NEW YORK, Oct. 27 (GenomeWeb News) - Qiagen reported revenues of $90.4 million for the third quarter of 2003 today, up from $76.9 million for the same period last year.
The Venlo, Netherlands-based nucleic acid technology company's net income for the quarter rose to $11.8 million, compared to $7.3 million in the third quarter of 2002. Qiagen's R&D expenses were nearly flat at $7.5 million, compared to $7.3 million for the same period last year.
Metin Colpan, the company's CEO, attributed the success in the quarter to the "ongoing shift in focus of academic and industrial R&D to functional genomics and clinical research," and said "the recently observed increases in pharmaceutical and biotech research spending allow us to look optimistically into 2004."
The company said that Colpan will transition from CEO to senior technology advisor beginning Jan. 1, and would join the company's supervisory board. Peer Schatz, who has served as chief financial officer of Qiagen for the past 11 years, has been named CEO.
As of Sept. 30, Qiagen had $75.3 million in cash and cash equivalents, compared to $44.9 million for the same period last year.