QIAGEN Reports Strong Third Quarter 2009 Results
* Reuters is not responsible for the content in this press release.
* 16% Revenue Growth on Constant Exchange Rates
* 15% Organic Revenue Growth
* 31% Operating Margin, adjusted
* $0.26 Adjusted EPS
VENLO, The Netherlands, Nov. 9, 2009 (GLOBE NEWSWIRE) -- QIAGEN N.V.
(Nasdaq:QGEN) (Frankfurt:QIA) today announced the results of operations for the
third quarter and the nine-month period ended September 30, 2009.
The reported net sales and the adjusted earnings per share for the third quarter
2009 exceeded the guidance provided by the Company on August 11, 2009.
Third Quarter 2009 Results
---------------------------------------------------------------------
QIAGEN's Third Quarter 2009 (in US$ millions, except per share
information)
---------------------------------------------------------------------
Q3 2009 Q3 2008 Growth
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Net sales 259.7 230.8 13%
Net sales at constant exchange rates 268.7 230.8 16%
Operating income, adjusted 81.8 66.8 22%
Net income, adjusted 53.5 42.4 26%
EPS, adjusted (US$) 0.26 0.21 24%
---------------------------------------------------------------------
For information on the adjusted figures, please refer to the
reconciliation table accompanying this release.
The Company reported that consolidated net sales for its third quarter 2009
increased 13% to $259.7 million from $230.8 million in the same quarter of 2008.
Excluding the unfavorable impact from foreign currency exchange rates, net sales
for the third quarter 2009 would have increased 16%. The reported operating
income for the quarter increased 40% to $53.4 million from $38.2 million in the
same quarter of 2008, and net income for the quarter increased 81% to $37.7
million from $20.8 million in the same quarter of 2008. Diluted earnings per
share for the third quarter increased 80% to $0.18 in 2009 from $0.10 in 2008.
On an adjusted basis, third quarter operating income increased 22% to $81.8
million in 2009 from $66.8 million in 2008, and third quarter 2009 adjusted net
income increased 26% to $53.5 million from $42.4 million in 2008. Adjusted
diluted earnings per share increased 24% to $0.26 in the third quarter 2009 from
$0.21 in 2008.
Nine-Month Period 2009 Results
For the nine-month period ended September 30, 2009, net sales increased 10% to
$720.7 million compared to $655.8 million in the same period of 2008. Operating
income as reported for the nine months ended September 30, 2009 increased 30% to
$137.3 million from $105.2 million for the same period in 2008. Net income
increased 45% to $93.3 million from $64.4 million in 2008, and diluted earnings
per share increased 45% to $0.45 in 2009 from $0.31 in 2008.
On an adjusted basis, operating income for the nine-month period ended September
30, 2009 increased 14% to $212.7 million in 2009 from $186.1 million in 2008,
and adjusted net income increased 19% to $142.0 million from $119.6 million.
Adjusted diluted earnings per share in the nine months ended September 30, 2009
increased 19% to $0.69 per share from $0.58 per share in the same period of
2008.
QIAGEN's third quarter and nine-month period 2009 results include the results of
operations from the Company's recent acquisitions, the most significant of which
was DxS Ltd., acquired in September 2009, and Corbett Life Science, acquired in
July 2008. Reconciliations of reported results determined in accordance with
generally accepted accounting principles (GAAP) to adjusted results are included
in the tables accompanying this release.
"We are very pleased with our financial performance in the third quarter of
2009," said Peer Schatz, QIAGEN's Chief Executive Officer. "We saw strong growth
in revenues, operating margins and adjusted net income -- all of which exceeded
our guidance. In addition, our organic revenue growth came in very strong at
15%."
