QIAGEN exceeds outlook for Q1 2023 with 12% CER sales growth in non-COVID product portfolio

Original from: Qiagen

·    Q1 2023: Net sales of $485 million (-23% at actual rates, -20% at constant exchange rates, CER); diluted EPS of $0.37 and adjusted diluted EPS of $0.51

    - Net sales at CER of $502 million ahead of outlook for at least $490 million CER and adjusted diluted EPS of $0.52 CER ahead of outlook for at least $0.47 CE

    - 12% CER sales growth in non-COVID product portfolio to $434 million, while COVID product sales decline 76% to $52 million

·    Full-year 2023 outlook reaffirmed for at least $2.05 billion net sales CER, led by double-digit CER growth in non-COVID products; adj. diluted EPS of at least $2.10 CER

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." 

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.

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Source: QIAGEN exceeds outlook for Q1 2023 with 12% CER sales growth in non-COVID product portfolio