NEW YORK, May 9 (GenomeWeb News) - Qiagen yesterday reported a 14-percent increase in first-quarter revenues and 26-percent rise in profit.
Qiagen also said it plans to close its manufacturing and R&D facility in
Receipts for the first quarter of 2006 totaled $108.7 million, compared to $95 million in the year-ago period.
Qiagen said the growth was fueled by an approximately 16-percent overall increase in consumables sales, with a 15-percent spike in organic growth and a 7-percent contribution from acquisitions. Qiagen also said that its instrumentation business logged 7 percent organic growth for the quarter.
R&D expenses for the quarter were $10.2 million, up slightly from $9.5 million one year ago.
Qiagen's net income for the quarter rose to $17.6 million from $13.9 million in Q1 2005.
As of March 31, Qiagen had approximately $198 million in cash and cash equivalents on hand.
As for the Oslo relocation, the company said it expects to complete the move in the second quarter. Qiagen said the move will result in an increase in future profitability, thouhg it will first incur one-time charges of approximately $1 million in the second quarter.