25 Jul 2012, BioSpectrum Bureau , BioSpectrum
Singapore: QIAGEN reported results of operations for the second quarter and first half of 2012, delivering a solid performance and making significant progress on strategic initiatives to drive innovation and growth. QIAGEN also raised the outlook for full-year net sales and adjusted EPS targets and announced a program to repurchase up to $100 million of its shares.
The firm reported a nine percent increase in net sales (increase of 14 percent CER) to $307.2 million on growth in all customer classes, with adjusted diluted EPS growing to $0.25 per share. QIAGEN also raised its full-year outlook for net sales and adjusted earnings growth in 2012. the company witnessed accelerating growth while making significant progress on strategic initiatives.
QIAGEN's platform success with QIAsymphony placements was on track for the 2012 target and it added content with US approval of therascreen KRAS companion diagnostic. QIAGEN also developed a new growth driver with initiative to provide next-generation sequencing workflow in order to meet clinical needs. The firm also launched a program that authorized the repurchase up to $100 million in QIAGEN shares.
Mr Peer M Schatz, CEO, QIAGEN, said that, "Our team is focused on growth drivers such as expanding placements of our QIAsymphony platform and adding valuable content across our customer classes and regions. In addition to accelerating organic growth, innovative products we gained in the acquisitions of Cellestis, Ipsogen and AmniSure have opened up new markets, and U.S. approval of our KRAS companion diagnostic will propel further growth in Personalized Healthcare. Our initiative to grow more efficiently and effectively is creating change for the better in all areas of the organization and we are reallocating resources to maximize value. QIAGEN is well positioned to achieve its goal to accelerate growth in 2012."
Mr Roland Sackers, CFO, QIAGEN, said that, "The strong increase in sales across QIAGEN's product portfolio, our global operations and focus on cost management drove double-digit growth in adjusted net income for the second quarter and first half of 2012. To grow more efficiently and effectively, QIAGEN is reallocating resources freed up by cost cutting to support our strategic initiatives. Thanks to the sustained growth of QIAGEN, we are able to invest in our businesses and also use a portion of our financial capacity to repurchase shares."