QIAGEN Reports Strong Second Quarter 2009 Results And Increases Full
Year 2009 Guidance
(Thomson Reuters ONE) - Corporate news announcement processed and transmitted by Hugin AS.The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------------ * 19% Revenue Growth on Constant Exchange Rates * 12% Organic Growth * $0.24 Adjusted EPS, exceeds guidanceVenlo, The Netherlands, August 10, 2009 - QIAGEN N.V. (Nasdaq: QGEN;Frankfurt, Prime Standard: QIA) today announced the results ofoperations for the second quarter and the six-month period ended June30, 2009.The reported net sales came in at the high end of, and the adjustedearnings per share for the second quarter 2009 exceeded, the guidanceprovided by the Company on May 5, 2009.Second Quarter 2009 ResultsQIAGEN's Second Quarter 2009 (in US$ millions, except per shareinformation) Q2 2009 Q2 2008 GrowthNet sales 240.2 217.9 10%Net sales at constant exchange rates 258.2 217.9 19%Operating income, adjusted 71.8 60.6 19%Net income, adjusted 48.3 40.4 19%EPS, adjusted (US$) 0.24 0.20 20%For information on the adjusted figures, please refer to thereconciliation tableaccompanying this release.The Company reported that consolidated net sales for its secondquarter 2009 increased 10% to $240.2 million from $217.9 million inthe same quarter in 2008. Excluding the unfavorable impact fromforeign currency exchange rates, net sales for the second quarter2009 would have increased 19%. The reported operating income for thequarter increased 38% to $46.9 million from $34.0 million in the samequarter of 2008, and net income for the quarter increased 33% to$30.9 million from $23.2 million in the same quarter of 2008. Dilutedearnings per share for the second quarter increased 36% to $0.15 in2009 from $0.11 in 2008.On an adjusted basis, second quarter operating income increased 19%to $71.8 million in 2009 from $60.6 million in 2008, and secondquarter 2009 adjusted net income increased 19% to $48.3 million from$40.4 million in 2008. Adjusted diluted earnings per share increased20% to $0.24 in the second quarter 2009 from $0.20 in 2008.Six-Month Period 2009 ResultsFor the six-month period ended June 30, 2009, net sales increased 8%to $461.1 million compared to $425.0 million in the respective periodof 2008. Operating income as reported for the six months ended June30, 2009 increased 25% to $83.9 million from $67.0 million for thesame period in 2008. Net income increased 28% to $55.6 million from$43.6 million in 2008, and diluted earnings per share increased 29%to $0.27 in 2009 from $0.21 in 2008.On an adjusted basis, operating income for the six-month period endedJune 30, 2009 increased 10% to $130.9 million in 2009 from $119.4million in 2008, and adjusted net income increased 14% to $88.5million from $77.4 million. Adjusted diluted earnings per share inthe six months ended June 30, 2009 increased 16% to $0.44 per sharefrom $0.38 per share in the same period of 2008.QIAGEN's second quarter and first half 2009 results include theresults of operations from the Company's recent acquisitions, themost significant of which was Corbett Life Science, acquired in July2008. Reconciliations of reported results determined in accordancewith generally accepted accounting principles (GAAP) to adjustedresults are included in the tables accompanying this release."We are very pleased with our financial performance in the secondquarter of 2009," said Peer Schatz, QIAGEN's Chief Executive Officer."We saw strong revenue and adjusted net income growth. The markets weserve demonstrated robust demand and solid economic trends. Ourgrowth opportunities are very significant - in particular in themolecular diagnostics and applied testing markets - and we feel wellpositioned and equipped to convert these trends and opportunitiesinto significant value for QIAGEN and our shareholders." "We experienced strong revenue growth for QIAGEN in the secondquarter of 2009 and maintain a positive outlook. Growth was highestin sales to customers in molecular diagnostics (approximately 48% oftotal revenues) followed by sales to customers in applied testing, inacademia and pharma .""Growth of our sales to customers in molecular diagnostics was fueledby strong growth in sales of our screening products (primarily HPV),personalized medicine diagnostics (including our KRAS testingsolutions) and infectious disease tests (including our solutions forthe