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Qiagen N.V. (0H1Z)

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Monday 04 May, 2009

Qiagen N.V.

QIAGEN Reports First Quarter 2009 Results



Corporate news announcement processed and transmitted by Hugin AS.
The issuer is solely responsible for the content of this 
announcement. 
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  * 16% Revenue Growth on Constant Exchange Rates
  * 11% Organic Growth
  * $0.20 Adjusted EPS

Venlo, The  Netherlands, May  4, 2009  - QIAGEN  N.V. (Nasdaq:  QGEN;
Frankfurt, Prime  Standard:  QIA)  today  announced  the  results  of
operations for its first quarter ended March 31, 2009.

Reported net sales were in line with, and adjusted earnings per share
for the  first quarter  2009 were  at the  high end  of the  guidance
provided by the Company on February 10, 2009.

First Quarter 2009 Results


QIAGEN's First Quarter 2009 (in US$ millions, except per share
information)
                                         Q1 2009       Q1 2008 Growth

Net sales                                  220.9         207.1     7%
Net sales at constant exchange
rates                                      239.6         207.1    16%
Operating income, adjusted                  59.1          58.7     1%
Net income, adjusted                        40.3          36.9     9%
EPS, adjusted (US$)                         0.20          0.18    11%

For information on the adjusted figures, please refer to the
reconciliation table accompanying this release.


The Company  reported  that  consolidated net  sales  for  its  first
quarter 2009 increased 7% to  $220.9 million from $207.1 million  for
the same  quarter  in 2008.  Excluding  the unfavorable  impact  from
foreign currency exchange rates, net sales for the first quarter 2009
would have  increased  by 16%.   Reported  operating income  for  the
quarter increased 12% to $37.0 million from $33.0 million in the same
quarter of 2008,  and net  income for  the quarter  increased 21%  to
$24.7 million from $20.3 million in the same quarter of 2008. Diluted
earnings per share for  the first quarter increased  20% to $0.12  in
2009 from $0.10 in 2008.

On an adjusted basis, first quarter operating income increased 1%  to
$59.1 million in 2009 from $58.7  million in 2008, and first  quarter
2009 adjusted net  income increased  9% to $40.3  million from  $36.9
million in 2008.  Adjusted diluted  earnings per  share increased  to
$0.20 in the first quarter 2009 from $0.18 in 2008.

QIAGEN's first quarter 2009 results include the results of operations
from the Company's recent acquisitions, the most significant of which
was Corbett Life Science, acquired  in July 2008. Reconciliations  of
reported results  determined in  accordance with  generally  accepted
accounting principles (GAAP) to adjusted results are included in  the
tables accompanying this release.

"QIAGEN experienced a successful start into 2009," said Peer  Schatz,
QIAGEN's Chief Executive Officer. "We saw strong revenue and adjusted
net income growth and exciting momentum in our strategic position. We
launched 20 new products in the  area of Sample & Assay  Technologies
and recorded once again a record  5% of sales from products  launched
within the  last 12  months. We  are also  managing an  exceptionally
strong pipeline of new products and are preparing for the launches of
many strategically very important products during 2009. We feel  very
well prepared to take  advantage of the  growth opportunities we  are
seeing in our target markets today and are fully on track to  achieve
annual targets."

"We experienced strong revenue growth for QIAGEN in the first quarter
of 2009 and maintain a positive outlook. Growth was highest in  sales
to customers  in Molecular  Diagnostics (approximately  46% of  total
revenues) followed by sales  to customers in  Applied Testing (7%  of
total revenues), Academia (27% of total revenues) and Pharma (20%  of
total revenues)."

"Growth of our sales to customers in Molecular Diagnostics was fueled
by strong growth in sales of our screening products (primarily  HPV),
genetics (including  our  K-ras  testing  solutions)  and  infectious
disease tests. In HPV screening,  we experienced strong growth  which
was  due  to  factors  including  successes  of  our  ongoing  market
penetration initiatives. We  are very pleased  with these efforts  in
the United  States and  have now  also created  and intensified  such
programs in  Europe  and  Asia.  Our  sales  into  customers  in  the
Pharmaceutical and Biotech  industry conducting clinical  development
continued  strong,  and  sales  to  customers  in  these   industries
conducting discovery  (under 10%  of our  sales) were,  as  expected,
soft. We are very encouraged by the potential growth in the  academic
research markets  following both  the  short term  stimulus  programs
(primarily in the United States but also in many other countries)  as
well as the long-term funding increase commitments to several key and
very large  academic  research  institutions in  the  United  States.
QIAGEN is  well  prepared  and uniquely  positioned  to  support  our
customers and to jointly benefit from both the shorter-term  stimulus
programs and also from the planned long-term funding increases."

