or two cents per share, in the prior year period. The current year-to-date results have been impacted by increased patent license royalty and amortization expense which commenced April 1, 1997. Year-to-date sales have increased 11% over the prior year level reflecting a 21% increase in domestic sales offset by a 9% reduction in international sales.