QIAGEN Reports Full-Year and Fourth Quarter 201...
Qiagen N.V. /
QIAGEN Reports Full-Year and Fourth Quarter 2010 Results
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The issuer is solely responsible for the content of this announcement.
* Full-year net sales of $1.09 billion achieve target, with +8% CER organic
growth excluding swine flu-related products
* Full-year adjusted EPS of $0.93 ($0.94 CER) achieves target as productivity
initiatives underpin adjusted operating income margin of 28% (29% CER)
* Strategic initiatives led by successful rollout of versatile QIAsymphony RGQ
system, focus on Europe; first of several U.S. assay submissions in 2011
* Molecular content investments creating value for all customer classes -
highlighted by initiatives to build on leadership in companion diagnostics
* QIAGEN expects adjusted earnings to grow at a faster pace than sales in
2011, focus on expansion to further accelerate growth in 2012
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.
"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.
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.
Business Review
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
compared to 2009.
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.
Academia (25% of total sales) achieved 10% CER total sales growth in 2010,
reaffirming indications for a solid longer-term outlook and more than
compensating for a slower performance in the second half of the year. Sales in
the fourth quarter rose 5% CER compared to the year-ago period.
Focus on Expansion in 2011 to Further Accelerate Growth in 2012
QIAGEN is making rapid progress on strategic initiatives to leverage its global
leadership in sample and assay technologies to expand its position in all
customer classes. A key focus is molecular diagnostics, which is transforming
human healthcare through the increasing use of technologies to unlock and
analyze valuable molecular content from biological materials. Molecular
diagnostics currently provides approximately half of QIAGEN's sales, and this
contribution is expected to grow rapidly in these four pillars: prevention,
profiling, personalized healthcare and point of need testing.
Capitalizing on industry-leading R&D activities, QIAGEN continues to build its
product portfolio across its customer classes - with 86 new product launches in
2010 - and expand in high-growth geographic markets, particularly in Asia.
A key 2010 milestone was the successful European launch of QIAsymphony RGQ, a
next-generation automated modular testing platform that addresses customer
demands for a versatile mid-throughput system and is expected to drive the
global expansion of QIAGEN's molecular tests for profiling and personalized
healthcare. QIAsymphony RGQ is the first modular system that automates entire
laboratory workflows from initial sample preparation to final result. It also
allows customers to run commercial assays as well as to develop and conduct
their own PCR-based tests. The European launch began in late 2010 with a broad
range of molecular tests, including virology assays such as HIV, HCV and HBV
(hepatitis C and B) as well as tests related to organ transplantation and other
advanced tests.
The U.S. introduction of QIAsymphony RGQ will be accompanied by an extensive
development program involving over 10 molecular assays that are expected to
increasingly improve the value of this instrument to customers, particularly
hospital laboratories that are only now starting to adopt molecular
technologies. Regulatory submissions planned for 2011 include assays involving
the infectious diseases CMV (cytomegalovirus) and EBV (Epstein-Barr virus) as
well as for influenza. Assay development programs are also set to begin in 2011
involving the infectious diseases HIV-1, HBV and HCV. QIAGEN gained access to
HIV-1 and HCV, which are among the most frequently performed molecular
diagnostic tests in the U.S., through an agreement with Abbott in October 2010.
As an important future growth driver in molecular diagnostics, QIAGEN is
positioned as a global leader in personalized healthcare with more than 15
projects to develop companion diagnostics for leading pharmaceutical companies.
These molecular assays, which are used on QIAsymphony RGQ, provide information
to guide treatment decisions, particularly in cancer patients. In Europe, a
series of QIAGEN companion diagnostics have received regulatory approvals. In
the U.S., the modular submission of the therascreen KRAS assay, which determines
the gene mutation status in patients with metastatic colon cancer, began in late
2010 and is expected to be completed in the first half of 2011. Approval of the
KRAS assay would mark another milestone in creating this business, which
benefited greatly from the September 2009 acquisition of DxS and subsequent
integration in 2010. In addition to KRAS, development programs are under way
involving biomarkers including those targeting BRAF, EGFR as well as PI3K, for
which QIAGEN acquired a global and co-exclusive license in 2009, and also for
several other proprietary biomarkers.
