Monday, sample and assay technologies provider Qiagen NV (QGEN) reported a 81% rise in profit for the third quarter, on a 13% growth in sales and strong operating margins. Earnings for the quarter, as well as revenues came in above analysts' expectations. The company narrowed its full year adjusted earnings view towards higher end of its prior estimate.
The Venlo, the Netherlands-based company's net income attributable to its shareholders surged 81% to US$37.69 million from US$20.79 million in the same quarter last year. Earnings per share for the third quarter increased 80% to US$0.18 in 2009 from US$0.10 in the year earlier period.
Excluding total adjustments of $15.82 million or $0.08 per share for the recent quarter, adjusted net income increased 26% to US$53.51 million from US$42.36 million for the year earlier period. Adjusted earnings per share rose 24% to US$0.26 from US$0.21 a year-ago.
Analysts polled by Thomson Reuters expected the company to report earnings of US$0.23 per share for the quarter. Analysts' estimates typically exclude special items.
The adjustments for the recent quarter include, purchased intangibles amortization expense of US$11.42 million or US$0.06 per share and costs related to acquisition of DxS Ltd. of US$4.12 million or US$0.02 per share.
Quarterly net sales for the quarter was US$259.66 million, up 13% from US$230.80 million in the same quarter a year-ago. Excluding the unfavorable impact from foreign currency exchange rates, net sales for the third quarter 2009 would have increased 16%. Analyst estimated revenues of US$256.88 million for the quarter.
In the sequentially preceding second quarter, the company's net income attributable to the company increased to US$30.93 million or US$0.15 per share from US$23.22 million or US$0.11 per share in the previous year second quarter. On an adjusted basis, second quarter net income was US$48.26 million or US$0.24 per share, compared to US$40.40 million or US$0.20 per share in the prior year second quarter. Net sales for the second quarter had increased to US$240.16 million from US$217.89 million for the same quarter last year. Commenting on the third quarter performance, Peer Schatz, QIAGEN's Chief Executive Officer said, "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)," Schatz added.
Roland Sackers, Chief Financial Officer said, "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)."
Income from operations increased to US$53.35 million from US$38.18 million last year. Total operating expenses rose modestly to US$119.66 million from US$114.76 million a year earlier, mainly as sales and marketing expenses increased to US$60.72 million from US$55.97 million in the prior year third quarter.
For the nine months period, net income rose to US$93.30 million or US$0.69 per share from US$64.35 million or US$0.58 per share last year. Adjusted income rose to US$142.03 million or US$0.69 per share from US$119.64 million or US$0.58 per share in the same period last year. Net sales for the period rose to US$720.75 million from US$655.79 million in the same period a year-ago.
Amongst others in the industry, the Carlsbad, California-based Life Technologies Corp. (LIFE) on October 27, reported its third quarter net income of US$41.14 million or US$0.22 per share, much higher than US$18.78 million or US$0.19 per share in the same quarter last year. Excluding items, net income increased significantly to US$134.64 million or US$0.73 per share from adjusted net income of US$61.46 million or US$0.63 per share last year. Life Tech's quarterly revenues surged to US$800.73 million from US$361.70 million in the prior-year quarter.
Looking ahead to the full year, based on the foreign exchange rates, the company now expects adjusted earnings to be in the range of US$0.88 - US$0.90 per share, compared to its previous range of US$0.86 - US$0.90 per share, . Eight analysts currently expect the company to report earnings of US$0.85 per share in fiscal 2009.
QGEN closed Monday's regular trading at US$22.39, up US$0.64 or 2.94%, on a volume of 1.40 million shares on the Nasdaq. In after hours, the stock gained US$0.11 or 0.49%, trading at US$22.53.
In the past 52 weeks, the stock trended in a broad range of US$13.82 - US$23.35, with a three-month average volume of 0.86 million shares.
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