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
For the quarterly period ended December 31, 2010
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):
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 January 31, 2011, QIAGEN N.V. (Nasdaq: QGEN; Frankfurt, Prime Standard: QIA) issued a press release announcing its unaudited
financial results for the quarter and year ended December 31, 2010. 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, acquisition, integration and restructuring expenses, including inventory fair value adjustments related to business acquisitions, as well as non-recurring
charges or income. 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
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 basis.
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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 1, 2011
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| Exhibit No. | Exhibit | |
| 99.1 | Press Release dated January 31, 2011 |
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QIAGEN Reports Full-Year and Fourth Quarter 2010 Results
Venlo, The Netherlands, January 31, 2011 QIAGEN N.V. (Nasdaq: QGEN; Frankfurt Prime Standard: QIA)
today announced results of operations for the fourth quarter and the 12-month period ended December 31, 2010. Net sales and adjusted earnings per share for both periods were in line with expectations provided by QIAGEN on November 8, 2010.
QIAGEN delivered solid results in a changing environment in 2010 and made significant progress in further expanding our position in our
customer classes, particularly molecular diagnostics, by leveraging our global leadership in sample and assay technologies, said Peer Schatz, Chief Executive Officer of QIAGEN N.V.
Key milestones in 2010 included the successful launch of QIAsymphony RGQ, a highly versatile automated platform with potential to drive the dissemination of molecular diagnostics. Our technology
portfolio to analyze valuable molecular content increased significantly, particularly in companion diagnostics that guide the use of medicines. Sales grew across all of our customer classes. Strong growth in personalized healthcare and profiling
more than offset lower prevention sales in the fourth quarter, where successful HPV market conversion initiatives were hampered by economic conditions that caused a sharp decline in doctors office visits.
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We are focused in 2011 on expanding our strategic position and positioning QIAGEN to further
accelerate growth in 2012. QIAGEN expects adjusted earnings to improve at a faster pace than sales due to the benefits of operational excellence initiatives. We are broadening and strengthening our product offering with a number of important
regulatory submissions, including the first of several new assays in the U.S. for use on QIAsymphony RGQ. We are also expanding into fast-growing markets, particularly in Asia, and have begun operations in India. As the molecular biology revolution
shapes the future of healthcare and the life sciences, QIAGEN is playing a critical role in making improvements in life possible and is well-positioned for sales and earnings growth.
Full-Year 2010 Results
| QIAGEN s Fiscal Year 2010 | ||||||||||||
| in $ millions, except per share information | 12M 2010 | 12M 2009 | Growth | |||||||||
| Net sales | 1,087.4 | 1,009.8 | 8 | % | ||||||||
| Net sales at constant exchange rates | 1,087.2 | 1,009.8 | 8 | % | ||||||||
| Operating income, adjusted | 308.2 | 296.1 | 4 | % | ||||||||
| Net income, adjusted | 222.7 | 199.6 | 12 | % | ||||||||
| EPS, adjusted (in $) | 0.93 | 0.93 |
For information on the adjusted figures, please refer to the reconciliation table accompanying this release.
Net sales rose 8% (+8% at constant exchange rates, or CER) to $1,087 million in 2010 from $1,010 million in 2009, and rose 12% CER when
excluding swine flu-related products. Operating income of $188.5 million rose 5% from $180.2 million in 2009. Net income grew 5% to $144.3 million from $137.8 million in 2009, while diluted earnings per share were $0.60 (based on 240.5 million
weighted average shares and share equivalents outstanding) in 2010 compared to $0.64 in 2009 (based on 213.6 million weighted average shares and share equivalents outstanding).
Adjusted operating income in 2010 rose 4% to $308.2 million from $296.1 million in 2009, with the adjusted operating income margin steady at 29% CER in 2010 compared to the previous year. Adjusted net
income advanced 12% to $222.7 million in 2010 from $199.6 million in 2009. Adjusted diluted earnings per share were unchanged at $0.93 in both years.
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Results for the fourth quarter and full-year 2010 include the results of operations from recent
acquisitions, notably SABiosciences Corporation (acquired in December 2009) and DxS Ltd. (acquired in September 2009). 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 maintained its position of delivering growth with improved
profitability in 2010, and we achieved our financial targets for the fourth quarter, said Roland Sackers, Chief Financial Officer of QIAGEN N.V. We believe our adjusted earnings growth will continue to advance faster than sales as a
result of operational excellence initiatives. Our strong financial position, underpinned by our healthy balance sheet and increasing free cash flow, provides us with strategic flexibility to strengthen our businesses through double-digit investments
in R&D as well as through targeted acquisitions.
