This article has been updated from a previous version, which incorrectly stated that 7 percent of Qiagen's third-quarter revenue came from Genaco Biomedical, instead of from acquisitions.
NEW YORK (GenomeWeb News) — Qiagen today said third-quarter revenues increased 20 percent as R&D spending rose 29 percent and profit increased 10 percent.
Total receipts for the three months ended Sept. 30 increased to $117.9 million from $98.6 million year over year, beating its guidance of $116 million.
The largest gains came from consumables sales, which conributed 20 percent to the growth. Around 7 percent of the quarter’s revenue came from acquisitions.
Sales in Asia also contributed to the company’s expansion as Qiagen saw a 63-percent increase in revenue in Asian markets.
R&D spending increased to $10.1 million from $7.8 million year over year.
The company said profit increased to $19.4 million from $17.6 million in the year-ago period.
Qiagen said it had around $492 million in cash and equivalents as of Sept. 30.