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QIAGEN Reports Strong Fourth Quarter and Fiscal 2007 Results
- 34% Constant Currency and 12% Organic Revenue Growth in 2007
- 31% Growth in Adjusted Net Income in 2007
- Fourth Quarter 2007 Adjusted EPS Exceeds Guidance by $0.02
- Guidance 2008: Revenues $875 to $905 million (growth rate 35% to 40%) Adj. EPS $0.76 to $0.80
QIAGEN N.V. (Nasdaq: QGEN; Frankfurt, Prime Standard: QIA) today announced the results of operations for the fourth quarter and the fiscal year ended December 31, 2007.
The reported net sales and adjusted earnings per share for the fourth quarter and fiscal 2007 exceeded the guidance provided by the Company on November 11, 2007.
QIAGEN's fourth quarter and fiscal 2007 results include the results of operations of Digene Corporation and eGene, Inc. from the dates of acquisition as well as charges related to these acquisitions.
Fourth Quarter 2007 Results The Company reported that consolidated net sales for its fourth quarter 2007 increased 67% to $210.2 million from $125.9 million for the same quarter in 2006. Reported operating income for the quarter decreased 7% to $25.0 million from $26.9 million in the same quarter of 2006, and net income for the quarter decreased 23% to $15.0 million from $19.4 million in the same quarter of 2006. Diluted earnings per share for the fourth quarter decreased to $0.07 in 2007 (based on 205.2 million weighted average shares and share equivalents outstanding) from $0.13 in 2006 (based on 154.8 million weighted average shares and share equivalents outstanding).
On an adjusted basis, fourth quarter operating income increased 55% to $51.8 million in 2007 from $33.5 million in 2006, and fourth quarter 2007 adjusted net income increased 31% to $32.0 million from $24.4 million in 2006. Adjusted diluted earnings per share were $0.16 in both the fourth quarter 2007 and 2006.
Fiscal Year 2007 Results
For the year ended December 31, 2007, net sales increased 40% to $649.8 million compared to $465.8 million in 2006. Operating income as reported for fiscal 2007 decreased 17% to $83.1 million from $100.6 million for 2006, and net income decreased 29% to $50.1 million in 2007 from $70.5 million in 2006, and diluted earnings per share decreased to $0.28 in 2007 from $0.46 in 2006.
On an adjusted basis, operating income for the year ended December 31, 2007 increased 36% to $164.3 million from $120.9 million in 2006, and adjusted net income increased 31% to $111.5 million in 2007 from $85.3 million in 2006. Adjusted diluted earnings per share for the year ended December 31, 2007 increased 13% to $0.63 per share, from $0.56 per share in 2006.
QIAGEN has regularly reported adjusted results to give an additional insight into its financial performance. Adjusted results should be considered in addition to the reported results prepared in accordance with generally accepted accounting principles, but should not be considered a substitute. The Company believes certain items should be excluded from adjusted results when they are either outside of our ongoing core operations or vary significantly from period to period, which affects the comparability of results with the Company's competitors and its own prior periods. Costs and charges excluded from adjusted results include acquisition, integration, restructuring and related costs, acquisition-related amortization, and compensation cost due to equity based compensation in accordance with Statement of Financial Accounting Standards No. 123 (Revised) (SFAS 123R).
"2007 was a very successful year for QIAGEN. We executed on our strategy and significantly increased our technology and market leadership in sample and assay technologies in all of our customer segments", said Peer Schatz, QIAGEN's Chief Executive Officer. "In particular, the integration of the rapidly growing QIAGEN molecular diagnostics business with Digene's in terms of size and growth comparable molecular diagnostics leadership in HPV testing resulted in a very strong leadership position for QIAGEN in molecular diagnostics overall. Molecular diagnostics today represents about 50% of our current sales and presents a very strong growth outlook."
"The launches of 72 new products in 2007 contributed 4% to 2007 net sales growth. This result is another demonstration of the success of QIAGEN's innovation strategy. New products included innovative sample and assay technologies for research in the areas of epigenetics, gene expression, micro RNA, proteomics, RNAi, applied testing and molecular diagnostics as well as innovative platform solutions such as the very successful QIAcube. Our full pipeline of new products and a strong strategic position build a solid basis for our success in 2008 and beyond."
"We expect a number of exciting new market introductions in 2008. These include a further expansion of our sample and assay technology portfolio for research in applied testing and molecular diagnostics. We are significantly investing in clinical trials for a number of molecular diagnostic products with the goal of adding more regulated products to our portfolio." Mr. Schatz added. "Our pipeline of automated solutions for our sample and assay technologies is exceptionally strong. The major launch within this portfolio was the launch of QIAsymphonySP in January - the first module of a novel modular processing platform which can integrate entire workflows in molecular processing. QIAsymphony is already generating a lot of excitement and has the potential to bring significant value to our customers."
