PRESS RELEASE: QIAGEN Reports Strong Fourth Quarter and Fiscal 2009 Results
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Fiscal 2009 Net Sales Exceed $1 Billion
Venlo, The Netherlands, February 8, 2010 - QIAGEN N.V. (Nasdaq: QGEN; Frankfurt,
Prime Standard: QIA) today announced the results of operations for the fourth
quarter and the fiscal year ended December 31, 2009.
The reported net sales for the fourth quarter 2009 exceeded the guidance and
reported net sales and adjusted earnings per share for fiscal year 2009 were at
the high end of company's expectations provided by the Company on November
9, 2009. Reported net sales for fiscal 2009 exceeded US$1 billion for the first
time in the Company's history.
Fourth Quarter 2009 Results
+----------------------------------------------------------------------------+
|QIAGEN's Fourth Quarter 2009 |
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|in US$ millions, except per share information Q4 2009 Q4 2008 Growth|
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| |
| |
|Net sales 289.1 237.2 22%|
| |
|Net sales at constant exchange rates 272.1 237.2 15%|
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|Operating income, adjusted 83.4 66.6 25%|
| |
|Net income, adjusted 57.6 43.7 32%|
| |
|EPS, adjusted( )(US$) 0.24 0.22 9%|
| |
| |
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For information on the adjusted figures, please refer to the reconciliation
table
accompanying this release.
The Company reported that consolidated net sales for its fourth quarter 2009
increased 22% to $289.1 million from $237.2 million in the same quarter of
2008. Excluding the favorable impact from foreign currency exchange rates, net
sales for the fourth quarter 2009 would have increased 15% from the fourth
quarter 2008. Reported operating income for the quarter increased 6% to $42.9
million from $40.4 million in the same quarter of 2008, and net income for the
quarter increased 80% to $44.5 million from $24.7 million in the same quarter of
2008. Diluted earnings per share for the fourth quarter increased 50% to $0.18
in 2009 (based on 241.0 million weighted average shares and share equivalents
outstanding) from $0.12 in 2008 (based on 202.0 million weighted average shares
and share equivalents outstanding).
On an adjusted basis, fourth quarter operating income increased 25% to $83.4
million in 2009 from $66.6 million in 2008, and fourth quarter 2009 adjusted net
income increased 32% to $57.6 million from $43.7 million in 2008. Adjusted
diluted earnings per share increased to $0.24 in the fourth quarter 2009 from
$0.22 in 2008.
Fiscal Year 2009 Results
+----------------------------------------------------------------------------+
|QIAGEN's Fiscal Year 2009 |
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|in US$ millions, except per share information 12M 2009 12M 2008 Growth|
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| |
| |
|Net sales 1,009.8 893.0 13%|
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|Net sales at constant exchange rates 1,038.6 893.0 16%|
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|Operating income, adj. 296.1 252.7 17%|
| |
|Net income, adj. 199.6 163.3 22%|
| |
|EPS, adj.( )(US$) 0.93 0.80 16%|
| |
| |
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For information on the adjusted figures, please refer to the reconciliation
table
accompanying this release.
For the year ended December 31, 2009, net sales increased 13% to $1,009.8
million compared to $893.0 million in 2008. Excluding the unfavorable impact
from foreign currency exchange rates, net sales for the fiscal year 2009 would
have increased 16%. Operating income as reported for fiscal 2009 increased 24%
to $180.2 million from $145.7 million in 2008. Net income increased 55% to
$137.8 million from $89.0 million in 2008, and diluted earnings per share
increased 45% to $0.64 in 2009 (based on 213.6 million weighted average shares
and share equivalents outstanding) from $0.44 in 2008 (based on 204.3 million
weighted average shares and share equivalents outstanding).
On an adjusted basis, operating income for the year ended December 31, 2009
increased 17% to $296.1 million in 2009 from $252.7 million in 2008, and
adjusted net income increased 22% to $199.6 million from $163.3 million.
Adjusted diluted earnings per share in fiscal 2009 increased 16% to $0.93 per
share from $0.80 per share in 2008.
QIAGEN's fourth quarter and fiscal year 2009 results include the results of
operations from the Company's recent acquisitions, the most significant of which
were SABiosciences Corporation, acquired in December 2009, DxS Ltd., acquired in
September 2009, and Corbett Life Sciences, 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.
"2009 was a very successful year for QIAGEN," said Peer Schatz, QIAGEN's Chief
Executive Officer. "Net sales and adjusted net income demonstrated significant
growth. Net sales grew 22% - significantly faster than the overall market
growth. Strong growth in net sales and adjusted net income as well as an organic
growth rate of 13% define the most successful year in the company's history and
drove revenues to surpass the $1 billion mark. The solid foundation of
innovation-driven, organic growth also allows us to plan for strong growth in
2010 and beyond.
The largest revenue share we recorded for fiscal 2009 was in sales to customers
in molecular diagnostics (approximately 47% of total revenues) followed by sales
to customers in academia (approximately 26% of total revenues), in pharma
(approximately 21% of total revenues) and in applied testing (approximately 6%
of total revenues). Growth of our sales to customers in molecular diagnostics
was fueled by strong sales of our profiling solutions (including our influenza
and other infectious disease assays) as well as products addressing prevention
(such as HPV screening and genotyping) and personalized healthcare testing.
Sales to customers in the pharmaceutical and biotech industry conducting
clinical development continued to experience solid growth during the fourth
quarter, academic research markets continued to perform solidly and we are
looking forward to the effect of the stimulus programs which are expected for
2010 and into 2011.
Our acquisition strategy remains focused, consistent and value-creating,
providing complementary technologies, new commercial capabilities and geographic
reach. For example, during 2009 we further strengthened our strong content
engine for research and molecular diagnostics assays. In December 2009 we
acquired SABiosciences and added a portfolio of PCR-based, pathway-focused
panels that represent highly efficient solutions for pathway- and
disease-biomarker discovery and development and diagnostics development. The
acquisition of DxS Ltd. in September 2009 combined two leadership positions in
companion diagnostics to create a very powerful leader in a transformational
area of healthcare: personalized healthcare.
In addition we formed a very promising position in point of need testing. The
acquisition of ESE GmbH in January 2010 added to QIAGEN's instrumentation
platform a portable, battery operated, "ultra-fast time to result", analysis
system. This platform can run QIAGEN assay technologies in formats suitable for
point of need testing in healthcare and applied testing (e.g. veterinary, food,
environmental, biodefense testing), and in all other settings, where a
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