SAN DIEGO (AFX) - Quidel Corp., a maker of medical tests, said Wednesday that its second-quarter loss more than doubled as gross margins fell and other costs rose.
The company reported its loss grew to $4 million, or 12 cents per share, from $1.7 million, or 5 cents per share, a year ago. Revenue rose 11 percent to $16.4 million from $14.8 million last year.
Analysts surveyed by Thomson Financial expected a loss per share of 5 cents on revenue of $16.4 million.
Gross margins slipped to 46 percent from 51 percent due to continued infrastructure investments and a full quarter of royalty payments connected with a patent litigation settlement last year.
Research and development costs rose 17 percent to $3.5 million, and amortization costs grew to $1.1 million from $315,000 a year ago.
Quidel shares rose 15 cents to $9.35 in after-hours activity on the INET electronic exchange, after falling 3 cents to close at $9.20 on the New York Stock Exchange.
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