NEW YORK (GenomeWeb News) - Qiagen yesterday said first-quarter revenue rose 18 percent as R&D spending increased 13 percent and net income was up 13 percent.
Total receipts for the three months ended March 31, 2007, rose to $127.9 million from $108.7 million year over year.
Qiagen said that the strong sales were fuelled in part by an 11 percent increase in organic growth and a 2 percent contribution from acquisitions.
Sales of consumables made up 89 percent of the company's revenue for the quarter and added 15 percent of the growth. Instruments sales contributed 10 percent of total revenue and “other” revenue accounted for 1 percent.
The company saw a 48 percent increase in quarterly net sales to Asia, driven largely by demand in China, and by the company's expansion into Singapore and Korea.
Qiagen CEO Peer Schatz said the company introduced 13 new sample and assay products in the first quarter.
R&D spending increased to $11.5 million from $10.2 million year over year.
The company said profit increased to $19.9 million from $17.6 million in the year-ago period.
Qiagen said it had around $386.1 million in cash and equivalents and $98.9 million in short-term investments as of March 31.