Wedbush Lowers Estimates On Quidel

According to Wedbush, Quidel QDEL estimates are lowered for tapered March flu sales. Wedbush reported that it is lowering its 1Q11 revenue forecast by $2 MM and raising full-year G&A by roughly $2 MM to reflect higher bonus accrual and stock comp given the lack of 2010 bonus accrual and a number of senior level executives that have only been there 2 years (i.e. stock comp will go up every year until 4 annual grants received). “We are now modeling sales of $63 MM, $164 MM, and $176 MM, yielding GAAP EPS of $0.40, $0.41, and $0.52 in 1Q11, 2011, and 2012, respectively.” Quidel closed yesterday at $11.70.