Quidel Corporation (Quidel), an in vitro diagnostics company, has reported total revenues of $16.9 million for the first quarter of 2009, down 59%, compared with the total revenues of $40.9 million in the year-ago quarter. It has also reported net loss of $2.8 million, or $0.09 per diluted share, for the first quarter of 2009, compared with a net income of $8.6 million, or $0.26 per diluted share, in the year-ago quarter.
First Quarter 2009:
Gross margin was 50.1% versus 65.4% in the first quarter of 2008
Operating expenses were $13.1 million versus $13.2 million in the same period in 2008
Included in operating expenses in 2009 is a $1.0 million restructuring charge
Repurchased 1.1 million shares of company stock for a total of $10.4 million
“In response to the soft influenza testing market this season, we took action in March to better align our cost structure with lower revenue expectations for 2009,” said Douglas C. Bryant, president and chief executive officer of Quidel. “While this year will be challenging from an operating performance perspective our cost reduction initiatives and continued investment in developing new products that leverage our QuickVue brand and market strength will position us for profitable growth in 2010.”
Liquidity
Cash and cash equivalents as of March 31, 2009 were $56.3 million, against $57.9 million as of December 31, 2008. During the first quarter of 2009, Quidel repurchased about 1.1 million shares of its common stock for $10.4 million under the company’s previously announced share repurchase program. A total of $16.6 million remains available for stock repurchase under the current Board authorized program.