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Qiagen NV Looks for a Strong Second Half

Qiagen (NASDAQ:QGEN) released first-quarter earnings on Thursday, with stagnant growth and investments cutting into the bottom line. The second half of the year looks to be more impressive, but let's take a look at the current quarter for now.

Qiagen results: The raw numbers

Metric

Q1 2016 Actuals

Q1 2015 Actuals

Growth (YOY)

Adjusted net sales

$298.4 million

$298.7 million

0%

Adjusted earnings from operations

$53.4 million

$67.4 million

(21%)

Adjusted earnings per share

$0.19

$0.22

(14%)

What happened with Qiagen this quarter?

  • Like many international companies, Qiagen's revenue were hurt by the stronger dollar. At constant currencies, revenue would have been up 2%.
  • Declining sales of HPV tests continue to hurt sales, but only by 2 percentage points -- less than previous quarters as the HPV test becomes a small portion of overall sales. For the year, management predicts the impact will only be 1 to 2 percentage points.
  • Sales in Qiagen's applied testing segment dropped 5% at constant currencies because of declining sales of instruments, but the segment makes up only about 8% of sales, so the decline didn't affect overall revenue much.
  • Earnings fell year over year because Qiagen stepped up investments in sales and marketing, and research and...

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