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Qiagen's Q2 Revenues Rise 7 Percent, Aided by Currency

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Qiagen reported after the close of the market Monday that its second-quarter revenues increased 7 percent, or 1 percent on a constant exchange rate basis, "amid continued weak economic conditions."

The firm reported total sales of $282.2 million for the three-month period ended June 30, compared to $262.7 million for the second quarter of 2010. It beat analysts' consensus estimate of $279.4 million.

At constant exchange rates, Qiagen's molecular diagnostics sales increased 2 percent year over year as consumables growth was offset by lower instrument sales. Its applied testing sales increased 1 percent, as did its academia sales. The firm's pharma sales were "largely unchanged."

Qiagen posted adjusted net income of $55 million, or $.23 per share, up from $52.5 million, or $.22 per share. It beat the Wall Street estimate of $.22 per share for the quarter.

Qiagen's R&D spending increased 14 percent to $33 million from $29 million, and its SG&A expenses were up 11 percent at $99 million versus $89 million.

"We are making broad progress in our strategy to expand in 2011, a year that has proven to be more challenging than anticipated, in order to accelerate growth in 2012," Qiagen CEO Peer Schatz said in a statement. "We delivered improved results in the second quarter amid continued weak economic conditions."

During the quarter, Qiagen announced deals to acquire Australian biotech firm Cellestis for A$341 million ($355 million) in cash, and molecular diagnostics firm Ipsogen for €70 million ($101 million).

The firm also completed a submission with the US Food and Drug Administration for clearance of its therascreen KRAS RGQ assay for use as a companion diagnostic with an anticancer medicine. "We expect a second, separate FDA submission to be done shortly for this assay for use with another anticancer medicine," Schatz added.

For full-year 2011, Qiagen expects to report sales growth of 3 percent on a constant currency basis, which includes contributions from acquisitions. Its adjusted EPS is expected to be approximately $.96, which includes dilution of roughly $.03 per share related to planned investments and product migrations as part of the acquisitions of Cellestis and Ipsogen.