"Revenue growth was highest in sales to customers in molecular diagnostics
(approximately 50% of total revenues) followed by sales to customers in pharma
(approximately 21% of total revenues), in applied testing (approximately 6% of
total revenues) and in academia (approximately 23% of total revenues). Growth of
our sales to customers in molecular diagnostics was fueled by strong sales of
our 'prevention' products (primarily HPV screening), 'personalized health care'
assays (including our KRAS testing solutions) and profiling solutions (including
our influenza and other infectious disease assays). 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 for
2010."
"The markets we serve demonstrated robust demand and solid economic trends. We
are very pleased with the strategic momentum we were able to build since the
announcement of our second quarter results in August. Since August we have
announced the following acquisitions:
* The pending acquisition of SABiosciences will add to QIAGEN a
portfolio of PCR-based, pathway-focused panels that represent
highly efficient solutions for pathway- and disease-biomarker
discovery and development in pharmaceutical and biomedical
research. The efforts associated with the validation of such
biomarkers can at the same time serve as engines for novel content
for molecular diagnostics.
* The acquisition of DxS Ltd. combines two leadership positions to
create a very powerful leader in a transformational area of
healthcare: personalized healthcare.
Both transactions are key elements of our strategy to lead in molecular
diagnostics-based prevention, profiling and personalized healthcare. These three
pillars of our molecular diagnostics strategy are expected to significantly
shape and contribute to future improvements in healthcare and have the potential
to provide significant benefits to patients as well as exceptional value for
payers, providers, and the pharmaceutical industry."
"QIAGEN experienced a successful third quarter. Reported revenues and adjusted
earnings per share exceeded our expectations," said Roland Sackers, QIAGEN's
Chief Financial Officer. "Assuming constant exchange rates for both quarters,
and adjusted for the divesture of certain assets related to our activities in
HLA diagnostics (transplantation diagnostics), revenue growth was 18% and was
fueled by a strong organic growth of 15% and a positive contribution of 3% from
acquisitions.
Our consumable products portfolio contributed 12% growth (16% at constant
exchange rates) and our sales of instrumentation products recorded a growth rate
of 18% (23% at constant exchange rates). Net sales in the Americas for the third
quarter 2009 represented approximately 51% of our overall business and recorded
a growth rate of 12% (15% at constant exchange rates) and European sales, which
represent approximately 35% of our revenues, showed a growth rate of 16% (24% at
constant exchange rates). Net sales in Asia remained strong, showing a growth
rate of 41% (37% at constant exchange rates)."
Increase of Fiscal Year 2009 Guidance Range
Based on the successful first nine months and a positive outlook for the rest of
the year, QIAGEN is increasing its expectations for adjusted diluted earnings
per share for the fiscal year 2009 from the previous range of $0.86 to $0.90
(based on a weighted average number of fully diluted shares outstanding of
approximately 214 million following the equity offering in September 2009) to
now between $0.88 and $0.90 based on foreign currency exchange rates as of
January 31, 2009.
QIAGEN -- Sample and Assay Technologies Highlights
* In September, QIAGEN acquired DxS Ltd., a developer and
manufacturer of companion diagnostic products (CDx) for
Personalized Healthcare (PHC). With this acquisition, QIAGEN has
added to its own activities in CDx and taken a strong leadership
position in the new era of PHC. The Company believes it offers all
the required elements to help drive and shape this rapidly emerging
trend in healthcare. The acquisition of DxS brings to QIAGEN a
portfolio of molecular diagnostic assays and intellectual property,
as well as a deep pipeline of active or planned companion
diagnostic partnerships in oncology with many of the leading
pharmaceutical companies, including Amgen, Boehringer Ingelheim,
Bristol-Myers Squibb, AstraZeneca and others. These assets
complement QIAGEN's strong existing portfolio of personalized
healthcare diagnostic solutions and are very synergistic with
QIAGEN's sample and assay technologies.
