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Qiagen Posts Double-Digit Growth in Q2 Revenues and Profit; Raises Full-Year Guidance

NEW YORK (GenomeWeb News) - Qiagen yesterday said second-quarter revenue rose 19 percent as R&D spending increased 25 percent and net income rose nearly 60 percent.
 
Financial results for the quarter did not include any contribution from Digene, which Qiagen purchased in a $1.6 billion deal that closed on July 31.
 
Total receipts for the three months ended June 30 rose to $135 million from $113.2 million year over year.
 
Sales of consumables made up 89 percent of the company's revenue for the quarter and grew 19 percent. Instrument sales contributed 10 percent of total revenue and grew 32 percent. The company said other revenue made up about one percent of sales.
 
On a constant currency basis, the company’s revenues increased 15 percent year over year. Organic growth was 11 percent.
 
R&D spending increased to $12.7 million from $10.2 million year over year.
 
Net income increased to $22.6 million from $14.2 million in the year-ago period.
 
Qiagen said it had around $380.4 million in cash and equivalents and $99.3 million in marketable securities as of June 30.
 
Taking into account the recent Digene buy, Qiagen raised its revenue guidance for full-year 2007 by as much as 19 percent, to between $614 million and $635 million from between $518 million and $535 million.
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