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QUIDEL REPORTS FIRST QUARTER RESULTS

 SAN DIEGO, Aug. 4 /PRNewswire/ -- QUIDEL Corp. (NASDAQ: QDEL), a leading developer and marketer of rapid diagnostic tests, today announced results for its first quarter fiscal year 1994, ended June 30, 1993.
 Net sales for the quarter totaled $6.394 million, compared to $5.618 million, an increase of 13.8 percent above the corresponding period in the prior year. The quarter-to-quarter growth in the company's products were primarily driven by increased sales to marketing partners and QUIDEL-labeled products which include the company's QuickVue(TM) and Conceive(TM) One-Step products for the doctor's office and home testing markets, respectively. In line with the company's strategy to expand distribution and subsequent market share of its diagnostic products, sales and marketing expenses combined with certain one-time distribution costs associated with introductory allowances grew by almost $500,000 and contributed significantly to the quarter's net loss of $609,000, or $.04 per share, vs. a net loss of $331,000 or $.02 per share, in similar period a year ago. Gross margins for the quarter were 43.8 percent, as compared to 46.0 percent in comparable quarter a year earlier, reflecting these distribution costs and product mix.
 "Distribution will be a key to the success of our new products, especially our Conceive(TM) line of One-Step fertility products for the home-testing market," said Scott L. Glenn, chairman and chief executive officer at QUIDEL. "This past quarter we added several important drug chain accounts to our list and increased our distribution from 25 percent to 52 percent of retail pharmacy stores across the United States. We now distribute the company's Conceive(TM) One-Step products to Walgreen's, Rite Aid, Osco, Sav-on, Longs, PayLess, Pathmark, Drug Emporium, Genevesse, Costco, Thrifty, Eckerds and many others. In addition, we announced yesterday the signing of a letter of intent to acquire the consumer fertility product line from a French company, which further expands our distribution capabilities worldwide. While our strategies create short-term pressure on our quarter-to-quarter earnings, we are committed to the long-term growth of QUIDEL and believe the company and its shareholders are best served by this direction."
 QUIDEL Corp. develops, manufactures and markets rapid immunodiagnostic products for family planning and family care. These products, which provide simple, accurate and cost-effective diagnoses in the areas of human fertility, infectious diseases, allergy and autoimmune disorders, are designed for use in the physician's office, clinical laboratory and home-testing markets.
 QUIDEL CORP.
 Condensed Consolidated Statements of Operations
 (In thousands, except per share data)
 Three months ended
 June 30,
 1993 1992
 Net sales $6,394 $5,618
 Contract and other revenue 199 155
 Total revenues $6,593 $5,773
 Gross profit $2,800 $2,586
 Operating expenses $3,459 $2,973
 Net income (loss) ($609) ($331)
 Net income (loss) applicable to
 common shareholders ($631) ($358)
 Net income (loss) per share ($0.04) ($0.02)
 -0- 8/4/93
 /CONTACT: Scott L. Glenn, chairman & CEO, 619-552-7900, or Mark Francois, director of investor relations, 619-552-7931, both of QUIDEL/
 (QDEL)


CO: QUIDEL Corp. ST: California IN: MTC SU: ERN

JL-LS -- SD004 -- 9176 08/04/93 08:01 EDT
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Publication:PR Newswire
Date:Aug 4, 1993
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