* In November, QIAGEN announced that it is in the process of
acquiring SABiosciences. This transaction will add to QIAGEN's
product offering a leading portfolio of PCR-based, disease and
pathway-based panels that play key roles in biomedical research and
the development of future drugs and diagnostics. The offerings from
SABiosciences can significantly increase QIAGEN's footprint in the
rapidly emerging segment of molecular analysis-based clinical
development in pharmaceutical and biomedical research. In addition,
the use of these panels and the resulting validation of select
biomarkers from these panels by institutions conducting biomedical
and pharmaceutical research has the potential to serve as a unique
engine to support the expansion of the test menu for QIAGEN's
diagnostics platforms -- in particular in the area of personalized
health care but also in prevention and profiling. As such, this
transaction is highly synergistic with QIAGEN's activities in the
fast growing segments of solutions for pharmaceutical development
and molecular diagnostics.
* In September, QIAGEN and Merck & Co., Inc. announced the creation
of a joint program to increase access to HPV vaccination and HPV
DNA testing in some of the poorest areas of the world. This
initiative is the first collaboration of a vaccine manufacturer and
a molecular diagnostics company to address the burden of cervical
cancer with a comprehensive approach. Representing a combined value
of approximately $600 million based on current U.S. prices, the
commitments of QIAGEN and Merck were highlighted among a select
group of corporate initiatives announced at the annual meeting of
the Clinton Global Initiative in September. QIAGEN intends to add
to its existing one million test donation program by providing the
digene HC2 HPV DNA Test (as known as the digene HPV Test) and a new
HPV DNA test that is currently in development for use specifically
in the developing world to screen an additional 500,000 women. In
addition, Merck intends to provide up to five million free doses of
its cervical cancer vaccine, GARDASIL(R) (Human Papillomavirus
Quadrivalent (Types 6, 11, 16 and18) Vaccine Recombinant).
* In September, QIAGEN opened its new Asia headquarters in Zhangjiang
High-Tech Park, Pudong, Shanghai, China. QIAGEN established
Shanghai as the location for its Asia headquarters in 2006.
Resources and employees that were previously spread across
different locations have been brought together at the new site in
Zhangjiang High-Tech Park -- which has emerged as the biotechnology
hub of China. Zhangjiang High-Tech Park is home to 15 multinational
pharmaceutical R&D centers, 32 Contract Research Organization (CRO)
companies, 29 major pharma manufacturing plants and over 200
biotech-pharma companies. QIAGEN's new facility provides better
access to the Company's new technologies and applications and
reduces delivery time to thousands of scientists working in the
Park.
* In the first nine months of 2009, QIAGEN launched more than 48 new
products in the area of Sample & Assay Technologies including a
range of applications used to analyze genetic differences between
individuals or cells, the Type-it(R) HRM PCR Kit and Rotor-Gene(R)
ScreenClust HRM Software. HRM (high resolution melting) technology
enabling fast, accurate genotyping results. In addition QIAGEN
launched a new PCR-based Influenza A/H1N1 test that enables both
the highly sensitive and specific detection of the novel Influenza
A/H1N1, the virus that causes "swine flu", as well as of all other
known Influenza A and B virus strains and several QIAsafe DNA Blood
Products, the first dry blood storage solutions available on a
matrix, based on Biomatrica's innovative SampleMatrix(R) technology.
* In September, QIAGEN placed 31.6 million shares (including the full
exercise of an over-allotment option) at a price of $20.25 per
share. QIAGEN used and expects to use the net proceeds of
approximately $624 million to fund the acquisition of DxS Ltd. as
well as potential future acquisitions, to strengthen its balance
sheet and for general corporate purposes.
* In October, QIAGEN started the relocation of its activities in
Brisbane and Sydney to other locations of the Company, primarily to
QIAGEN Instruments AG in Switzerland. The restructurings follow the
acquisition of Corbett in 2008 and consolidate QIAGEN's instrument
manufacturing activities. The closure and relocation is intended to
be completed in the second quarter of 2010 and is expected to
result in an increase in QIAGEN's future profitability. QIAGEN
expects to incur total restructuring charges of approximately $4 to
$5 million before taxes for the remainder of fiscal 2009 and fiscal
2010.
