Qiagen 3Q profit jumps on boost in test sales

AP News
Posted: Nov 10, 2009 12:09 PM

Diagnostic products maker Qiagen NV said Monday its third-quarter profit jumped 81 percent on a boost in test sales and businesses acquired over the last year.

The company, based in the Netherlands, earned $37.7 million, or 18 cents per share, compared with profit of $20.8 million, or 10 cents per share, in the year-earlier period. Sales rose 12.5 percent to $259.7 million from $230.8 million.

Excluding acquisition and other charges, the company earned 26 cents per share. Analysts surveyed by Thomson Reuters expected profit of 27 cents per share on revenue of $252.6 million.

Qiagen said the results include revenue from companies it bought over the last year, including DxS Ltd. and Corbett Life Science.

Revenue growth was highest in sales to molecular diagnostics customer, at about 50 percent, the company said, fueled by HPV screening and flu tests. Pharmaceutical customers followed with about 21 percent of the total revenue.

Looking ahead, the company said it expects full-year adjusted profit between 88 cents and 90 cents per share, narrowed from prior guidance of 86 cents to 90 cents per share. Analysts expect 87 cents per share in profit.

Shares of Qiagen rose $1, or 4.5 percent, to $23.39 in midday trading Tuesday. The stock earlier reached a 52-week high of $23.58.