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QIAGEN's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Stocks in this article: QGEN

Our sales growth in the second half of the year was above our target of around 7% on a constant exchange rate basis. With the second half, organic growth improved and contributed about 4 percentage points, while the Cellestis and Ipsogen acquisitions have been performing very well and they contributed about 5 percentage points. So, this total sales performance helps our confidence for accelerating growth in 2012, but again we are taking conservative perspective given the ongoing challenging environment.

I’m now on Slide 6, to review a few achievements in 2011 against our strategic initiatives I described before. In terms of driving platform success, we achieved our goal for more than 550 installed QIAsymphony systems worldwide at the end of 2011. We are very pleased with the rollout and our only in the early years of a decade long product cycle. Also in late 2011, we introduced the QIAensemble Decapper system that automates the tedious task of manually handling clinical liquid sample vials.

Based on recent industry announcements, it is worth noting that both QIAsymphony and QIAensemble Decapper receive very strong endorsements by customers. Even competitors for instance now recognized that, for instance the QIAensemble Decapper system addresses a significant gap in the liquid cytology vial processing and some are seeking to create their own systems a very significant undertaking.

In terms of adding content, we have been very active in Personalized Healthcare. In the U.S., we completed our two submissions of the therascreen KRAS assay as a companion diagnostic. Discussions with the FDA are progressing well and we anticipate receiving decisions in mid-2012. We also added new co-development projects during 2011 that will lead to regulatory submissions in the future.

In terms of geographic expansion, you saw in our release that the top seven emerging markets are delivering dynamic growth. We entered India and Taiwan with our own operations in 2011. And in terms of growing efficiently and effectively, we launched a major efficiency project at the end of 2011. We streamlined our organization and are now working to free up additional resources that can be reallocated to this growth initiatives. These actions will help improve our adjusted operating income margin in 2013.

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