Fourth Quarter 2010 Results
| QIAGEN s Fourth Quarter 2010 | ||||||||||||
| in $ millions, except per share information | Q4 2010 | Q4 2009 | Growth | |||||||||
| Net sales | 286.0 | 289.1 | -1 | % | ||||||||
| Net sales at constant exchange rates | 289.5 | 289.1 | 0 | % | ||||||||
| Operating income, adjusted | 82.4 | 83.4 | -1 | % | ||||||||
| Net income, adjusted | 62.0 | 57.6 | 8 | % | ||||||||
| EPS, adjusted (in $) | 0.26 | 0.24 |
For information on the adjusted figures, please refer to the reconciliation table accompanying this release.
Net sales in the fourth quarter of 2010 declined 1% to $286.0 million, but were unchanged at constant exchange rates (CER), and rose
7% CER when excluding swine flu-related products. Operating income rose 18% to $50.8 million from $42.9 million in the same quarter of 2009. Net income declined 18% to $36.3 million from $44.5 million in the 2009 quarter, which included a one-time
tax-free gain of $11 million from the sale of an investment. Diluted earnings per share in the 2010 quarter were $0.15 (based on 239.4 million weighted average shares and share equivalents outstanding) compared to $0.18 in the fourth quarter of
2009 (based on 241.0 million weighted average shares and share equivalents outstanding).
Adjusted operating income declined 1% to
$82.4 million in the fourth quarter of 2010 from $83.4 million in the 2009 quarter, while adjusted net income rose 8% to $62.0 million in the 2010 period from $57.6 million in the comparable 2009 period. Adjusted diluted earnings per share rose to
$0.26 from $0.24 in the fourth quarter of 2009. Reconciliations of reported results to adjusted results are included in the tables accompanying this release.
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Improved performances in all customer classes in 2010 drove organic sales growth of 8% CER when excluding significant one-time contributions from swine flu-related products in 2009. Acquisitions within
the last 12 months provided an additional four percentage points, resulting in 12% CER total sales growth.
Among product categories
(excluding swine flu-related sales), consumables and related revenues in 2010 represented 85% of net sales and grew 12% CER over 2009. Instrumentation represented 15% of net sales in 2010 and rose 12% CER.
At constant exchange rates, the Americas (48% of sales), Europe (38% of sales) and Asia/Japan (12% of sales) all advanced at solid growth rates in 2010
For the fourth quarter (excluding swine flu-related products), organic sales were up 4% CER, with acquisitions providing
three percentage points and resulting in 7% CER total sales growth compared to the particularly strong year-ago performance. Consumables and related revenues rose 8% CER from the 2009 period, while instrument sales rose 2% CER.
Total CER growth rates and customer class contributions below are shown excluding swine flu-related sales:
Molecular diagnostics (48% of total sales) increased on solid demand in several areas of healthcare, particularly the profiling
portfolio used primarily for infectious disease testing. Full-year sales rose 14% CER over 2009, while sales in the fourth quarter grew 7% CER over the 2009 period. In prevention, sales of HPV screening tests and genotyping solutions declined as
expected in the fourth quarter of 2010, as successful U.S. market adoption initiatives which have increased penetration to more than 40% in 2010 were offset by the economically induced, significant decline in patient visits to doctors.
Dynamic growth in personalized healthcare was underpinned by the more than 15 projects under way with pharmaceutical companies to develop companion diagnostics.
Applied testing (6% of total sales) benefited from major portfolio expansion initiatives that added more than 80 new tests during 2010 to address new European standards in forensic testing and food
safety. Full-year sales rose 22% CER, while sales grew 5% CER in the fourth quarter over the 2009 quarter, and were supported by double-digit CER sales growth in consumables.
Pharma (21% of total sales) gained on contributions from products used in drug development, while demand in drug discovery remained soft, mainly hampered by pharmaceutical industry consolidation.
Full-year sales rose 9% CER, while sales growth in the fourth quarter was 11% over the 2009 period.