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Qiagen Q3 Revenues Jump 29%

NEW YORK, Oct 30 – Qiagen reported Monday a 29 percent increase in third quarter revenue to $50.5 million, compared with $39.1 million in the year ago period, as sales grew across the board and in all geographic regions.

" The company observed strong unit growth in all geographic areas and product groups,” Qiagen CEO Metin Colpan said in a statement. “Highlights include the introduction of a range of new products, such as high speed DNA plasmid purification systems and an exciting product range for the stabilization of RNA.”

Operating expenses for the quarter rose 19 percent to $25.3 million, on the heels of increased R&D, sales and marketing, and general and administrative expenditures.

Research and development expenses rose 30 percent to $5.4 million, sales and marketing costs were up 25 percent to $12.9 million and general and administrative expenses increased 3 percent to $6.9 million.

At the end of the quarter the company had $25.4 million in cash and cash equivalents.

The company reported a 37 percent increase in net income to $6.5 million, or five cents a share, compared with $4.8 million, or three cents a share, a year ago.

Qiagen said that the effects of currency fluctuations weighed on revenues and earnings. Adjusted for currency changes, third quarter sales increased 36 percent to $53.4 million while net income rose 50% to 7.1 million.

The Netherlands-based holding company said it expected to see increased business opportunities in nucleic acid handling and purification in molecular diagnostics as a result of its stabilization technologies for RNA.

Qiagen sells more than 280 products for nucleic acid separation, purification and handling, and nucleic acid amplification in about 42 countries. The company has about 1,200 employees around the world.