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Qiagen's Revenues Rise 22 Percent in Q4, Eclipse $1B Mark for FY 2009

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Qiagen reported after the close of the market Monday that its fourth-quarter revenues increased 22 percent year over year, while its full-year sales surpassed the $1 billion mark.

The molecular diagnostics and sample preparation technologies firm brought in total revenues of $289.1 million for the three-month period ended Dec. 31, compared to revenues of $237.2 million for the fourth quarter of 2008. Excluding the favorable impact of foreign currency translation, Qiagen's revenues were up 15 percent year over year.

The company beat analysts' consensus estimate of $267.8 million in revenues for the quarter.

Qiagen's profit was $44.5 million, or $.18 per share, versus $24.7 million, or $.12 per share, for Q4 2008. On adjusted basis, its EPS was $.24 for the most recent quarter, beating analysts' consensus estimate of $.22.

Its R&D spending increased 9 percent to $30.6 million from $28 million, while its SG&A expenses jumped 28 percent to $108.6 million from $84.9 million.

For full-year 2009, Qiagen had revenues of $1 billion, up 13 percent from $893 million, and above analysts' expectations of $990.1 million. Excluding the impact of currency translation, Qiagen's revenues were up 16 percent for the year.

"The largest revenue share we recorded for fiscal 2009 was in sales to customers in molecular diagnostics (approximately 47% of total revenues) followed by sales to customers in academia (approximately 26% of total revenues), in pharma (approximately 21% of total revenues) and in applied testing (approximately 6% of total revenues)," Qiagen CFO Peer Schatz said in a statement. "Growth of our sales to customers in molecular diagnostics was fueled by strong sales of our profiling solutions (including our influenza and other infectious disease assays) as well as products addressing prevention (such as HPV screening and genotyping) and personalized healthcare testing."

The firm said that its consumables products generated revenue growth of 10 percent for the year, while its instrument sales increased 37 percent.

Revenue for the fourth quarter and full-year 2009 includes contributions from DxS, which Qiagen acquired in September 2009, and SABiosciences, which it purchased in December 2009.

Qiagen's net income for the year was $137.8 million, or $.64 per share, up from $89 million, or $.44 per share, for full-year 2008. On an adjusted basis, Qiagen's EPS was $.93, beating analysts' expectations of $.89.

Its R&D spending for FY 2009 increased 11 percent to $107.9 million from $97.3 million, while its SG&A spending rose 6 percent to $360.7 million from $341.3 million.

Qiagen finished the year with $825.6 million in cash and cash equivalents and $40 million in short-term investments.

The firm has provided 2010 revenue guidance of between $1.12 billion and $1.17 billion, representing growth of between 11 percent and 16 percent. It expects to post EPS of between $.90 and $.96, including the dilutive effect of $.02 from its acquisition of DxS.

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