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QIAGEN Reports Second Quarter 2012 Results, Raises Full-Year Outlook And Announces Share Repurchase Program

VENLO, The Netherlands, July 24, 2012 /PRNewswire/ --
  • Solid performance in second quarter of 2012: Net sales rise 9% (+14% CER) to $307.2 million on growth in all customer classes; adjusted diluted EPS grow to $0.25 per share
  • QIAGEN raises full-year outlook for net sales and adjusted earnings growth in 2012
  • Accelerating growth while making significant progress on strategic initiatives
  • Driving platform success with QIAsymphony placements on track for 2012 target
  • Adding content with U.S. approval of  therascreen    KRAS companion diagnostic
  • Preparing new growth driver with initiative to provide next-generation sequencing workflow to meet clinical needs
  • Program authorized to repurchase up to $100 million in QIAGEN shares

QIAGEN N.V. (NASDAQ: QGEN; Frankfurt Prime Standard: QIA) announced results of operations for the second quarter and first half of 2012, delivering a solid performance and making significant progress on strategic initiatives to drive innovation and growth. QIAGEN also raised the outlook for full-year net sales and adjusted EPS targets and announced a program to repurchase up to $100 million of its shares.

In the second quarter of 2012, net sales grew 9% (+14% at constant exchange rates, or CER) to $307.2 million from the same period in 2011, as all customer classes, particularly Molecular Diagnostics and Applied Testing, and all regions recorded growth. Adjusted operating income rose 10% to $86.4 million, as the adjusted operating income margin was steady at 28% of net sales. Adjusted diluted earnings per share (EPS) grew to $0.25 from $0.23 in the 2011 quarter.

"As we execute on our strategic initiatives, QIAGEN is delivering a solid performance despite a challenging business environment. We are pleased with our results in the second quarter of 2012 and have raised our full-year outlook to reflect the success of actions we are taking. For the first time in our history, QIAGEN will launch a share repurchase program. This is a sign of our conviction about our future prospects, especially at a time when we believe our shares are undervalued," said Peer M. Schatz, Chief Executive Officer of QIAGEN N.V. "Our team is focused on growth drivers such as expanding placements of our QIAsymphony platform and adding valuable content across our customer classes and regions. In addition to accelerating organic growth, innovative products we gained in the acquisitions of Cellestis, Ipsogen and AmniSure have opened up new markets, and U.S. approval of our KRAS companion diagnostic will propel further growth in Personalized Healthcare. Our initiative to grow more efficiently and effectively is creating change for the better in all areas of the organization and we are reallocating resources to maximize value. QIAGEN is well positioned to achieve its goal to accelerate growth in 2012."

Second quarter 2012 results
    Second quarter                                                  Change
    In $ millions, except per share
    information                                 Q2 2012  Q2 2011        $ CER
    Net sales                                     307.2    282.2       9% 14%
    Operating income, adjusted                     86.4     78.7      10%
    Net income, adjusted                           60.8     55.0      11%
    Diluted EPS, adjusted                        $ 0.25   $ 0.23
    For information on the adjusted figures, please refer to the
    reconciliation table accompanying this release.
    Adjusted net income and adjusted diluted EPS results represent
    amounts attributable to the owners of QIAGEN N.V.

Growth in all geographic regions and customer classes drove the strong performance (+14% CER) in the second quarter of 2012. Sales of consumables and related revenues (+12% CER) and instruments (+28% CER) both advanced at double-digit rates. Contributions from recent acquisitions - Cellestis (as of August 29, 2011), Ipsogen (as of July 12, 2011) and AmniSure (as of May 3, 2012) - provided nine percentage points to growth, while the rest of the QIAGEN portfolio added five percentage points. Currency movements had a negative impact of five percentage points on reported sales growth.  

Operating income declined 2% to $45.4 million in the second quarter of 2012 from $46.5 million in the 2011 quarter. Adjusted operating income, which excludes items such as restructuring and acquisition-related costs, equity-based compensation and amortization of intangible assets, rose 10% to $86.4 million from $78.7 million in the second quarter of 2011, with the adjusted operating income margin steady at 28% of net sales. The adjusted gross margin was 71% of net sales in the second quarter of 2012 compared to 73% in the same period of 2011.

Net income attributable to owners of QIAGEN N.V. was steady at $33.3 million compared to the second quarter of 2011. Diluted EPS in the second quarter of 2012 was unchanged at $0.14 (based on 240.2 million diluted shares) compared to the year-earlier period (based on 241.0 million diluted shares). Adjusted net income attributable to owners of QIAGEN N.V. rose 11% to $60.8 million from $55.0 million in the 2011 quarter, as adjusted diluted EPS rose to $0.25 in the second quarter of 2012 from $0.23 in the same period of 2011.

Reconciliations of reported results in accordance with U.S. generally accepted accounting principles (GAAP) to adjusted results are included in the tables accompanying this release.

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