Quidel Corp. (QDEL, Financial) filed Quarterly Report for the period ended 2010-03-31.
Quidel Corp. has a market cap of $426.67 million; its shares were traded at around $14.76 with a P/E ratio of 12.51 and P/S ratio of 2.6. QDEL is in the portfolios of Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC.
As of March 31, 2010, our principal sources of liquidity consisted of $20.3 million in cash and cash equivalents, as well as $45.0 million available to us under our senior secured syndicated credit facility (the Senior Credit Facility), which can fluctuate from time to time due to, among other factors, our funded debt to adjusted EBITDA ratio. Our working capital as of March 31, 2010 was $56.9 million.
Cash used for our operating activities was $14.0 million during the three months ended March 31, 2010. We had a net loss of $2.5 million, including non-cash charges of $2.2 million of depreciation and amortization of intangible assets and property and equipment. Other changes in operating assets and liabilities included a decrease in income taxes payable of $6.2 million relating to tax payments made during the first quarter of 2010 as a result of higher taxable earnings in 2009. In addition, decreases in accounts payable and accrued royalties of $2.5 million and $3.4 million, respectively, due to the decrease in revenue during the first quarter of 2010.
Our investing activities used $125.5 million during the three months ended March 31, 2010 primarily related to the purchase of DHI. In addition, we used approximately $1.0 million for the acquisition of production and scientific equipment and building improvements. These uses of cash were partially offset by proceeds of $4.0 million related to the sale of our marketable securities in the first quarter of 2010.
Our financing activities generated approximately $70.8 million of cash during the three months ended March 31, 2010. This was primarily related to the borrowing of $75.0 million under the Senior Credit Facility in connection with the acquisition of DHI, which was partially offset by the repurchase of 340,977 shares of our common stock at a cost of approximately $4.7 million.
Our $120.0 million Senior Credit Facility matures on October 8, 2013. The Senior Credit Facility bears interest at a rate ranging from 0.50% to 1.75% plus the lenders prime rate or, at our option, a rate ranging from 1.50% to 2.75% plus the London InterBank Offering Rate. The agreement governing the Senior Credit Facility is subject to certain customary limitations, including among others: limitation on liens; limitation on mergers, consolidations and sales of assets; limitation on debt; limitation on dividends, stock redemptions and the redemption and/or prepayment of other debt; limitation on investments (including loans and advances) and acquisitions; limitation on transactions with affiliates; and limitation on annual capital expenditures. The terms of the Senior Credit Facility require us to comply with certain financial covenants which include a funded debt to earnings before, among others, interest, taxes, depreciation and amortization (adjusted EBITDA, as defined in the Senior Credit Facility) ratio, and an interest coverage ratio. The Senior Credit Facility is secured by substantially all present and future assets and properties of the Company. As of March 31, 2010, we had $45.0 million available under the Senior Credit Facility. At March 31, 2010, we had $75.0 million outstanding under the Senior Credit Facility which was borrowed in connection with the acquisition of DHI. At March 31, 2010, we were in compliance with all covenants.
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Quidel Corp. has a market cap of $426.67 million; its shares were traded at around $14.76 with a P/E ratio of 12.51 and P/S ratio of 2.6. QDEL is in the portfolios of Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
The increase in total revenues was primarily due to an increase in sales as a result of the acquisition of DHI which contributed $4.7 million; $3.9 million in infectious disease, $0.5 million in womens health, $0.2 million in gastrointestinal disease and $0.1 million in grant revenue. We also experienced an increase in sales of our influenza products compared to the first quarter of 2009, although the 2008/2009 and 2009/2010 influenza seasons were both mild first quarter periods compared to previous seasons. In addition, contributing to the increase in total revenues is an increase in our core non-seasonal products as a result of inventory levels normalizing at our distributors during 2009. In the first quarter of 2010, sales of our core non-seasonal products more closely matched distributor sales to our end-use customers.As of March 31, 2010, our principal sources of liquidity consisted of $20.3 million in cash and cash equivalents, as well as $45.0 million available to us under our senior secured syndicated credit facility (the Senior Credit Facility), which can fluctuate from time to time due to, among other factors, our funded debt to adjusted EBITDA ratio. Our working capital as of March 31, 2010 was $56.9 million.
Cash used for our operating activities was $14.0 million during the three months ended March 31, 2010. We had a net loss of $2.5 million, including non-cash charges of $2.2 million of depreciation and amortization of intangible assets and property and equipment. Other changes in operating assets and liabilities included a decrease in income taxes payable of $6.2 million relating to tax payments made during the first quarter of 2010 as a result of higher taxable earnings in 2009. In addition, decreases in accounts payable and accrued royalties of $2.5 million and $3.4 million, respectively, due to the decrease in revenue during the first quarter of 2010.
Our investing activities used $125.5 million during the three months ended March 31, 2010 primarily related to the purchase of DHI. In addition, we used approximately $1.0 million for the acquisition of production and scientific equipment and building improvements. These uses of cash were partially offset by proceeds of $4.0 million related to the sale of our marketable securities in the first quarter of 2010.
Our financing activities generated approximately $70.8 million of cash during the three months ended March 31, 2010. This was primarily related to the borrowing of $75.0 million under the Senior Credit Facility in connection with the acquisition of DHI, which was partially offset by the repurchase of 340,977 shares of our common stock at a cost of approximately $4.7 million.
Our $120.0 million Senior Credit Facility matures on October 8, 2013. The Senior Credit Facility bears interest at a rate ranging from 0.50% to 1.75% plus the lenders prime rate or, at our option, a rate ranging from 1.50% to 2.75% plus the London InterBank Offering Rate. The agreement governing the Senior Credit Facility is subject to certain customary limitations, including among others: limitation on liens; limitation on mergers, consolidations and sales of assets; limitation on debt; limitation on dividends, stock redemptions and the redemption and/or prepayment of other debt; limitation on investments (including loans and advances) and acquisitions; limitation on transactions with affiliates; and limitation on annual capital expenditures. The terms of the Senior Credit Facility require us to comply with certain financial covenants which include a funded debt to earnings before, among others, interest, taxes, depreciation and amortization (adjusted EBITDA, as defined in the Senior Credit Facility) ratio, and an interest coverage ratio. The Senior Credit Facility is secured by substantially all present and future assets and properties of the Company. As of March 31, 2010, we had $45.0 million available under the Senior Credit Facility. At March 31, 2010, we had $75.0 million outstanding under the Senior Credit Facility which was borrowed in connection with the acquisition of DHI. At March 31, 2010, we were in compliance with all covenants.
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