Quidel Corp., a maker of medical tests, said Thursday its fourth-quarter profit fell by more than half, blaming a delay in the start of the domestic flu season that pushed orders for flu tests into the next quarter.
The results fell short of Wall Street predictions and Quidel shares tumbled $1.69, or 9.3 percent, to $16.55 in aftermarket trading, after falling 10 cents to $18.24 in the regular session.
Quidel earned $8.1 million, or 25 cents per share, compared with $18.3 million, or 54 cents per share, for the same quarter in 2006.
The 2006 quarter's results included a one-time tax benefit of $10.3 million, or 30 cents per share.
Revenue fell 2 percent to $38 million from $38.8 million in the year-ago period.
Analysts polled by Thomson Financial expected a profit of 27 cents per share on $44.8 million in revenue.
Quidel said the nearly seven-week delay of the start of the domestic flu season shifted distribution reorders of its QuickVue influenza test from December into the first quarter of 2008. Sales to the company's Japanese distributor also were light, Quidel said.
For the full year 2007, Quidel earned $13.6 million, or 41 cents per share, compared with $21.7 million, or 63 cents per share, for 2006. Revenue rose to $118.1 million from $106 million the year before.
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