The big short squeeze is on shares of Quidel Corporation (QDEL), a leading provider of rapid diagnostic testing solutions and cellular-based virology assays, after a positive earnings release and new regulatory approvals, the stock is up over 10%. The stock was sitting at around $15 a share yesterday and now is close to $18 a share this morning.
For the third quarter of 2011, total revenues increased to $33.1 million from $28.2 million in the third quarter of 2010, an increase of 17%. The increase in revenues was driven by growth of infectious disease products.
Net loss for the third quarter of 2011 was $1.1 million, or $0.03 per share, compared to net loss of $5.9 million, or $0.21 per share, for the third quarter of 2010. On a non-GAAP basis, excluding non-recurring items, amortization of intangibles and stock compensation expense, net income for the third quarter of 2011 was $2.7 million, or $0.08 per diluted share, compared to a net loss of $0.5 million, or $0.02 per share, for the same period of 2010.
“We saw double-digit revenue growth in the third quarter as a result of an increase in infectious disease sales primarily led by influenza,” said Douglas Bryant, president and CEO of Quidel Corporation. “And importantly, we received regulatory approvals for several of our new assays and platforms, and are pleased with our progress on new products under development.” (Yahoo Finance)