QIAGEN exceeds outlook for Q1 2022, delivers strong 14% CER sales growth from non-COVID products and increases full-year outlook
April 26 2022 - 2:00PM
Business Wire
- Q1 2022: Net sales rise 11% (+15% constant exchange rates,
or CER) to $628.4 million vs. outlook for at least 7% CER growth;
diluted EPS of $0.67 and adjusted diluted EPS of $0.80 ($0.83 CER)
vs. outlook for at least $0.72 CER
- 14% CER rise in non-COVID sales, while COVID-19 sales grow
18% CER
- Operating cash flow rises 61% to $207 million, free cash
flow increases 116% to $178 million
- 2022 net sales outlook raised to at least $2.12 billion CER,
reaffirmed double-digit CER growth in non-COVID products; adj.
diluted EPS outlook raised to at least $2.14 CER
QIAGEN N.V. (NYSE: QGEN; Frankfurt Prime Standard: QIA)
announced results for the first quarter of 2022 and increased the
outlook for full-year 2022.
Net sales for Q1 2022 rose 11% (+15% CER) from Q1 2021 to $628.4
million, ahead of the outlook for at least 7% CER growth. Sales
were driven by 14% CER growth in the non-COVID-19 product portfolio
and an 18% CER rise in sales of products used for COVID-19 testing
and surveillance. Adjusted diluted earnings per share (EPS) rose to
$0.80 ($0.83 CER) from $0.66 in Q1 2021, and above the outlook for
at least $0.72 CER.
Based on the strong start to the year, QIAGEN has increased its
full-year 2022 net sales outlook to at least $2.12 billion CER and
for adjusted diluted EPS of at least $2.14 CER.
The updated outlook reflects a reaffirmation of the previous
goal for double-digit CER sales growth from the non-COVID product
groups, but for a significant year-on-year decline in COVID-19
product group sales based on the expected volatile pandemic trends
in 2022. Also taken into consideration was an updated assessment of
current inflation and macro-economic trends. This included the
adverse impact of anticipated lost sales in 2022 from Russia,
Ukraine and Belarus as a result of the war in Ukraine. These
countries represented approximately 1% of total QIAGEN sales in
2021. QIAGEN continues to make ongoing investments into its
portfolio, in particular the five pillars of growth, for new
products, test menu and applications. This outlook does not take
into consideration any future acquisitions.
"QIAGEN is off to a strong start in 2022, led by the solid
performance of our non-COVID product portfolio in the first quarter
driven by a focus on execution against our goals. These results
have also reaffirmed our confidence in double-digit CER sales
growth for 2022 from these products, which form the basis for our
mid-term growth ambitions," said Thierry Bernard, Chief Executive
Officer of QIAGEN N.V. "This performance in the first quarter has
set a solid stage for continued execution in an increasingly
volatile environment while our proactive initiatives have helped to
build resilience into our business."
"Our teams of empowered QIAGENers are focused on delivering on
our promises for future growth. We continue to execute, quarter
after quarter, from sales goals to project development. We continue
to develop a well-balanced portfolio between Life Science and
Molecular Diagnostics customers, across our different regions, and
also between our five pillars of growth and our core business."
Bernard said.
Roland Sackers, Chief Financial Officer of QIAGEN N.V., said:
“Our results for the first quarter of 2022 show the power of QIAGEN
with strong sales growth, improved profitability and operating cash
flow over the same period in 2021. We are confident that
investments into our portfolio are creating value and positioning
QIAGEN toward new growth waves in the coming years. We continue to
review opportunities for capital deployment, including bolt-on
acquisitions, that are aligned with our strategy and set to create
greater value for shareholders and our other stakeholders.”
Please find the full press release here.
Investor presentation and conference call
A conference call is planned for Thursday, April 28, 2022, at
16:00 Frankfurt Time / 15:00 London Time / 10:00 New York Time. A
live audio webcast will be made available in the investor relations
section of the QIAGEN website, and a replay will also be made
available after the event. A presentation is planned to be
available shortly before the conference call at https://corporate.qiagen.com/investor-relations/events-and-presentations/default.aspx.
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, 2022, QIAGEN
employed more than 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. 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.
Category: Corporate
Source: QIAGEN N.V.
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version on businesswire.com: https://www.businesswire.com/news/home/20220426006124/en/
Contacts John Gilardi Vice President Corporate
Communications and Investor Relations +49 2103 29 1171 and +49 152
018 11711 and +1 240 686 2222 / john.gilardi@qiagen.com Phoebe Loh
Senior Director Investor Relations +49 2103 29 11457 /
phoebe.loh@qiagen.com Dr. Thomas Theuringer Senior Director, Head
of External Communications +49 2103 29 11826 /
thomas.theuringer@qiagen.com
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