Quidel Shares Plunge on Warning

Bruce V. Bigelow3/16/09

A surprisingly light flu season is drawing to a close, which is good news except perhaps at San Diego-based Quidel (NASDAQ: QDEL), which makes rapid diagnostic tests. Investors hammered the stock after Quidel said it anticipates a first quarter loss due to a significant decline in sales of its diagnostic products for influenza and Strep A. Quidel shares lost $1.91, or 19.4 percent, to close at $7.92 a share. Quidel CEO Douglas Bryant said in a statement today, “the number of doctor visits for influenza-like illness is significantly lower than the prior year.”

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call (619) 669-8788