QIAGEN N.V. (NYSE: QGEN; Frankfurt Prime Standard: QIA) announced
results for the fourth quarter and full-year 2023.
Net sales results of $503 million at constant
exchange rates (CER) for Q4 2023 achieved the outlook for at least
$500 million CER, driven by 8% CER growth in the non-COVID-19
portfolio. Total sales for Q4 2023 rose 2% (+1% CER) to $509
million from Q4 2022, a period marked by significant COVID-19
sales. Adjusted diluted earnings per share (EPS) were $0.55 CER and
above the outlook for at least $0.53 CER. Full-year 2023 sales
declined 8% to $1.97 billion, achieving the outlook for $1.97
billion CER sales and were supported by 8% CER growth for non-COVID
product groups. Adjusted diluted EPS were $2.09 CER and exceeded
the outlook for at least $2.07 CER.
For 2024, QIAGEN has set an outlook for net
sales of at least $2.0 billion CER. This reflects full-year total
growth of at least 2% CER, with solid mid-single-digit CER sales
growth in H2 2024 in the non‑COVID portfolio over the year-ago
period. This outlook also includes about one percentage point of
COVID-19 sales headwinds from 2023. Consumables and related
revenues are expected to drive growth, while larger-scale
instrument sales remain challenging. QIAGEN also continues to
closely monitor dynamic geopolitical and macro trends around the
world. Adjusted diluted EPS are expected to be at least $2.10 CER.
This reflects at least one percentage point of improvement in the
adjusted operating income margin to above 28% for FY 2024 compared
to 2023 while supporting investments in the portfolio, in
particular to accelerate growth in the QIAGEN Digital Insights
bioinformatics business. Significant pressure is expected on
non-operating income for FY 2024 due to anticipated lower interest
income and a higher tax rate compared to 2023, more than offsetting
benefits from the recently completed $300 million synthetic share
repurchase.
“We closed 2023 with strong results in the
fourth quarter as we delivered sales growth in the top tier of our
industry along with solid profitability. Amid a dynamic
macro-environment, our teams executed well to advance our strategy
of “Balance and Focus” on areas offering the highest growth
potential. Driven by 8% CER growth in our non-COVID portfolio, we
made solid progress in driving growth of our consumables business,
which accounts for over 85% of sales, while also expanding our
installed instrument base,” said Thierry Bernard, Chief Executive
Officer of QIAGEN. “These results demonstrate the power of our
well-positioned portfolios to capture growth in dynamic
applications across the Life Sciences and Molecular Diagnostics
continuum. As we move into 2024, we are committed to delivering
growth with sharpened focus and continued commitment to
execution.”
Roland Sackers, Chief Financial Officer of
QIAGEN, said: “QIAGEN has consistently implemented a disciplined
capital allocation policy over the last decade thanks to a solid
balance sheet and healthy cash flows. We are investing to support
internal growth with a high level of R&D investments, while
also increasing returns through a $300 million synthetic share
repurchase that underscores our commitment to value creation. We
are confident in our outlook to deliver growth in 2024 in both
sales as well as operational profitability as we overcome
significant non-operating income headwinds.”
Please find a PDF of the full press release incl. tables
here.
Investor presentation and conference call
A conference call is planned for Wednesday,
February 7, 2024 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 will 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
December 31, 2023, QIAGEN employed approximately 6,000 people
in over 35 locations worldwide. Further information can be found at
https://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, 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, 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
ir@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 Berheide
QIAGEN N.V.
+49 2103 29 11676
pr@qiagen.com
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