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Qiagen's Q4 Sales Increase 13 Percent

NEW YORK (GenomeWeb News) – Qiagen reported after the close of the market on Monday that its fourth-quarter 2008 sales rose 13 percent and its net income soared 65 percent year over year.

The maker of sample prep and assay technologies brought in total sales of $237.2 million for the three-month period ended Dec. 31, compared to $210.2 million for the fourth quarter of 2007. The Q4 2008 results include revenues from Corbett Life Science, an Australian developer of a rotary real-time PCR cycler system called Rotor-Gene, which Qiagen acquired for up to $135 million in mid-2008.

Qiagen's net income for the period rose to $24.7 million, or $.12 per share, from $15 million, or $.07 per share, the year before.

The firm's R&D costs increased 23 percent to $28 million from $22.8 million year over year, while its SG&A spending inched up less than 1 percent to $80.1 million from $79.4 million.

For full-year 2008, Qiagen's revenues were $893 million versus $649.8 million for FY 2007.

Qiagen CEO Peer Schatz said in a statement that the firm launched more than 80 new products during the year that contributed 5 percent to net sales growth for 2008. He added that the 2008 revenues exceeded the firm's expectations.

Qiagen's profit for the year was $89 million, or $.44 per share, compared to net income of $50.1 million, or $.28 per share, for 2007.

Its R&D costs for the year were $97.3 million, up 50 percent from $64.9 million in 2007. Qiagen's SG&A spending increased 31 percent to $309.2 million from $236.6 million.

Based on currency rates as of Jan. 31, Qiagen said that it expects to report 2009 revenues of between $920 million and $970 million and EPS of between $.88 and $.94.

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