Full Press Release Details
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the quarterly period ended December 31, 2008
Commission File Number 0-28564
registrant s name into English)
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
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| Item | Page | |
| Other Information | 3 | |
| Signatures | 4 | |
| Exhibit Index | 5 |
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On February 9, 2009, QIAGEN N.V. (Nasdaq: QGEN; Frankfurt, Prime Standard: QIA) issued a press release announcing its preliminary unaudited
financial results for the quarter ended December 31, 2008. The press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
| QIAGEN N.V. | ||
| By: | /s/ Roland Sackers | |
| Roland Sackers | ||
| Chief Financial Officer |
Date: February 10, 2009
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| Exhibit No. | Exhibit | |
| 99.1 | Press Release dated February 9, 2009 |
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| Roland Sackers | Dr. Solveigh M hler | |
| Chief Financial Officer | Director Investor Relations | |
| QIAGEN N.V. | QIAGEN N.V. | |
| E-mail: roland.sackers@qiagen.com | +49 2103 29 11710 | |
| E-mail: solveigh.maehler@qiagen.com | ||
| Albert F. Fleury | ||
| Director Corporate Finance and Investor | Dr. Thomas Theuringer | |
| Relations North America | Associate Director Public Relations | |
| QIAGEN N.V. | QIAGEN GmbH | |
| +1 301 944 7028 | +49 2103 29 11826 | |
| E-mail: albert.fleury@qiagen.com | E-mail: thomas.theuringer@qiagen.com |
QIAGEN Reports Strong Fourth Quarter and Fiscal 2008 Results
Venlo, The Netherlands, February 9, 2009 - QIAGEN N.V. (Nasdaq: QGEN; Frankfurt, Prime Standard: QIA) today announced preliminary unaudited results of operations for the fourth quarter and the fiscal year ended December 31,
The reported net sales exceeded, and adjusted earnings per share for the fourth quarter and fiscal 2008 were on the high end of the guidance
provided by the Company on November 11, 2008.
Fourth Quarter 2008 Results
The Company reported that consolidated net sales for its fourth quarter 2008 increased 13% to $237.2 million from $210.2 million for the same quarter in 2007. Reported operating income for the quarter increased 62% to
$40.4 million from $25.0 million in the same quarter of 2007, and net income for the quarter increased 65% to $24.7 million from $15.0 million in the same quarter of 2007. Diluted earnings per share for the fourth quarter increased to $0.12 in 2008
(based on 202.0 million weighted average shares and share equivalents outstanding) from $0.07 in 2007 (based on 205.2 million weighted average shares and share equivalents outstanding).
On an adjusted basis, fourth quarter operating income increased 29% to $66.6 million in 2008 from $51.8 million in 2007, and fourth quarter 2008 adjusted net income
increased 36% to $43.7 million from $32.0 million in 2007. Adjusted diluted earnings per share increased to $0.22 in the fourth quarter of 2008 from $0.16 in the fourth quarter of 2007.
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QIAGEN s fourth quarter and fiscal year 2007 results include the results of operations of Digene Corporation and
eGene, Inc., from their dates of acquisition, July 2007, as well as certain charges related to these acquisitions. QIAGEN s fourth quarter and fiscal year 2008 results include the results of operations of Corbett Life Science and the BioSystems
business of Biotage AB from their respective dates of acquisition, July 2008 and October 2008, and Digene Corporation and eGene, Inc. for the entire period, as well as certain charges related to these acquisitions.
Fiscal Year 2008 Results
QIAGEN s Fiscal 2008
| in $ millions, except per share information | FY 2008 | FY 2007 | Growth | ||||
| Net sales | 893.0 | 649.8 | 37 | % | |||
| Operating income, adj. 1 | 252.7 | 164.3 | 54 | % | |||
| Net income, adj. 1, 2 | 163.3 | 111.5 | 47 | % | |||
| EPS, adj. 1, 2 ($) | 0.80 | 0.63 | 27 | % |
For the year ended December 31, 2008, net sales increased 37% to $893.0 million
compared to $649.8 million in 2007. Operating income as reported for fiscal 2008 increased 75% to $145.7 million from $83.1 million for 2007, and net income increased 78% to $89.0 million in 2008 from $50.1 million in 2007, and diluted earnings per
share increased to $0.44 in 2008 (based on 204.3 million weighted average shares and share equivalents outstanding) from $0.28 in 2007 (based on 176.0 million weighted average shares and share equivalents outstanding).
