NEW YORK, Feb 20 -- Qiagen's fourth quarter revenues rose 29 percent to $55.8 million from $42.3 million for the fourth quarter of 1999, the company reported Tuesday.
The Dutch company, profitable since 1990, also reported profits of $6.6 million or 5 cents per share for the quarter, up from four cents per share or $6 million for the previous fourth quarter.
In mid-morning trading, however, the company's stock was down 3 5/16, or over 10 percent, on the Nasdaq. On the Neuer Markt, the Dutch company was trading down 3.78 percent by early afternoon, after sinking to a morning low of 30.65 Euros, which was 11 percent below the previous close.
These profits met Wall Street's expectations, but Qiagen incurred substantial costs in the acquisition and operation of Rapigene, now renamed Qiagen genomics.
Qiagen's costs for the fourth quarter rose to $28.8 million, from $27.7 million for the previous year. While R&D costs remained steady at $5.9 million, from $5.7 million in the previous year, sales and marketing costs nearly doubled to $16 million, from $9.9 million in the year-ago quarter. General administrative costs decreased slightly to $6.9 million from $7.4 million in the previous year.
For the year 2000, Qiagen reported sales of $204 million, up from $158.6 million in 1999, and gross profits of $144.6 million, up from $112.3 million in the previous year. Net income totaled $20.1 up from $13.9 million for 1999. Total operating expenses for 2000 were $22.2 million, up from $17.8 million in 1999; R & D expenses rose to $54.1 million, from $39.9 million the previous year; and general and administrative expenses increased to $28 million from $26.1 million in 1999.
During the year, Qiagen formed a microarray detection partnership with Zeptosens AG of Germany, began building a new facility in Maryland, opened a new sales and marketing office in Italy, acquired Operon Technologies, and formed a drug discovery alliance with the Genomics collaborative.
"QIAGEN successfully expanded its strategic positions during 2000," Metin Colpan, Qiagen's CEO said in a statement. "Especially in the rapidly growing market for our genomics products, we added with Operon Technologies, Qiagen Genomics and an investment in Zeptosens strong positions in markets that are increasing the demand for Qiagen's core competencies: products for the handling, separation and purification of nucleic acids."