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 June 30, 2009
Commission File Number 0-28564
(Translation of 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
Indicate 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
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
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| Item | Page | |
| Other Information | 3 | |
| Signatures | 4 | |
| Exhibit Index | 5 |
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On August 10, 2009, QIAGEN N.V. (Nasdaq: QGEN; Frankfurt, Prime Standard: QIA) issued a press release announcing its unaudited financial results for
the quarter ended June 30, 2009. The press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein.
QIAGEN has regularly reported adjusted results, which are considered non-GAAP financial measures, to give additional insight into our financial performance as a supplement to understand, manage, and evaluate our business results and make
operating decisions. Adjusted results should be considered in addition to the reported results prepared in accordance with U.S. generally accepted accounting principles, but should not be considered as a substitute. Reconciliations of reported
results to adjusted results are included in the tables accompanying the press release. We believe 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.
The non-GAAP financial measures used
in this press release are non-GAAP operating income, pre-tax income, net income and diluted earnings per share. These adjusted results exclude costs related to amortization of acquired intangible assets, impairment losses, share-based payment
expenses, and acquisition, integration and restructuring expenses, including inventory fair value adjustments related to business acquisitions. Management views these costs as not indicative of the profitability or cash flows of our ongoing or
future operations and therefore considers the adjusted results as a supplement, and to be viewed in conjunction with, the reported GAAP results.
We also consider results on a constant currency basis. Our functional currency is the U.S. dollar and our subsidiaries functional currencies are the local currency of the respective countries in which they are headquartered. A
significant portion of our revenues and expenses is denominated in euros and currencies other than the United States dollar. Management believes that analysis of constant currency period-over-period changes is useful because changes in exchange
rates can affect the growth rate of net sales and expenses, potentially to a significant degree. Constant currency figures are calculated by translating the local currency actual results in the current period using the average exchange rates from
the previous year s respective period instead of the current period.
We use non-GAAP and constant currency financial measures
internally in our planning, forecasting and reporting, as well as to measure and compensate our employees. We also use the adjusted results when comparing to our historical operating results, which have consistently been presented on an adjusted
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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: August 11, 2009
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| Exhibit No. | Exhibit | |
| 99.1 | Press Release dated August 10, 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 | ||
| Associate Director Investor Relations North America | ||
| QIAGEN N.V. | ||
| +1 301 944 7028 | ||
| e-mail: albert.fleury@qiagen.com |
QIAGEN Reports Strong Second Quarter 2009 Results
And Increases Full Year 2009 Guidance
Venlo, The Netherlands, August 10, 2009 QIAGEN N.V. (Nasdaq: QGEN; Frankfurt, Prime Standard: QIA) today announced the results of operations for the second quarter and the six-month period ended June 30, 2009.
The reported net sales came in at the high end of, and the adjusted earnings per share for the second quarter 2009 exceeded, the guidance provided by the
Company on May 5, 2009.
Second Quarter 2009 Results
| QIAGEN s Second Quarter 2009 (in US$ millions, except per share information) | |||||||
| Q2 2009 | Q2 2008 | Growth | |||||
| Net sales | 240.2 | 217.9 | 10 | % | |||
| Net sales at constant exchange rates | 258.2 | 217.9 | 19 | % | |||
| Operating income, adjusted | 71.8 | 60.6 | 19 | % | |||
| Net income, adjusted | 48.3 | 40.4 | 19 | % | |||
| EPS, adjusted (US$) | 0.24 | 0.20 | 20 | % |
For information on the adjusted figures, please refer to the reconciliation table accompanying this release.
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The Company reported that consolidated net sales for its second quarter 2009 increased 10% to $240.2 million from $217.9
million in the same quarter in 2008. Excluding the unfavorable impact from foreign currency exchange rates, net sales for the second quarter 2009 would have increased 19%. The reported operating income for the quarter increased 38% to $46.9 million
from $34.0 million in the same quarter of 2008, and net income for the quarter increased 33% to $30.9 million from $23.2 million in the same quarter of 2008. Diluted earnings per share for the second quarter increased 36% to $0.15 in 2009 from $0.11
On an adjusted basis, second quarter operating income increased 19% to $71.8 million in 2009 from $60.6 million in 2008, and second quarter 2009
adjusted net income increased 19% to $48.3 million from $40.4 million in 2008. Adjusted diluted earnings per share increased 20% to $0.24 in the second quarter 2009 from $0.20 in 2008.
