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Quidel Comments on Earnings Outlook and Milestone Payment From Sumitomo

SAN DIEGO, Feb. 1 /PRNewswire/ -- Quidel Corporation (Nasdaq: QDEL) announced today that earnings for the quarter ended December 31, 1999, are expected to be between $.01 to $.03 per share. Quarterly results were impacted by the investments made to initiate the market launch of its QuickVue(R) Influenza Test, to acquire the Dade Behring urinalysis business, as well as to add staffing associated with the ramp up of production to a 24 hour, 7 days per week shift operation to meet increased demand. In addition, a non-recurring one-time mortgage prepayment penalty associated with the sale and leaseback of the corporate headquarters will be recorded in the quarter.

"Due to the fact that we are in the midst of our new fiscal year-end audit, when in the past, earnings would have already been announced, we are communicating these significant events impacting our business ahead of the release of audited earnings," said Andre de Bruin, Chief Executive Officer and President of Quidel.

"We are experiencing a substantial increase in our customer order rate in our core business," de Bruin continued. "During the month of December, we decided to make fairly significant unbudgeted investments in an effort to accommodate this increase and to accelerate the growth of some of our new businesses in the new fiscal year 2000."

The company also announced that it would show a $1 million one-time milestone payment from Sumitomo Pharmaceuticals Co. Ltd. in the quarter's results.

"The milestone payment from Sumitomo is significant in that if reflects reimbursement approval for our Metra bone markers in Japan," said de Bruin.

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