QIAGEN N.V. (NYSE: QGEN; Frankfurt Prime Standard: QIA) today
announced results for the second quarter and first half of 2024.
Net sales were stable at $496 million in Q2 2024
compared to Q2 2023, while results at constant exchanges rates
(CER) of $502 million rose 1% and were above the outlook for at
least $495 million CER. The adjusted operating income margin rose
about one percentage point to 28.4% from Q2 2023 on efficiency
gains while supporting targeted investments. Adjusted diluted
earnings per share (EPS) were $0.55, and results at CER of $0.55
were above the outlook for at least $0.52 CER.
QIAGEN has updated its FY 2024 outlook based on
the solid core business performance in the first half of the year,
which was about $15 million CER above guidance, as well as the
decision to phase out the NeuMoDx clinical PCR system. As a result,
total net sales are expected to be at least $1.985 billion CER and
includes a $30 million CER adjustment in expected NeuMoDx sales for
2024.
The outlook for adjusted diluted EPS has been
increased to at least $2.16 CER, while the adjusted operating
income margin target is for at least 28.5% compared to 26.9% in
2023.
“Our teams executed well in the second quarter,
showing sequential growth from the first quarter as well as over
the year-ago period as we accelerate our performance during 2024.
We are on track to achieve our updated outlook that reflects the
strong trends in our core business along with the decision on the
NeuMoDx system,” said Thierry Bernard, CEO of QIAGEN.
“We are strengthening our portfolio with new
product launches, particularly for QIAstat-Dx with the FDA 510(k)
clearances of the new gastrointestinal panel and the updated
respiratory panel. As we head into the second half of 2024, we
continue to expect solid growth trends in our core business and are
well-positioned to deliver on our commitments for 2024,” Bernard
said.
“QIAGEN again delivered growth ahead of our
outlook for the second quarter of 2024 that gives us renewed
confidence in achieving the updated outlook for sales and adjusted
earnings for 2024,” said Roland Sackers, Chief Financial Officer of
QIAGEN. “We are seeing the benefits of our initiatives to improve
profitability, as we confirm our full-year target for an adjusted
operating income margin of at least 28.5%, combined with higher
free cash flow. These improvements put us on a trajectory to
achieve the targets we have set for 2028 as part of our commitment
to solid profitable growth.”
Please find a PDF of the full press release
incl. tables here.
Investor presentation and conference
call
A conference call is planned for Thursday,
August 1, 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
June 30, 2024, QIAGEN employed more than 5,900 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” in 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.
+49 152 018 11711
ir@qiagen.com
Domenica Martorana
QIAGEN N.V.
+49 152 018 11244
ir@qiagen.com
Thomas Theuringer
QIAGEN N.V.
+49 2103 29 11826
pr@qiagen.com
Lisa Mannagottera
QIAGEN N.V.
+49 2103 29 14181
pr@qiagen.com
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