Qiagen Q4 Sales Dip 9 Percent at Constant Exchange Rates but Beat Estimates, Guidance

Original from: genomeweb

Qiagen reported on Tuesday that its fourth quarter sales declined 14 percent with an expected decrease in COVID-related sales offset by increased sales in the firm's non-COVID portfolio.

For the quarter ended December 31, 2022, Qiagen had net sales of $498.0 million compared to $582.4 million in the year-ago period. At constant exchange rates (CER), sales declined 9 percent to $520 million. 

The firm said the results were driven by a 64 percent decline in COVID-only sales to $66 million from $183 million. This was offset by 8 percent growth in the non-COVID product sales to $432 million from $400 million.

Fourth quarter sales in the firm's molecular diagnostics business unit fell 18 percent to $258 million from $313 million. Sales in the life sciences unit, meanwhile, declined 11 percent to $240 million from $269 million.  

Qiagen reported Q4 net income of $88.8 million, or $.39 per share, compared to $129.2 million, or $.56 per share, a year ago. Qiagen's adjusted diluted earnings per share in the quarter were $.53, or $.55 at CER, ahead of the firm's outlook for at least $0.50 CER and beating analysts' average estimate of $.47.

For full-year 2022, Qiagen's net sales declined 5 percent to $2.14 billion from $2.25 billion in 2021. At constant exchange rates, year-over-year sales were flat. The firm saw a 33 percent decline in COVID-related sales to $470 million from $704 million, offset by 8 percent growth in its non-COVID portfolio to $1.67 billion from $1.55 billion.

Full-year sales in the firm's molecular diagnostics business unit dipped 2 percent to $1.13 billion from $1.14 billion. Sales in the life sciences unit, meanwhile, declined 8 percent to $1.02 billion from $1.11 billion.  

Qiagen recently launched the EZ2 Connect MDx system, NeuMoDx MPXV monkeypox test for research use only, and the therascreen KRAS RGQ PCR kit as a companion diagnostic test to aid in identifying non-small cell lung cancer patients eligible for treatment with Krazati (adagrasib) from Mirati Therapeutics. It also launched a new cell line database called ATCC Cell Line Land. 

In the quarter Qiagen and Helix also entered into an exclusive strategic partnership to advance companion diagnostics for hereditary diseases and Qiagen acquired NGS-based forensics firm Verogen. 

Qiagen also disclosed that it has appointed Rick Bright, former director of the Biomedical Advanced Research and Development Authority and former CEO of the Rockefeller Foundation's Pandemic Prevention Initiative, to its board of directors. 

Qiagen reported full year net income of $423.2 million, or $1.84 per share, compared to $512.6 million, or $2.21 per share, in 2021. Qiagen's adjusted diluted earnings per share for 2022 were $2.38, or $2.46 at CER, ahead of the firm's outlook for at least $2.40 CER and above analysts' average estimate of $2.32.

The firm guided for full-year 2023 net sales of at least $2.05 billion CER and adjusted diluted EPS of at least $2.10 CER based on expectations for ongoing double-digit CER growth in the non-COVID products and a continued decline in COVID-19 product sales.

Qiagen ended the year with $730.7 million in cash and cash equivalents and $687.6 million in short-term investments.

Source: Qiagen Q4 Sales Dip 9 Percent at Constant Exchange Rates but Beat Estimates, Guidance