- Achieved 2013 targets: Adjusted net sales $1.31 billion (+5% CER), growth in all regions and customer classes; adjusted operating income $355.8 million; adjusted EPS $1.14
- Q4 2013 results: Adjusted net sales $362.6 million (+5% CER); adjusted operating income $106.3 million; adjusted EPS $0.36
- Ambition to build on 2013 progress to further accelerate innovation and growth in 2014
- FDA submissions completed for C. difficile infection assay as well as for full QIAsymphony workflow; target set for 250 new QIAsymphony placements in 2014
- Record number of new companion diagnostics co-development agreements; new therascreen launches strengthen Personalized Healthcare leadership
- QuantiFERON-TB continues rapid growth as the new gold standard for latent TB detection, expected 2014 sales to exceed $100 million, preparing for China launch
- Next-generation sequencing initiatives progressing with plans for rollout of new universal products, bioinformatics and GeneReader benchtop NGS workflow
- QIAGEN expects to deliver higher adjusted net sales and earnings in 2014
QIAGEN N.V. (NASDAQ: QGEN; Frankfurt Prime Standard: QIA) announced results of operations for the fourth quarter and full-year 2013, delivering sales growth in all regions and customer classes along with improved profitability.
"We are pleased with our performance in 2013. We achieved our targets for improved sales and adjusted earnings through growth in all customer classes and regions and made significant progress on strategic initiatives to accelerate innovation and growth for the future," said Peer M. Schatz, Chief Executive Officer of QIAGEN N.V.
"We have created a strong focus on five growth drivers that have the potential to transform QIAGEN. Adoption of our QIAsymphony automation platform continues to set new standards, and we recently completed important U.S. regulatory submissions for the full QIAsymphony workflow and are expanding the test menu. We continue to drive global expansion of the QuantiFERON-TB latent tuberculosis test, which is set to exceed $100 million of sales in 2014. We are also seeing strong momentum in our industry-leading Personalized Healthcare portfolio with a significant number of new partnership agreements signed in 2013. In bioinformatics and next-generation sequencing, two emerging growth drivers for QIAGEN, we are moving ahead with initiatives to expand our portfolio of universal products and services - particularly our leadership in bioinformatics analysis and interpretation - as well as developing the sample-to-insight GeneReader NGS benchtop workflow. We are well-positioned to achieve our goals for 2014 and deliver on our mission of making improvements in life possible."
Full-year 2013 results
Change
In $ millions, except per share
information 2013 2012 $ CER
Net sales, adjusted 1,306.3 1,254.5 4% 5%
Operating income, adjusted 355.8 356.4 0%
Net income, adjusted 275.1 260.7 6%
Diluted EPS, adjusted $1.14 $1.08
For information on the adjusted figures, please refer to the
reconciliation table accompanying this release. Adjusted net sales is
a non-GAAP measure that includes all revenue contributions of
Ingenuity following the acquisition on April 29, 2013, and CLC bio on
August 22, 2013. Due to purchase accounting rules, reported net sales
is reduced by fair value adjustments to deferred revenue related to
sales contracts executed by Ingenuity and CLC bio prior to the
acquisitions.
Adjusted net sales rose 5% at constant exchange rates (CER) in 2013 on growth in all regions and customer classes, particularly Molecular Diagnostics (+7% CER) and Applied Testing (+6% CER), as higher sales of consumables and other revenues (+6% CER) more than offset lower instrument sales (-4% CER). Total CER sales growth was split about evenly between the existing product portfolio and the acquisitions of Ingenuity (acquired April 29, 2013), CLC bio (acquired August 22, 2013) and AmniSure International LLC (acquired May 3, 2012). Currency movements had a negative impact of approximately 1 percentage point on reported sales growth.
Operating income in 2013 amounted to $63.3 million compared to $169.8 million in 2012, due mainly to restructuring charges of $119.4 million related to a major efficiency project completed in 2013. Adjusted operating income, which excludes items such as restructuring and acquisition-related costs, share-based compensation and amortization of intangible assets, was largely unchanged at $355.8 million in 2013 compared to $356.4 million in 2012. The adjusted operating income margin declined to 27% of sales in 2013 from 28% in 2012, mainly due to approximately 100 basis points of dilution as a result of investments following the acquisitions of Ingenuity and CLC bio.
Net income attributable to owners of QIAGEN N.V. in 2013 amounted to $69.1 million, or $0.29 per diluted share (based on 242.2 million shares), compared to $129.5 million, or $0.54 per share (based on 240.7 million shares) in 2012. Adjusted net income rose 6% to $275.1 million, or $1.14 per share on an adjusted diluted EPS basis, from $260.7 million, or $1.08 per share in 2012.
At December 31, 2013, cash and cash equivalents declined to $330.3 million from $394.0 million at December 31, 2012. Net cash provided by operating activities rose to $259.0 million in 2013 compared to $245.0 million in 2012, with free cash flow improving to $174.5 million from $142.9 million in the year-ago period. Net cash used in investing activities was $251.7 million in 2013, lower than the $300.9 million of net cash used in 2012. Net cash used in financing activities was $68.8 million in 2013, mainly for the share repurchase programs, compared to cash provided by financing activities of $226.6 million in 2012.
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