QIAGEN (NYSE: QGEN; Frankfurt Prime Standard: QIA) announced
results for the second quarter and first half of 2023.
Net sales results of $497 million at constant
exchange rates (CER) for Q2 2023 were above the outlook for at
least $490 million CER, driven by 9% CER growth in the non-COVID-19
portfolio. Overall sales results for Q2 2023 declined 4% (-4% CER)
to $495 million from Q2 2022, a period marked by significant
COVID-19 sales. Adjusted diluted earnings per share (EPS) were
$0.51, and results of $0.52 CER were above the outlook for at least
$0.50 CER.
QIAGEN has revised its full-year 2023 outlook
for net sales of at least $1.97 billion (prior $2.05 billion CER)
due mainly to the significant drop in COVID-19 test demand and
volatility in large-scale customer bulk orders in the OEM (Original
Equipment Manufacturer) business, which impacts both COVID and
non-COVID sales results. Sales growth from the non-COVID product
groups is now expected to be at least 8% CER, driven by ongoing
solid consumables demand across the portfolio. Adjusted diluted EPS
are now expected to be at least $2.07 CER (prior $2.10 CER).
“Our teams at QIAGEN exceeded the outlook we set
for both sales and profitability in the second quarter of 2023,"
said Thierry Bernard, Chief Executive Officer of QIAGEN. "This
performance was especially important given the significant drop-off
in COVID-19 testing and challenging macro environment.”
“We are executing on a strategy to develop our
portfolio across the Life Sciences and Molecular Diagnostics
customer classes. The solid 9% CER sales growth in our non-COVID
business shows the resilience of this portfolio, with 10% CER
growth in our highly recurring consumables portfolio across all
customer classes and led by QuantiFERON quarterly sales exceeding
$100 million for the first time. We are well-positioned to
continue our track record of delivering solid sales growth trends
well beyond 2023 as we as we move beyond the impact of COVID-19
headwinds.”
Roland Sackers, Chief Financial Officer of
QIAGEN, said: “Our results show the resilience of our portfolio due
to the significant share of recurring consumables revenues. Despite
making significant investments into the business, particularly
R&D investments that were about 10% of sales in the first half
of 2023, QIAGEN achieved an adjusted operating income margin above
27% of sales in the second quarter of 2023 as we exceeded our
targets for both sales and adjusted EPS.”
Please find a PDF of the full press release
incl. tables here.
Investor presentation and conference
call
A conference call is planned for Wednesday,
August 9, 2023 at 15:00 Frankfurt Time / 14:00 London Time / 9:00
New York Time. A live audio webcast will be made available in
the investor relations section of the QIAGEN website, and a
recording will also be made available after the event. A
presentation is planned to be available before the conference call
at
https://corporate.qiagen.com/investor-relations/events-and-presentations/default.aspx.
Use of adjusted results
QIAGEN reports adjusted results, as well as
results on a constant exchange rate (CER) basis, and other non-U.S.
GAAP figures (generally accepted accounting principles), to provide
additional insight into its performance. These results include
adjusted net sales, adjusted gross income, adjusted gross profit,
adjusted operating income, adjusted operating expenses, adjusted
operating income margin, adjusted net income, adjusted net income
before taxes, adjusted diluted EPS, adjusted EBITDA, adjusted EPS,
adjusted income taxes, adjusted tax rate, and free cash flow. Free
cash flow is calculated by deducting capital expenditures for
Property, Plant & Equipment from cash flow from operating
activities. Adjusted results are non-GAAP financial measures that
QIAGEN believes should be considered in addition to reported
results prepared in accordance with GAAP but should not be
considered as a substitute. QIAGEN believes certain items should be
excluded from adjusted results when they are outside of ongoing
core operations, vary significantly from period to period, or
affect the comparability of results with competitors and its own
prior periods. Furthermore, QIAGEN uses non-GAAP and constant
currency financial measures internally in planning, forecasting and
reporting, as well as to measure and compensate employees. QIAGEN
also uses adjusted results when comparing current performance to
historical operating results, which have consistently been
presented on an adjusted basis.
About QIAGEN
QIAGEN N.V., a Netherlands-based holding
company, is the leading global provider of Sample to Insight
solutions that enable customers to gain valuable molecular insights
from samples containing the building blocks of life. Our sample
technologies isolate and process DNA, RNA and proteins from blood,
tissue and other materials. Assay technologies make these
biomolecules visible and ready for analysis. Bioinformatics
software and knowledge bases interpret data to report relevant,
actionable insights. Automation solutions tie these together in
seamless and cost-effective workflows. QIAGEN provides solutions to
more than 500,000 customers around the world in Molecular
Diagnostics (human healthcare) and Life Sciences (academia, pharma
R&D and industrial applications, primarily forensics). As of
June 30, 2023, QIAGEN employed more than 6,100 people in over
35 locations worldwide. Further information can be found at
http://www.qiagen.com.
Forward-Looking Statement
Certain statements contained in this press
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, including those
products used in the response to the COVID-19 pandemic, timing for
launch and development, marketing and/or regulatory approvals,
financial and operational outlook, growth and expansion,
collaborations, markets, strategy or operating results, including
without limitation its expected adjusted net sales and adjusted
diluted earnings 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 customer
classes, the commercial development of markets for our products to
customers in academia, pharma, applied testing and 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; actions of governments, global or
regional economic developments, weather or transportation delays,
natural disasters, political or public health crises, including the
breadth and duration of the COVID-19 pandemic and its impact on the
demand for our products and other aspects of our business, or other
force majeure events; as well as the possibility that expected
benefits related to recent or pending acquisitions may not
materialize as expected; and the other factors discussed under the
heading “Risk Factors” contained in Item 3 of our most recent
Annual Report on Form 20-F. 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.
Source: QIAGEN N.V.Category: Financial
John Gilardi
QIAGEN N.V.
+49 2103 29 11711
pr@qiagen.com
Phoebe Loh
QIAGEN N.V.
+49 2103 29 11457
ir@qiagen.com
Thomas Theuringer
QIAGEN N.V.
+49 2103 29 11826
pr@qiagen.com
Daniela Eltrop
QIAGEN N.V.
+49 2103 29 11676
pr@qiagen.co
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