Conference Call and Webcast Details
Detailed information on QIAGEN's business and financial performance will be
presented during its conference call on November 10, 2009 at 9:30am ET. The
corresponding presentation slides will be available for download on the
Company's website at www.qiagen.com/goto/ConferenceCall. A webcast of the
conference call will also be available at www.qiagen.com/goto/ConferenceCall.
Use of Adjusted Results
QIAGEN has regularly reported adjusted results to give additional insight into
its financial performance as well as considered results on a constant currencies
basis. Adjusted results should be considered in addition to the reported results
prepared in accordance with generally accepted accounting principles, but should
not be considered as a substitute. The Company believes certain items should be
excluded from adjusted results when they are outside of its ongoing core
operations, vary significantly from period to period, or affect the
comparability of results with the Company's competitors and its own prior
periods. Reconciliations of reported results to adjusted results are included in
the tables accompanying this release.
About QIAGEN
QIAGEN N.V., a Netherlands holding company, is the leading global provider of
sample and assay technologies. Sample technologies are used to isolate and
process DNA, RNA and proteins from biological samples such as blood or tissue.
Assay technologies are used to make these isolated biomolecules visible. QIAGEN
has developed and markets more than 500 sample and assay products as well as
automated solutions for such consumables. The Company provides its products to
molecular diagnostics laboratories, academic researchers, pharmaceutical and
biotechnology companies, and applied testing customers for purposes such as
forensics, animal or food testing and pharmaceutical process control. QIAGEN's
assay technologies include one of the broadest panels of molecular diagnostic
tests available worldwide. This panel includes the first FDA-approved test for
human papillomavirus (HPV), the primary cause of cervical cancer. QIAGEN employs
more than 3,300 people in over 30 locations worldwide. Further information about
QIAGEN can be found at http://www.qiagen.com/.
The QIAGEN N.V. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3692
Certain of the statements contained in this news release may be considered
forward-looking statements within the meaning of Section 27A of the U.S.
Securities Act of 1933, as amended, and Section 21E of the U.S. Securities
Exchange Act of 1934, as amended. To the extent that any of the statements
contained herein relating to QIAGEN's products, markets, strategy or operating
results are forward-looking, such statements are based on current expectations
that involve a number of uncertainties and risks. Such uncertainties and risks
include, but are not limited to, risks associated with management of growth and
international operations (including the effects of currency fluctuations and
risks of dependency on logistics), variability of operating results, the
commercial development of the applied testing markets, clinical research markets
and proteomics markets, women's health/HPV testing markets, nucleic acid-based
molecular diagnostics market, and genetic vaccination and gene therapy markets,
changing relationships with customers, suppliers and strategic partners,
competition, rapid or unexpected changes in technologies, fluctuations in demand
for QIAGEN's products (including fluctuations due to general economic
conditions, the level and timing of customers' funding, budgets, and other
factors), our ability to obtain regulatory approval of our infectious disease
panels, difficulties in successfully adapting QIAGEN's products to integrated
solutions and producing such products, the ability of QIAGEN to identify and
develop new products and to differentiate its products from competitors'
products, market acceptance of QIAGEN's new products and the integration of
acquired technologies and businesses. In addition certain statements contained
in this news release are based on company assumptions, including, but not
limited, to revenue allocations based on business segments. For further
information, refer to the discussions in reports that QIAGEN has filed with, or
furnished to, the U.S. Securities and Exchange Commission (SEC).
