Quidel Corporation (NASDAQ: QDEL) (“Quidel”), a provider
of rapid diagnostic testing solutions, cellular-based virology
assays and molecular diagnostic systems, announced today that it
expects revenues in the fourth quarter of 2019 to be in the range
of $151 million to $152 million.
“We had another great fourth quarter, and a good year.
Operationally, 2019 was notable in that we completed the
integration of the Triage business, unlocked synergies ahead of
schedule, and repaid our Revolving Credit Facility, thereby
meaningfully reducing our debt,” said Douglas Bryant, president and
chief executive officer of Quidel Corporation. “Commercially, we
executed, as well, as Sofia placements for the year increased by
over 6,000 instruments in the field, further demonstrating the
strength of the Sofia brand,” added Mr. Bryant.
These preliminary results are based on management’s initial
analysis of operations for the quarter ended December 31, 2019. The
company expects to issue full financial results for the fourth
quarter and fiscal year 2019 in February.
Quidel to Present at 38th Annual J.P. Morgan Healthcare
Conference
Quidel will present at the 38th Annual J.P. Morgan Healthcare
Conference to be held at The Westin St. Francis hotel in San
Francisco, California on Wednesday, January 15, 2020.
Douglas Bryant, president and chief executive officer, will
present that day at 12:00 p.m. Eastern time (9:00 a.m. Pacific
time) with a question and answer session scheduled immediately
following the presentation. During the presentation, the company
will discuss business and financial developments and trends. The
company's statements may contain or constitute material information
that has not been previously disclosed.
A live webcast and audio archive of the presentation will be
available via the Investor Relations section of the company’s Web
site at https://ir.quidel.com, or by clicking on the link
below:
https://jpmorgan.metameetings.net/events/hc20/sessions/29635-quidel-corporation/webcast
Participants should allow approximately five to ten minutes
prior to the presentation's start time to visit the site and
download any streaming media software needed to listen to the
Internet webcast. A replay of the webcast will also be available on
the company’s Web site for 14 days.
About Quidel Corporation
Quidel Corporation serves to enhance the health and well-being
of people around the globe through the development of diagnostic
solutions that can lead to improved patient outcomes and provide
economic benefits to the healthcare system. Marketed under the
Sofia®, QuickVue®, D3® Direct Detection, Thyretain®, Triage® and
InflammaDry® leading brand names, as well as under the new Solana®,
AmpliVue® and Lyra® molecular diagnostic brands, Quidel’s products
aid in the detection and diagnosis of many critical diseases and
conditions, including, among others, influenza, respiratory
syncytial virus, Strep A, herpes, pregnancy, thyroid disease and
fecal occult blood. Quidel's Triage® system of tests comprises a
comprehensive test menu that provides rapid, cost-effective
treatment decisions at the point-of-care (POC), offering a diverse
immunoassay menu in a variety of tests to provide diagnostic
answers for quantitative BNP, CK-MB, d-dimer, myoglobin, troponin I
and qualitative TOX Drug Screen. Quidel’s research and development
engine is also developing a continuum of diagnostic solutions from
advanced immunoassay to molecular diagnostic tests to further
improve the quality of healthcare in physicians’ offices and
hospital and reference laboratories. For more information about
Quidel’s comprehensive product portfolio, visit quidel.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws that involve material
risks, assumptions and uncertainties. Many possible events or
factors could affect our future financial results and performance,
such that our actual results and performance may differ materially
from those that may be described or implied in the forward-looking
statements. As such, no forward-looking statement can be
guaranteed. Differences in actual results and performance may arise
as a result of a number of factors including, without limitation:
adverse changes in competitive conditions in domestic and
international markets, the reimbursement system currently in place
and future changes to that system, changes in economic conditions
in our domestic and international markets, lower than anticipated
market penetration of our products, our reliance on sales of our
influenza diagnostic tests, fluctuations in our operating results
resulting from the timing of the onset, length and severity of cold
and flu seasons, seasonality, government and media attention
focused on influenza and the related potential impact on humans
from novel influenza viruses, the quantity of our product in our
distributors’ inventory or distribution channels, changes in the
buying patterns of our distributors, and changes in the healthcare
market and consolidation of our customer base; our development,
acquisition and protection of proprietary technology rights; our
development of new technologies, products and markets; our reliance
on a limited number of key distributors; our exposure to claims and