Building on the acquisitions of SABiosciences and DxS, QIAGEN continues to
strengthen its capabilities in analyzing molecular content. In January 2011,
QIAGEN has agreed to acquire a strategic stake in Alacris Theranostics GmbH, a
German company using proprietary technologies to develop individualized therapy
approaches based upon a patient's genomic profile. QIAGEN gained an exclusive
option to access all biomarkers emerging from this discovery program.
Alacris uses a proprietary modeling system to analyze clinical sample data based
on next-generation and other whole genome, transcriptome, epigenome and other
analyte sequencing technologies. Biomarkers selected from this research can be
formatted into targeted real-time PCR-based assays that QIAGEN can commercialize
in its pharmaceutical development assay portfolio or its therascreen molecular
diagnostics portfolio for use on the QIAsymphony RGQ platform.
In prevention, which at this point primarily involves HPV tests in the U.S. to
screen women for risk of cervical cancer, market conversion initiatives are
being expanded to include major hospital networks and managed care
organizations, building on the 40% market conversion level achieved in 2010. The
sharp decline in patient visits to physicians for prevention screening tests in
the U.S. during 2010, which was driven by challenging economic conditions, is
expected to moderate slightly during 2011. QIAGEN expects higher HPV sales in
2011 based on further success in U.S. market conversion initiatives, while also
taking into account factors that include the anticipated entry of competitors
during the year. Initiatives are also continuing in key European markets to
drive adoption of HPV testing.
Expansion into new high-potential geographic markets is a core priority. In
China, which has become the company's third-largest geographic market, QIAGEN
has established a presence with about 350 employees in sales, marketing and
manufacturing. In India, a new organization was created in January 2011, marking
the direct entry into another of the world's fastest-growing healthcare markets.
Expansion initiatives targeting other markets are being developed.
QIAGEN is considering various targeted acquisitions in line with its focused,
consistent and value-creating strategy. Acquisitions in the past have provided
access to complementary technologies, commercial capabilities and new geographic
markets. Among examples of the success of this strategy are the integrations of
SABiosciences and DxS, which were both completed ahead of schedule in 2010
following acquisitions in 2009. Both have significantly contributed to the
expansion of QIAGEN's positions in molecular content and personalized
healthcare.
2011 Outlook
QIAGEN aims to expand faster than its markets in 2011, delivering earnings
growth at a faster pace than net sales. Full-year net sales are expected to rise
approximately 5-7% CER, reflecting organic growth and no meaningful
contributions from acquisitions completed in 2010. Adjusted earnings per share
are expected to grow approximately 7-13% CER. Results are expected to be soft in
the first quarter of 2011, but to move toward substantially higher growth rates
later in the year, driven by a combination of increased sales volumes and new
product launches. These expectations do not take into account any acquisitions
that could be completed during the year and an improving economic environment,
which could provide additional growth contributions.
Conference Call and Webcast Details
Detailed information on QIAGEN's business and financial performance will be
presented during a conference call on Tuesday, February 1, 2011, at 9:30 ET /
15:30 CET. The corresponding presentation slides will be available for download
shortly before the conference call at www.qiagen.com/goto/ConferenceCall, and a
webcast is available at this website. A replay will also be made available on
this website.
Use of Adjusted Results
QIAGEN has regularly reported adjusted results, as well as results considered on
a constant exchange rate basis, to give additional insight into its financial
performance. Adjusted results should be considered in addition to the reported
results prepared in accordance with generally accepted accounting principles,
but should not be considered as a substitute. The company believes certain items
should be excluded from adjusted results when they are outside of its ongoing
core operations, vary significantly from period to period, or affect the
comparability of results with the company's competitors and its own prior
periods. Reconciliations of reported results to adjusted results are included in
the tables accompanying this release.
About QIAGEN
QIAGEN N.V., a Netherlands holding company, is the leading global provider of
sample and assay technologies. Sample technologies are used to isolate and
process DNA, RNA and proteins from biological samples such as blood or tissue.
