QIAGEN beats outlook for Q2 2022 and raises full-year 2022 outlook
26 Juli 2022 - 7:49PM
Business Wire
- Q2 2022: Net sales of $516 million (-9% actual rates, -4%
CER); diluted EPS of $0.42 and adjusted diluted EPS of $0.51 over
year-ago period
- Net sales of $544 million at CER vs. outlook for at least
$510 million CER, adjusted diluted EPS of $0.53 CER vs. outlook for
at least $0.46 CER
- Non-COVID sales rise 10% CER to $423 million, and up 15% CER
excluding Q2 2021 genomics technology sale; COVID-19 sales decline
39% CER
- H1 2022 operating cash flow +33% to $379 million, free cash
flow +63% to $318 million
- 2022 net sales outlook raised to at least $2.2 billion CER,
reaffirmed double-digit CER growth in non-COVID products; adj.
diluted EPS outlook raised to at least $2.30 CER
QIAGEN N.V. (NYSE: QGEN; Frankfurt Prime Standard: QIA)
announced results for the second quarter of 2022 and increased the
outlook for full-year 2022.
Net sales for Q2 2022 declined 9% (-4% at constant exchange
rates, CER) to $516 million from Q2 2021. Sales at CER were $544
million, ahead of the outlook for at least $510 million CER. Sales
were driven by 10% CER growth in the non-COVID-19 product portfolio
to $423 million, but sales of COVID-19 products fell 39% CER to $92
million. Adjusted diluted earnings per share (EPS) were $0.51
($0.53 CER) compared to $0.67 in Q2 2021, and ahead of the outlook
for at least $0.46 CER.
Based on the strong performance in the first half of the year,
QIAGEN has raised its full-year 2022 net sales outlook of at least
$2.2 billion CER (prior outlook for at least $2.12 billion CER) and
for adjusted diluted EPS of at least $2.30 CER (prior outlook for
at least $2.14 CER). This update includes a reaffirmation of the
goal for double-digit CER sales growth from the non-COVID product
groups, which grew 12% CER in the first half of 2022, but for a
decline in COVID-19 sales amid volatile pandemic trends. It also
reflects a review of macro-economic trends, including inflation and
energy supplies.
"QIAGEN continues to deliver in 2022, led by double-digit CER
sales growth from our non-COVID product portfolio in the first half
of the year as we steadily execute on our goals. These solid
results give us renewed confidence to increase our full-year
outlook for 2022 and position QIAGEN for solid growth beyond the
COVID-19 pandemic," said Thierry Bernard, Chief Executive Officer
of QIAGEN N.V. "We are addressing the challenges of the
macro-environment with actions that include securing supply chains
and energy needs. We are accelerating our focused strategy to
enhance our balanced portfolio serving Life Science and Molecular
Diagnostics customers worldwide, investing into our Five Pillars of
Growth and remaining ready to support COVID-19 testing needs as
they develop."
Roland Sackers, Chief Financial Officer of QIAGEN N.V., said:
“Our results for the first half of 2022 in our non-COVID business
are another confirmation of how QIAGEN is moving ahead from a
position of strength to create and sustain our growth
opportunities. In light of the strong operating cash flow, we are
accelerating investments into our portfolio, especially R&D
initiatives to expand the test menu on key automation systems. The
acquisition of BLIRT S.A. is a reaffirmation of our disciplined
capital deployment strategy as we seek various ways to create
greater value for shareholders and our other stakeholders.”
Please find a PDF of the full press release incl. tables
here.
Investor presentation and conference call
A conference call is planned for Thursday, July 28, at 15:30
Frankfurt Time / 14:30 London Time / 9:30 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 June 30, 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: Financial
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version on businesswire.com: https://www.businesswire.com/news/home/20220726006018/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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