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Qiagen Reports 13 Percent Q3 Revenue Growth on Strong Molecular Dx Sales

NEW YORK (GenomeWeb News) – Qiagen reported after markets closed yesterday that its third-quarter revenues increased 13 percent and its profit rose 81 percent, both of which exceeded guidance provided by the company in the wake of its second-quarter financial results.

Qiagen logged total revenues of $259.7 million in the third quarter of 2009 compared to $230.8 million in the same quarter last year.

The company's consumables sales increased 12 percent, or 16 percent excluding negative currency effects; while revenues from its instrumentation products jumped 18 percent, or 23 percent excluding negative currency effects.

Qiagen noted that its revenue growth was fueled by organic revenue growth of 15 percent and a positive contribution of 3 percent from acquisitions.

About half of Qiagen's total revenues resulted from sales to molecular diagnostics customers, followed by sales to customers in pharma and academia, which accounted for about 21 percent and 23 percent of its total revenues, respectively.

Qiagen CEO Peer Schatz said in a statement that Qiagen's molecular diagnostics sales were fuelled by strong sales of its prevention-related products, primarily HPV screening; personalized healthcare assays, including its KRAS tests; and profiling products, such as its influenza and other infectious disease assays.

Schatz added that "sales to customers in the pharmaceutical and biotech industry conducting clinical development continued to experience solid growth, and sales to customers in pharma discovery are improving. The academic research markets continued to perform solidly and we are looking forward to the effect of the stimulus programs which are expected in 2010."

Qiagen's net income for the third quarter was $37.7 million, or $0.18 per share, an 81 percent increase over the $20.8 million, or $0.10 per share it reported in Q3 2008. On an adjusted basis, Qiagen's net income increased 24 percent to $53.5 million, or $0.26 per share, from $42.4 million, or $0.21 per share in the year-ago period.

Qiagen finished the quarter with $861.3 million in cash and cash equivalents.

Following the Q3 results, Qiagen increased its full-year guidance range for its diluted EPS to between $0.88 and $0.90 per share from its previous guidance of $0.86 to $0.90 per share.

In a separate announcement yesterday, Qiagen said that it would acquire SABiosciences for its portfolio of PCR-based, pathway-focused panels for pathway and disease biomarker discovery and development.

In September, the firm acquired DxS, which develops and manufactures companion diagnostic products.

Qiagen said that both acquisitions are key elements in its strategy to bolster its molecular diagnostic-based prevention, profiling, and personalized healthcare plays.

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