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Qiagen Q2 Revenues Up, Income Down; Signs Supply Agreement with Novartis

NEW YORK, Aug 3 (GenomeWeb News) - Qiagen Monday reported a 14 percent year-over-year increase in second quarter revenues, amid decreased net income.


The Venlo, Netherlands life sciences tools company had $98.6 million in revenues, compared to $86.3 million in the same period of last year. Net income totaled $8.8 million, versus $11.1 million in the second quarter of 2003.


Separately, Qiagen announced that it has signed a supply agreement with Novartis for consumables related to nucleic acid stabilization, separation, purification and handling, as well as siRNA and instrumentation. The companies did not disclose the financial terms of the agreement.


Qiagen said the expenses for the second quarter included relocation and restructuring, as well as charges related to the buyout of the company's synthetic DNA business unit during the quarter.


R&D expenses increased to $9.3 million, compared to $7.6 million in Q2 2003.


As of June 30, the company had $149.6 million in cash, cash equivalents, and marketable securities, compared to $105.5 million as of December 31, 2003.

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