On an adjusted basis, operating income for the year ended December 31, 2008, increased 54% to $252.7 million from $164.3 million in 2007, and adjusted net income
increased 47% to $163.3 million in 2008 from $111.5 million in 2007. Adjusted diluted earnings per share for the year ended December 31, 2008, increased 27% to $0.80 per share, from $0.63 per share in 2007.
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 either outside of our ongoing core operations or can vary significantly from period to period, which affects the comparability of results with the Company s competitors and our own prior periods. Costs and charges
excluded from adjusted results include business integration and restructuring-related costs as well as acquisition-related amortization, and equity based compensation in accordance with Statement of Financial Accounting Standards No. 123
(Revised) (SFAS 123R).
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QIAGEN s Adjustments to Gross Profit, Operating Income, Net Income and EPS
| in $ millions unless indicated | Q4 2008 | Q4 2007 | FY 2008 | FY 2007 | ||||
| Gross profit, reported | 157.5 | 138.8 | 599.7 | 433.5 | ||||
| Acquisition related charges | 1.0 | 1.5 | 1.4 | 2.8 | ||||
| Amortization of acquired intangibles | 13.2 | 11.3 | 48.7 | 23.7 | ||||
| SFAS 123R impact | 0.2 | 0.3 | 1.0 | 0.4 | ||||
| Gross profit, adjusted | 171.9 | 151.9 | 650.8 | 460.4 | ||||
| Operating income, reported | 40.4 | 25.0 | 145.7 | 83.1 | ||||
| Acquisition related charges (COS) | 1.0 | 1.5 | 1.4 | 2.8 | ||||
| Business integration and related costs | 4.4 | 8.1 | 30.9 | 14.9 | ||||
| Purchased in-process research & development | 0.2 | 1.0 | 25.9 | |||||
| Amortization of acquired intangibles (incl. COS) | 17.0 | 14.7 | 63.1 | 31.3 | ||||
| Relocation and restructuring charges | 0.5 | 0.1 | 1.2 | 0.5 | ||||
| SFAS 123R impact (incl. COS) | 3.1 | 2.4 | 9.4 | 5.8 | ||||
| Operating income, adjusted | 66.6 | 51.8 | 252.7 | 164.3 | ||||
| Net income, reported | 24.7 | 15.0 | 89.0 | 50.1 | ||||
| Acquisition related charges (COS) | 0.8 | 0.9 | 1.1 | 1.8 | ||||
| Business integration and related costs | 3.3 | 5.2 | 20.5 | 9.6 | ||||
| Purchased in-process research & development | 0.2 | 1.0 | 25.9 | |||||
| Relocation and restructuring charges | 0.3 | 0.8 | 0.4 | |||||
| Acquisition triggered impairment | 2.5 | |||||||
| Amortization of acquired intangibles | 12.2 | 9.4 | 41.9 | 20.0 | ||||
| SFAS 123R impact | 2.2 | 1.5 | 6.5 | 3.7 | ||||
| Net income, adjusted | 43.7 | 32.0 | 163.3 | 111.5 | ||||
| Weighted average number of diluted common shares | 202,039,000 | 205,233,000 | 204,259,000 | 175,959,000 | ||||
| EPS, reported in $ | 0.12 | 0.07 | 0.44 | 0.28 | ||||
| EPS, adjusted in $ | 0.22 | 0.16 | 0.80 | 0.63 |
2008 was a very successful year for QIAGEN in which we achieved significant revenue growth, exceeding our
expectations. We executed on our strategy and significantly increased our technology and market leadership in all our target customer segments , said Peer Schatz, QIAGEN s Chief Executive Officer. The launches of more than 80 new
products in 2008 contributed 5% to 2008 net sales growth and are a testament to QIAGEN s focus on differentiating by innovation. New products included innovative sample and assay technologies
Our full pipeline of new products and a
strong strategic position build a solid basis for our success in 2009 and beyond.
We expect a number of exciting new market introductions in
2009. These include a further expansion of our sample and assay technology portfolio for research in applied testing and molecular diagnostics with the clear goal of adding even more regulated products to our portfolio. Mr. Schatz added.