Assay technologies are used to make these isolated biomolecules visible. QIAGEN
has developed and markets more than 500 sample and assay products as well as
automated solutions for such consumables. QIAGEN provides its products to
molecular diagnostics laboratories, academic researchers, pharmaceutical and
biotechnology companies, and applied testing customers for purposes such as
forensics, animal or food testing and pharmaceutical process control. QIAGEN's
assay technologies include one of the broadest panels of molecular diagnostic
tests available worldwide. This panel includes the first FDA-approved test for
human papillomavirus (HPV), the primary cause of cervical cancer. QIAGEN employs
nearly 3,600 people in over 30 locations worldwide. Further information about
QIAGEN can be found at
http://www.qiagen.com/.
Certain of the statements contained in this news release may be considered
forward-looking statements within the meaning of Section 27A of the U.S.
Securities Act of 1933, as amended, and Section 21E of the U.S. Securities
Exchange Act of 1934, as amended. To the extent that any of the statements
contained herein relating to QIAGEN's products, markets, strategy or operating
results, including without limitation its expected operating results, are
forward-looking, such statements are based on current expectations and
assumptions that involve a number of uncertainties and risks. Such uncertainties
and risks include, but are not limited to, risks associated with management of
growth and international operations (including the effects of currency
fluctuations, regulatory processes and dependence on logistics), variability of
operating results and allocations between business segments, the commercial
development of markets for our products in applied testing, personalized
healthcare, clinical research, proteomics, women's health/HPV testing and
nucleic acid-based molecular diagnostics; changing relationships with customers,
suppliers and strategic partners; competition; rapid or unexpected changes in
technologies; fluctuations in demand for QIAGEN's products (including
fluctuations due to general economic conditions, the level and timing of
customers' funding, budgets and other factors); our ability to obtain regulatory
approval of our products; difficulties in successfully adapting QIAGEN's
products to integrated solutions and producing such products; the ability of
QIAGEN to identify and develop new products and to differentiate and protect our
products from competitors' products; market acceptance of QIAGEN's new products
and the integration of acquired technologies and businesses. For further
information, please refer to the discussions in reports that QIAGEN has filed
with, or furnished to, the U.S. Securities and Exchange Commission (SEC).
###
Contacts:
Investor Relations  Public Relations
Dr. Solveigh Mähler +49 2103 29 11710 Dr. Thomas Theuringer +49 2103 29 11826
Albert F. Fleury +1 301 944 7028
e-mail: ir@qiagen.com  e-mail: pr@qiagen.com
QIAGEN N.V.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
   Twelve months
(in thousands, except per share data) Â ended December 31,
----------------------
   2010  2009
----------- ----------
Net sales  1,087,431  1,009,825
  Cost of sales  371,869  342,752
----------- ----------
Gross profit  715,562  667,073
----------- ----------
Operating expenses:
 Research and development  126,040  107,900
 Sales and marketing  267,484  244,814
 General and administrative, integration and other  110,009  115,933
 Acquisition-related intangible amortization  23,492  18,221
----------- ----------
Total operating expenses  527,025  486,868
----------- ----------
Income from operations  188,537  180,205
----------- ----------
Other income (expense):
 Interest income  4,457  3,522
 Interest expense  (27,815)   (29,641)
 Other income, net  7,942  18,244
----------- ----------
Total other expense   (15,416)   (7,875)
----------- ----------
Income before provision for income taxes  173,121  172,330
Provision for income taxes  28,810  34,563
