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QUIDEL REPORTS RECORD SALES FOR THE FOURTH QUARTER AND YEAR

 SAN DIEGO, May 12 /PRNewswire/ -- Quidel Corporation (NASDAQ: QDEL), a major manufacturer and marketer of rapid diagnostic testing products for doctors and retail consumers, announced record sales for the fourth quarter of $8.2 million and $27.7 million for the fiscal year ended March 31, 1993. Net income for the quarter increased 52 percent to $493,000 compared to $324,000 in the prior year fourth quarter. For the year, net income was $600,000, or $.04 per share, compared to $768,000, or $.05 per share last year due to higher marketing expenses associated with the promotion of new Quidel products.
 The quarterly growth was driven by a 49 percent increase in European allergy sales and a 46 percent increase in domestic sales under the Quidel label, with the introduction of the new Conceive(TM) and QuickVue(TM) one-step products for pregnancy and ovulation. Total sales for the quarter were $8.2 million compared to $7.4 million in the same quarter last year. Sales to marketing partners decreased 17.5 percent in the quarter, reflecting the company's strategy of promoting products under its own label, as opposed to marketing through partners. Sales for the year increased to $27.7 million compared to the prior year of $26.5 million. As anticipated, sales of products to marketing partners decreased 8.6 percent during the year and were more than offset by a 20 percent overall increase in the sale of Quidel marketed products.
 Gross margins for the quarter increased from 46.7 percent to 49.5 percent and for the year 46.2 percent to 47.8 percent, reflecting the transition to the more profitable Conceive and QuickVue products sold by the Quidel sales force. Operating expenses for the quarter and the year increased as sales, marketing, and general administration expenses grew 32 percent in the quarter and 17 percent for the year to support the promotional programs associated with the new Conceive product line to the consumer and QuickVue products to the medical professional.
 "Our ability to maintain a high level of investment in research and development and expand our worldwide market presence, while remaining profitable continues to be a primary goal of the company," said Scott L. Glenn, chairman and chief executive officer of Quidel. "For the past two years we have invested heavily in research and development of our new General III one step format culminating in the introduction of our new Conceive and QuickVue tests. We are pleased with the year's success made possible by our ongoing focus to expand products marketed under the Quidel label. Most recently our Conceive and QuickVue marketing programs were honored with two Medical Marketing Association awards for new product opportunities in the professional and consumer diagnostic categories."
 Quidel Corporation develops, manufactures, and markets rapid, immunodiagnostic products that provide simple, accurate, and cost- effective tests in the areas of human fertility, infectious diseases, allergy, and autoimmune disorders. These tests are designed for use in the physicians office, clinical laboratory, and home testing markets.
 QUIDEL CORPORATION
 Comparative Financial Data
 (In thousands, except per share data)
 (Unaudited) Fiscal
 Three Months Ended Year Ended
 March 31 March 31
 1993 1992 1993 1992
 Net sales $8,152 $7,361 $27,711 $26,501
 Contract & other revenue 380 90 1,046 636
 Total revenues 8,532 7,451 28,757 27,137
 Gross profit 4,038 3,440 13,251 12,244
 Operating expenses 3,825 3,077 13,170 11,678
 Net income 520 351 709 878
 Net income applicable to
 common shareholders 493 324 600 768
 Net income per share $0.03 $0.02 $0.04 $0.05
 -0- 5/12/93
 /CONTACT: Scott L. Glenn, chairman and chief executive officer, 619-552-7900, or Mark Francois, manager, investor relations, 619-552-7931, both of Quidel Corporation/
 (QDEL)


CO: Quidel Corporation ST: California IN: MTC SU: ERN

PS -- NY011 -- 7355 05/12/93 08:02 EDT
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Publication:PR Newswire
Date:May 12, 1993
Words:650
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