"We are also pleased with  the progress in our development  pipeline.
We  are  preparing  for  the  launches  of  various  modules  of  our
QIAensemble Evolution  package, which  will soon  fully automate  our
gold standard HPV screening solutions. The developments of additional
QIAsymphony  medium  throughput  modules   and  its  broad  menu   of
applications and tests  as well  as the  QIAensemble high  throughput
screening platform are  also progressing  well - we  expect a  strong
year in  terms  of  new  launches  of  Sample  and  Assay  Technology
products. We  are  also  moving  several  products  through  clinical
development in the US, Europe and Asia towards regulatory approvals."

"We are very  pleased with  our financial performance  in this  first
quarter of 2009. Reported  revenues were in  line with, and  adjusted
earnings per share came in at the high end of our expectations," said
Roland Sackers, QIAGEN's Chief Financial Officer. "Revenue growth for
the first  quarter was  7%. Using  constant exchange  rates for  both
quarters revenue  growth would  have been  16% and  was fueled  by  a
strong organic growth of 11% and  a positive contribution of 5%  from
acquisitions. Our consumable portfolio contributed 2% growth (10%  at
constant exchange rates). In the wake of new product introductions in
QIAGEN's instrumentation  business  (such  as  the  QIAsymphony,  the
QIAgility and the Rotor-Gene Q)  this product area recorded a  growth
rate of  68% (93%  at  constant exchange  rates).  Net sales  in  the
Americas for the first quarter 2009 represented approximately 51%  of
our overall business and  recorded a growth rate  of 12% at  constant
exchange rates while  European sales,  which represent  approximately
34% of our revenues, showed a growth rate of 13% at constant exchange
rates. Net sales in  Asia remained strong, showing  a growth rate  of
23% at constant exchange rates."

QIAGEN - Sample and Assay Technologies Highlights

  * QIAGEN is supporting the management of the current H1N1 Influenza
    A (swine flu) outbreak with effective surveillance solutions.
    Such solutions include Sample Technologies and several Assay
    Technologies such as real-time PCR assays (including our leading
    artus Influenza screening test), QIAplex assays, a Pyrosequencing
    platform as well as enzymes).

  * QIAGEN established the QIAGENcares program to support regions in
    need for effective diagnostic testing solutions and announced the
    first two programs under this Corporate Social Responsibility
    program:

     * QIAGEN and the Chittaranjan National Cancer Institute (CNCI)
       formed a collaboration to establish the first large-scale
       cervical cancer screening program for women in Kolkata, India.
       The initiative will be conducted over 5 years and is expected
       to reach 50,000 women.

     * QIAGEN will donate one million HPV tests over the next five
       years.

  * In the area of HPV testing, two landmark studies were published:

     * The New England Journal of Medicine (NEJM) published results
       from an eight-year trial involving more than 130,000 women in
       India. This landmark study demonstrates that in low-resource
       settings a single round of HPV testing significantly reduces
       the numbers of advanced cervical cancers and deaths, compared
       with Pap (cytology) testing or visual inspection with acetic
       acid (VIA). The trial used QIAGEN's digene HPV Test.

     * Physicians from Kaiser Permanente and the National Cancer
       Institute published in the March issue of Obstetrics &
       Gynecology results from their cervical cancer screening
       program covering more than 580,000 women aged 30 and older
       during 5 years and reported the following results:

        * 90.8% HPV screening negative   Pap negative
        * 4.0% HPV screening positive      Pap negative
        * 2.3% HPV screening positive      Pap positive

          The study authors concluded, "In a general screening
          population, concerns about excessive HPV test positives
          among women aged 30 years and older are not borne out."
          This conclusion is seen as a great support to increase
          adoption of HPV testing in cervical cancer screening
          programs.

  * QIAGEN launched 20 new products in the area of Sample & Assay
    Technologies including the PAXgene Blood miRNA kit for use in
    cancer, biomarker and miRNA research and the QIAamp Circulating
    Nucleic Acid kit for sample preparation in prenatal or other
    circulating nucleic acid research. In addition QIAGEN launched a
    number of assay technologies including two multiplexed, PCR-based
    digene HPV Genotyping Tests as RUOs with expected CE-marking to
    be completed in the third quarter.