----------- ----------
Net income  144,311  137,767
 Weighted average number of diluted common shares  240,483  213,612
 Diluted net income per common share   $ 0.60   $ 0.64
 Diluted net income per common share, adjusted   $ 0.93   $ 0.93
QIAGEN N.V.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
   Three months
(in thousands, except per share data) Â ended December 31,
--------------------
   2010  2009
---------- ---------
Net sales  286,032  289,077
  Cost of sales  97,008  100,965
---------- ---------
Gross profit  189,024  188,112
---------- ---------
Operating expenses:
 Research and development  34,039  30,560
 Sales and marketing  69,852  68,957
 General and administrative, integration and other  28,747  39,723
 Acquisition-related intangible amortization  5,614  5,933
---------- ---------
Total operating expenses  138,252  145,173
---------- ---------
Income from operations  50,772  42,939
---------- ---------
Other income (expense):
 Interest income  1,040  980
 Interest expense   (6,912)   (7,504)
 Other income, net  474  12,996
---------- ---------
Total other (expense) income   (5,398)  6,472
---------- ---------
Income before provision for income taxes  45,374  49,411
Provision for income taxes  9,084  4,947
---------- ---------
Net income  36,290  44,464
 Weighted average number of diluted common shares  239,393  241,018
 Diluted net income per common share   $ 0.15   $ 0.18
 Diluted net income per common share, adjusted   $ 0.26   $ 0.24
QIAGEN N.V.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value) Â December 31, Â December 31,
     2010  2009
------------------- ------------------
Assets   (unaudited)
Current Assets:
 Cash and cash equivalents       828,407       825,557
 Short-term investments       106,077       40,000
 Accounts receivable, net       197,418       193,737
 Income taxes receivable        10,920       12,907
 Inventories, net       126,633       130,851
 Prepaid expenses and other        64,402       96,893
 Deferred income taxes        30,731       33,525
------------------- ------------------
   Total current assets     1,364,588     1,333,470
------------------- ------------------
Long-Term Assets:
 Property, plant and equipment, net       345,664       317,467
 Goodwill     1,352,281     1,337,064
 Intangible assets, net       753,327       752,296
 Deferred income taxes        37,182       26,387
 Other assets        60,953       29,780
------------------- ------------------
   Total long-term assets     2,549,407     2,462,994
------------------- ------------------
------------------- ------------------
  Total assets     3,913,995     3,796,464
Liabilities and Shareholders' Equity
Current Liabilities:
 Accounts payable        47,803       43,775
 Accrued and other liabilities       209,054       252,116
 Income taxes payable        25,211       10,727
 Current portion of long-term debt        75,835       50,000
 Deferred income taxes        30,504       18,912
------------------- ------------------
   Total current liabilities       388,407       375,530
------------------- ------------------
Long-Term Liabilities:
 Long-term debt, net of current portion       797,171       870,000
 Deferred income taxes       200,667       212,690
 Other liabilities        51,397       47,075
------------------- ------------------
   Total long-term liabilities     1,049,235     1,129,765
------------------- ------------------
Shareholders' Equity:
 Common shares, EUR .01 par value:
  Authorized - 410,000 shares
  Issued and outstanding - 233,115
shares
   in 2010 and 232,074 shares in
2009 Â Â Â Â Â Â 2,724 Â Â Â Â Â Â Â 2,711
  Additional paid-in capital     1,648,985     1,622,733
  Retained earnings       759,890       615,579
  Accumulated other comprehensive
income       64,754       50,146
------------------- ------------------
   Total shareholders' equity     2,476,353     2,291,169
------------------- ------------------
------------------- ------------------
  Total liabilities and shareholders'
equity    3,913,995     3,796,464
QIAGEN N.V.