Six-Month Period 2009 Results
For the six-month period ended June 30, 2009, net sales increased 8% to $461.1
million compared to $425.0 million in the respective period of 2008. Operating income as reported for the six months ended June 30, 2009 increased 25% to $83.9 million from $67.0 million for the same period in 2008. Net income increased 28% to
$55.6 million from $43.6 million in 2008, and diluted earnings per share increased 29% to $0.27 in 2009 from $0.21 in 2008.
On an adjusted basis,
operating income for the six-month period ended June 30, 2009 increased 10% to $130.9 million in 2009 from $119.4 million in 2008, and adjusted net income increased 14% to $88.5 million from $77.4 million. Adjusted diluted earnings per share in
the six months ended June 30, 2009 increased 16% to $0.44 per share from $0.38 per share in the same period of 2008.
QIAGEN s second quarter and
first half 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.
We are very pleased with
our financial performance in the second quarter of 2009, said Peer Schatz, QIAGEN s Chief Executive Officer. We saw strong revenue and adjusted net income growth. The markets we serve demonstrated robust demand and solid economic
trends. Our growth opportunities are very significant in particular in the molecular diagnostics and applied testing markets and we feel well positioned and equipped to convert these trends and opportunities into significant value for
QIAGEN and our shareholders.
We experienced strong revenue growth for QIAGEN in the second quarter of 2009 and maintain a positive outlook.
Growth was highest in sales to customers in molecular diagnostics (approximately 48% of total revenues) followed by sales to customers in applied testing, in academia, and pharma.
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Growth of our sales to customers in molecular diagnostics was fueled by strong growth in sales of our screening
products (primarily HPV), personalized medicine diagnostics (including our KRAS testing solutions) and infectious disease tests (including our solutions for the surveillance of H1N1 infections). The development of our Next Generation high throughput
screening system with the related assays is well on track with clinical trials expected to start in several weeks. We are also very excited about the future growth opportunities especially in companion diagnostics after recent recommendations by
regulatory agencies and are experiencing a significant level of activity in this area of our business. Sales to customers in the pharmaceutical and biotech industry conducting clinical development continued to experience strong growth and sales to
such customers for discovery purposes (under 10% of our sales) were, as expected, soft. We are very optimistic about the potential growth in the academic research markets following the American Recovery and Reinvestment Act (ARRA) and other
international stimulus programs as well as further governmental long-term funding increase commitments. QIAGEN is active in numerous initiatives to support its customers to benefit from both the short-term stimulus programs and from the planned
long-term funding increases.
QIAGEN experienced a successful second quarter. Reported revenues came in at the high end of, and adjusted
earnings per share exceeded our expectations, said Roland Sackers, QIAGEN s Chief Financial Officer. Assuming constant exchange rates for both quarters revenue growth would have been 19% and was fueled by a strong organic growth of
12% and a positive contribution of 6% from acquisitions. Our consumable portfolio contributed 5% growth (12% at constant exchange rates). In the wake of new product introductions (such as the QIAsymphony, the QIAgility, the EZ1 Advanced XL and the
Rotor-Gene Q) beginning this year, QIAGEN s sales of instrumentation products recorded a growth rate of 66% (83% at constant exchange rates). Net sales in the Americas for the second quarter 2009 represented approximately 50% of our overall
business and recorded a growth rate of 14% at constant exchange rates and European sales, which represent approximately 35% of our revenues, showed a similar growth rate of 14% at constant exchange rates. Net sales in Asia remained strong, showing a
growth rate of 43% at constant exchange rates.
Increase of Fiscal Year 2009 Guidance Range
Based on the successful first six months and an optimistic outlook for the rest of the year, QIAGEN is hereby increasing its revenue and EPS guidance for the fiscal year
2009. Revenue guidance is increased from the previous range from $920 million to $970 million (which included approximately $10 million of revenues related to the Olerup product line sold end of June 2009) to now between $930 million and $970
million post-divestment of the Olerup product line for the fiscal year 2009. Under constant exchange rates, revenue expectations for 2009 would show growth rates between 11% and 16% when compared to 2008. QIAGEN also increased its expectations for
adjusted diluted earnings per share from the previous range of $0.88 to $0.94 to now between $0.90 and $0.94. As always, the revenue and EPS guidance is based on foreign currency exchange rates as of January 31, 2009.
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QIAGEN Sample and Assay Technologies Highlights
Conference Call and Webcast Details
Detailed information on QIAGEN s business and financial performance will be presented during its conference call on August 11, 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 also be available at www.qiagen.com/goto/ConferenceCall.