QIAGEN exceeds outlook for Q3 2023 with 5% CER sales growth in non-COVID products and adjusted EPS of $0.50 CER

Original from: Qiagen

-    Q3 2023: Net sales of $476 million (-5% at actual rates, -6% at constant exchange rates, CER); diluted EPS of $0.34 and adjusted diluted EPS of $0.5

-    Net sales at CER of $470 million ahead of outlook for at least $465 million CER and adjusted diluted EPS of $0.50 CER ahead of outlook for at least $0.48 CER

-    5% CER sales growth in non-COVID portfolio to $442 million, supported by higher sales from instruments as well as recurring consumables and related revenues

-    9M 2023: 8% CER sales growth in non-COVID portfolio, led by 88% highly recurring consumables revenues

-    Full-year 2023: Outlook reaffirmed for net sales of at least $1.97 billion CER; adj. diluted EPS of at least $2.07 CER

​

QIAGEN (NYSE: QGEN; Frankfurt Prime Standard: QIA) announced results for the third quarter and first nine months of 2023.

​

Net sales results of $470 million at constant exchange rates (CER) for Q3 2023 were above the outlook for at least $465 million CER, driven by 5% CER growth in the non-COVID-19 portfolio. Overall sales results for Q3 2023 declined 5% (-6% CER) to $476 million from Q3 2022, a period marked by significant COVID-19 sales contributions. Adjusted diluted earnings per share (EPS) were $0.50, and results of $0.50 CER were above the outlook for at least $0.48 CER. 

QIAGEN has reaffirmed its full-year 2023 outlook for net sales of at least $1.97 billion, driven by ongoing solid consumables demand that accounted for 88% of total sales in the first nine months of the year, while larger-scale instrument sales remain challenging. QIAGEN also continues to closely monitor fast‑changing geopolitical and macro trends around the world. Adjusted diluted EPS are reaffirmed to be at least $2.07 CER.

“We delivered another quarter of solid results that exceeded our outlook, driven by our strategic focus on our Pillars of Growth and the benefits of balance in serving over 500,000 Life Sciences and Molecular Diagnostics customers, along with our broad geographic presence,” said Thierry Bernard, Chief Executive Officer of QIAGEN. 

“This resilient performance was important as we work through the final quarters of COVID-19 testing headwinds from 2022, and also address an increasingly challenging macro environment. Against this backdrop, our teams executed on goals to generate sales gains across many portfolio areas and key regions. We are well-positioned to finish this year in a stronger position, committed to delivering solid sales growth and improved earnings in the fourth quarter of 2023 as we prepare for more growth and expansion in 2024 and the years ahead.” 

Roland Sackers, Chief Financial Officer of QIAGEN, said: “QIAGEN is investing into the business, particularly in R&D that accounted for 10% of sales, while maintaining industry-leading margins and a high level of profitability that helped us to exceed our outlook for adjusted earnings per share in the third quarter of 2023. These results again demonstrate our capacity to support our growth prospects while ensuring effective cost management. As we review options to deploy capital, we are committed to creating greater value by enhancing our business portfolio and increasing returns.”

​

Source: QIAGEN exceeds outlook for Q3 2023 with 5% CER sales growth in non-COVID products and adjusted EPS of $0.50 CER