SAN DIEGO (AP) _ Quidel Corp. (QDEL) on Wednesday reported first-quarter net income of $40.2 million.
The San Diego-based company said it had profit of 93 cents per share. Earnings, adjusted for one-time gains and costs, came to $1.22 per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1 per share.
The medical diagnostics company posted revenue of $174.7 million in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $157.1 million.
Quidel shares have increased 90% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $142.31, more than doubling in the last 12 months.