RECONCILIATION OF REPORTED TO ADJUSTED FIGURES
(unaudited)
Twelve months ended December 31, 2010
(in $ millions, except EPS data)
  Net Gross Operating Pre-tax Income Net  Diluted
Sales Profit Income Income Tax Income EPS*
---------------------------------------------------------------
Reported results 1,087.4 715.6 188.5 173.1 Â (28.8) 144.3 Â Â $ Â 0.60
Adjustments:
 Business
integration,
acquisition
related and
restructuring
costs and tax
benefit from
restructuring    -  1.3 20.8 20.6  (8.1) 12.5   0.05
 Purchased
intangibles
amortization    -  61.8 85.3 85.3  (30.1) 55.2   0.23
 Share-based
compensation    -  0.9 13.6 13.6  (2.9) 10.7   0.05
---------------------------------------------------------------
 Total
adjustments    -  64.0 119.7 119.5  (41.1) 78.4   0.33
---------------------------------------------------------------
Adjusted results 1,087.4 779.6 308.2 292.6 Â (69.9) 222.7 Â Â $ Â 0.93
* Using 240.5 M diluted shares
Twelve months ended December 31, 2009
(in $ millions, except EPS data)
  Net Gross Operating Pre-tax Income Net  Diluted
Sales Profit Income Income Tax Income EPS*
---------------------------------------------------------------
Reported Results 1,009.8 667.1 180.2 172.3 Â (34.5) 137.8 Â Â $ Â 0.64
Adjustments:
 Business
integration,
acquisition
related and
restructuring
costs - Â 7.4 34.4 34.4 Â (11.3) 23.1 Â Â 0.11
 Purchased
intangible
amortization - Â 53.6 71.8 71.8 Â (25.6) 46.2 Â Â 0.22
 Share-based
compensation - Â 0.8 9.7 9.7 Â (2.9) 6.8 Â Â 0.03
 Income from
divestitures
and other
acquisition
related income - Â - Â - Â Â (12.9) Â (3.2) Â (16.1) Â Â (0.08)
 Acquisition
related write-
off of prepaid
expenses and
other asset
impairment - Â - Â - Â 2.7 Â (0.9) 1.8 Â Â 0.01
---------------------------------------------------------------
 Total
adjustments - Â 61.8 115.9 105.7 Â (43.9) 61.8 Â Â 0.29
---------------------------------------------------------------
Adjusted results 1,009.8 728.9 296.1 278.0 Â (78.4) 199.6 Â Â $ Â 0.93
* Using 213.6 M diluted shares
QIAGEN N.V.
RECONCILIATION OF REPORTED TO ADJUSTED FIGURES
(unaudited)
Three months ended December 31, 2010
(in $ millions, except EPS data)
  Net Gross Operating Pre-tax Income Net Diluted EPS*
Sales Profit Income Income Tax Income
------------------------------------------------------------
Reported results 286.0 189.0 50.8 45.4 Â (9.1) 36.3 Â $ 0.15
Adjustments:
 Business
integration,
acquisition
related and
restructuring
costs and tax
benefit from
restructuring - 0.4 6.6 7.1 1.0 8.1 Â 0.03
 Purchased
intangibles
amortization - 15.8 21.4 21.4 Â (7.5) 13.9 Â 0.06
 Share-based
compensation - 0.3 3.6 3.6 0.1 3.7 Â 0.02
------------------------------------------------------------
 Total adjustments - 16.5 31.6 32.1  (6.4) 25.7  0.11
------------------------------------------------------------
Adjusted results 286.0 205.5 82.4 77.5 Â (15.5) 62.0 Â $ 0.26
* Using 239.4 M diluted shares
Three months ended December 31, 2009
(in $ millions, except EPS data)
  Net Gross Operating Pre-tax Income Net Diluted
Sales Profit Income Income Tax Income EPS*
------------------------------------------------------------
Reported results 289.1 188.1 42.9 49.4 Â (4.9) 44.5 Â $ 0.18
Adjustments:
 Business
integration,
acquisition
related and
restructuring
costs - 4.2 17.9 17.9 Â (6.3) 11.6 0.05
 Purchased
intangibles
amortization - 14.3 20.2 20.2 Â (7.5) 12.7 0.05
 Share-based
compensation - 0.1 2.4 2.4 Â (0.7) 1.7 0.01
 Income from
divestitures and
other acquisition
related income - - - Â (10.5) Â (2.4) Â (12.9) Â (0.05)
------------------------------------------------------------
 Total adjustments - 18.6 40.5 30.0  (16.9) 13.1 0.06
------------------------------------------------------------
Adjusted results 289.1 206.7 83.4 79.4 Â (21.8) 57.6 Â $ 0.24
* Using 241.0 M diluted shares
--- End of Message ---
Qiagen N.V.
Spoorstraat 50 KJ Venlo Netherlands
Listed: Freiverkehr in Börse Stuttgart,
Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg,
Freiverkehr in Börse Berlin,
Freiverkehr in Börse Düsseldorf,
Freiverkehr in Bayerische Börse München,
Freiverkehr in Niedersächsische Börse zu Hannover,
Prime Standard in Frankfurter Wertpapierbörse;
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Qiagen N.V. via Thomson Reuters ONE
[HUG#1483971]
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