QIAGEN N.V.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
Three months
(in thousands, except per share data) ended September 30,
---------------------------
2009 2008
------------- -------------
Net sales $ 259,659 $ 230,800
Cost of sales 86,647 77,861
------------- -------------
Gross profit 173,012 152,939
------------- -------------
Operating expenses:
Research and development 26,747 24,073
Sales and marketing 60,719 55,972
General and administrative, integration
and other 27,805 29,868
Purchased in-process research and
development -- 830
Acquisition related intangible
amortization 4,387 4,018
------------- -------------
Total operating expenses 119,658 114,761
------------- -------------
Income from operations 53,354 38,178
------------- -------------
Other income (expense):
Interest income 678 2,095
Interest expense (7,405) (9,194)
Other income, net 2,692 (3,233)
------------- -------------
Total other expense (4,035) (10,332)
------------- -------------
Income before provision for income taxes
and noncontrolling interest 49,319 27,846
Provision for income taxes 11,629 6,679
------------- -------------
Net income 37,690 21,167
------------- -------------
Less: Noncontrolling interest -- 376
------------- -------------
Net income attributable to QIAGEN N.V. $ 37,690 $ 20,791
============= =============
Weighted average number of diluted common
shares 208,316 204,600
Diluted net income attributable to QIAGEN
N.V. per common share $ 0.18 $ 0.10
Diluted net income attributable to QIAGEN
N.V. per common share, adjusted $ 0.26 $ 0.21
QIAGEN N.V.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
Nine months
(in thousands, except per share data) ended September 30,
---------------------------
2009 2008
------------- -------------
Net sales $ 720,748 $ 655,794
Cost of sales 241,787 213,555
------------- -------------
Gross profit 478,961 442,239
------------- -------------
Operating expenses:
Research and development 77,340 69,281
Sales and marketing 175,857 167,746
General and administrative, integration
and other 76,210 88,672
Purchased in-process research and
development -- 830
Acquisition related intangible
amortization 12,289 10,484
------------- -------------
Total operating expenses 341,696 337,013
------------- -------------
Income from operations 137,265 105,226
------------- -------------
Other income (expense):
Interest income 2,541 7,391
Interest expense (22,136) (28,832)
Other income, net 5,249 (672)
------------- -------------
Total other expense (14,346) (22,113)
------------- -------------
Income before provision for income taxes
and noncontrolling interest 122,919 83,113
Provision for income taxes 29,616 18,272
------------- -------------
Net income 93,303 64,841
------------- -------------
Less: Noncontrolling interest -- 491
------------- -------------
Net income attributable to QIAGEN N.V. $ 93,303 $ 64,350
============= =============
Weighted average number of diluted common
shares 205,096 204,999
Diluted net income attributable to QIAGEN
N.V. per common share $ 0.45 $ 0.31
Diluted net income attributable to QIAGEN
N.V. per common share, adjusted $ 0.69 $ 0.58
QIAGEN N.V.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value) September 30, December 31,
2009 2008
------------- -------------
Assets (unaudited)
Current Assets:
Cash and cash equivalents $ 861,273 $ 333,313
Accounts receivable, net 181,692 158,440
Income taxes receivable 27,843 14,441
Inventories, net 133,618 108,563
Prepaid expenses and other 135,192 61,424
Deferred income taxes 32,543 27,374
------------- -------------
Total current assets 1,372,161 703,555
------------- -------------
Long-Term Assets:
Property, plant and equipment, net 310,215 289,672
Goodwill 1,273,754 1,152,105
Intangible assets, net 693,777 640,309
Deferred income taxes 78,016 73,766
Other assets 26,728 25,916
------------- -------------
Total long-term assets 2,382,490 2,181,768
------------- -------------
------------- -------------
Total assets $ 3,754,651 $ 2,885,323
============= =============
Liabilities and Shareholders' Equity
Current Liabilities:
Accounts payable $ 42,078 $ 48,836
Accrued and other liabilities 236,980 163,513
Income taxes payable 33,414 14,288
Current portion of long-term debt 50,000 25,000
Current portion of capital lease
obligations 3,342 2,984
Deferred income taxes 10,256 7,754
------------- -------------
Total current liabilities 376,070 262,375
------------- -------------
Long-Term Liabilities:
Long-term debt, net of current portion 870,000 920,000
Capital lease obligations, net of current
portion 28,797 29,718
Deferred income taxes 237,530 212,589
Other 13,945 6,797
------------- -------------
Total long-term liabilities 1,150,272 1,169,104
------------- -------------
Shareholders' Equity:
Common shares, EUR .01 par value:
Authorized--410,000 shares
Issued and outstanding--231,130 shares
in 2009 and 197,839 shares in 2008 2,697 2,212
Additional paid-in-capital 1,606,218 958,665
Retained earnings 571,115 477,812
Accumulated other comprehensive income 48,279 15,155
------------- -------------
Total QIAGEN N.V. shareholders'
equity 2,228,309 1,453,844
------------- -------------
------------- -------------
Total liabilities and shareholders'
equity $ 3,754,651 $ 2,885,323
============= =============
QIAGEN N.V.
