NEW YORK, Oct. 26 (GenomeWeb News) - Qiagen yesterday reported a 7 percent increase in income, despite unchanged revenues during its third quarter.
Qiagen's net sales in the quarter ended Sept. 30 were unchanged at $90.4 million, from the same figure in the third quarter of 2003. The company said that Q3 2004 revenues would have increased by 17 percent from $77.3 million in Q3 2003, if not for the exclusion of $13.1 million in 2003 revenues related to the synthetic DNA business that Qiagen sold in the second quarter of 2004.
Qiagen's net income for the third quarter of 2004 increased to $12.6 million, or $0.09 per share, from $11.8 million, or $0.08 per share, in the same period a year ago.
Qiagen said that the Q3 2004 income figures include expenses related to the relocation of its American marketing and sales operations from Valencia, Calif., to Germantown, Md., as well as expenses related to its recent acquisition of key assets of Molecular Staging.
Excluding the effects of these charges, net income increased 22 percent to $14.4 million for Q3 2004, from $11.8 million in the year-ago period, Qiagen said.
Qiagen's R&D spending was flat year over year, at $7.6 million for the third quarter of 2004, compared to $7.5 million for the year-ago period.
Qiagen had $143 million in cash and cash equivalents as of Sept. 30.