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Qiagen Posts 10-Percent Q2 Organic Revenue Growth as Profit Rises 3 Percent

NEW YORK (GenomeWeb News) – Qiagen yesterday said second-quarter revenues rose 13 percent, 10 percent of which was organic growth, while the company’s net profit increased 3 percent.
Receipts for the second quarter increased to $113.2 million from $100.4 million in the same quarter last year. Approximately 10 percent of this was organic and acquisitions contributed about 3 percent, Qiagen said. 
The company said that these results were driven by a 14-percent spike in its consumables business, 11 percent of which was organic. Organic instrumentation sales increased 2 percent.
Sales in North America grew approximately 9 percent and represented about 45 percent of Qiagen’s overall business, while European sales grew 14 percent and represented about 45 percent of overall sales. Qiagen said that net sales in Asia grew by 30 percent, driven primarily by strong demand in China.
The company spent about $10.2 million on R&D in the second quarter, up 17 percent from $8.7 million in the comparable period last year.
Qiagen’s net income for the second quarter rose slightly to $14.2 million from $13.8 million in Q2 2005.

As of June 30, Qiagen had approximately $473 million in cash and cash equivalents.

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