surveillance of H1N1 infections). The development of our NextGeneration high throughput screening system with the related assaysis well on track with clinical trials expected to start in severalweeks. We are also very excited about the future growth opportunitiesespecially in companion diagnostics after recent recommendations byregulatory agencies and are experiencing a significant level ofactivity in this area of our business. Sales to customers in thepharmaceutical and biotech industry conducting clinical developmentcontinued to experience strong growth and sales to such customers fordiscovery purposes (under 10% of our sales) were, as expected, soft.We are very optimistic about the potential growth in the academicresearch markets following the American Recovery and Reinvestment Act(ARRA) and other international stimulus programs as well as furthergovernmental long-term funding increase commitments. QIAGEN is activein numerous initiatives to support its customers to benefit from boththe short-term stimulus programs and from the planned long-termfunding increases." "QIAGEN experienced a successful second quarter. Reported revenuescame in at the high end of, and adjusted earnings per share exceededour expectations," said Roland Sackers, QIAGEN's Chief FinancialOfficer. "Assuming constant exchange rates for both quarters revenuegrowth would have been 19% and was fueled by a strong organic growthof 12% and a positive contribution of 6% from acquisitions. Ourconsumable portfolio contributed 5% growth (12% at constant exchangerates). In the wake of new product introductions (such as theQIAsymphony, the QIAgility, the EZ1 Advanced XL and the Rotor-Gene Q)beginning this year, QIAGEN's sales of instrumentation productsrecorded a growth rate of 66% (83% at constant exchange rates). Netsales in the Americas for the second quarter 2009 representedapproximately 50% of our overall business and recorded a growth rateof 14% at constant exchange rates and European sales, which representapproximately 35% of our revenues, showed a similar growth rate of14% at constant exchange rates. Net sales in Asia remained strong,showing a growth rate of 43% at constant exchange rates."Increase of Fiscal Year 2009 Guidance RangeBased on the successful first six months and an optimistic outlookfor the rest of the year, QIAGEN is hereby increasing its revenue andEPS guidance for the fiscal year 2009. Revenue guidance is increasedfrom the previous range from $920 million to $970 million (whichincluded approximately $10 million of revenues related to the Olerupproduct line sold end of June 2009) to now between $930 million and$970 million post-divestment of the Olerup product line for thefiscal year 2009. Under constant exchange rates, revenue expectationsfor 2009 would show growth rates between 11% and 16% when compared to2008. QIAGEN also increased its expectations for adjusted dilutedearnings per share from the previous range of $0.88 to $0.94 to nowbetween $0.90 and $0.94. As always, the revenue and EPS guidance isbased on foreign currency exchange rates as of January 31, 2009.QIAGEN - Sample and Assay Technologies Highlights * In August 2009, QIAGEN acquired Explera s.r.l., a leading supplier in molecular diagnostics and personalized medicine in Italy. With this acquisition QIAGEN is doubling the size of its molecular diagnostics sales channel in Italy and is adding several activities in the area of personalized medicine and access to a suite of CE-IVD pyrosequencing assays. QIAGEN expects this transaction to contribute approximately $1 million in sales for the remainder of fiscal year 2009 and approx. $5 million for the full year of 2010. * In July 2009, QIAGEN signed an agreement to transfer all distribution rights for the Olerup SSP® product line and the related assets to Olerup International AB, a subsidiary of LinkMed, a Swedish venture capital company. The Olerup SSP® product line includes molecular transplantation testing products used for DNA HLA typing. QIAGEN will retain rights to all Olerup SSP® assays for applications outside transplantation testing, such as in personalized medicine. This divesture allows QIAGEN to increase its focus on the higher growth applications in transplantation testing such as sequencing-based typing, as well as the application of such assays in personalized medicine. * In May 2009, QIAGEN entered into an agreement to supply