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

To: Robert Busse who wrote (1562)	1/25/1999 10:14:00 AM
From: Ted Gregg	Respond to of 1693

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

To: Robert Busse who wrote (1562)	1/25/1999 10:15:00 AM
From: Ted Gregg	Read Replies (2) \| Respond to of 1693

QUIDEL Corporation Condensed Consolidated Statements of Operations (In thousands, except per share data) (unaudited) Three months ended Nine months ended December, 31 December, 31 1998 1997 1998 1997 Net sales $13,746 $12,447 $33,893 $32,448 Research contracts and royalties 1,181 995 3,325 2,350 Total revenues 14,927 13,442 37,218 34,798 Gross profit from net sales 5,776 6,256 14,824 15,632 % of sales 42.0% 50.3% 43.7% 48.2% Research and development 1,902 1,888 6,016 5,672 Sales and marketing 2,330 2,621 6,803 7,633 General and administrative 1,550 978 4,306 3,368 Restructuring cost -- -- 687 -- Total operating expenses 5,782 5,487 17,812 16,673 Other income (expense) 79 (9) 219 (41) Pre-tax income 1,254 1,755 556 1,268 Tax provision 308 51 308 51 Net income $ 946 $1,704 $ 248 $1,217 Basic and diluted earnings per share $.04 $.07 $.01 $.05 Shares used in basic EPS 23,788 23,714 23,774 23,622 Shares used in diluted EPS 23,796 23,991 23,811 23,873 Condensed Consolidated Balance Sheet Data (In thousands) (unaudited) December, 31 December, 31 1998 1997 Cash and Cash Equivalents $6,012 $8,698 Working Capital 15,495 16,718 Total Assets 46,091 45,543 Stockholders' Equity 37,221 36,826