RECONCILIATION OF REPORTED TO ADJUSTED FIGURES
(unaudited)
Three months ended September 30, 2009
(in thousands, except EPS data)
Net Gross Operating Pre-tax
Sales Profit Income Income
---------------------------------------
Reported results $259,659 $173,012 $ 53,354 $ 49,319
Adjustments:
Business integration,
acquisition related and
restructuring costs -- 177 2,790 2,790
Purchased intangibles
amortization -- 13,111 17,499 17,499
Share-based compensation -- 245 2,348 2,348
Acquisition of DxS Ltd. -- 2,515 5,784 5,784
Transfer of Olerup SSP
business and other
acquisition related income -- -- -- (2,429)
---------------------------------------
Total adjustments -- 16,048 28,421 25,992
---------------------------------------
Adjusted results $259,659 $189,060 $ 81,775 $ 75,311
=======================================
Pre-tax Income Net Diluted
Income Tax Income EPS*
---------------------------------------
Reported results $ 49,319 $(11,629) $ 37,690 $ 0.18
Adjustments:
Business integration,
acquisition related and
restructuring costs 2,790 (918) 1,872 0.01
Purchased intangibles
amortization 17,499 (6,082) 11,417 0.06
Share-based compensation 2,348 (678) 1,670 0.01
Acquisition of DxS Ltd. 5,784 (1,661) 4,123 0.02
Transfer of Olerup SSP
business and other
acquisition related income (2,429) (835) (3,264) (0.02)
Total adjustments 25,992 (10,174) 15,818 0.08
---------------------------------------
Adjusted results $ 75,311 $(21,803) $ 53,508 $ 0.26
=======================================
* Using 208,316 diluted shares
Three months ended September 30, 2008
(in thousands, except EPS data)
Net Gross Operating Pre-tax
Sales Profit Income Income
---------------------------------------
Reported results $230,800 $152,939 $ 38,178 $ 27,846
Adjustments:
Business integration,
acquisition related and
restructuring costs -- 396 9,122 9,122
Purchased in-process R&D -- -- 830 830
Purchased intangibles
amortization -- 12,776 16,794 16,794
Share-based compensation -- 223 1,896 1,896
Acquisition related
impairment -- -- -- 4,000
---------------------------------------
Total adjustments -- 13,395 28,642 32,642
---------------------------------------
Adjusted results $230,800 $166,334 $ 66,820 $ 60,488
=======================================
Pre-tax Income Net Diluted
Income Tax Income EPS*
---------------------------------------
Reported results $ 27,846 $ (6,679) $ 20,791 $ 0.10
Adjustments:
Business integration,
acquisition related and
restructuring costs 9,122 (3,138) 5,984 0.03
Purchased in-process R&D 830 -- 830 --
Purchased intangibles
amortization 16,794 (5,876) 10,918 0.06
Share-based compensation 1,896 (580) 1,316 0.01
Acquisition related
impairment 4,000 (1,480) 2,520 0.01
---------------------------------------
Total adjustments 32,642 (11,074) 21,568 0.11
---------------------------------------
Adjusted results $ 60,488 $(17,753) $ 42,359 $ 0.21
=======================================
* Using 204,600 diluted shares
QIAGEN N.V.
