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Qiagen's Q3 Revenues Rise 31 Percent Driven by MDx Sales

NEW YORK (GenomeWeb News) – Qiagen today reported third-quarter revenue growth of 31 percent, with its molecular diagnostics products having a particularly strong quarter with 38 percent growth year over year.
 
The firm had total revenues of $230.8 million for the three-month period ended Sept. 30, compared to revenues of $176.6 million for the third quarter of 2007.
 
“Sales to customers in molecular diagnostics (approximately 45 percent of our sales) showed a very strong performance during the third quarter with a growth rate of approximately 38 percent over the comparable quarter 2007,” Qiagen CEO Peer Schatz said in a statement.
 
Qiagen posted a profit of $20.8 million, or $.10 per share, compared to a net loss of $7.3 million, or $.04 per share, for the third quarter of 2007. Both quarters contained various charges related to the acquisitions of Digene and eGene last year and Corbett Life Science, which was acquired this past summer.
 
Excluding certain of these charges, Qiagen’s adjusted net income for the quarter was $42.2 million, or $.21 per share, versus net income of $31.1 million, or $.17 per share, for the comparable quarter last year.
 
The firm’s R&D costs increased 35 percent to $24.1 million from $17.9 million, while its SG&A spending rose 14 percent to $77.1 million from $66.6 million.
 
Qiagen finished the quarter with $326 million in cash and cash equivalents.

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