QGENF reports and announces a couple of deals, CC tomorrow AM. They beat estimates by a penny:
>>VENLO, Netherlands, Aug. 6 /PRNewswire/ -- QIAGEN N.V. (Nasdaq: QGENF, Neuer Markt: QIA, Nasdaq Europe: QGEN) today announced the results of operations for its second quarter and six-month period ended June 30, 2001.
The Company reported that consolidated net sales for its second quarter increased 24% to $66.0 million, from $53.3 million for the same period in 2000. Using identical foreign exchange rates for both periods, net sales would have increased approximately 29% to $68.7 million. Excluding the effect of one-time charges related to the acquisition of Operon Technologies, Inc. in the second quarter of 2000, operating income increased 37% to $14.8 million from $10.8 million in the comparable period in 2000, net income increased 57% to $11.3 million from $7.2 million in the same quarter of 2000, and diluted earnings per share increased 60% to $0.08 (based on 145.0 million average shares and share equivalents outstanding) from $0.05 (based on 145.0 million average shares and share equivalents outstanding). Excluding income of approximately $1.4 million due to a gain on sale of a financial asset, net income for the quarter increased 39% to $10.0 million and diluted earnings per share increased 40% to $0.07. Due to QIAGEN's international presence and operations in currencies that it also records revenues in, the impact of currency movements on net income as a percentage was not as significant as the impact of currency movements on net sales as a percentage.
For the six-month period ended June 30, 2001, total reported net sales increased 25% to $129.2 million from $103.3 million in the comparable period of 2000. Using the foreign exchange rates applied for the second quarter of 2000, net sales would have increased approximately 30% to $134.4 million. Excluding the effect of one-time charges related to the acquisition of Operon Technologies, Inc. during the second quarter 2000 as well as related to the acquisition of the Sawady group of companies during the first quarter of 2001, operating income for the six-month period ended June 30, 2001 increased 55% to $29.3 million from $18.9 million in 2000, net income increased 51% to $19.3 million in the first half of 2001 from $12.8 million in 2000, and diluted earnings per share increased 44% to $0.13 (based on 145.0 million average shares and share equivalents outstanding) from $0.09 (based on 144.7 million average shares and share equivalents outstanding) in the prior year period. Further excluding the approximately $1.4 million gain on sale of a financial asset, net income for the six-month period increased 41% to $18.0 million and diluted earnings per share increased 33% to $0.12.
``The financial results of this second quarter 2001 emphasize QIAGEN's exciting growth path,'' said Dr. Metin Colpan, QIAGEN's Chief Executive Officer. ``In the second quarter we have seen strong growth in our markets. Growth was fueled by the broadening knowledge and database of genetic information which is leading to expanding use of this knowledge for research, drug development (genomics) and diagnostic applications and thereby increasing the need for our products. We believe that QIAGEN's highly focused portfolio of products, which is built on over 400 applied for and issued patents as well as a similar number under license, has created a powerful platform to address today's as well as future needs of our rapidly growing markets. We believe that our deep pipeline and significant resources in research and development, coupled with the power of one of the largest and most focused sales and marketing forces in our industry, uniquely position QIAGEN to identify and address new applications for nucleic acid separation, purification and handling. Such new opportunities are constantly emerging and adding further growth opportunities to QIAGEN in addition to the strong growth potential of the Company's current product portfolio.''
Highlights of the six-month period ended June 30, 2001 included:
* Launch of ZeptoGene Workstation technology platform combining Zeptosens'
cutting-edge PWG Technology with QIAGEN's leading nucleic acid
separation, purification and handling technologies by entering into
first agreements with customers including Aventis Pharma and Bayer
* Acquisition of the Sawady group of companies as a strong platform to
leverage Operon Technologies' leading synthetic nucleic acid
manufacturing technology in the rapidly growing Japanese market
* QIAGEN's alliance with Zymark adding ultra-high-throughput technologies
to QIAGEN's BioRobot instrumentation platform to serve the needs coming
from the genomics markets
* Launch of PAXgene Blood RNA, the first product of PreAnalytiX, QIAGEN's
joint venture with Becton Dickinson
* An agreement with Wyeth Lederle Vaccines which represents one of the
biggest deals in gene therapy contract manufacturing adds a further,
major customer for our products for large-scale nucleic acid
purification for gene therapy purposes
* A number of agreements and alliances in our QIAGEN Genomics unit<<
snip
>>VENLO, Netherlands and SAN DIEGO, Aug. 6 /PRNewswire/ -- QIAGEN, N.V. (Nasdaq: QGENF, Neuer Markt: QIA, Nasdaq Europe: QGEN) and Genicon Sciences Corporation today announced that they have entered into a distribution and service agreement. QIAGEN received exclusive distribution rights for self-spotted microarray toolkit products incorporating Genicon's RLS (Resonance Light Scattering) Technology, an ultra-sensitive signal generation, multi-application platform and detection technology. RLS Technology can be combined with QIAGEN's leading nucleic acid sample handling separation and purification products to create an integrated solution for applications including the labeling and analysis of self-spotted nucleic acid microarrays. Financial terms were not disclosed.
Genicon Sciences' RLS (Resonance Light Scattering) Technology is an ultra-sensitive signal generation, multi-application platform and detection technology for the simple and efficient detection, measurement and analysis of biological interactions.
By using these proprietary ``nano-sized'' particle labels that specifically bind to targeted molecules, minimal sample amounts of targeted nucleic acids and proteins can be measured by simple, low cost white light source-based instrumentation. The ultra-high sensitivity of RLS Technology allows researchers to access novel biological information and avoid time-consuming, expensive and information-distorting amplification procedures such as PCR.
Under the terms of the agreement, Genicon Sciences will supply QIAGEN with its proprietary RLS Microarray Toolkit products which QIAGEN will market to its customers in combination with QIAGEN's broad portfolio of technology-leading nucleic acid purification consumables via QIAGEN's extensive marketing and distribution platform.
Dr. Ulrich Schriek, Vice President of Corporate Business Development at QIAGEN remarked, ``This exclusive distribution of Genicon's RLS Microarray Toolkit Products allows QIAGEN's customers to seamlessly integrate QIAGEN's established preanalytical nucleic acid sample handling and purification technologies with Genicon's exciting, ultra-sensitive labeling and detection technology. This alliance, therefore, further expands QIAGEN's position as a leader in nucleic acid sample handling and purification in the rapidly growing microarray market, as the resulting, integrated products facilitate the analysis of self-spotted arrays with a robust, ultra-sensitive, low-cost, and multi-analyte detection technology for all kinds of arrayable molecules. The products resulting from this alliance with Genicon are therefore uniquely complementary with QIAGEN's recently launched Zeptosens products which address the needs of the pre-spotted array customers.''
``We are pleased to establish this strategic partnership with QIAGEN, the leading company in sample preparation and molecular analysis in the research market,'' said Patrick Mallon, President & CEO of Genicon Sciences. ``A central tenet of Genicon Sciences' business model is to provide open access to our RLS Technology. This relationship is a key step toward making the technology commercially available to others through QIAGEN's powerful sales and marketing resources.''<<
snip
I've been accumulating QGENF lately, on the theory that consumables companies would do all right. QGENF has done all right, but has been whacked like all the biotech tool companies. Is it P/E compression? Or is it overreaction? Probably some of both, and I would expect QGENF to firm up here.
Cheers, Tuck |
