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Qiagen's Q4 Revenues Drop 1 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Qiagen reported after the close of the market Monday that its fourth-quarter revenues declined 1 percent year over year, falling short of analysts' consensus estimate.

The firm brought in total revenues of $286 million for the three-month period ended Dec. 31, compared to $289.1 million for the fourth quarter of 2009. Qiagen missed analysts' consensus estimate of $292.6 million for the quarter. However, the revenues fell in line with the firm's previous guidance range of between $275 million and $290 million.

In after-hours trading Monday, shares of Qiagen fell 5 percent, but rebounded early Tuesday and were even with Monday's close of $18.45.

The company said that excluding the sale of swine flu-related products, and at constant exchange rates, its Q4 revenues would have been up 7 percent.

Qiagen's molecular diagnostics sales, which account for 48 percent of its total revenue, increased 7 percent on a constant exchange rate basis over 2009.

Qiagen posted net income of $36.3 million, or $.15 per share, compared to $44.5 million, or $.18 per share, for Q4 2009. On an adjusted basis, its EPS was $.26 versus $.24 for the prior year, and bested analysts' consensus estimate of $.25.

The firm's R&D spending for the quarter was $34 million, up 11 percent from $30.6 million, and its SG&A spending was down around 9 percent at $98.6 million from $108.7 million. It also recorded a charge for acquisition-related intangible amortization of $5.6 million versus $5.9 million for Q4 2009.

For full-year 2010, Qiagen had revenues of $1.09 billion, up 8 percent from $1.01 billion in 2009.

"Qiagen delivered solid results in a changing environment in 2010 and made significant progress in further expanding our position in our customer classes, particularly molecular diagnostics, by leveraging our global leadership in sample and assay technologies," CEO Peer Schatz said in a statement.

He said that among the firm's key milestones in 2010 was the launch of its QIAsymphony RGQ molecular diagnostics platform. "We are broadening and strengthening our product offering with a number of important regulatory submissions, including the first of several new assays in the US for use on QIAsymphony RGQ," Schatz said.

He noted during a conference call on Tuesday morning that the firm would initially file for clearance in 2011 in the US of assays for cytomegalovirus, Epstein-Barr virus, and influenza to run on the RGQ platform. Additional assays would target HIV, hepatitis C, and human papillomavirus.

Its profit for the year was $144.3 million, or $.60 per share, compared to $137.8 million, or $.64 per share, for FY 2009. On an adjusted basis, Qiagen's EPS was $.93, even with 2009 and above analysts' consensus estimate of $.87.

Qiagen spent $126 million on R&D in 2010, up from $107.9 million in 2009. Its SG&A spending increased to $377.5 million from $360.7 million.

The firm finished the quarter with $828.4 million in cash and cash equivalents, and $106.1 million in short-term investments.

Qiagen expects its 2011 sales to increase between 5 and 7 percent on a constant currency basis, with adjusted EPS up between 7 and 13 percent. It said that it expects results to be "soft" in the first quarter "but to move toward substantially higher growth rates later in the year, driven by a combination of increased sales volumes and new product launches."

Schatz said during the call that some of that growth in the back half of the year is expected to come from new launches on the QIAsymphony RGQ.

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