Quidel Corporation (NASDAQ:QDEL), a leading provider of rapid diagnostic testing solutions, announced today financial results for the second quarter ended June 30, 2010.
“With the exception of last year, our company has historically experienced a loss in its second quarter, due to very low incidence of respiratory infectious disease. This quarter is no exception. However, we are encouraged by the progress we have made with our commercial and new product initiatives”
Second Quarter 2010 Results
For the second quarter of 2010, total revenues were $25.0 million, compared to $24.6 million for the second quarter of 2009, an increase of 1.6%. Diagnostic Hybrids contributed $10.1 million of revenue in the second quarter of 2010. The comparison to the prior year is affected by higher than normal revenues in 2009 due to the H1N1 pandemic, while revenues in the current quarter were affected by a very weak respiratory season.
Net loss for the second quarter of 2010 was $2.5 million, or $0.09 per share, compared to net income of $0.6 million, or $0.02 per diluted share, for the second quarter of 2009. On a pro forma basis, excluding non-recurring items and amortization of acquired intangibles, net loss for the second quarter of 2010 was $0.9 million, or $0.03 per share, compared to net income of $1.3 million, or $0.04 per diluted share for the same quarter in 2009.
"With the exception of last year, our company has historically experienced a loss in its second quarter, due to very low incidence of respiratory infectious disease. This quarter is no exception. However, we are encouraged by the progress we have made with our commercial and new product initiatives," said Douglas Bryant, president and chief executive officer of Quidel Corporation. "We are actively taking steps to diversify our product portfolio by pursuing non-seasonal opportunities and investing in technologies and products that will drive more predictable growth."
Liquidity
Cash and cash equivalents as of June 30, 2010 were $14.8 million. The reduction in cash and cash equivalents since December 31, 2009 reflects cash used as part of the Diagnostic Hybrids acquisition and repurchases of approximately 0.7 million shares of Quidel common stock for $8.8 million under the previously announced share repurchase program. A total of $10.3 million remains available for share repurchases under the current Board authorized program.
Six Months Ended June 30, 2010
Total revenues increased 28.6% to $53.4 million for the six-month period ended June 30, 2010 from $41.5 million for the same period in 2009. Diagnostic Hybrids contributed $14.9 million of revenue for the six months ended June 30, 2010. For the six-month period in 2010, loss per share was $0.18 compared to $0.07 for the same period of the prior year. On a pro forma basis, excluding non-recurring items and amortization of acquired intangibles, net loss for the six months ended June 30, 2010 was $1.8 million, or $0.06 per share, compared to a net loss of $0.9 million, or $0.03 per share for the same period of 2009.
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