Quidel Corp. (QDEL, Financial) filed Quarterly Report for the period ended 2012-06-30.
Quidel Corporation has a market cap of $563.8 million; its shares were traded at around $15.94 with and P/S ratio of 3.6.
Cost of sales was $14.0 million, or 45% of total revenues for the three months ended June 30, 2012, compared to $12.5 million, or 46% of total revenues for the three months ended June 30, 2011. The absolute dollar increase in cost of sales is primarily related to the variable nature of direct costs (material and labor) associated with the 12% increase in total revenues.
Cost of sales decreased 12% to $28.8 million, or 42% of total revenues for the six months ended June 30, 2012, compared to $32.6 million, or 37% of total revenues for the six months ended June 30, 2011. The absolute dollar decrease in cost of sales is primarily related to the variable nature of direct costs (material and labor) associated with the 21% decrease in total revenues. The increase in cost of sales as a percent of total revenue is primarily due to a shift in product mix as flu volume was lower in the six months ended June 30, 2012 compared to the six months ended June 30, 2011 because of a weak 2011/2012 cold and flu season.
Cash provided by operating activities was $4.3 million during the six months ended June 30, 2012. We had a net loss of $3.1 million, including non-cash charges of $14.5 million of depreciation and amortization of intangible assets and property and equipment, and stock-based compensation. Other changes in operating assets and liabilities included an increase in inventory of $2.5 million and a decrease in other accrued liabilities of $2.5 million. The changes are related to the seasonal nature of our business. Cash provided by operating activities was $34.2 million during the six months ended June 30, 2011. We had net earnings of $7.8 million, including non-cash charges of $10.9 million of depreciation and amortization of intangible assets and property and equipment, and stock-based compensation during the six months ended June 30, 2011. Other changes in operating assets and liabilities included a decrease in accounts receivable, inventory and income tax receivable of $2.6 million, $2.5 million and $7.8 million, respectively. The decrease in accounts receivable and inventory are related to the seasonal nature of our business, while the decrease in income tax receivable is due to a tax refund during the quarter.
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Quidel Corporation has a market cap of $563.8 million; its shares were traded at around $15.94 with and P/S ratio of 3.6.
Highlight of Business Operations:
We anticipate revenue growth over the next six months as compared to the same six month period in the prior year and a related positive impact on gross margin and net earnings. We will continue our focus on prudently managing our business and delivering solid financial results, while at the same time striving to continue to introduce new products to the market and maintaining our emphasis on research and development investments for longer term growth. Finally, we will continue to evaluate opportunities to acquire new product lines and technologies, as well as, company acquisitions.Cost of sales was $14.0 million, or 45% of total revenues for the three months ended June 30, 2012, compared to $12.5 million, or 46% of total revenues for the three months ended June 30, 2011. The absolute dollar increase in cost of sales is primarily related to the variable nature of direct costs (material and labor) associated with the 12% increase in total revenues.
Cost of sales decreased 12% to $28.8 million, or 42% of total revenues for the six months ended June 30, 2012, compared to $32.6 million, or 37% of total revenues for the six months ended June 30, 2011. The absolute dollar decrease in cost of sales is primarily related to the variable nature of direct costs (material and labor) associated with the 21% decrease in total revenues. The increase in cost of sales as a percent of total revenue is primarily due to a shift in product mix as flu volume was lower in the six months ended June 30, 2012 compared to the six months ended June 30, 2011 because of a weak 2011/2012 cold and flu season.
Cash provided by operating activities was $4.3 million during the six months ended June 30, 2012. We had a net loss of $3.1 million, including non-cash charges of $14.5 million of depreciation and amortization of intangible assets and property and equipment, and stock-based compensation. Other changes in operating assets and liabilities included an increase in inventory of $2.5 million and a decrease in other accrued liabilities of $2.5 million. The changes are related to the seasonal nature of our business. Cash provided by operating activities was $34.2 million during the six months ended June 30, 2011. We had net earnings of $7.8 million, including non-cash charges of $10.9 million of depreciation and amortization of intangible assets and property and equipment, and stock-based compensation during the six months ended June 30, 2011. Other changes in operating assets and liabilities included a decrease in accounts receivable, inventory and income tax receivable of $2.6 million, $2.5 million and $7.8 million, respectively. The decrease in accounts receivable and inventory are related to the seasonal nature of our business, while the decrease in income tax receivable is due to a tax refund during the quarter.
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