Quidel’s Stock Repurchase Program (NASDAQ:QDEL)

Quidel Corporation (NASDAQ:QDEL) has announced that their Board of Directors have authorized for an extension of the Company’s current common stock repurchase program. @@AdsenseRight@@ The repurchase plan is intended to increase shareholder value and reduce the dilutive effect of Quidel’s equity compensation programs. The extension authorizes the repurchase of up to an additional $25 million in shares of Quidel common stock under the repurchase program. Under the stock repurchase program, shares of the Company’s common stock may be repurchased from time to time in both privately negotiated and open market transactions, including pursuant to a Rule 10b5-1 plan, subject to management’s evaluation of market conditions, applicable legal requirements and other factors.

Marketed under the leading brand name of QuickVue, Quidel Corporation’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, H. pylori and Chlamydia. The timing and pace of stock repurchase activity may depend on several factors such as the amount of cash generation from operations, cash required to execute strategic growth initiatives, current stock price, and other factors. The Quidel Board initially authorized a $25 million stock repurchase program in May 2005. Later the Board decided to authorize additional $25 million extensions of the stock repurchase program in 2007 and 2008. As of December 7, 2009, there remained approximately $26 million available for repurchase of Company common stock under the repurchase program. As of September 30, 2009, the Company had approximately 30,141,000 shares outstanding.