Our pipeline of automated solutions for our sample and assay technologies is exceptionally strong. In January we already launched or announced several new products:
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strategy remains focused, consistent and value-creating, providing complementary technologies, new commercial capabilities and/or geographic reach. For example, we further strengthened our market and technology leadership by adding assay technology
set-up instrumentation and real-time PCR assay analysis technology to QIAGEN s instrumentation platform through the acquisition of Corbett in July 2008. With the acquisition of the BioSystems business from Biotage in October 2008, we added the
Pyrosequencing technology, a fundamental assay technology for high-resolution sequence detection and quantification of gene variations which we believe will play a very important role in epigenetics as well as multiplex genetic and pathogen
detection. Our molecular sample to result solutions for customers in molecular diagnostics, applied testing, pharma and academic research, now for the first time span from sample to result across many different forms of assay detection
technologies from qualitative/endpoint PCR, multiplex technologies and capillary electrophoresis to quantitative and high resolution, sequence-based analysis and cover a broad range of throughput needs.
2008 was a very successful year for QIAGEN - we achieved our strong financial results while experiencing significant strategic momentum. I would like to thank our
employees around the world for their contributions to our performance and their strong commitment to build the basis for a long-term success for QIAGEN.
QIAGEN experienced an exciting fourth quarter and fiscal year 2008. Reported revenues for the fourth quarter and for the fiscal year exceeded our expectations. We experienced a strong adjusted operating margin increase to 28% from 25%
in fiscal year 2007 which corresponds to a growth rate of 54% year over year reflecting achievements of cost synergies following the acquisition of Digene, said Roland Sackers, QIAGEN s Chief Financial Officer.
Revenue growth for fiscal year 2008 was 37% and was fueled by a strong organic growth of 13% and a positive contribution from acquisitions of 22% at constant
currencies, Roland Sackers continued. Our sample and assay portfolio grew 36% (34% at constant exchange rates) driven by strong growth of sales of our products to customers in molecular diagnostics. QIAGEN s instrumentation business
recorded a very strong growth rate of 51% (52% at constant exchange rates) mainly based on the new instruments (QIAsymphonySP and QIAxcel) as well as a strong demand for the Rotor-Gene real-time PCR cycler and the CAS instrument following the
Corbett acquisition. Net sales in the Americas in fiscal year 2008 represented 50% of our overall business and recorded a growth rate of 49% while European sales, which represent 37% of our revenues, showed a growth rate of 21% (17% at constant
exchange rates). Net sales in Asia remained strong, showing a growth rate of 24% (16% at constant exchange rates).
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Fiscal Year 2009 Guidance
Based on foreign currency exchange rates as of January 31, 2009, QIAGEN expects revenues between $920 and $970 million in 2009 and adjusted diluted earnings per share between $0.88 and $0.94. Under constant exchange rates
consideration, revenue expectations for 2009 would be between $990 and $1,040 million with a growth rate between 11% and 16% when compared to 2008 and expectations for adjusted diluted earnings per share would be between $0.92 and $0.98
Detailed information on the Company s business, financial performance and expectations will be presented in the Company s
conference call on February 10, 2009 at 9:30am ET. The corresponding presentation slides will be available for download on the Company s website at www.qiagen.com/goto/ConferenceCall. A webcast of the conference call will be
available on the same website at www.qiagen.com/goto/ConferenceCall.
QIAGEN Sample and Assay Technologies Highlights:
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QIAGEN s Fiscal 2008 at Constant Currencies
| As percentage of net sales, unless indicated | FY 2008 Reported | FY 2008 Constant Currency | FY 2007 Reported | Growth Rate | |||||||||||
| Reported | Constant Currency | ||||||||||||||
| Consumables | 88 | % | 87 | % | 89 | % | 36 | % | 34 | % | |||||
| Instruments | 11 | % | 12 | % | 10 | % | 51 | % | 52 | % | |||||
| Others | 1 | % | 1 | % | 1 | % | -20 | % | -22 | % | |||||
| Total revenues | 100 | % | 100 | % | 100 | % | 37 | % | 35 | % | |||||
| Gross margin | 67 | % | 67 | % | 67 | % | 38 | % | 35 | % | |||||
| Gross margin, adj. 1 | 73 | % | 72 | % | 71 | % | 41 | % | 38 | % | |||||
| Operating income margin | 16 | % | 16 | % | 13 | % | 75 | % | 71 | % | |||||
| Operating income margin, adj. 1 | 28 | % | 28 | % | 25 | % | 54 | % | 52 | % | |||||
| Net income margin | 10 | % | 10 | % | 8 | % | 78 | % | 71 | % | |||||
| Net income margin, adj. 1, 2 | 18 | % | 18 | % | 17 | % | 47 | % | 43 | % | |||||
| EPS in US$ per share | 0.44 | 0.42 | 0.28 | 57 | % | 50 | % | ||||||||
| EPS in US$ per share, adj. 1, 2 | 0.80 | 0.78 | 0.63 | 27 | % | 24 | % |
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 only 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.