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Qiagen Revenues up 61 Percent in Q2; Settles Litigation with Idaho Technology

NEW YORK (GenomeWeb News) – Qiagen reported after the close of the market on Monday that its second-quarter revenues rose 61 percent and its adjusted net income, which excludes acquisition-related items, increased 57 percent year over year.
 
Qiagen also announced that it had settled litigation with Idaho Technology related to thermal cycling technology.
 
For the three-month period ended June 30, the firm generated revenues of $217.9 million compared to $135 million for the second quarter of 2007.
 
Qiagen’s profit for the quarter was $23.2 million, or $.11 per share, compared to a profit of $22.6 million, or $.14 per share, for the comparable period a year ago. The results include charges of $24.1 million for Q2 related to acquisition and integration costs and amortization of acquired intellectual property compared with $4 million for similar charges the year before. On an adjusted basis, Qiagen’s net income for the most recent quarter was $40.4 million, up from adjusted net income of $25.8 million the year before.
 
During Q2 2008, Qiagen acquired Corbett Life Science, a privately held life sciences instrumentation firm based in Sydney, Australia, in a transaction worth up to $135 million. Corbett is the developer of a rotary real-time PCR cycler system called Rotor-Gene.
 
Qiagen’s R&D spending nearly doubled in the quarter to $23.8 million from $12.7 million, while its SG&A expenses increased 70.9 percent to $77.9 million from $45.6 million.
 
The company finished the quarter with $380.7 million in cash and cash equivalents.
 
Qiagen said that it expects its full-year 2008 revenues to be in the range of between $889 million and $919 million.
 
In a separate announcement, Qiagen said that it had reached a settlement agreement with Idaho Technology giving the firm rights to Idaho’s suite of intellectual property covering polymerase chain reaction methods and instrumentation, the use of SYBR Green I in PCR reactions, melting curve analysis, and analysis methods of DNA melting data.
 
The patents were at the center of a legal dispute between Corbett and Idaho related to Corbett’s sale of the Rotor-Gene instruments. Qiagen said that the settlement preceded its acquisition last month of the Australian firm. It also noted that financial terms of the settlement are not being disclosed.

In early Tuesday trade on the Nasdaq, shares of Qiagen were up 8.9 percent at $20.25.

 

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