QIAGEN exceeds outlook for Q1 2023 with 12% CER sales growth in non-COVID product portfolio
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 CER // 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
Venlo, the Netherlands, May 03, 2023 (GLOBE NEWSWIRE) -- 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."
Please find a PDF of the full press release incl. tables here.
Investor presentation and conference call
A conference call is planned for Thursday, May 4, at 15:00 Frankfurt Time / 14:00 London Time / 9:00 New York Time. A live audio webcast will be made available in the investor relations section of the QIAGEN website, and a recording will also be made available after the event. A presentation is planned to be available before the conference call at https://corporate.qiagen.com/investor-relations/events-and-presentations/default.aspx.
Use of adjusted results
QIAGEN reports adjusted results, as well as results on a constant exchange rate (CER) basis, and other non-U.S. GAAP (generally accepted accounting principles) figures, to provide additional insight on performance. In this presentation, adjusted results include adjusted net sales, adjusted gross income, adjusted net income, adjusted gross profit, adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income before taxes, adjusted income tax, adjusted tax rate, adjusted EBITDA, adjusted earnings per share (“EPS”), adjusted diluted EPS and free cash flow. Adjusted results are non-GAAP financial measures QIAGEN believes should be considered in addition to reported results prepared in accordance with GAAP but should not be considered as a substitute. QIAGEN believes certain items should be excluded from adjusted results when they are outside of its ongoing core operations, vary significantly from period to period, or affect the comparability of results with its competitors and its own prior periods. Please see the Appendix provided in this presentation “Reconciliation of Reported to Adjusted Results” for reconciliations of historical non-GAAP measures to comparable GAAP measures and the definitions of terms used in the presentation. QIAGEN does not reconcile forward-looking non-GAAP financial measures to the corresponding GAAP measures due to the high variability and difficulty in making accurate forecasts and projections that are impacted by future decisions and actions. Accordingly, reconciliations of these forward-looking non-GAAP financial measures to the corresponding GAAP measures are not available without unreasonable effort. However, the actual amounts of these excluded items will have a significant impact on QIAGEN’s GAAP results.
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. Further information can be found at http://www.qiagen.com.
Certain statements contained in this press release may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. To the extent that any of the statements contained herein relating to QIAGEN's products, including those products used in the response to the COVID-19 pandemic, timing for launch and development, marketing and/or regulatory approvals, financial and operational outlook, growth and expansion, collaborations, markets, strategy or operating results, including without limitation its expected adjusted net sales and adjusted diluted earnings results, are forward-looking, such statements are based on current expectations and assumptions that involve a number of uncertainties and risks. Such uncertainties and risks include, but are not limited to, risks associated with management of growth and international operations (including the effects of currency fluctuations, regulatory processes and dependence on logistics), variability of operating results and allocations between customer classes, the commercial development of markets for our products to customers in academia, pharma, applied testing and molecular diagnostics; changing relationships with customers, suppliers and strategic partners; competition; rapid or unexpected changes in technologies; fluctuations in demand for QIAGEN's products (including fluctuations due to general economic conditions, the level and timing of customers' funding, budgets and other factors); our ability to obtain regulatory approval of our products; difficulties in successfully adapting QIAGEN's products to integrated solutions and producing such products; the ability of QIAGEN to identify and develop new products and to differentiate and protect our products from competitors' products; market acceptance of QIAGEN's new products and the integration of acquired technologies and businesses; actions of governments, global or regional economic developments, weather or transportation delays, natural disasters, political or public health crises, including the breadth and duration of the COVID-19 pandemic and its impact on the demand for our products and other aspects of our business, or other force majeure events; as well as the possibility that expected benefits related to recent or pending acquisitions may not materialize as expected; and the other factors discussed under the heading “Risk Factors” contained in Item 3 of our most recent Annual Report on Form 20-F. For further information, please refer to the discussions in reports that QIAGEN has filed with, or furnished to, the U.S. Securities and Exchange Commission.
Source: QIAGEN N.V.
CONTACT: John Gilardi QIAGEN N.V. +49 2103 29 11711 firstname.lastname@example.org Phoebe Loh QIAGEN N.V. +49 2103 29 11457 email@example.com Dr. Thomas Theuringer QIAGEN N.V. +49 2103 29 11826 firstname.lastname@example.org Daniela Eltrop +49 2103 29 11676 email@example.com