molecular sample and assay technologies for a new national, PCR-based blood screening program for HIV and Hepatitis C (HCV) in Brazil. QIAGEN will provide Bio-Manguinhos, the main provider of vaccines and diagnostics to the Brazilian Ministry of Health, with a significant volume of molecular testing solutions - sample and assay technologies, related instrumentation, operational know-how and training. The agreement is expected to run for five years and contains options for subsequent extensions. * In the first half of 2009, QIAGEN launched more than 39 new products in the area of Sample & Assay Technologies including a novel PAXgene Blood miRNA kit for use in cancer, biomarker and miRNA research and the QIAamp Circulating Nucleic Acid kit for sample preparation in prenatal or other circulating nucleic acid research. In addition QIAGEN launched a number of assay technologies including a next generation CE marked mutation profiling KRAS test as well as a BRAF test for use in cancer treatments and a test for epigenetic methylation analysis based on pyrosequencing technology. Further new products included a suite of fast multiplex real-time PCR kits for gene expression analysis and siRNA validation.Conference Call and Webcast DetailsDetailed information on QIAGEN's business and financial performancewill be presented during its conference call on August 11, 2009 at9:30am ET. The corresponding presentation slides will be availablefor download on the Company's website atwww.qiagen.com/goto/ConferenceCall. A webcast of the conference callwill also be available at www.qiagen.com/goto/ConferenceCall.Use of Adjusted ResultsQIAGEN has regularly reported adjusted results to give additionalinsight into its financial performance as well as considered resultson a constant currencies basis. Adjusted results should be consideredin addition to the reported results prepared in accordance withgenerally accepted accounting principles, but should not beconsidered as a substitute. The Company believes certain items shouldbe excluded from adjusted results when they are outside of itsongoing core operations, vary significantly from period to period, oraffect the comparability of results with the Company's competitorsand its own prior periods. Reconciliations of reported results toadjusted results are included in the tables accompanying thisrelease.About QIAGENQIAGEN N.V., a Netherlands holding company, is the leading globalprovider of sample and assay technologies. Sample technologies areused to isolate and process DNA, RNA and proteins from biologicalsamples such as blood or tissue. Assay technologies are used to makethese isolated biomolecules visible. QIAGEN has developed and marketsmore than 500 sample and assay products as well as automatedsolutions for such consumables. The Company provides its products tomolecular diagnostics laboratories, academic researchers,pharmaceutical and biotechnology companies, and applied testingcustomers for purposes such as forensics, animal or food testing andpharmaceutical process control. QIAGEN's assay technologies includeone of the broadest panels of molecular diagnostic tests availableworldwide. This panel includes the first FDA-approved test for humanpapillomavirus (HPV), the primary cause of cervical cancer. QIAGENemploys more than 3,150 people in over 30 locations worldwide.Further information about QIAGEN can be found athttp://www.qiagen.com/.Certain of the statements contained in this news release may beconsidered forward-looking statements within the meaning of Section27A of the U.S. Securities Act of 1933, as amended, and Section 21Eof the U.S. Securities Exchange Act of 1934, as amended. To theextent that any of the statements contained herein relating toQIAGEN's products, markets, strategy or operating results areforward-looking, such statements are based on current expectationsthat involve a number of uncertainties and risks. Such uncertaintiesand risks include, but are not limited to, risks associated withmanagement of growth and international operations (including theeffects of currency fluctuations and risks of dependency onlogistics), variability of operating results, the commercialdevelopment of the applied testing markets, clinical research marketsand proteomics markets, women's health/HPV testing markets, nucleicacid-based molecular diagnostics market, and genetic vaccination andgene therapy markets, changing