Quidel Corporation (NASDAQ: QDEL), a leading provider of rapid
point-of-care diagnostic tests, announced today financial results for
the fourth quarter and full year ended December 31, 2009.
“Global demand for our QuickVue® Influenza products was
sustained throughout the fourth quarter 2009, driving the near doubling
of revenues for the period compared to 2008”
Fourth Quarter 2009 Highlights
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Global revenues grew to $66.6 million, a 99% increase over fourth
quarter 2008
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Earnings per diluted share increased to $0.67 from $0.19 in the same
period last year
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Infectious disease product sales grew 118% to $57.0 million versus the
same period of 2008
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Reproductive and women’s health product revenue grew 36% to $6.1
million over the fourth quarter of 2008
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Launched MicroVue® C5a Enzyme Immunoassay
Full Year 2009 and Recent Highlights
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Grew total revenues to $164.3 million, a 28% increase year over year
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Earnings per diluted share increased to $1.08 from $0.58, an increase
of 86% over the prior year
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Operating margin increased to 32% in 2009 from 22% in the prior year
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Repurchased 3.1 million shares of company stock for a total of $32.8
million
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Signed a definitive agreement to acquire Diagnostic Hybrids, Inc. for
approximately $130 million in cash
Fourth Quarter 2009 Results
For the fourth quarter of 2009, total revenues were $66.6 million,
compared to $33.5 million for the fourth quarter of 2008, an increase of
99%. International revenues grew 88% to $12.6 million compared to the
fourth quarter of 2008. Sales of infectious disease products grew 118%
to $57.0 million in the quarter compared to the prior year driven by
sales of the company’s QuickVue® Influenza products.
Operating margin increased to 48% versus 26% in the same quarter last
year. Net income for the fourth quarter of 2009 was $20.1 million, or
$0.67 per diluted share, compared to $6.1 million, or $0.19 per diluted
share, for the fourth quarter of 2008.
“Global demand for our QuickVue® Influenza products was
sustained throughout the fourth quarter 2009, driving the near doubling
of revenues for the period compared to 2008,” said Douglas Bryant,
president and CEO of Quidel Corporation. “We believe the results for the
quarter reflect the impact of the pandemic combined with continued
adoption and market penetration as physicians and hospitals continue to
recognize the utility in diagnosing patients at the point-of-care with
our rapid influenza products.”
Results for the Year Ended December 31, 2009