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23:48 | 10.11.2008
DJ HUGIN NEWS/QIAGEN Reports Strong Third Quarter 2008 Results
DJ HUGIN NEWS/QIAGEN Reports Strong Third Quarter 2008 Results
Corporate news announcement processed and transmitted by Hugin AS.
The issuer is solely responsible for the content of this
announcement.
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* 31% Revenue Growth, 14% Organic Growth
* 53% Adjusted Operating Income Growth
* $0.21 Adjusted EPS
Venlo, The Netherlands, November 10, 2008 - QIAGEN N.V. (Nasdaq:
QGEN; Frankfurt, Prime Standard: QIA) today announced the results of
operations for the third quarter and the nine-month period ended
September 30, 2008.
The reported net sales for the third quarter 2008 and adjusted
earnings per share exceeded the guidance provided by the Company on
August 5, 2008.
Third Quarter and Nine-Month Period 2008 Results
The Company reported that consolidated net sales for its third
quarter 2008 increased 31% to $230.8 million from $176.6 million for
the same quarter in 2007. In the three month period ended September
30, 2008, the Company reported operating income of $38.2 million as
compared to an operating loss of $1.7 million in the third quarter of
2007, and reported net income for the third quarter of 2008 of $20.8
million, as compared to a net loss of $7.3 million in the same
quarter of 2007. Diluted earnings per share for the third quarter
increased to $0.10 in 2008 from a loss of $0.04 per share in the same
quarter of 2007.
On an adjusted basis, third quarter operating income increased 53% to
$66.8 million in 2008 from $43.7 million in 2007, third quarter
adjusted net income increased 36% to $42.4 million in 2008 from $31.1
million in 2007 and third quarter adjusted diluted earnings per share
increased to $0.21 in 2008 from $0.17 in 2007.
QIAGEN's third quarter 2007 results include the results of operations
of Digene Corporation and eGene, Inc., which were acquired end of
July 2007, as well as certain charges related to these acquisitions.
QIAGEN's third quarter 2008 results include the results of operations
of Corbett Life Science, which was acquired in July 2008, and Digene
Corporation and eGene, Inc. as well as certain charges related to
these acquisitions.
QIAGEN's Third Quarter 2008
in US$ millions, except per share information Q3 2008 Q3 2007 Growth
Net sales 230.8 176.6 31%
Operating income, adj.[1] 66.8 43.7 53%
Net income, adj.[2] 42.4 31.1 36%
EPS, adj.[2] (US$) 0.21 0.17 24%
[1] excluding acquisition, integration and restructuring related
charges as well as
amortization of acquired intangibles and equity-based compensation
(SFAS 123R).
[2] excluding acquisition, integration and restructuring related
charges as well as
amortization of acquired intangibles and equity-based compensation
(SFAS 123R) and
including a tax benefit of $0.02 in EPS in Q3
2007.
For the nine-month period ended September 30, 2008, net sales
increased 49% to $655.8 million compared to $439.6 million in the
same period of 2007. Operating income as reported for the nine months
ended September 30, 2008 increased 81% to $105.2 million from $58.1
million for the same period in 2007, net income increased 83% to
$64.3 million from $35.1 million in the same period of 2007, and
diluted earnings per share increased to $0.31 in 2008 from $0.21 in
the same period of 2007.
On an adjusted basis, operating income for the nine-month period
ended September 30, 2008 increased 65% to $186.1 million in 2008 from
$112.5 million in 2007, and adjusted net income increased 51% to
$119.6 million from $79.4 million. Adjusted diluted earnings per
share in the nine months ended September 30, 2008 increased 21% to
$0.58 per share from $0.48 per share in the same period of 2007.
QIAGEN has regularly reported adjusted results to give additional
insight into its financial performance as well as considered results
on a constant currencies basis. Adjusted results should be considered
in addition to the reported results prepared in accordance with
generally accepted accounting principles, but should not be
considered a substitute. The Company believes certain items should be
excluded from adjusted results when they are either outside of our
ongoing core operations or can vary significantly from period to
period, which affects the comparability of results with the Company's
competitors and our own prior periods. Costs and charges excluded
from adjusted results include acquisition, integration, and
restructuring-related costs, acquisition-related amortization, and
equity based compensation in accordance with Statement of Financial
Accounting Standards No. 123 (Revised) (SFAS 123R).