litigation that could result in significant expenses and could
ultimately result in an unfavorable outcome for us, including the
ongoing litigation between us and Beckman Coulter, Inc.;
intellectual property risks, including but not limited to,
infringement litigation; our need for additional funds to finance
our capital or operating needs; the financial soundness of our
customers and suppliers; acceptance of our products among
physicians and other healthcare providers; competition with other
providers of diagnostic products; failures or delays in receipt of
new product reviews or related to currently-marketed products by
the U.S. Food and Drug Administration (the “FDA”) or other
regulatory authorities or loss of any previously received
regulatory approvals or clearances or other adverse actions by
regulatory authorities; changes in government policies; costs of
and adverse operational impact from failure to comply with
government regulations in addition to FDA regulations; compliance
with government regulations relating to the handling, storage and
disposal of hazardous substances; third-party reimbursement
policies and potential cost constraints; our failure to comply with
laws and regulations relating to billing and payment for healthcare
services; our ability to meet demand for our products;
interruptions in our supply of raw materials; product defects;
business risks not covered by insurance; costs and disruptions from
failures in our information technology and storage systems; our
exposure to data corruption, cyber-based attacks, security breaches
and privacy violations; competition for and loss of management and
key personnel; international risks, including but not limited to,
compliance with product registration requirements, compliance with
legal requirements, tariffs, exposure to currency exchange
fluctuations and foreign currency exchange risk, longer payment
cycles, lower selling prices and greater difficulty in collecting
accounts receivable, reduced protection of intellectual property
rights, social, political and economic instability, increased
financial accounting and reporting burdens and complexities, taxes,
and diversion of lower priced international products into U.S.
markets; changes in tax rates and exposure to additional tax
liabilities or assessments; risks relating to our acquisition and
integration of the Triage MeterPro Cardiovascular and toxicology
business and B-type Naturietic Peptide assay business (the “Triage
and BNP Businesses”); Alere’s failure to perform under various
transition agreements relating to our acquisition of the Triage and
BNP Businesses; that we may incur substantial costs to build our
information technology infrastructure to transition the Triage and
BNP Businesses; that we may have to write off goodwill relating to
our acquisition of the Triage and BNP Businesses; our ability to
manage our growth strategy; the level of our indebtedness and
deferred payment obligations; our ability to generate sufficient
cash to meet our debt service and deferred and contingent payment
obligations and our ability to repay, renew or extend, our
outstanding debt and its impact on our operations and our ability
to obtain financing; that our Revolving Credit Facility is secured
by substantially all of our assets; the agreements for our
indebtedness place operating and financial restrictions on us and
our ability to operate our business; that an event of default could
trigger acceleration of our outstanding indebtedness; that we may
incur additional indebtedness; increases in interest rate relating
to our variable rate debt; dilution resulting from future sales of
our equity; volatility in our stock price; provisions in our
charter documents, Delaware law and the indenture governing our
Convertible Senior Notes that might delay or impede stockholder
actions with respect to business combinations or similar
transactions; our intention of not paying dividends; and our
ability to identify and successfully acquire and integrate
potential acquisition targets. Forward-looking statements typically
are identified by the use of terms such as “may,” “will,” “should,”
“might,” “expect,” “anticipate,” “estimate,” “plan,” “intend,”
“goal,” “project,” “strategy,” “future,” and similar words,
although some forward-looking statements are expressed differently.
The risks described in reports and registration statements that we
file with the Securities and Exchange Commission (the “SEC”) from
time to time, should be carefully considered. You are cautioned not
to place undue reliance on these forward-looking statements, which
reflect management’s analysis only as of the date of this press
release. Except as required by law, we undertake no obligation to
publicly release the results of any revision or update of these
forward-looking statements, whether as a result of new information,
future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200109005851/en/
Quidel Contact: Quidel Corporation Randy Steward Chief Financial
Officer 858.552.7931
Media and Investors Contact: Quidel Corporation Ruben Argueta
858.646.8023 rargueta@quidel.com
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