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Qiagen Posts 7 Percent Q1 Sales Gain; Profit Rises

NEW YORK (GenomeWeb News) – Qiagen reported after the close of the market on Monday that its first-quarter revenues rose 7 percent while its net income jumped around 22 percent year over year.

The Hilden, Germany-based molecular diagnostics and sample preparation technologies firm reported total sales of $220.9 million for the three months ended March 31, compared to sales of $207.1 million for the first quarter of 2008. Foreign currency translation had a negative 9 percent effect on the first-quarter results while acquisitions added 5 percent to its revenue growth.

The first-quarter numbers include the contribution of Corbett Life Science, which Qiagen acquired in July 2008.

Molecular diagnostics sales represented 46 percent of total revenues, applied testing products accounted for 7 percent of total revenues, while sales to customers in academia represented 27 percent of total sales, and pharmaceutical customers accounted for 20 percent.

"Growth of our sales to customers in molecular diagnostics was fueled by strong growth in sales of our screening products (primarily HPV), genetics (including our K-ras testing solutions) and infectious disease tests," Qiagen CEO Peer Schatz said in a statement. "In HPV screening, we experienced strong growth which was due to factors including successes of our ongoing market penetration initiatives. We are very pleased with these efforts in the United States and have now also created and intensified such programs in Europe and Asia."

According to Qiagen CFO Roland Sackers, the firm's consumables products contributed 2 percent revenue growth while recent introductions in the firm's instrumentation business drove 68 percent growth in that part of Qiagen.

Qiagen's net income for the period was $24.7 million, or $.12 per share, compared to $20.3 million, or $.10 per share, for the first quarter of 2008.

Qiagen's adjusted net income, excluding acquisition-related costs, was $40.3 million, or $.20 per share, versus adjusted net income of $36.9 million, or $.18 per share, for the comparable period of 2008. The adjusted EPS figure beat analysts' consensus estimate by $.01.

The firm's R&D expenses increased 20 percent to $25.6 million from $21.4 million, and its SG&A spending decreased 4 percent to $79.8 million from $83.2 million.

Qiagen finished the quarter with $337 million in cash and cash equivalents.

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