Quidel Corporation – 2011 was a year of discovery

Quidel Corporation (NASDAQ: QDEL), a leading provider of rapid diagnostic testing solutions and cellular-based virology assays, announced financial results for the fourth quarter and full year ended December 31, 2011.

Fourth Quarter 2011 Highlights:

• Increased total revenues 21% to $38.4 million compared to $31.7 million in the fourth quarter of 2010.

• Received CE Mark for Sofia Strep A Fluorescent Immunoassay (FIA) for use with the Sofia Fluorescent Immunoassay Analyzer.

• Received 510(k) clearance from the United States FDA for Quidel Molecular Influenza A+B and Quidel Molecular hMPV PCR assays.

• Received 510(k) clearance from the United States FDA for Sofia Fluorescent Immunoassay Analyzer and Sofia Influenza A+B FIA.

Fourth Quarter 2011 Results

For the fourth quarter of 2011, total revenues increased to $38.4 million from $31.7 million in the fourth quarter of 2010, an increase of 21%. The increase in revenues was driven by growth of infectious disease and women’s health products.

Net income for the fourth quarter of 2011 was $1.0 million, or $0.03 per diluted share, compared to net loss of $0.4 million, or $0.02 per share, for the fourth quarter of 2010. On a non-GAAP basis, excluding non-recurring items, amortization of intangibles and stock compensation expense, net income for the fourth quarter of 2011 was $4.9 million, or $0.15 per diluted share, compared to net income of $1.5 million, or $0.05 per diluted share, for the same period in 2010.

“We are pleased with the progress that we made during the fourth quarter. The company continues to be on track with its pipeline strategy, as evidenced by the milestones that were achieved in the period,” said Douglas Bryant, president and CEO of Quidel Corporation. “In addition to several regulatory approvals that clear the way for the launch of our next generation immunoassay technology and our first molecular diagnostic assays, we began clinical trials on the next wave of new products.”

Full Year 2011 Results

Total revenues in 2011 increased 40% to $158.6 million from $113.3 million in 2010. For the year ended December 31, 2011, net income increased to $7.6 million, or $0.23 per diluted share, compared to a net loss of $11.3 million, or $0.39 per share, in 2010. On a non-GAAP basis, excluding non-recurring items, amortization of intangibles and stock compensation expense, net income for the full year 2011 was $19.8 million, or $0.59 per diluted share, compared to a net loss of $1.5 million, or $0.05 per share, for the full year 2010.

“2011 was a year of discovery during which we overcame a couple key technical hurdles and achieved a number of our development and regulatory objectives. In 2012, we expect to pick up the pace of product development while building the commercial infrastructure we will need in the years that follow,” added Bryant.

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Post Written By: Ed Liston Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.