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QIAGEN beats outlook for fourth quarter and full-year 2021, delivers 22% CER full-year sales growth from non-COVID products
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Positive)
Tags
covid-19
Rhea-AI Summary
QIAGEN N.V. (NYSE: QGEN) reported a 2% increase in Q4 2021 net sales, reaching $582 million, significantly above the expected decline. The full-year net sales surged 20% to $2.25 billion, with adjusted diluted EPS rising 23% to $2.65. The non-COVID product sales grew by 22% (CER), exceeding the 20% target. QIAGEN anticipates 2022 net sales of at least $2.07 billion, expecting double-digit growth in non-COVID products. Strong cash flow metrics were highlighted, with operating cash flow rising 40% to $639 million and free cash flow up 38% to $449 million.
Positive
Q4 2021 net sales increased 2% to $582 million, well above the expected decline.
Full-year 2021 net sales rose 20% to $2.25 billion, exceeding expectations.
Adjusted diluted EPS for Q4 was $0.74, surpassing the outlook of at least $0.60.
22% CER growth in non-COVID product sales, ahead of the 20% target.
Operating cash flow grew 40% to $639 million; free cash flow increased by 38% to $449 million.
2022 outlook projects at least $2.07 billion in net sales with double-digit growth in non-COVID products.
Negative
None.
Q4 2021: Net sales grow 2% (+4% constant exchange rates, or CER) to $582 million and adjusted diluted EPS rises 9% to $0.74 ($0.75 CER) - both above outlook
Full-year 2021: Net sales grow 20% (+19% CER) to $2.25 billion and adjusted diluted EPS rises 23% to $2.65 ($2.63 CER) - both above outlook
22% CER growth in non-COVID product sales, ahead of target for 20% CER
Operating cash flow grows 40% to $639 million, free cash flow rises 38% to $449 million
QIAGEN initiates 2022 outlook for at least $2.07 billion net sales CER, including double-digit CER growth in non-COVID products vs. 2021, and adjusted diluted EPS of at least $2.05 CER
VENLO, the Netherlands--(BUSINESS WIRE)--
QIAGEN N.V. (NYSE: QGEN; Frankfurt Prime Standard: QIA) announced results for the fourth quarter and full-year 2021.
Net sales for Q4 2021 rose 2% (+4% CER) to $582 million from Q4 2020, well ahead of the outlook for a 9% CER decline. Sales were driven by high demand for COVID-19 test products and confirmed good trends in the non-COVID portfolio. Adjusted diluted earnings per share (EPS) were $0.74 ($0.75 CER) compared to the Q4 2021 outlook for at least $0.60 CER. Full-year 2021 results also exceeded the outlook for net sales growth of at least 15% CER and for adjusted diluted EPS of at least $2.48 CER.
“Our very solid results in the fourth quarter capped a tremendous year for QIAGEN, especially the 22% CER growth in our non-COVID product portfolio that has consistently outperformed. We continue to support the global response to the pandemic while again showing QIAGEN is not COVID dependent and has a portfolio to drive future growth," said Thierry Bernard, Chief Executive Officer of QIAGEN N.V.
"Going into 2022, we are optimistic about opportunities in the research environment amid healthy increases in national funding programs, as well as robust trends in regular clinical testing for molecular diagnostics. Our outlook for 2022 is based on expectations for double-digit CER growth in our non-COVID portfolio, as we continue to execute on our commitments while also taking into consideration the volatile pandemic trends. QIAGEN is well-positioned for strong mid-term growth as we sharpen our focus on targeted growth opportunities in the Life Sciences and Molecular Diagnostics," Bernard said.
Roland Sackers, Chief Financial Officer of QIAGEN N.V., said: “We are very pleased to finish 2021 with strong levels of sales, profitability and cash flow while making investments to strengthen our portfolio. We are moving ahead with manufacturing upscaling projects and investments in R&D for menu expansion of our key platforms, especially our five pillars of growth. These investments are designed to enable QIAGEN to transition the rapid growth in our installed base of instruments and systems into new applications while supporting the global response to the COVID-19 pandemic. We are confident in QIAGEN's growth prospects and our ability to create long-term value."
A conference call is planned for Wednesday, February 9, 2022, at 15:00 Central European Time (CET) / 9:00 Eastern Standard Time (EST). A live audio webcast will be made available in the investor relations section of the QIAGEN website, and a replay will also be made available after the event. A presentation will be available at https://corporate.qiagen.com/investor-relations/events-and-presentations/default.aspx.
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 December 31, 2021, QIAGEN employed more than 6,000 people in over 35 locations worldwide. Further information can be found at http://www.qiagen.com.
Forward-Looking Statement
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.
John Gilardi Vice President Corporate Communications and Investor Relations
+49 2103 29 1171 and +49 152 018 11711 and +1 240 686 2222 / john.gilardi@qiagen.com
