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Q1 2018 Update

Doug Bryant, President & CEO

Randy Steward, CFO

RJ Deck Feb 2018

Forward-Looking Statements
This presentation contains forward-looking statements within the meaning of the federal securities laws that involve material risks, assumptions and
uncertainties. Many possible events or factors could affect our future financial results and performance, such that our actual results and performance may
differ materially from those that may be described or implied in the forward-looking statements. As such, no forward-looking statement can be guaranteed.
Differences in actual results and performance may arise as a result of a number of factors including, without limitation, fluctuations in our operating results
resulting from seasonality, the timing of the onset, length and severity of cold and flu seasons, government and media attention focused on influenza and the
related potential impact on humans from novel influenza viruses, adverse changes in competitive conditions in domestic and international markets, changes
in sales levels as it relates to the absorption of our fixed costs, lower than anticipated market penetration of our products, the reimbursement system
currently in place and future changes to that system, changes in economic conditions in our domestic and international markets, the quantity of our product
in our distributors’ inventory or distribution channels, changes in the buying patterns of our distributors, and changes in the healthcare market and
consolidation of our customer base; our development and protection of intellectual property; our development of new technologies, products and markets;
our reliance on a limited number of key distributors; our reliance on sales of our influenza diagnostics tests; our ability to manage our growth strategy; our
ability to integrate companies or technologies we have acquired or may acquire, including integration and transition risks, the ability to achieve anticipated
financial results and synergies, and effects of disruptions or threatened disruptions to our relationships, or those of the acquired businesses, with
distributors, suppliers, customers and employees; intellectual property risks, including but not limited to, infringement litigation; our debt service
requirements; our inability to settle conversions of our Convertible Senior Notes in cash; the effect on our operating results from the trigger of the
conditional conversion feature of our Convertible Senior Notes; the possibility that we may incur additional indebtedness; our need for additional funds to
finance our operating needs; volatility and disruption in the global capital and credit markets; acceptance of our products among physicians and other
healthcare providers; competition with other providers of diagnostic products; adverse actions or delays in new product reviews or related to currently-
marketed products by the FDA or any loss of previously received regulatory approvals or clearances; changes in government policies; compliance with
other government regulations, such as safe working conditions, manufacturing practices, environmental protection, fire hazard and disposal of hazardous
substances; third-party reimbursement policies; our ability to meet demand for our products; interruptions in our supply of raw materials; product defects;
business risks not covered by insurance and exposure to other litigation claims and potential adverse outcomes of such legal proceedings; interruption to our
computer systems; competition for and loss of management and key personnel; international risks, including but not limited to, compliance with product
registration requirements, exposure to currency exchange fluctuations and foreign currency exchange risk sharing arrangements, longer payment cycles,
lower selling prices and greater difficulty in collecting accounts receivable, reduced protection of intellectual property rights, political and economic
instability, taxes, and diversion of lower priced international products into U.S. markets; dilution resulting from future sales of our equity; volatility in our
stock price; provisions in our charter documents, Delaware law and our Convertible Senior Notes that might delay or impede stockholder actions with
respect to business combinations or similar transactions; and our intention of not paying dividends. Forward-looking statements typically are identified by
the use of terms such as “may,” “will,” “should,” “might,” “expect,” “anticipate,” “estimate,” “plan,” “intend,” “goal,” “project,” “strategy,” “future,”
and similar words, although some forward-looking statements are expressed differently. The risks described in reports and registration statements that we
file with the Securities and Exchange Commission (the “SEC”) from time to time, should be carefully considered. You are cautioned not to place undue
reliance on these forward-looking statements, which reflect management’s analysis only as of the date of this presentation. Except as required by law, we
undertake no obligation to publicly release the results of any revision or update of these forward-looking statements, whether as a result of new information,
future events or otherwise.
Our Strategic Intent

Build a broader-based diagnostic company that delivers revenue and margin

more consistently. Use existing resources to fortify price and volume in our core
businesses, while using our capabilities to attack the limitations of our
competitors, and to forge ahead to create new markets.

Our Innovative New Products are Designed
to Meet the Various Needs of the Customer in Any POC Setting


FDA-Cleared, CLIA -
FDA-Cleared, CLIA – Waived FDA-Cleared

Sofia® Immunoassay platform Sofia® 2, at a fraction of the cost of Triage® MeterPro® is our cost
is the next generation, the original Sofia, effective, easy to use instrument
objectively-read system in can further penetrate the lower- for cardiovascular and toxicology
support of our legacy lateral volume and higher-volume diagnostic assays. Multiple
flow business, designed to segments of the POC testing immunoassays can run on the
deliver more value and a market. same platform, with rapid results
higher gross margin. in about 15-20 minutes
Sofia 2’s integrated wireless options
Sofia captures market share will expand connectivity with the The MeterPro instrument can run
with the first wave of assays potential increase overall diagnostic multiple sample types, such as
(for Respiratory Disease) in testing. whole blood, plasma, or urine,
physician offices, hospitals with process controls built into
and alternate sites. the meter, software and test
Our Innovative New Products are Designed
to Meet the Various Needs of the Customer in Any POC Setting


FDA - Cleared, FDA - Cleared, FDA - Cleared,

In Development
Mod - Complex Mod - Complex Highly - Complex

AmpliVue, a non- Solana, our first instrumented Lyra, our Real-time molecular Savanna is our low-cost, fully
instrumented, hand-held molecular system, extends PCR assays, are designed to integrated “sample-to-answer”
disposable molecular device AmpliVue’s proprietary HDA run on a hospital lab’s existing molecular diagnostic system.
requires no thermocycler or technology to offer a low-cost, thermocycler, and provides a
Target cartridge cost is less
upfront costs. Moderately medium volume molecular real-time testing solution to
than $5 and target instrument
complex claim provides an solution that can multiplex, higher throughput labs using a
cost is $10,000, designed for
easy-to-use entry point into running up to 12 samples at a hospital’s established systems
low-volume and potentially
molecular testing for smaller time in approx. 30 minutes. – with no upfront costs.
CLIA-waived settings.
hospitals and lower-volume
Solana is designed for Lyra molecular assays can be
users wishing to convert from Savanna can run either
samples that do not require paired with other Lyra assays
legacy testing methods. traditional PCR or HDA
extraction or quantitation in to create customized multiplex
assays for samples that do not
the mod-complex setting. Respiratory Disease panels.
require extraction.

