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22:01 | 09.08.2010
PRESS RELEASE: QIAGEN Reports Solid Second Quarter 2010 Results
PRESS RELEASE: QIAGEN Reports Solid Second Quarter 2010 Results
Qiagen N.V. / QIAGEN Reports Solid Second Quarter 2010 Results processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
* 11% Revenue growth at constant exchange rates
* 10% Organic growth excluding H1N1 related effects
* 25% Net income growth
* $0.22 Adjusted EPS
Venlo, The Netherlands, August 9, 2010 - QIAGEN N.V. (Nasdaq: QGEN; Frankfurt,
Prime Standard: QIA) today announced the results of operations for the second
quarter and the six-month period ended June 30, 2010.
The reported net sales for the second quarter 2010 were in line with, and
adjusted earnings per share were at the high end of, the Company's quarterly
expectations as provided on May 4, 2010.
Second Quarter 2010 Results
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| QIAGEN's Second Quarter 2010 |
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| in US$ millions, except per share information Q2 2010 Q2 2009 Growth |
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| Net sales 262.7 240.2 9% |
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| Net sales at constant exchange rates 265.9 240.2 11% |
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| Net income 38.5 30.9 25% |
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| Net income, adjusted 52.5 48.3 9% |
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| EPS, adjusted( )(US$) 0.22 0.24 |
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For information on the adjusted figures, please refer to the reconciliation
table accompanying this release.
The Company reported that consolidated net sales for its second quarter 2010
increased 9% to $262.7 million from $240.2 million in the same quarter of 2009.
Excluding the unfavorable impact from foreign currency exchange rates, net sales
for the second quarter 2010 would have increased 11% from the second quarter
2009. Reported operating income for the quarter decreased 9% to $42.8 million
from $46.9 million in the same quarter of 2009, and net income for the quarter
increased 25% to $38.5 million from $30.9 million in the same quarter of 2009.
Diluted earnings per share for the second quarter increased to $0.16 in 2010
(based on 241.6 million weighted average shares and share equivalents
outstanding) from $0.15 in 2009 (based on 203.8 million weighted average shares
and share equivalents outstanding).
Second quarter adjusted operating income increased 2% to $73.1 million in 2010
from $71.8 million in 2009, and second quarter 2010 adjusted net income
increased 9% to $52.5 million from $48.3 million in 2009. Adjusted diluted
earnings per share decreased to $0.22 in 2010 from $0.24 in 2009. These figures
are adjusted for business integration, acquisition related and restructuring
costs, a one-time tax benefit, purchased intangibles amortization and share
based compensation.
Six-Month Period 2010 Results
For the six-month period ended June 30, 2010, net sales increased 14% to $527.1
million compared to $461.1 million in the respective period of 2009. Operating
income as reported for the six months ended June 30, 2010 increased 4% to $87.5
million from $83.9 million for the same period in 2009. Net income increased
29% to $71.5 million from $55.6 million in 2009, and diluted earnings per share
increased to $0.30 in 2010 from $0.27 in 2009.
On an adjusted basis, operating income for the six-month period ended June
30, 2010 increased 12% to $146.7 million in 2010 from $130.9 million in 2009,
and adjusted net income increased 15% to $101.9 million from $88.5 million.
Adjusted diluted earnings per share in the six months ended June 30, 2010
decreased to $0.42 per share from $0.44 per share in the same period of 2009.
QIAGEN's second quarter and six-month period 2010 results include the results of
operations from the Company's recent acquisitions, the most significant of which
were SABiosciences Corporation, acquired in December 2009 and DxS Ltd., acquired
in September 2009. Reconciliations of reported results determined in accordance
with generally accepted accounting principles (GAAP) to adjusted results are
included in the tables accompanying this release.
"QIAGEN experienced a successful second quarter," said Peer Schatz, QIAGEN's
Chief Executive Officer. "We met our quarterly revenue expectations as
communicated in our previous quarterly conference call and came in on the high
end of our adjusted EPS expectations. Our markets remain stable across our
customer segments and show promising growth opportunities.
"We achieved a substantial increase in product sales to our customers in
molecular diagnostics, applied markets, the pharmaceutical industry and in
academia and remain very well prepared to exploit further growth opportunities
in our target markets.
"Molecular diagnostics remains our strongest revenue driver even when
considering the impacts related to swine flu testing in 2009. The market for our
profiling assays and solutions remains very solid. The market for our prevention
assays (primarily HPV screening), continues to benefit from our market adoption
initiatives in the United States despite what is believed to be a temporary
extension of doctor visit intervals. Anticipated future healthcare policies and
reimbursement schemes world-wide promise a healthy outlook for this market
segment. The applied testing markets show excellent growth opportunities. Our
recent addition of more than 70 new food safety tests to our assay technologies
portfolio and the addition of a portfolio of forensic assays position QIAGEN for
further strong growth in the applied testing customer class. In the
pharmaceutical industry we observed a continuing trend to focus on our sample
and assay solutions that enable molecular selection, guidance, progression and
recurrence during the drug development process. With our portfolio of sample and
assay technologies and our broad portfolio of instrument platforms we believe we
are well positioned to address the needs coming with molecular based drug
development. In addition we recently launched our new SABiosciences portfolio
through our QIAGEN sales channels, thereby enabling pharmaceutical and academic
partners to advance biomarker discovery and research.
"We feel very well prepared to take advantage of the growth opportunities in our
target markets and are on track to achieve our annual targets."
"We are pleased with our financial performance in this second quarter of 2010.
Reported revenues met, and adjusted earnings per share were at the high end of,
our expectations for the second quarter of 2010 as set in our most recent
quarterly conference call in early May," said Roland Sackers, QIAGEN's Chief
Financial Officer. "Revenue growth for the second quarter was 9% (11% under
constant exchange rates). Organic growth excluding H1N1 related revenues was
strong at 10% and we realized a positive contribution from acquisitions of 7%.
"Our consumable portfolio represented approximately 85% of our total net sales
and contributed approximately 10% growth at constant exchange rates. QIAGEN's
instrumentation products represented approximately 14% of our total net sales
and grew with approximately 10% at constant exchange rates. The largest revenue
share we recorded in the second quarter 2010 was in sales to customers in
molecular diagnostics (approximately 47% of total revenues) followed by sales to
customers in academia (approximately 24% of total revenues), in the
pharmaceutical industry (approximately 22% of total revenues) and in applied
testing markets (approximately 7% of total revenues).
"We are reiterating our guidance for the fiscal year 2010. Based on foreign
currency exchange rates as of January 31, 2010, this guidance targets revenues
between $1,120 and $1,170 million and adjusted diluted earnings per share
between $0.90 and $0.96. The guidance on EPS, adjusted does not include a
negative contribution for 2010 of approximately US$0.01 from the acquisition of
all rights to a portfolio of molecular food safety tests developed by the
Institute for Product Quality (ifp) in May 2010."
QIAGEN - Sample and Assay Technologies Highlights
* QIAGEN extended its development agreement with Genome Diagnostics targeting
the development and commercialization of a series of new assays to detect
genetic variations in the so called Human Leukocyte Antigen (HLA) complex.
These assays are increasingly used in personalized healthcare (PHC). The
assays will include tests based on QIAGEN's proprietary "Pyrosequencing"
technology which enables fast, cost effective and accurate analysis of HLA
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