"Our acquisition strategy remained focused, consistent and value-creating, providing complementary technologies, new commercial capabilities and/or geographic reach. With the acquisition of Digene we added an exciting new product portfolio in women's health to our molecular diagnostics franchise, which approximated Digene's size and growth rates prior to the acquisition. This acquisition catapulted QIAGEN into a fast growing leadership position for sample and assay technologies in molecular diagnostics (excluding viral load and blood banking). Our assay portfolio is considered to be the broadest and our sales and marketing force in molecular diagnostics the most powerful in the industry. "
"Even more exciting, we achieved our strong financial results in 2007 while experiencing significant strategic momentum and executing on a significant integration effort. I want to thank our employees around the world for their contributions to our performance in 2007 and to building long-term success and leadership for QIAGEN."
"QIAGEN experienced an exciting fourth quarter and fiscal year 2007. Reported revenues and adjusted earnings per share exceeded our increased guidance and reflected our good progress in integrating acquired businesses," said Roland Sackers, QIAGEN's Chief Financial Officer. "Revenue growth for the full year was 40% and was fueled by strong organic growth of 12% and positive contribution of 22% from acquisitions. Our consumable portfolio contributed 34% growth at constant exchange rates in 2007."
"QIAGEN's instrumentation products showed a very strong growth rate at constant exchange rates of 35% in 2007," Mr. Sackers continued. "Net sales for the fiscal year 2007 recorded in North America represented approximately 46% of our overall business and recorded a growth rate of 47% whereby European sales, which represent approximately 41% of our revenues showed a growth rate of approximately 21% at constant exchange rates. Net sales in Asia showed a very strong growth rate of 39% at constant exchange rates in fiscal 2007 driven by a strong demand primarily in molecular diagnostics."
Guidance for 2008
QIAGEN expects revenues between $875 and $905 million in 2008 representing a revenue growth rate between 35% and 40% when compared to 2007 and adjusted diluted earnings per share between $0.76 and $0.80. The Company will provide detailed guidance in the Company's conference call on February 12, 2008.
Detailed information on the Company's business and financial performance will be presented in the Company's conference call on February 12, 2008 at 9:30am ET. The corresponding presentation slides will be available for download on the Company's website at www.qiagen.com/goto/120208. A webcast of the conference call will be available on the same website at www.qiagen.com/goto/120208.
QIAGEN - Sample and Assay Technologies Highlights:
- QIAGEN introduced QIAsymphony SP, the first system of a novel modular processing platform which can be integrated to automate entire workflows - from sample to result. The QIAsymphony offers highest flexibility, convenience and safety for a broad range of sample and assay applications.
- QIAGEN and BioOne* Capital entered into an joint venture to establish Dx Assay Pte Ltd one of the first centers in Singapore for assay development in which molecular diagnostics for infectious and genetic diseases will be developed.
- QIAGEN has been awarded an exclusive contract by the Singapore Ministry of Health to supply sample preparation solutions and molecular tests for the specific detection of Influenza H5N1 viruses (avian flu virus). The contract with the Singapore Ministry of Health is the latest supply agreement of QIAGEN with public and private institutions engaged in H5N1 surveillance. More than 80 institutes worldwide involved in the surveillance of avian flu infection use procedures and reagents developed and offered by QIAGEN.
Certain of the statements contained in this news release may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. To the extent that any of the statements contained herein relating to QIAGEN's products, markets, strategy or operating results are forward-looking, such statements are based on current expectations that involve a number of uncertainties and risks. Such uncertainties and risks include, but are not limited to, risks associated with management of growth and international operations (including the effects of currency fluctuations and risks of dependency on logistics), variability of operating results, the commercial development of the applied testing markets, clinical research markets and proteomics markets, women's health/HPV testing markets, nucleic acid-based molecular diagnostics market, and genetic vaccination and gene therapy markets, changing relationships with customers, suppliers and strategic partners, competition, rapid or unexpected changes in technologies, fluctuations in demand for QIAGEN's, products (including fluctuations due to the level and timing of customers' funding, budgets, and other factors), our ability to obtain regulatory approval of our infectious disease panels, difficulties in successfully adapting QIAGEN's products to integrated solutions and producing such products, the ability of QIAGEN to identify and develop new products and to differentiate its products from competitors' products, market acceptance of QIAGEN's new products and the integration of acquired technologies and businesses. For further information, refer to the discussions in reports that QIAGEN has filed with, or furnished to, the U.S. Securities and Exchange Commission (SEC).
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