QIAGEN to discontinue NeuMoDx integrated PCR testing system, support customers during transition period
June 06 2024 - 4:05PM
QIAGEN (NYSE: QGEN; Frankfurt Prime Standard: QIA) today announced
a decision to discontinue the NeuMoDx 96 and 288 Molecular Systems
in light of the market development trends for these product lines
following the COVID-19 pandemic and changing customer needs for
integrated PCR-based clinical molecular testing systems.
This decision will allow QIAGEN to refocus
resources and efforts on developing and commercializing other
innovative solutions within its portfolio, in particular the
QIAstat-Dx system for syndromic testing, the QIAcuity portfolio of
digital PCR systems and the QIAGEN Digital Insights (QDI)
bioinformatics business. These are complemented by QIAGEN building
on proven leadership positions in Sample technologies and the
QuantiFERON-TB franchise.
QIAGEN understands the impact of this decision
on its customers and will continue to provide support for existing
NeuMoDx users during a transition period into 2025. This includes
ongoing maintenance, technical support, and the provision of
necessary consumables for a specified period. Support will also be
offered in helping customers transition to other solutions.
“We recognize the valuable role that the NeuMoDx
96 and 288 Molecular Systems have played in many laboratories,
especially in the global response to the COVID-19 pandemic.
However, the market dynamics have since changed considerably and we
do not see a realistic path to developing this system in a
value-creating way. We are committed to supporting our NeuMoDx
customers throughout this transition,” said Thierry Bernard, CEO of
QIAGEN. “This decision underscores our unwavering commitment to
focus where we can develop profitable leadership positions, and
frees up resources to invest in other portfolio areas.”
For more information please visit our website:
https://www.qiagen.com/NeuMoDx
QIAGEN reaffirms Q2 2024 outlook, updates
FY 2024 outlook for improved profitability
QIAGEN has reaffirmed its outlook for Q2 2024
for net sales of at least $495 million at constant exchange rates
(CER) and adjusted diluted EPS (earnings per share) of $0.52
CER.
For full-year 2024, QIAGEN has updated its
outlook for adjusted diluted EPS to at least $2.14 CER (prior at
least $2.10 CER). QIAGEN has started discussions with NeuMoDx
customers to review implications of this decision on the 2024
NeuMoDx sales forecast for at least $55 million CER. QIAGEN plans
to provide details on the outcome of these discussions with the Q2
2024 results
announcement. Restructuring charge to
be recognized primarily in Q2 2024
As a result of this decision, and combined with
related actions, QIAGEN expects to incur a pre-tax restructuring
charge of approximately $400 million (or about $1.40 per diluted
share after taxes), and predominantly in the second quarter of
2024. This charge, which will be excluded from adjusted results,
includes approximately $300 million of non-cash items. These
include about $90 million for inventory and about $210 million for
long-term assets (of which about $120 million for acquired
intellectual property). Cash charges involve commitments to
customers and suppliers, severance payments and other obligations.
Related workforce reductions will be handled in a socially
responsible manner with respect for affected employees and in
compliance with local labor laws.
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
March 31, 2024, QIAGEN employed approximately 6,000 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. These statements can be identified by the use of
forward-looking terminology such as “believe”, “hope”, “plan”,
“intend”, “seek”, “may”, “will”, “could”, “should”, “would”,
“expect”, “anticipate”, “estimate”, “continue” or other similar
words. To the extent that any of the statements contained herein
relating to QIAGEN's products, 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, adjusted diluted earnings results, and adjusted
operating income margin, the expected size, make-up and timing of
the restructuring charge, its ability to refocus resources and
efforts on developing and commercializing other innovative
solutions within its portfolio, and its continued support for
existing NeuMoDx users during the projected a transition period,
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 our dependence on the development
and success of new products; management of growth and expansion of
operations (including the effects of currency fluctuations, tax
laws, regulatory processes and dependence on suppliers and
logistics services); variability of operating results; integration
of acquired businesses; 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, including delays or limits in the amount of
reimbursement approvals or public health funding); 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 new products and
the integration of acquired technologies and businesses; actions of
governments, global or regional economic developments, including
inflation and rising interest rates, weather or transportation
delays, natural disasters, cyber security breaches, political or
public health crises, and its impact on the demand for our products
and other aspects of our business, or other force majeure events;
litigation risk, including patent litigation and product liability;
debt service obligations; volatility in the public trading price of
our common shares; 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” in 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: Corporate
John Gilardi
QIAGEN N.V.
+49 2103 29 11711
ir@qiagen.com
Domenica Martorana
QIAGEN N.V.
+49 2103 11244
ir@qiagen.com
Thomas Theuringer
QIAGEN N.V.
+49 2103 29 11826
pr@qiagen.com
Lisa Mannagottera
QIAGEN
+49 2103 29 14181
pr@qiagen.com
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