Previous Statements by QGEN
» QIAGEN's CEO Hosts Investor Day - Conference Call Transcript
» QIAGEN's CEO Discusses Q3 2011 Results - Earnings Call Transcript
» Qiagen's CEO Discusses Q2 2011 Results - Earnings Call Transcript
I would now like to turn this call over to Peer.Peer Schatz – Chief Executive Officer Thank you, Al. I would like to welcome all of you to our conference call and the opportunity to discuss our results for the fourth quarter and full year 2011. As you saw in our release last night, we delivered dynamic growth in the fourth quarter. Net sales were up 17% at constant exchange rates to $334 million by adjusted net income rose 19% to $74 million and adjusted EPS came in at $0.31 per share. The strong finish led to net sales growth of 4% in the constant exchange rate basis for the full year to $1.17 billion. An adjusted EPS for the full year rose to $0.98. We achieve these results, which were ahead of our goals against the backdrop of a challenging business environment when they did not improve during the course of the year. The key driver has been our progress on four strategic initiatives. Number one, we are driving platform success, especially with the rollout of the breakthrough QIAsymphony automation platform. Number two, we are adding content across all of our customer classes. Number three, we are expanding our geographic presence especially in high growth markets. And number four; we are improving our efficiency and effectiveness. We are clearly not growing yet at a rate that we believe our company can deliver, but our strategic initiatives are on track to get there. And achieving these results in 2011 was an important step of course to accelerate full year sales growth to faster pace in 2012. Moving to Slide 5, you can see that we achieved our goals deliver markedly improved year-on-year performance in the second half of 2011, compared to the first half. We had said previously that the second half of 2011, we provide a proxy as to how we believed growth could accelerate for the full year in 2011 and 2012.
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. Read the rest of this transcript for free on seekingalpha.com