Healthcare Industry News: durable medical equipment
News Release - January 3, 2007
Quidel Names John M. Radak Chief Financial OfficerSAN DIEGO--(HSMN NewsFeed)--Quidel Corporation (NASDAQ:QDEL ), a leading provider of rapid point-of-care (POC) diagnostic tests, today announced that John M. Radak, 46, has been named Chief Financial Officer, with a start date of February 1, 2007. Mr. Radak will succeed Paul E. Landers as CFO, who announced his retirement last year. Mr. Landers will continue his service with the Company through the end of March 2007.
"John is a proven leader and very well-regarded executive whose skills are particularly well suited to building shareholder value and confidence in Quidel. He has led finance and accounting functions in fast-growth entrepreneurial companies in healthcare, as well as multinational public companies with large product and services portfolios and revenues exceeding one billion dollars," said Caren L. Mason, Quidel's president and chief executive officer.
Commenting on his appointment Mr. Radak said, "Quidel has achieved significant growth and market position in the development, manufacturing and marketing of critical rapid diagnostic tests. The Company's commitment to enhancing its position through organic and acquired growth as well as through development of innovative technologies attracts me to the role of CFO. I am looking forward to providing the financial and business leadership to drive the next phase of Quidel's growth and to enhance shareholder value."
With more than 24 years of experience, Mr. Radak has provided financial leadership to a variety of organizations with a strong specialization in healthcare for the last 15 years. He started his career with Deloitte and Touche where he became a Certified Public Accountant. Since 2003, Mr. Radak has served as Vice President and Chief Accounting Officer for Invitrogen Corporation, a leading provider of research tools for the life science industry with $1.2 billion in revenues, leading their global accounting operations and finance support for mergers and acquisitions. Prior to Invitrogen, he held senior leadership positions in finance for Sunrise Medical, a global manufacturer of durable medical equipment for the home and long-term care markets with more than $500 million in revenues and Bird Products Corporation, a manufacturer of acute care medical devices for the respiratory care market.
Mr. Radak is a Magna cum Laude graduate of California State University, Fullerton, where he earned his B.A. in Accounting and Finance. He is currently a member of the American Institute of Certified Public Accountants and Financial Executives International.
Quidel Corporation serves to enhance the health and well being of people around the globe through the discovery, development, manufacturing and marketing of rapid diagnostic solutions at the point of care (POC) in infectious diseases and reproductive health. Marketed under the leading brand name of QuickVueŽ, Quidel's portfolio of products currently includes tests that aid in the diagnosis of several disease or condition states, including influenza, respiratory syncytial virus, Fecal Occult Blood, Strep A, pregnancy, bacterial vaginosis, infectious mononucleosis, H. pylori and Chlamydia. Quidel's products are sold to healthcare professionals with a focus on the physician office lab and acute care markets through leading medical distribution partners on a worldwide basis. Quidel's Specialty Products Group (SPG) develops research products in the fields of oncology and bone health with potential future point-of-care applications. By building value in rapid diagnostic tests, Quidel provides leadership to the industry and among healthcare professionals allowing for the movement of patient testing out of the central laboratory setting and into the physician office, urgent care and other outpatient settings where rapid testing and treatment has an impact on clinical outcomes and provides an economic benefit. For more information, visit www.quidel.com, www.flutest.com, or www.colorectal-test.com.
This press release contains forward-looking statements within the meaning of the federal securities laws that involve material risk 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. As such, no forward-looking statement can be guaranteed. Differences in operating results may arise as a result of a number of factors including, without limitation, uncertainty with research technology development, seasonality, adverse changes in the competitive and economic conditions in domestic and international markets, actions of our major distributors, manufacturing and production delays or difficulties, adverse actions or delays in product reviews by the U.S. Food and Drug Administration ("FDA"), intellectual property, product liability, environmental or other litigation, and the lower acceptance of our new products than forecast. Forward-looking statements typically are identified by the use of terms such as "may," "will," "should," "might," "expect," "anticipate," "estimate" and similar words, although some forward-looking statements are expressed differently. The risks described under "Risk Factors" in reports and registration statements that we file with 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 press release. We undertake no obligation to publicly release the results of any revision or update of the forward-looking statements.
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