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Qiagen Posts 10 Percent Organic Revenue Growth in Q1

NEW YORK (GenomeWeb News) – Qiagen reported after the close of the market on Monday that its first-quarter revenues rose 62 percent, or 10 percent on an organic basis.
 
The firm generated revenues of $207.1 million for the three-month period ended March 31, compared to revenues of $127.9 million for the first quarter of 2007. This year’s Q1 results include revenue contributions from eGene and Digene, which Qiagen acquired during the past year.
 
Its North American sales rose 106 percent and accounted for 50 percent of the firm’s revenues, while European sales climbed 21 percent and accounted for 38 percent of revenues.
 
Qiagen posted net income of $20.3 million, or $.10 per share, compared to a profit of $19.9 million, or $.13 per share, in last year’s first quarter. The 2008 first quarter results include $12.4 million of acquisition, integration, and acquisition-related intangible charges, compared to $1.4 million of such costs in the comparable period a year ago.
 
On an adjusted basis —excluding acquisition, integration, and restructuring-related charges — Qiagen’s net earnings were up 63 percent at $36.9 million versus $22.6 million a year earlier.
 
The company’s R&D expenses nearly doubled to $21.2 million from $11.5 million year over year, while its SG&A costs climbed 76.2 percent to $75.4 million from $42.8 million.
 
Qiagen finished the quarter with $351.6 million in cash and cash equivalents.

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