VENLO, The Netherlands, November 4, 2012 /PRNewswire/ --
- Delivering solid results in third quarter of 2012: Net sales rise 10% CER (+5% reported) to $304.3 million on growth in all customer classes; adjusted diluted EPS at $0.26 per share
- Reaffirming full-year outlook for net sales and adjusted earnings growth in 2012
- Making significant progress during 2012 on initiatives to drive innovation and growth:
- Driving platform success: QIAsymphony placements gaining momentum, set to achieve goal of more than 750 installed systems by the end of 2012
- Adding content: Expanding Personalized Healthcare leadership with new Bayer collaboration, U.S. launch of therascreen KRAS companion diagnostic test well under way
- Broadening geographic presence: Top seven emerging markets growing at a rapid pace with Q3 2012 net sales up 19% CER, representing 12% of total QIAGEN sales
- Free cash flow rises 17% to $49 million in third quarter of 2012 over year-ago period
- Improving shareholder returns with launch of $100 million repurchase program
- Strengthening financial capabilities to support global business expansion with successful completion of $400 million U.S. private placement issue
QIAGEN N.V. (NASDAQ: QGEN; Frankfurt Prime Standard: QIA) announced results of operations for the third quarter and first nine months of 2012, delivering a solid performance and ongoing progress on initiatives to drive innovation and growth.
In the third quarter of 2012, net sales grew 10% at constant exchange rates, or CER, (+5% on a reported basis) to $304.3 million from the same period in 2011 on expansion in all customer classes and geographic regions. Adjusted operating income rose at a faster pace (+12%) to $83.7 million in the third quarter of 2012, as the adjusted operating income margin rose to 28% of net sales from 26% in the 2011 quarter. Adjusted diluted earnings per share (EPS) were $0.26, up from $0.24 in the 2011 period. In October, QIAGEN also completed a $400 million U.S. private placement debt offering that strengthens its long-term financial position, and began its previously announced $100 million share repurchase program.
"We are pleased to report another quarter with double-digit sales growth at constant exchange rates and higher adjusted operating income, and to reaffirm our full-year outlook. Our ongoing focus on growth drivers - including new products and acquisitions, our rollout of the QIAsymphony platform and expansion in rapidly growing emerging markets - are paying off with an improved performance and building momentum," said Peer M. Schatz, Chief Executive Officer of QIAGEN N.V. "All regions and customer classes contributed to growth in the third quarter. QIAGEN's strong financial position enabled us to complete a private placement on favorable terms and to launch our previously announced share repurchase program. We believe our initiatives to drive growth and innovation at a faster pace are gaining momentum, all based on our strategy to leverage our leadership in Sample & Assay Technologies across all customer classes."Third quarter 2012 results
Third quarter Change In $ millions, except per share information Q3 2012 Q3 2011 $ CER Net sales 304.3 288.9 5% 10% Operating income, adjusted 83.7 74.8 12% Net income, adjusted 62.3 56.3 11% Diluted EPS, adjusted $0.26 $0.24 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.All customer classes and geographic regions contributed to sales growth of 10% CER in the third quarter of 2012. Sales added by the acquisitions of Cellestis, Ipsogen and AmniSure provided seven percentage points of the CER growth in the quarter, while the rest of the QIAGEN portfolio added three percentage points of CER growth. (The Cellestis acquisition reached its one-year anniversary on August 28, 2012, and the Ipsogen anniversary was July 12, 2012; AmniSure was acquired May 3, 2012.) Currency movements had a negative impact of five percentage points on reported growth. Operating income rose 14% to $39.0 million in the third quarter of 2012 from $34.3 million in the 2011 quarter. Adjusted operating income, which excludes items such as restructuring and acquisition-related costs, share-based compensation and amortization of intangible assets, rose 12% to $83.7 million from $74.8 million in the third quarter of 2011. The adjusted operating income margin improved to 28% of net sales from 26% in the year-ago period, with the adjusted gross margin steady at 72% of net sales. Net income attributable to owners of QIAGEN N.V. declined 17% to $29.2 million from $35.1 million in the third quarter of 2011, primarily due to a one-time gain in the 2011 period recognized in other miscellaneous income in connection with the Cellestis acquisition. Diluted EPS was $0.12 (based on 242.1 million diluted shares) compared to $0.15 in the year-ago period (238.2 million diluted shares). Adjusted net income attributable to owners of QIAGEN N.V. rose 11% to $62.3 million from $56.3 million in the 2011 quarter, as adjusted diluted EPS was $0.26 in the third quarter of 2012 compared to $0.24 in the year-ago period. 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.