Conference Call and Webcast Details

Detailed information on QIAGEN's  business and financial  performance
will be presented in its conference call on May 5, 2009 at 9:30am ET.
The corresponding presentation slides will be available for  download
on the  Company's  website at  www.qiagen.com/goto/ConferenceCall.  A
webcast of the conference call will be available on the same  website
at www.qiagen.com/goto/ConferenceCall.

Use of Adjusted Results

QIAGEN has  regularly reported  adjusted results  to give  additional
insight into its financial performance as well as considered  results
on a constant currencies basis. Adjusted results should be considered
in addition  to  the reported  results  prepared in  accordance  with
generally  accepted  accounting   principles,  but   should  not   be
considered as a substitute. The Company believes certain items should
be excluded  from  adjusted results  when  they are  outside  of  our
ongoing core operations, vary significantly from period to period, or
affect the comparability  of results with  the Company's  competitors
and our own prior periods. For  further information on the nature  of
adjustments please refer  to the  reconciliation tables  accompanying
this press release.

About QIAGEN

QIAGEN   N.V.,    a    Netherlands   holding    company,    is    the
leading global provider of  sample  and  assay  technologies.  Sample
technologies are used to  isolate and process  DNA, RNA and  proteins
from biological samples such  as blood or tissue. Assay  technologies
are used  to  make such  isolated  biomolecules visible.  QIAGEN  has
developed and markets more than 500 sample and assay products as well
as automated solutions for such consumables. The Company provides its
products to molecular diagnostics laboratories, academic researchers,
pharmaceutical   and    biotechnology    companies,    and    applied
testing customers for  purposes such  as forensics,  animal  or  food
testing   and   pharmaceutical   process   control. QIAGEN's    assay
technologies  include  one  of  the  broadest  panels  of   molecular
diagnostic tests available worldwide.  This panel includes the  first
FDA-approved test for human  papillomavirus (HPV), the primary  cause
of cervical cancer. QIAGEN employs more than 3,000 people in over  30
locations worldwide. Further information about QIAGEN can be found at
www.qiagen.com.

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 general economic conditions, 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. In  addition certain  statements contained  in this  news
release are based on company assumptions, including, but not limited,
to revenue  allocations  based  on  business  segments.  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).

                                 ###

                             QIAGEN N.V.
             CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                             (unaudited)


                                                   Three months
(in thousands, except per share data)             ended March 31,

                                                 2009         2008
Net sales                                      $  220,933   $ 207,106
   Cost of sales                                   74,484      65,882
Gross profit                                      146,449     141,224
Operating expenses:
   Research and development                        25,643      21,369
   Sales and marketing                             56,098      54,078
   General and administrative, integration
and other                                          23,788      29,088
   Acquisition related intangible
amortization                                        3,891       3,651
Total operating expenses                          109,420     108,186
Income from operations                             37,029      33,038
Other income (expense):
   Interest income                                  1,185       2,972
   Interest expense                               (7,431)    (10,451)
   Other income, net                                1,781       2,135
Total other expense                               (4,465)     (5,344)
Income before provision for income taxes and
minority interest                                  32,564      27,694
   Provision for income taxes                       7,880       7,301
   Minority interest expense                            -          60
Net income                                       $ 24,684    $ 20,333
   Weighted average number of diluted common
shares                                            203,168     205,126
   Diluted net income per common share             $ 0.12      $ 0.10
   Diluted net income per common share,
adjusted                                           $ 0.20      $ 0.18




                             QIAGEN N.V.
                CONDENSED CONSOLIDATED BALANCE SHEETS


(in thousands, except par value)           March 31,    December 31,
                                              2009          2008
Assets                                    (unaudited)
Current Assets:
 Cash and cash equivalents                   $ 337,036     $ 333,313
 Accounts receivable, net                      159,509       158,440
 Income taxes receivable                         9,752        14,441
 Inventories, net                              110,089       108,563
 Prepaid expenses and other                     67,192        61,424
 Deferred income taxes                          21,679        27,374
              Total current assets             705,257       703,555
Long-Term Assets:
 Property, plant and equipment, net            281,440       289,672
 Goodwill                                    1,148,924     1,152,105
 Intangible assets, net                        620,005       640,309
 Deferred income taxes                          50,097        73,766
 Other assets                                   26,650        25,916
              Total long-term assets         2,127,116     2,181,768
    Total assets                           $ 2,832,373   $ 2,885,323
Liabilities and Shareholders' Equity

