NEW YORK, Feb. 17 (GenomeWeb News) - Qiagen today reported a 21 percent revenue increase, along with a rise in net income and R&D spending, for the fourth quarter ended Dec. 31, 2003.
The company posted revenues of $95.1 million for the fourth quarter of 2003, up from $78.4 million in the year-ago period.
Net income was $9.0 million for the quarter, compared to $1.8 million in the same quarter of 2002 - a 407 percent increase. Net income excluding the effect of relocation and restructuring costs increased 34 percent to $13.0 million from $9.7 million in the same period of 2002.
Qiagen spent $9.1 million on R&D during the fourth quarter, up from $7.7 million in the prior year.
As of Dec. 31, 2003, Qiagen had $99.0 million in cash and cash equivalents, compared to $44.9 million as of Dec. 31, 2002.