relationships with customers,suppliers and strategic partners, competition, rapid or unexpectedchanges in technologies, fluctuations in demand for QIAGEN's products(including fluctuations due to general economic conditions, the leveland timing of customers' funding, budgets, and other factors), ourability to obtain regulatory approval of our infectious diseasepanels, difficulties in successfully adapting QIAGEN's products tointegrated solutions and producing such products, the ability ofQIAGEN to identify and develop new products and to differentiate itsproducts from competitors' products, market acceptance of QIAGEN'snew products and the integration of acquired technologies andbusinesses. In addition certain statements contained in this newsrelease are based on company assumptions, including, but not limited,to revenue allocations based on business segments. For furtherinformation, refer to the discussions in reports that QIAGEN hasfiled with, or furnished to, the U.S. Securities and ExchangeCommission (SEC). QIAGEN N.V. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) Three months(in thousands, except per share data) ended June 30, 2009 2008Net sales $ 240,156 $ 217,888 Cost of sales 80,656 69,812Gross profit 159,500 148,076Operating expenses: Research and development 24,950 23,840 Sales and marketing 59,039 57,696 General and administrative, integration andother 24,618 29,713 Acquisition related intangible amortization 4,011 2,816Total operating expenses 112,618 114,065Income from operations 46,882 34,011Other income (expense): Interest income 678 2,324 Interest expense (7,302) (9,187) Other income, net 778 424Total other expense (5,846) (6,439)Income before provision for income taxes andnoncontrolling interest 41,036 27,572Provision for income taxes 10,107 4,291Net income 30,929 23,281Less: Noncontrolling interest - 56Net income attributable to QIAGEN N.V. $ 30,929 $ 23,225 Weighted average number of diluted commonshares 203,785 205,475 Diluted net income attributable to QIAGENN.V. per common share $ 0.15 $ 0.11 Diluted net income attributable to QIAGENN.V. per common share, adjusted $ 0.24 $ 0.20 QIAGEN N.V. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) Six months(in thousands, except per share data) ended June 30, 2009 2008Net sales $ 461,089 $ 424,994 Cost of sales 155,140 135,694Gross profit 305,949 289,300Operating expenses: Research and development 50,593 45,209 Sales and marketing 115,137 111,774 General and administrative, integration andother 48,406 58,802 Acquisition related intangible amortization 7,902 6,466Total operating expenses 222,038 222,251Income from operations 83,911 67,049Other income (expense): Interest income 1,863 5,296 Interest expense (14,732) (19,637) Other income, net 2,558 2,559Total other expense (10,311) (11,782)Income before provision for income taxes andnoncontrolling interest 73,600 55,267Provision for income taxes 17,987 11,592Net income 55,613 43,675Less: Noncontrolling interest - 116Net income attributable to QIAGEN N.V. $ 55,613 $ 43,559 Weighted average number of diluted commonshares 203,476 205,300 Diluted net income attributable to QIAGENN.V. per common share $ 0.27 $ 0.21 Diluted net income attributable to QIAGENN.V. per common share, adjusted $ 0.44 $ 0.38 QIAGEN N.V. CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands, except par value) June 30, December 31, 2009 2008Assets (unaudited)Current Assets: Cash and cash equivalents $ 390,311 $ 333,313 Accounts receivable, net 167,082 158,440 Income taxes receivable 15,436 14,441 Inventories, net 120,110 108,563 Prepaid expenses and other 63,167 61,424 Deferred income taxes 29,146 27,374 Total current assets 785,252 703,555Long-Term Assets:Property, plant and equipment, net 296,002 289,672 Goodwill 1,169,617 1,152,105 Intangible assets, net 619,380 640,309 Deferred income taxes 76,328 73,766 Other assets 23,948 25,916 Total long-term assets 2,185,275 2,181,768Total assets $ 2,970,527 $ 2,885,323Liabilities and Shareholders' EquityCurrent Liabilities: Accounts payable $ 38,645 $ 48,836 Accrued and other liabilities 165,640 163,513 Income taxes payable 23,409 14,288 Current portion of long-term debt 25,000 25,000 Current portion of capital leaseobligations 3,063 2,984 Deferred income taxes 8,696 7,754 Total current liabilities 264,453 262,375Long-Term Liabilities: Long-term debt, net of current portion 920,000 