Qiagen Reports 11 Percent Q3 Revenue Growth

Original from: Genomeweb

Image Credit: reuters

Qiagen reported after the close of the market on Wednesday that its third quarter revenues grew 11 percent year over year as growth in non-COVID-related product groups tempered an expected decline in COVID-19-related product sales.

For the three months ended Sept. 30, Qiagen reported total revenues of $534.7 million, well above prior guidance for flat Q3 revenues of $483.8 million and beating analysts' average estimate of $435.6 million. At constant exchange rates (CER), Q3 revenues grew 10 percent year over year.

Qiagen reported that non-COVID-related product group sales grew 18 percent as reported to $376 million, building on trends seen in the first half of the year, while COVID-19 product group sales declined 3 percent to $159 million.

By product type, consumables and related revenues grew 13 percent to $473 million, while instruments fell 3 percent to $62 million. By end market, molecular diagnostics revenues jumped 18 percent to $279 million, while life sciences revenues grew 4 percent to $256 million.

By specific product groups, sample technologies fell 5 percent to $202 million; diagnostic solutions grew 37 percent to $162 million; PCR/nucleic acid amplification revenues grew 3 percent to $98 million; genomics/next-generation sequencing sales shot up 44 percent to $53 million; and other revenues ticked up 1 percent to $19 million.

Within diagnostic solutions, QuantiFeron latent TB testing sales grew 49 percent to $79 million; QiaStat-Dx syndromic testing revenues edged up 2 percent to $15 million; NeuMoDx high-throughput molecular testing revenues ballooned 139 percent to $23 million; and other diagnostic revenues grew 9 percent to $44 million.

Qiagen's Q3 net income was $133.1 million, or $.57 per share, compared to net income of $16.9 million, or $.07 per share, a year ago. Adjusted EPS was $.58, above previously stated guidance of $.52 to $.53 per share and beating analysts' consensus estimate of $.47 per share. Adjusted diluted EPS in the third quarter excluded a $30 million gain on the sale of milestone-related shares in Invitae that were received as part of Invitae's purchase of Qiagen's minority investment in ArcherDx.

The company's Q3 R&D costs jumped 34 percent to $48.3 million from $36.1 million, while its SG&A spending grew 10 percent to $143.3 million from $130.1 million.

Qiagen finished the quarter with cash and cash equivalents of $617.5 million and short-term investments totaling $339.8 million.

The firm upgraded its outlook for full-year 2021 based on stronger-than-expected Q3 results. Net sales are now expected to grow at least 15 percent at CER compared to previous guidance of 12 percent at CER. 

Adjusted full-year EPS is now expected to be at least $2.48 compared to previous guidance of at least $2.42.

For the fourth quarter of 2021, revenues are expected to decline approximately 9 percent at CER, and adjusted EPS is expected to be at least $.60 at CER.

Source: Qiagen Reports 11 Percent Q3 Revenue Growth