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QUIDEL REPORTS FIRST QUARTER RESULTS

 QUIDEL REPORTS FIRST QUARTER RESULTS
 SAN DIEGO, Aug. 4 /PRNewswire/ -- QUIDEL Corp. (NASDAQ: QDEL)


today announced results for the first quarter fiscal year 1993 ended June 30, 1992.
 As part of the ongoing transition from sales through marketing partners (OEM) to products sold under the QUIDEL label, net product sales for the quarter totaled $5.62 million with a net loss of $331,000 or $0.02 per share, compared to $6.50 million in sales and a net profit of $46,000 in the comparable period last year. Increased sales of QUIDEL labeled products amounting to $333,000 were offset by decreased sales to marketing partners (OEM) for consumer market products. Additionally, the loss was driven by a decrease in contract revenue totaling $204,000, as the company redirects its research and development efforts toward new QUIDEL label products. Gross profit margin, however, improved from 44.6 percent in first quarter 1992 to 46.0 percent this current period.
 "As expected and previously announced in May, product sales to our marketing partners (OEM) and associated contract revenues were lower for the quarter while worldwide sales of products under our own label increased over last year," commented Scott L. Glenn, QUIDEL chairman and chief executive officer. "We anticipate that sales of QUIDEL labeled products will continue to grow as new products are introduced and promotional programs for recently released products such as Conceive(TM) One-Step, come on line. This is an important transition period for the company as we grow the business from OEM products to the sale of higher margin products labeled and distributed by QUIDEL."
 QUIDEL Corp. develops, manufactures and markets rapid immuno- diagnostic products that provide simple, accurate, and cost-effective diagnoses in the areas of human fertility, allergy, infectious disease, and autoimmune disorders. These tests are designed for use in the physician's office, clinical laboratory, and home testing markets.
 QUIDEL CORP.
 Comparative Financial Data
 (In thousands, except per share data)
 Three months ended
 June 30,
 1993 1992
 Net sales $5,618 $6,503
 Contract and other revenue 155 359
 Gross profit $2,586 $2,902
 Operating expenses $2,973 $3,161
 Net income (loss) ($331) ($46)
 Net income (loss) per share ($0.02) ($0.00)
 -0- 8/4/92
 /CONTACT: Mark Francois (investors) of QUIDEL, 619-552-7931, or Susan Noonan or Anthony J. Russo, Ph.D., of Noonan/Russo Communications, 212-979-9180, for QUIDEL/
 (QDEL) CO: QUIDEL Corp. ST: California IN: MTC SU: ERN


AL -- SD002 -- 6478 08/04/92 08:08 EDT
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Publication:PR Newswire
Date:Aug 4, 1992
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