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Qiagen's Q3 Revenues Rise 50 Percent, But Acquisition Costs Hit Bottom Line

NEW YORK (GenomeWeb News) – Qiagen yesterday said that its third-quarter revenues rose 50 percent year over year, but acquisition-related charges and a 77 percent increase in R&D costs swung the company from a profit to a loss.
 
For the three months ended Sept. 30, Qiagen reported revenues of $176 .6 million compared to $117.9 million in the comparable period a year ago. The most recent quarter’s results include the operations of Digene and eGene, both of which Qiagen acquired in July for $1.6 billion and $34 million, respectively.
 
Qiagen did not break out the portion of revenue it derived during the third quarter from these two acquisitions.
 
Charges related to these two acquisitions, however, resulted in a net loss of $7.3 million for the quarter compared to a profit of $19.4 million in the third quarter of last year. Qiagen took charges during the quarter of $25.9 million for purchased in-process research and development; $4.5 million for acquisition, integration, and related costs; and $3 million for acquisition-related intangible amortization.
 
“We saw revenue and earnings growth which were in line and above our expectations, respectively,” said Qiagen CEO Peer Schatz. “Sales of our sample and assay technologies to customers in the Molecular Diagnostics field developed better than expected” and contributed approximately 42 percent of the firm’s overall revenues in the quarter, he said.
 
The firm’s R&D expenses climbed 77 percent to $17.9 million from $10.1 million year over year.
 
Qiagen finished the quarter with $308.7 million in cash and cash equivalents.
 
The firm reiterated its previous revenue guidance of $614 million to $635 million for full-year 2007.

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