QIAGEN N.V. (QGEN) has reported an 83.05 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $8.62 million, or $0.04 a share in the quarter, compared with $50.87 million, or $0.21 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $36.50 million, or $0.15 a share compared with $76.20 million or $0.32 a share, a year ago.
Revenue during the quarter grew 5.16 percent to $366.52 million from $348.54 million in the previous year period. Gross margin for the quarter contracted 189 basis points over the previous year period to 62.21 percent. Total expenses were 98.86 percent of quarterly revenues, up from 83.58 percent for the same period last year. That has resulted in a contraction of 1527 basis points in operating margin to 1.14 percent.
Operating income for the quarter was $4.19 million, compared with $57.22 million in the previous year period.
However, the adjusted operating income for the quarter stood at $44.50 million compared to $92.80 million in the prior year period. At the same time, adjusted operating margin contracted 1448 basis points in the quarter to 12.14 percent from 26.63 percent in the last year period.
"QIAGEN's performance during 2016 shows our transformation is building momentum thanks to the power of our Sample to Insight portfolio and we are moving ahead on a new growth trajectory," said Peer M. Schatz, chief executive officer of QIAGEN N.V. "We have strengthened our position as a global leader in molecular testing, and we expect to make significant progress in 2017."
Operating cash flow improves
QIAGEN N.V. has generated cash of $341.60 million from operating activities during the year, up 7.59 percent or $24.10 million, when compared with the last year.
The company has spent $179.06 million cash to meet investing activities during the year as against cash outgo of $146.20 million in the last year. It has incurred net capital expenditure of $93.86 million on net basis during the year, down 20.04 percent or $23.52 million from year ago.
The company has spent $10.60 million cash to carry out financing activities during the year as against cash outgo of $258.61 million in the last year period.
Cash and cash equivalents stood at $439.18 million as on Dec. 31, 2016, up 51.44 percent or $149.17 million from $290.01 million on Dec. 31, 2015.
Debt moves up marginally
QIAGEN N.V. has witnessed an increase in total debt over the last one year. It stood at $1,067.10 million as on Dec. 31, 2016, up 1.72 percent or $18.07 million from $1,049.03 million on Dec. 31, 2015. QIAGEN NV has witnessed an increase in long-term debt over the last one year. It stood at $1,067.10 million as on Dec. 31, 2016, up 1.72 percent or $18.07 million from $1,049.03 million on Dec. 31, 2015. Interest coverage ratio deteriorated to 0.39 for the quarter from 5.93 for the same period last year.
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