UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2005
or
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 0-10961
QUIDEL CORPORATION
(Exact name of Registrant as specified in its charter)
|
Delaware |
94-2573850 |
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(State or other
jurisdiction |
(I.R.S. Employer Identification No.) |
10165 McKellar Court, San Diego, California 92121
(Address of principal executive offices)
(858) 552-1100
(Registrant’s telephone number, including area code)
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the Registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes x No o
As of April 25, 2005, 31,962,173 shares of common stock were outstanding.
QUIDEL CORPORATION
FORM 10-Q
FOR THE QUARTER ENDED
March 31, 2005
2
QUIDEL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
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March 31, |
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December 31, |
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(unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
43,893 |
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$ |
36,322 |
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Accounts receivable, net |
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10,160 |
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15,274 |
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Inventories, net |
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6,698 |
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7,640 |
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Other current assets |
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1,927 |
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1,506 |
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Assets held for sale |
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500 |
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753 |
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Total current assets |
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63,178 |
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61,495 |
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Property and equipment, net |
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19,479 |
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20,181 |
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Intangible assets, net |
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18,165 |
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18,527 |
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Deferred tax asset |
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8,534 |
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11,751 |
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Other non-current assets |
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900 |
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737 |
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Total assets |
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$110,256 |
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$ |
112,691 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
4,539 |
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$ |
4,292 |
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Accrued payroll |
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1,646 |
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1,355 |
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Accrued royalties |
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1,088 |
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2,205 |
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Current portion of obligations under capital leases |
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608 |
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589 |
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Accrued patent litigation |
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17,000 |
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— |
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Other accrued liabilities |
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2,121 |
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3,285 |
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Total current liabilities |
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27,002 |
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11,726 |
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Deferred rent |
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1,656 |
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1,692 |
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Capital leases, net of current portion |
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8,926 |
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9,088 |
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Stockholders’ equity: |
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Common stock |
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33 |
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32 |
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Additional paid-in capital |
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153,687 |
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153,319 |
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Accumulated other comprehensive earnings |
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1,376 |
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1,407 |
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Accumulated deficit |
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(82,424 |
) |
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(64,573 |
) |
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Total stockholders’ equity |
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72,672 |
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90,185 |
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Total liabilities and stockholders’ equity |
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$110,256 |
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$ |
112,691 |
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See accompanying notes.
3
QUIDEL CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data; unaudited)
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Three months ended |
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2005 |
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2004 |
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REVENUES |
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Net sales |
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$ |
21,524 |
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$ |
18,723 |
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Research contracts, license fees and royalty income |
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1,142 |
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603 |
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Total revenues |
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22,666 |
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19,326 |
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COSTS AND EXPENSES |
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Cost of sales |
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8,367 |
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9,065 |
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Research and development |
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3,350 |
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2,497 |
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Sales and marketing |
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4,289 |
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3,307 |
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General and administrative |
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3,989 |
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2,811 |
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Patent litigation settlement |
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17,000 |
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— |
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Amortization of intangibles |
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315 |
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383 |
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