Quidel Reports Third Quarter EPS of ($.21)
Quidel Corporation (NASDAQ: QDEL) announced today financial results for its third quarter ended September 30, 2010.
Third Quarter 2010 Results
For the third quarter of 2010, total revenues were $28.2 million, compared to $56.2 million for the third quarter of 2009, a decrease of 50%. The comparison to the prior year is affected by higher than normal revenues in 2009 due to the H1N1 pandemic.
Net loss for the third quarter of 2010 was $5.9 million, or $0.21 per share, compared to net income of $14.9 million, or $0.50 per diluted share, for the third quarter of 2009. Included in the third quarter results is $3.2 million of income tax expense to adjust the previously recorded tax benefit to the third quarter year-to-date effective tax rate. On a non-GAAP basis, excluding non-recurring items and amortization of acquired intangibles, net loss for the third quarter of 2010 was $1.6 million, or $0.06 per share.
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