QIAGEN NV (QGEN) has reported a 12.35 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $17.65 million, or $0.08 a share in the quarter, compared with $15.71 million, or $0.07 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $47.80 million, or $0.20 a share compared with $44.90 million or $0.19 a share, a year ago.
Revenue during the quarter grew 3.13 percent to $307.71 million from $298.38 million in the previous year period. Gross margin for the quarter expanded 172 basis points over the previous year period to 63.65 percent. Total expenses were 92.28 percent of quarterly revenues, down from 94.47 percent for the same period last year. This has led to an improvement of 218 basis points in operating margin to 7.72 percent.
Operating income for the quarter was $23.75 million, compared with $16.51 million in the previous year period.
However, the adjusted operating income for the quarter stood at $60 million compared to $54.50 million in the prior year period. At the same time, adjusted operating margin improved 123 basis points in the quarter to 19.50 percent from 18.27 percent in the last year period.
"QIAGEN delivered a good start into 2017, and this has reaffirmed our confidence in achieving full-year goals for strong sales growth and a double-digit increase in adjusted earnings per share," said Peer M. Schatz, Chief Executive Officer of QIAGEN N.V. "The progress we are making in 2017 is providing further support for QIAGEN’s ambitions for faster sales growth, double-digit earnings gains and increased cash flows through 2020.
Operating cash flow improves
QIAGEN NV has generated cash of $60.16 million from operating activities during the quarter, up 23.55 percent or $11.47 million, when compared with the last year period.
The company has spent $11.59 million cash to meet investing activities during the quarter as against cash inflow of $17.68 million in the last year period.
The company has spent $244.45 million cash to carry out financing activities during the quarter as against cash outgo of $3.97 million in the last year period.
Cash and cash equivalents stood at stood at $245.45 million as at Mar. 31, 2017.
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