QIAGEN's Adjustments to Gross Profit,
Operating Income, Net Income and EPS
in US$ millions
unless indicated Q3 2008 Q3 2007 9M 2008 9M 2007
Gross profit, 152.9 116.2 442.2 294.8
reported
Acquisition and 0.4 1.4 0.4 1.4
integration related
charges
Amortization of 12.8 8.4 35.5 12.2
acquired intangibles
SFAS 123R impact 0.2 - 0.8 -
Gross profit, 166.3 126.0 478.9 308.4
adjusted
Operating income 38.2 (1.7) 105.2 58.1
(loss), reported
Acquisition and 8.9 5.9 27.1 7.9
integration related
charges (incl. COS)
Purchased in-process 0.8 25.9 0.8 25.9
research &
development
Amortization of 16.8 11.4 46.0 16.6
acquired intangibles
(incl. COS)
Relocation and 0.2 - 0.7 0.5
restructuring charges
SFAS 123R impact 1.9 2.2 6.3 3.5
(incl. COS)
Operating income, 66.8 43.7 186.1 112.5
adjusted
Net income (loss), 20.8 (7.3) 64.3 35.1
reported
Acquisition and 6.0 3.8 17.6 5.1
integration related
charges
Purchased in-process 0.8 25.9 0.8 25.9
research &
development
Relocation and 0.1 - 0.5 0.4
restructuring charges
Acquisition related
impairment 2.5 - 2.5 -
Amortization of 10.9 7.3 29.7 10.7
acquired intangibles
SFAS 123R impact 1.3 1.4 4.2 2.2
Net income, adjusted 42.4 31.1 119.6 79.4
Weighted average 204,600,000 185,481,000 204,999,000 166,193,000
number of diluted
common shares
EPS, reported in 0.10 (0.04) 0.31 0.21
US$[1]
EPS, adjusted in US$ 0.21 0.17 0.58 0.48
[1] Dilutive shares are not considered in the Q3 2007 reported
diluted loss per share as those shares would be
antidilutive.
Basic shares for Q3 2007 were 177,919,000.
"QIAGEN experienced a successful and strong third quarter 2008," said
Peer Schatz, QIAGEN's Chief Executive Officer. "We saw significant
revenue, operating margin and net income growth which exceeded our
guidance. We continued to expand our leadership and strategic
position. Our growth is significantly driven by innovation. In the
third quarter 2008 alone, we launched 23 new products in the area of
sample and assay technologies with now even 5% of sales once again
achieved record sales from products launched within the last 12
months."
"We saw strong demand across all of our customer segments and expect
this trend to continue. Sales to customers in molecular diagnostics
(approximately 45% of our sales) showed a very strong performance
during the third quarter with a growth rate of approximately 38% over
the comparable quarter 2007," Schatz added. "Growth was experienced
across the board for our products in this area - platforms, sample
and assay technologies. In terms of assay areas, our genetic,
infectious disease and women's health assays showed especially strong
performances. Within the women's health assay portfolio, which
represents about half of our sales into molecular diagnostics
customers, the successful introduction of our novel marketing
programs in the areas of channel management, segmentation and
messaging had very strong resonance - in particular in HPV testing,
where we recorded an organic growth rate of approximately 20%."
"We are also very pleased with the launch of our new QIAsymphony
platform, which was launched in June of this year and which has
introduced a new dimension of molecular processing power. Our
pipeline is very strong for this new, modular, random access and
continuous load platform. We are also very excited about our most
recent acquisition of an assay detection platform: the Pyrosequencing
technology which we added through the acquisition of the BioSystems
business from Biotage this October," Peer Schatz continued. "This
transaction added a fundamental assay technology for high-resolution
sequence detection and quantification of gene variations and we
believe it will play a very important role in epigenetics as well as
multiplex genetic and pathogen detection. Our molecular 'sample to
result' solutions for customers in molecular diagnostics, applied
testing, pharma and academic research now span qualitative/endpoint
PCR, multiplex technologies, capillary electrophoresis as well as
quantitative and high resolution sequence-based analysis and cover a
broad range of throughput needs."
(MORE TO FOLLOW) Dow Jones Newswires November 10, 2008 17:48 ET (22:48 GMT) |
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