Our R&D and Regulatory expertise is what fuels our growth…
Since 2011, Quidel has submitted over 30 510(k) packages resulting in over 25 FDA clearances and
expanded product claims, 5 CLIA - waiver designations and numerous product introductions,
contributing $95M in annual revenues1

Quidel Recent Commercial Initiatives: FDA-cleared Products since 2011

Sofia® Sofia 2® AmpliVue® HDA Solana® HDA Lyra® Real-

Instrumented Instrumented Isothermal Isothermal Time PCR
Immunoassay Immunoassay Molecular Molecular Molecular

CLIA - CLIA - Sofia 2 Mod - Mod - Solana Highly -

Sofia Analyzer C. difficile Influenza A + B
Waived Waived Analyzer Complex Complex Instrument Complex

CLIA - Influenza CLIA - Mod - Mod - Highly -

RSV Group A Strep Influenza A + B RSV + hMPV
Waived A+B Waived Complex Complex Complex

CLIA - CLIA - Mod - Mod - Highly -

Group A Strep Influenza A+B Group B Strep Group A Strep Adenovirus
Waived Waived Complex Complex Complex

CLIA - CLIA - Mod - Mod - Strep Complete Highly - Parainfluenza

RSV Strep A+ Pertussis
Waived Waived Complex Complex (A + C/G) Complex 123

Mod - Mod - Mod - Highly -

hCG Trichomonas Trichomonas Strep A + C/G
Complex Complex Complex Complex

Mod - Mod - Mod - Highly -

Lyme Disease HSV 1 + 2 HSV 1+2/VZV C. difficile
Complex Complex Complex Complex
Mod - Highly -
(CE Mark RSV + hMPV HSV 1+ 2/VZV
Complex Complex
S. Pneumo Mod -
(CE Mark C. difficile
Mod -
Group B Strep
1. Latest TTM combined revenues for Sofia and Molecular products.
6 Not all FDA submissions and clearances since 2011 are shown.
Integration Progress Since Day 1
Announced Day 1
Apr 17 Jul 17 Oct 6
Assess Integrate

October 2017 November 2017 December 2017 January 2018

Transitioned 472 US employees Selected EU Shared Service Center

site in Galway IR; Lease under
Successfully implemented US Order- negotiation
to-Cash for US and 24 direct export Completed Sale/Leaseback of
markets (53% of Revenue): Assumed Summers Ridge Facility - $149M
US contracts and Sales & Marketing Moved 100% of Employees to Bldg
functions C&D
Restructured North American Sales to
incorporate Triage and BNP products Began Synergy planning

Hired 50 commercial employees Developed Global Order to Cash

across China, Germany, Italy, and transition plan

7 7
Building the Quidel Global Footprint

Revenue estimates are FY2016

Geographical Footprint of Combined Business

10% 52% 38% 17%

BC-BNP Quidel BC-BNP Quidel

$56 M
$8 M
2% 12%
38% 45%
Triage Triage
China 59%
36% $50 M Triage
$305 M BC-BNP
52% 11%
25% Quidel

1% Asia
BC-BNP $22 M 48%
5% Quidel
61% $17 M 39% Triage
Triage 4% Quidel

Note: All revenues correspond to FY ‘16

We Now Ship to 150+ Distributors Serving 90+ Countries and
Creating Demand in 12 Markets



Triage Acquisition Was Transformational for the International Business

$42M 22%
BC-BNP 28%

$120 M
$33 M* Triage + BC- $153 M
Quidel BNP Combined
Int’l Sales Int’l Sales Entity Int’l



Note: All revenues correspond to FY ’16

*Includes sales for ‘Specialty Products’ group
Quidel’s Multiple Near-Term Catalysts will Grow the Non-flu Business.

Category Product
Sofia/Sofia 2 Strep A
Sofia/Sofia 2 RSV
Sofia and Sofia 2 Sofia Lyme
Immunoassays Sofia Vitamin D
InflammaDry and AdenoPlus for Eye Care Market
Alternate/Adjacent Markets
Bio Assays Graves’ Disease/Hashimoto’s (TBI)
Strep A
C. difficile
GBS, HSV 1+2/VZV, Trichomonas
Research - Bone Health New Bone Health and Renal Markers

Cell Culture Custom Cells

Cardiovascular internationally, and through BNP;
Triage Toxicology output via operational improvements

12 Reflects products in development and other anticipated catalysts.

M&A Strategy

Use cash on hand to pay down debt and pursue

inorganic opportunities to diversify and augment
the non-respiratory part of the business

What we’re looking for…

• Targets range from tuck-ins up to equal size

• New technology that accelerates the advancement of in-house
MDx abilities
• Products that reduce the seasonality, volatility of flu season
• Firms that can leverage our international market presence
• Accretive within 12-24 months

Investors Contact
Ruben Argueta
Quidel Corporation
O: 858.646.8023