Qiagen’s 4th-quarter profit surges on test sales, revenue from recent buyouts

Monday, February 8, 2010

Qiagen 4Q profit surges on test sales, buyouts

NEW YORK — Diagnostic products maker Qiagen NV said Monday its fourth-quarter profit nearly doubled on a surge in molecular test sales at businesses it acquired.

The company, based in the Netherlands, earned $44.5 million, or 18 cents per share. A year earlier, it earned $24.7 million, or 12 cents per share.

Its sales rose 22 percent to $289.1 million from $237.2 million.

Excluding acquisition and other charges, the company earned 24 cents per share. Analysts surveyed by Thomson Reuters expected profit of 23 cents per share on revenue of $275.5 million.

Qiagen’s acquisitions over the last year include SABiosciences Corp., DxS Ltd. and Corbett Life Science.

For the full year, the company earned $137.8 million, or 64 cents per share, compared with profit of $89 million, or 44 cents per share, in 2008. Revenue rose to $667.1 million from $599.7 million.

Looking ahead, the company said it expects full-year adjusted profit between 90 cents and 96 cents per share on revenue between $1.12 billion and $1.17 billion. Analysts expect 97 cents per share in profit on $1.17 billion in revenue.

Shares of Qiagen fell 61 cents, or 3 percent, to $20.05 in after-hours trading after shedding 15 cents to close at $20.66 during the regular trading session.

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