I have been an independent financial adviser for over 11 years in the city and in recent years turned my experience in finance and passion for journalism into a full time role. I perform analysis of Companies and publicize valuable information for shareholder community.
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Latest posts by Lashonda White (see all)
- News Review: Retrophin Inc. (NASDAQ: RTRX) - October 18, 2019
- Financial Reports are Key to Consider: Quidel Corporation (NASDAQ: QDEL) - October 16, 2019
- Stock to Watch: ProPhase Labs Inc. (NASDAQ: PRPH) - October 16, 2019
SAN DIEGO, October 15, 2019 – Shares of Quidel Corporation (NASDAQ: QDEL) showed the bullish trend with a higher momentum of 1.02% to $58.24. The company traded total volume of 95.749K shares as contrast to its average volume of 217.52K shares. The company has a market value of $2.38B and about 40.86M shares outstanding.
For the first quarter of 2019, Quidel Corporation (QDEL) reported total revenue of $148.00M, versus $169.10M for the first quarter of 2018. The 13% decrease in sales from the first quarter of 2019 was primarily driven by a decline in the Rapid Immunoassay business revenue from the record first quarter of 2018, due to the robust Influenza season that was not repeated in 2019. Foreign exchange had a negative impact of $2.20M in the quarter. The majority of the foreign currency headwind impacted the Cardiac Immunoassay business, which also contributed to the decrease. This was partially offset by increased revenue from Molecular Diagnostic Solutions.
Gross Profit in the first quarter of 2019 decreased to $90.90M, primarily the result of lower sales of Rapid Immunoassay products relative to last year’s robust flu season in the first quarter of 2018. Overall, gross margin for the quarter was 61% as compared to 63% for the same period last year, as a result of lower flu revenues, less favorable geographic and product mix, as well as lower factory overhead absorption due to lower production volumes. R&D expense increased by $1.30M in the first quarter as compared to the same period last year, primarily due to incremental expense for the Savanna molecular diagnostic platform and Sofia assays that was partially offset by decreased spend in the Triage business. Sales and Marketing expense increased $1.00M in the first quarter of 2019, as compared to the first quarter of 2018, largely due to higher marketing expenses and other consultative costs. G&A expense increased by $2.90M in the quarter, primarily due to additional facility expenses and professional service fees in the period. Acquisition and Integration Costs in the quarter decreased by $0.60M to $2.80M, as global operations become fully integrated into the business.
Net income for the first quarter of 2019 was $24.80M, or $0.60 per diluted share, as compared to net income of $34.00M, or $0.86 per diluted share, for the first quarter of 2018. On a non-GAAP basis, net income for the first quarter of 2019 was $38.90M, or $0.91 per diluted share, as compared to net income of $54.20M, or $1.29 per diluted share, for the same period in 2018.
The Company offered net profit margin of 13.70% while its gross profit margin was 59.60%. ROE was recorded as 15.60% while beta factor was 1.44. The stock, as of recent close, has shown the weekly downbeat performance of -0.68% which was maintained at 19.30% in this year.