920,000 Capital lease obligations, net ofcurrent portion 28,440 29,718 Deferred income taxes 211,405 212,589 Other 11,615 6,797 Total long-term liabilities 1,171,460 1,169,104Shareholders' Equity: Common shares, EUR .01 par value: Authorized--410,000 shares Issued and outstanding--198,998shares in 2009 and 197,839 shares in 2008 2,228 2,212 Additional paid-in-capital 974,492 958,665 Retained earnings 533,425 477,812 Accumulated other comprehensiveincome 24,469 15,155 Total QIAGEN N.V. shareholders'equity 1,534,614 1,453,844 Total liabilities and shareholders'equity $ 2,970,527 $ 2,885,323 QIAGEN N.V. RECONCILIATION OF REPORTED TO ADJUSTED FIGURES (unaudited) Three months ended June 30, 2009 (in thousands, except EPS data) Gross Operating Pre-tax Income Tax Net Diluted Net Sales Profit Income Income Income EPS*Reportedresults $ 240,156 $ 159,500 $ 46,882 $ 41,036 $ (10,107) $ 30,929 $ 0.15Adjustments: Businessintegration,acquisition related andrestructuringcosts - 281 4,939 4,939 (1,593) 3,346 0.02 Purchasedintangiblesamortization - 13,165 17,176 17,176 (5,983) 11,193 0.06 Share-basedcompensation - 245 2,814 2,814 (866) 1,948 0.01 Acquisitionrelatedwrite-offof prepaidexpenses - - - 1,132 (289) 843 0.00 Totaladjustments - 13,691 24,929 26,061 (8,731) 17,330 0.09Adjustedresults $ 240,156 $ 173,191 $ 71,811 $ 67,097 $ (18,838) $ 48,259 $ 0.24* Using203,785diluted shares Three months ended June 30, 2008 (in thousands, except EPS data) Gross Operating Pre-tax Income Tax Net Diluted Net Sales Profit Income Income Income EPS*Reportedresults $ 217,888 $ 148,076 $ 34,011 $ 27,572 $ (4,291) $ 23,225 $ 0.11Adjustments: Businessintegration,acquisition related andrestructuringcosts - - 9,416 9,416 (3,356) 6,060 0.03 Purchasedintangiblesamortization - 11,949 14,765 14,765 (5,256) 9,509 0.05 Share-basedcompensation - 305 2,363 2,363 (756) 1,607 0.01 Totaladjustments - 12,254 26,544 26,544 (9,368) 17,176 0.09Adjustedresults $ 217,888 $ 160,330 $ 60,555 $ 54,116 $ (13,659) $ 40,401 $ 0.20* Using 205,475 diluted shares QIAGEN N.V. RECONCILIATION OF REPORTED TO ADJUSTED FIGURES (unaudited) Six months ended June 30, 2009 (in thousands, except EPS data) Gross Operating Pre-tax Net Diluted Net Sales Profit Income Income Income Tax Income EPS*Reported results $ 461,089 $ 305,949 $ 83,911 $ 73,600 $ (17,987) $ 55,613 $ 0.27Adjustments: Businessintegration,acquisition related andrestructuring costs - 512 7,917 7,917 (2,480) 5,437 0.03 Purchasedintangibles amortization - 26,178 34,079 34,079 (11,891) 22,188 0.11 Share-basedcompensation - 454 5,003 5,003 (1,551) 3,452 0.02 Acquisition relatedwrite-off of prepaid expenses andother asset impairment - - - 2,703 (870) 1,833 0.01 Total adjustments - 27,144 46,999 49,702 (16,792) 32,910 0.17Adjusted results $ 461,089 $ 333,093 $ 130,910 $ 123,302 $ (34,779) $ 88,523 $ 0.44* Using 203,476 diluted shares Six months ended June 30, 2008 (in thousands, except EPS data) Gross Operating Pre-tax Net Diluted Net Sales Profit Income Income Income Tax Income EPS*Reported results $ 424,994 $ 289,300 $ 67,049 $ 55,267 $ (11,592) $ 43,559 $ 0.21Adjustments: Businessintegration, acquisition relatedand restructuring costs - - 18,601 18,601 (6,622) 11,979 0.07 Purchasedintangibles amortization - 22,775 29,241 29,241 (10,430) 18,811 0.09 Share-basedcompensation - 540 4,541 4,541 (1,489) 3,052 0.01 Total adjustments - 23,315 52,383 52,383 (18,541) 33,842 0.17Adjusted results $ 424,994 $ 312,615 $ 119,432 $ 107,650 $ (30,133) $ 77,401 $ 0.38* Using 205,300 diluted sharesContacts:Roland Sackers Dr. Solveigh MählerChief Financial Officer Director Investor RelationsQIAGEN N.V. QIAGEN N.V.e-mail: +49 2103 29 11710roland.sackers(at)qiagen.com e-mail: solveigh.maehler(at)qiagen.com Albert F. Fleury Associate Director Investor Relations North America QIAGEN N.V. +1 301 944 7028 e-mail: albert.fleury(at)qiagen.com --- End of Message ---Qiagen N.V.Spoorstraat 50 KJ Venlo NetherlandsWKN: 901626; ISIN: NL0000240000; Index: HDAX, MIDCAP, Prime All Share, TECH All Share, TecDAX;Listed: Prime Standard in Frankfurter Wertpapierbörse, Freiverkehr in Börse Berlin, Freiverkehr in Börse Düsseldorf, Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg, Freiverkehr in Niedersächsische Börse zu Hannover, Freiverkehr in Bayerische Börse München, Freiverkehr in Börse Stuttgart;
Datum: 10.08.2009 - 22:01 Uhr
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