QIAGEN delivers solid performance and exceeds outlook for Q2 2024

Original from: QIAGEN

·    Q2 2024: Net sales of $496 million (+0% actual rates, +1% constant exchange rates, CER); net loss per share of $0.83 but adjusted diluted EPS of $0.55

    -    Net sales at CER of $502 million ahead of outlook for at least $495 million CER and adjusted diluted EPS of $0.55 CER ahead of $0.52 CER outlook

    -    28.4% adj. operating income margin up 1 percentage point from 27.4% in Q2 2023

    -    Q2 2024 free cash flow up 56% to $129 million vs. Q2 2023

·    FY 2024 outlook updated after solid H1 2024 results ahead of outlook

    -    Updated net sales outlook of at least $1.985 billion CER reflects solid core business trends and NeuMoDx decision

    -    Adj. diluted EPS outlook increased to at least $2.16 CER

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QIAGEN N.V. (NYSE: QGEN; Frankfurt Prime Standard: QIA) today announced results for the second quarter and first half of 2024.

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Net sales were stable at $496 million in Q2 2024 compared to Q2 2023, while results at constant exchanges rates (CER) of $502 million rose 1% and were above the outlook for at least $495 million CER. The adjusted operating income margin rose about one percentage point to 28.4% from Q2 2023 on efficiency gains while supporting targeted investments. Adjusted diluted earnings per share (EPS) were $0.55, and results at CER of $0.55 were above the outlook for at least $0.52 CER. 

QIAGEN has updated its FY 2024 outlook based on the solid core business performance in the first half of the year, which was about $15 million CER above guidance, as well as the decision to phase out the NeuMoDx clinical PCR system. As a result, total net sales are expected to be at least $1.985 billion CER and includes a $30 million CER adjustment in expected NeuMoDx sales for 2024. 

The outlook for adjusted diluted EPS has been increased to at least $2.16 CER, while the adjusted operating income margin target is for at least 28.5% compared to 26.9% in 2023.

“Our teams executed well in the second quarter, showing sequential growth from the first quarter as well as over the year-ago period as we accelerate our performance during 2024. We are on track to achieve our updated outlook that reflects the strong trends in our core business along with the decision on the NeuMoDx system,” said Thierry Bernard, CEO of QIAGEN. 

“We are strengthening our portfolio with new product launches, particularly for QIAstat-Dx with the FDA 510(k) clearances of the new gastrointestinal panel and the updated respiratory panel. As we head into the second half of 2024, we continue to expect solid growth trends in our core business and are well-positioned to deliver on our commitments for 2024,” Bernard said. 

“QIAGEN again delivered growth ahead of our outlook for the second quarter of 2024 that gives us renewed confidence in achieving the updated outlook for sales and adjusted earnings for 2024,” said Roland Sackers, Chief Financial Officer of QIAGEN. “We are seeing the benefits of our initiatives to improve profitability, as we confirm our full-year target for an adjusted operating income margin of at least 28.5%, combined with higher free cash flow. These improvements put us on a trajectory to achieve the targets we have set for 2028 as part of our commitment to solid profitable growth.”

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Source: QIAGEN delivers solid performance and exceeds outlook for Q2 2024