QIAGEN (NYSE: QGEN; Frankfurt Prime Standard: QIA) announced
results for the first quarter of 2023.
Net sales for Q1 2023 declined 23% (-20% at
constant exchange rates, CER) to $485 million from Q1 2022, which
was marked by very strong COVID-19 sales contributions. However,
the CER sales results of $502 million for Q1 2023 were above the
outlook for at least $490 million CER, and driven by 12% CER growth
in the non-COVID-19 portfolio. COVID-19 product group sales fell
76% CER amid significantly reduced demand compared to the
year-ago period. Adjusted diluted earnings per share (EPS) were
$0.51 ($0.52 CER), ahead of the outlook for at least $0.47 CER.
QIAGEN has reaffirmed its full-year 2023 outlook
for net sales of at least $2.05 billion CER and adjusted diluted
EPS of at least $2.10 CER. This is based on ongoing expectations
for full-year 2023 double-digit CER growth in the non-COVID product
groups, but for a significant decline in COVID-19 product group
sales.
"We are pleased to report that QIAGEN delivered
a solid performance in Q1 2023, as our teams once again achieved
broad-based double-digit CER sales growth from our non-COVID
product groups. This was driven by executing against our strategy,
especially the Five Pillars of Growth, despite an increasingly
uncertain macro environment," said Thierry Bernard, Chief Executive
Officer of QIAGEN.
"The growth in our base non-COVID business shows
the strength of our portfolio and clear focus. At the same time,
COVID product group sales declined significantly compared to Q1
2022, reflecting the sharp drop-off in testing demand. We continue
to invest in key portfolio areas such as expansion of the test
menus available for our key systems – in particular QIAcuity
digital PCR, the syndromic system QIAstat-Dx and the integrated PCR
testing system NeuMoDx. We are reaffirming our full-year outlook
for 2023 and determined to achieve the goals we have set and
position QIAGEN to deliver solid mid-term growth trends."
Roland Sackers, Chief Financial Officer of
QIAGEN, said: “Our results for the first quarter underscore the
resilience of our business. We are investing in digitization to
enhance customer engagement and support growth while also improving
efficiency. Thanks to our healthy financial position, we continue
to actively review and assess opportunities for value creation, and
these include targeted M&A opportunities while maintaining
financial discipline."
Please find a PDF of the full press release
incl. tables here.
Investor presentation and conference
call
A conference call is planned for Thursday,
May 4, 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 (generally accepted accounting principles) figures, to provide
additional insight on performance. In this presentation, adjusted
results include adjusted net sales, adjusted gross income, adjusted
net income, adjusted gross profit, adjusted operating expenses,
adjusted operating income, adjusted operating margin, adjusted net
income before taxes, adjusted income tax, adjusted tax rate,
adjusted EBITDA, adjusted earnings per share (“EPS”), adjusted
diluted EPS and free cash flow. Adjusted results are non-GAAP
financial measures 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 its
ongoing core operations, vary significantly from period to period,
or affect the comparability of results with its competitors and its
own prior periods. Please see the Appendix provided in this
presentation “Reconciliation of Reported to Adjusted Results” for
reconciliations of historical non-GAAP measures to comparable GAAP
measures and the definitions of terms used in the
presentation. QIAGEN does not reconcile forward-looking
non-GAAP financial measures to the corresponding GAAP measures due
to the high variability and difficulty in making accurate forecasts
and projections that are impacted by future decisions and actions.
Accordingly, reconciliations of these forward-looking non-GAAP
financial measures to the corresponding GAAP measures are not
available without unreasonable effort. However, the actual amounts
of these excluded items will have a significant impact on QIAGEN’s
GAAP results.
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, 2023, QIAGEN employed more than 6,200 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
john.gilardi@qiagen.com
Phoebe Loh
QIAGEN N.V.
+49 2103 29 11457
phoebe.loh@qiagen.com
Dr. Thomas Theuringer
QIAGEN N.V.
+49 2103 29 11826
thomas.theuringer@qiagen.com
Daniela Eltrop
+49 2103 29 11676
daniela.eltrop@qiagen.com
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