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Qiagen's Q1 Sales Rise 20 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Qiagen reported after the close of the market Monday that its first-quarter sales increased 20 percent year over year, with double-digit increases for both consumables and instrumentation.

The sample preparation and assay technologies firm brought in total revenues of $264.4 million for the three-month period ended March 31, compared to $220.9 million for the first quarter of 2009. Excluding the effects of currency translation, Qiagen's Q1 revenues were up 14 percent year over year.

Qiagen beat analysts' consensus estimate of $260.4 million for the quarter.

The firm's revenues include contributions from SABiosciences, which Qiagen acquired in December, and DxS, which it acquired in September.

Qiagen said that its consumables sales accounted for 86 percent of its revenues and grew 15 percent over Q1 2009, while its instrument sales accounted for around 14 percent of its revenues and grew 46 percent.

Company officials said during a conference call on Tuesday morning that the firm's molecular diagnostics sales were up 15 percent year over year. Its applied testing sales were up 28 percent year over year, and its pharma sales jumped 13 percent. Sales to academic customers increased 12 percent.

During the call, Qiagen CEO Peer Schatz said that the firm is on track to launch its QIAensemble molecular screening platform in the European Union and US. He said that he expects a launch in the EU later this year along with its suite of tests for human papillomavirus.

In addition, Schatz said that Qiagen has had a "significant inflow of deals" for partnerships with pharma companies focused on companion diagnostics.

For example, in February, Qiagen's DxS unit signed a deal to develop a companion diagnostic for a brain cancer treatment that Pfizer has in Phase 2 clinical trials.

Qiagen posted a profit of $33 million, or $.14 per share, compared to $24.7 million, or $.12 per share, for the first quarter of 2009. On an adjusted basis, Qiagen's EPS was $.20 — the same as the prior year's first quarter and a penny above analysts' forecast of $.19.

Its R&D expenses increased 23 percent to $31.6 million from $25.6 million, while its SG&A spending was up 14 percent to $90.8 million from $79.9 million. The firm reported acquisition-related intangible amortization costs of $6.2 million versus $3.9 million for Q1 2009.

Qiagen finished the quarter with $794.8 million in cash and cash equivalents, and $94 million in short-term investments.

The firm reiterated its full-year 2010 guidance for revenues of between $1.12 billion and $1.17 billion, with EPS of between $.90 and $.96.

For the second quarter, Qiagen expects to report revenues of between $265 million and $280 million.

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