Current Liabilities:
 Accounts payable                             $ 38,978      $ 48,836
 Accrued and other liabilities                 146,448       163,513
 Income taxes payable                            2,518        14,288
 Current portion of long-term debt              25,000        25,000
 Current portion of capital lease
 obligations                                     2,976         2,984
 Deferred income taxes                           6,599         7,754
              Total current liabilities        222,519       262,375
Long-Term Liabilities:
 Long-term debt, net of current portion        920,000       920,000
 Capital lease obligations, net of
 current portion                                28,558        29,718
 Deferred income taxes                         188,456       212,589
 Other                                          10,401         6,797
              Total long-term
              liabilities                    1,147,415     1,169,104
Shareholders' Equity:
 Common shares, EUR .01 par value:
    Authorized--410,000 shares
    Issued and outstanding--198,276
    shares
       in 2009 and 197,839 shares in
    2008                                         2,218         2,212
    Additional paid-in-capital                 963,704       958,665
    Retained earnings                           02,496       477,812
    Accumulated other comprehensive
    (loss) income                              (5,979)        15,155
              Total shareholders' equity     1,462,439     1,453,844
    Total liabilities and shareholders'
    equity                                 $ 2,832,373   $ 2,885,323



                             QIAGEN N.V.
                CONDENSED CONSOLIDATED BALANCE SHEETS



                            Gross    Operating  Pre-tax                Net    Diluted
              Net Sales    Profit     Income    Income   Income Tax  Income    EPS*
Reported
results        $ 220,933  $ 146,449  $ 37,029   $ 32,564  $ (7,880)  $ 24,684 $ 0.12
Adjustments:
   Business
integration,
aquisition
related and
restructuring
costs                -           230     2,977     2,977      (888)     2,089    0.01
   Purchased
intangibles
amortization         -        13,013    16,904    16,904    (5,906)    10,998    0.06

Share-based
compensation         -           209     2,188     2,188      (685)     1,503    0.01
Asset
impairment           -           -         -       1,572      (582)       990     -
Total
adjustments          -        13,452    22,069    23,641    (8,061)    15,580    0.08
Adjusted
results        $ 220,933  $ 159,901   $ 59,098  $ 56,205 $ (15,941)  $ 40,264  $ 0.20

*  Using 203,168 diluted shares




               Three months ended March 31, 2008
            (dollars in thousands, except EPS data)
                           Gross   Operating Pre-tax               Net    Diluted
               Net Sales  Profit    Income    Income  Income Tax  Income   EPS*
Reported
results        $ 207,106 $ 141,224  $ 33,038 $ 27,694  $ (7,301) $ 20,333  $ 0.10
Adjustments:
 Business
 integration,
 aquisition
 related and
 restructuring
 costs               -         -       9,185    9,185    (3,266)    5,919    0.03
 Purchased
 intangibles
 amortization        -      10,827    14,477   14,477    (5,173)    9,304    0.04
 Share-based
 compensation        -                          1,991      (665)    1,326    0.01
 Total
 adjustments         -      11,061    25,653   25,653    (9,104)   16,549    0.08
Adjusted
results        $ 207,106 $ 152,285  $ 58,691 $ 53,347 $ (16,405) $ 36,882  $ 0.18
*  Using
205,126
diluted shares



Contacts:


Roland Sackers               Dr. Solveigh Mähler
Chief Financial Officer      Director Investor Relations
QIAGEN N.V.                  QIAGEN N.V.
e-mail:                      +49 2103 29 11710
[email protected]    e-mail: [email protected]

                             Albert F. Fleury
                             Director Corporate Finance and Investor
                             Relations NA
                             QIAGEN N.V.
                             +1 301 944 7028
                             e-mail: [email protected]


 
--- End of Message ---

Qiagen N.V.
Spoorstraat 50 KJ Venlo Netherlands

WKN: 901626; ISIN: 
NL0000240000; Index: HDAX, MIDCAP, Prime All Share, TECH All Share, 
TecDAX;
Listed: Prime Standard in Frankfurter Wertpapierbörse, Freiverkehr in 
Börse Berlin, 
Freiverkehr in Börse Düsseldorf, Freiverkehr in Hanseatische 
Wertpapierbörse zu Hamburg, 
Freiverkehr in Niedersächsische Börse zu Hannover, Freiverkehr in 
Bayerische Börse München, 
Freiverkehr in Börse Stuttgart;




                                                                                                                           

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