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Quidel's Q2 Revenues Rise 11 Percent on New Product Sales

NEW YORK (GenomeWeb) – Quidel reported after the close of the market on Tuesday that its second quarter revenues grew 11 percent year over year led by new product sales, particularly of its Sofia immunoassays.

Revenues for the three months ended June 30 increased to $34.9 million from $31.5 million in Q2 2014, above the average analysts' estimate of $34.2 million.

The firm said that new product revenues increased 120 percent year over year to $6.9 million, due primarily to sales of its Sofia assays, followed by increased molecular and Graves' disease product sales. Specifically, Sofia product revenues increased by 147 percent and molecular revenues increased 56 percent from the second quarter of 2014.

The firm noted that infectious disease product revenues were up 17 percent, led by sales of influenza and Strep A products. Influenza sales were up 38 percent to $9.0 million, the result of a 135 percent increase in Sofia influenza orders and a 25 percent increase in QuickVue influenza orders over the second quarter of last year. Sales of Strep A products grew 13 percent to $6.8 million.

"While QuickVue tests for influenza and Strep A grew in the second quarter, our new products were responsible for the largest portion of revenue growth in the period," Quidel President and CEO Douglas Bryant said in a statement.

Quidel posted a net loss of $8.9 million, or $.26 per share, in Q2 2015, compared to a loss of $6.9 million, or $.20 per share, in the year-ago quarter. On a non-GAAP basis, loss per share was $.14, beating the Wall Street estimate of $.25.

The company increased its R&D costs slightly year over year to $9.1 million from $8.1 million, and increased its SG&A costs to $17.9 million from $15.2 million.

Quidel finished the first quarter with $209.6 million in cash, cash equivalents, and restricted cash. 

In the quarter the firm also received 510(k) clearance from the US Food and Drug Administration for its Solana molecular testing instrument and a Group A Strep assay.