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Quidel Corp. (QDEL)
Credit Suisse 2012 Healthcare Conference Call
November 14, 2012 1:30 pm ET
Douglas C. Bryant – President and Chief Executive Officer
Vamil Divan – Credit Suisse Securities (USA) LLC (Broker)
Vamil Divan – Credit Suisse Securities (USA) LLC (Broker)
Previous Statements by QDEL
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» Quidel's CEO Presents at Goldman Sachs Healthcare Conference (Transcript)
Douglas C. Bryant
Thank you. Hi, I’m Doug Bryant with Quidel. With me are Randy Steward, our CFO; and Ruben Argueta, our Investor Relations Manager.
Here is our slide listing our Safe Harbor. We will be making forward-looking statements in this presentation. I can’t read that fast. I thought it was just a reading last year’s issue, but currently I’m discovering that I’ve got more eyesight issues that need to be solved.
We are well positioned to grow in a market, the diagnostic market, which is quite attractive in a rapidly growing sector of healthcare. In recent years, we vamped our R&D organization and have created an interesting product of pipeline that now totals over 20 products and developed. I don’t talk more in a few minutes about with some of those products are and what we can expect in the next few quarters.
We’ve increased our commercial footprint actually worldwide in a small way in Europe and in Asia and in Latin America. But also here in the U.S., we have doubled our commercial organization from what it was in 2011. So we’re well positioned as we developed these new products to have a commercial organization that will execute worldwide, but more importantly here in the United States.
We are solid company from a financial perspective, healthy balance, good revenues, and we have low debt. Our company has a reasonably lengthy history for our segment beginning in 1979. Our company for the most part in the early days it was recognized as being a rapid point-of-care diagnostic company and tests like Strep and hCG for pregnancy and flu were the primarily products.
I came on Board in early 2009, one of the things that became apparent was that we needed to restart R&D and we began the process of bringing on Board scientific talent throughout the year. In 2009, in fact in October of 2009, we entered into a collaborative agreement with BioHelix of Boston area based company. That had a unique and proprietary amplification technology that would enable us to develop our product, which we now call AmpliVue to do the world’s, to develop the world’s first handheld disposable molecular diagnostic device. In other words, diagnostic device that combined molecular technology with lateral-flow detection in a disposable format, which we hope to demonstrate, some will be very easy to use and does not require an instrument.
In 2010 early on, we had another couple of agreements that we put in place, the first of which was Northwestern. We entered into an agreement with Northwestern and the Northwestern Global Health Foundation to develop an integrated molecular platform that would be inexpensive enough to do inexpensive HIV viral load testing in the developing world and in particular Africa. We also completed the acquisition of Diagnostic Hybrids, a cellular virology company, based in Athens, Ohio.
Also during 2011 later, we launched the Sofia Analyzer, which is our next-generation lateral-flow detection platform and the first assay Influenza A+B. We also received FDA clearance for a couple of molecular assays as well, and so in total for 2011 as we exited the year, we had four FDA clearances, previous to that the company had not had an FDA cleared product since 2006. So 2011 was the year which we demonstrated that the R&D organization that we had put in place was indeed effective and we were on our way.
Early in 2012, we achieved the CLIA Waiver for a Sofia Analyzer and the Influenza A+B assay. And then throughout this year since then, we’ve been pretty active here in the Untied States in placing Sofia Analyzers.
This is a quick overview of our financial position historically. You can see that we had a spike in revenues in 2009 as a result of the pandemic. Our sales in that year were a $164 million, of that $100 million related to flu. You saw the following year the effect what the business looks like when there is no or hardly any flu and then in 2011, you can see what the business looks like with somewhat of a nominal flu season.
And then as well you can see the R&D investment over time, you see that in 2011, we spend about $26 million and this year, we’ll spend something approaching $30 million. In terms of the balance sheet at the end of our third quarter, we had $17.8 million in cash on the balance sheet and about $19 million in terms of the note that we had on our credit facility.
Here is the management team as it stands today of the eight people listed here. Five of them are new with me since 2009. There people Dr. Tamerius, Rob Bujarski, our General Counsel, and Scott McLeod, our Senior Vice President, Operations were here when I arrived. So the other five folks including myself are all new since 2009.