RECONCILIATION OF REPORTED TO ADJUSTED FIGURES
(unaudited)
Nine months ended September 30, 2009
(in thousands, except EPS data)
Net Gross Operating Pre-tax
Sales Profit Income Income
---------------------------------------
Reported results $720,748 $478,961 $137,265 $122,919
Adjustments:
Business integration,
acquisition related and
restructuring costs -- 688 10,705 10,705
Purchased intangibles
amortization -- 39,290 51,579 51,579
Share-based compensation -- 699 7,352 7,352
Acquisition of DxS Ltd. -- 2,515 5,784 5,784
Transfer of Olerup SSP
business and other
acquisition related income -- -- -- (2,429)
Acquisition related write-
off of prepaid expenses and
other asseet impairment -- -- -- 2,703
---------------------------------------
Total adjustments -- 43,192 75,420 75,694
---------------------------------------
Adjusted results $720,748 $522,153 $212,685 $198,613
=======================================
Pre-tax Income Net Diluted
Income Tax Income EPS*
---------------------------------------
Reported results $122,919 $(29,616) $ 93,303 $ 0.45
Adjustments:
Business integration,
acquisition related and
restructing costs 10,705 (3,396) 7,309 0.04
Purchased intangibles
amortization 51,579 (17,973) 33,606 0.17
Share-based compensation 7,352 (2,229) 5,123 0.02
Acquisition of DxS Ltd. 5,784 (1,661) 4,123 0.02
Transfer of Olerup SSP
business and other
acquisition related income (2,429) (835) (3,264) (0.02)
Acquisition related write-
off of prepaid expenses and
other asset impairment 2,703 (870) 1,833 0.01
---------------------------------------
Total adjustments 75,694 (26,964) 48,730 0.24
---------------------------------------
Adjusted results $198,613 $(56,580) $142,033 $ 0.69
=======================================
* Using 205,096 diluted shares
Nine months ended September 30, 2008
(in thousands, except EPS data)
Net Gross Operating Pre-tax
Sales Profit Income Income
---------------------------------------
Reported results $655,794 $442,239 $105,226 $ 83,113
Adjustments:
Business integration,
acquisition related and
restructuring costs -- 396 27,723 27,723
Purchased in-process R&D -- -- 830 830
Purchased intangibles
amortization -- 35,551 46,035 46,035
Share-based compensation -- 763 6,251 6,251
Acquisition related
impairment -- -- -- 4,000
---------------------------------------
Total adjustments -- 36,710 80,839 84,839
---------------------------------------
Adjusted results $655,794 $478,949 $186,065 $167,952
=======================================
Pre-tax Income Net Diluted
Income Tax Income EPS*
---------------------------------------
Reported results $ 83,113 $(18,272) $ 64,350 $ 0.31
Adjustments:
Business integration,
acquisition related and
restructuring costs 27,723 (9,760) 17,963 0.09
Purchased in-process R&D 830 -- 830 --
Purchased intangibles
amortization 46,035 (16,306) 29,729 0.15
Share-based compensation 6,251 (2,001) 4,250 0.02
Acquisition related
impairment 4,000 (1,480) 2,520 0.01
---------------------------------------
Total adjustments 84,839 (29,547) 55,292 0.27
---------------------------------------
Adjusted results $167,952 $(47,819) $119,642 $ 0.58
=======================================
* Using 204,999 diluted shares
-0-
CONTACT: QIAGEN N.V.
Roland Sackers, Chief Financial Officer
roland.sackers@qiagen.com
Dr. Solveigh Mahler, Director, Investor Relations
+49 2103 29 11710
solveigh.maehler@qiagen.com
Albert F. Fleury, Associate Director, Investor Relations,
North America
+1 301 944 7028
albert.fleury@qiagen.com
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