QIAGEN delivers solid performance and exceeds outlook for Q2 2024
QIAGEN reported solid Q2 2024 performance, exceeding its outlook. Net sales reached $496 million, stable year-over-year but up 1% at constant exchange rates (CER). Adjusted diluted EPS was $0.55, surpassing the $0.52 CER outlook. The adjusted operating income margin improved to 28.4%, up from 27.4% in Q2 2023. Free cash flow increased 56% to $129 million.
Based on strong H1 2024 results, QIAGEN updated its FY 2024 outlook. The company now expects net sales of at least $1.985 billion CER, reflecting solid core business trends and the decision to phase out the NeuMoDx system. The adjusted diluted EPS outlook was raised to at least $2.16 CER, with an adjusted operating income margin target of at least 28.5%.
QIAGEN ha riportato una solida performance per il secondo trimestre del 2024, superando le aspettative. Le vendite nette hanno raggiunto 496 milioni di dollari, stabili rispetto all'anno precedente ma in aumento dell'1% a tassi di cambio costanti (CER). L'utile per azione diluito rettificato è stato di 0,55 dollari, superando le previsioni di 0,52 dollari CER. Il margine di utile operativo rettificato è migliorato al 28,4%, in aumento rispetto al 27,4% del secondo trimestre del 2023. Il flusso di cassa libero è aumentato del 56%, raggiungendo 129 milioni di dollari.
Basandosi sui solidi risultati del primo semestre del 2024, QIAGEN ha aggiornato le previsioni per l'intero anno 2024. L'azienda prevede ora vendite nette di almeno 1,985 miliardi di dollari CER, riflettendo tendenze solide nel core business e la decisione di dismettere il sistema NeuMoDx. Le previsioni sull'utile per azione diluito rettificato sono state alzate ad almeno 2,16 dollari CER, con un obiettivo di margine di utile operativo rettificato di almeno 28,5%.
QIAGEN informó un sólido desempeño en el segundo trimestre de 2024, superando sus expectativas. Las ventas netas alcanzaron $496 millones, estables en comparación con el año anterior, pero un 1% más en tasas de cambio constantes (CER). El EPS diluido ajustado fue de $0.55, superando la proyección de $0.52 CER. El margen de ingreso operativo ajustado mejoró al 28.4%, en comparación con el 27.4% del segundo trimestre de 2023. El flujo de efectivo libre aumentó un 56%, alcanzando los $129 millones.
Basándose en los sólidos resultados del primer semestre de 2024, QIAGEN actualizó sus expectativas para todo el año 2024. La compañía ahora espera ventas netas de al menos $1.985 mil millones CER, reflejando tendencias sólidas en su negocio principal y la decisión de eliminar el sistema NeuMoDx. La proyección de EPS diluido ajustado se elevó a al menos $2.16 CER, con un objetivo de margen de ingreso operativo ajustado de al menos 28.5%.
QIAGEN은 2024년 2분기 성과가 양호하며, 기대치를 초과했다고 보고했습니다. 순매출은 4억 9,600만 달러에 도달했으며, 전년 대비 안정적이지만 상장환율(CER) 기준으로 1% 증가했습니다. 조정 후 희석 주당순이익(EPS)은 0.55달러로, 0.52달러 CER 전망을 초과했습니다. 조정된 운영 소득 마진은 28.4%로, 2023년 2분기의 27.4%에서 개선되었습니다. 자유 현금 흐름은 56% 증가하여 1억 2,900만 달러에 이르렀습니다.
2024년 상반기 성과에 기반하여 QIAGEN은 2024년 전체 연도 전망을 업데이트했습니다. 회사는 이제 최소 19억 8,500만 달러 CER의 순매출을 예상하고 있으며, 견고한 핵심 비즈니스 트렌드와 NeuMoDx 시스템을 단계적으로 중단하기로 한 결정을 반영하고 있습니다. 조정 후 희석 EPS 전망은 최소 2.16달러 CER로 상승했으며, 조정된 운영 소득 마진 목표는 최소 28.5%입니다.
QIAGEN a rapporté de solides performances pour le deuxième trimestre 2024, dépassant ses prévisions. Les ventes nettes ont atteint 496 millions de dollars, stables d'une année sur l'autre mais en hausse de 1% à taux de change constants (CER). Le résultat net par action dilué ajusté était de 0,55 dollar, surpassant la prévision de 0,52 dollar CER. La marge de résultat d'exploitation ajustée s'est améliorée à 28,4%, contre 27,4% au deuxième trimestre 2023. Le flux de trésorerie libre a augmenté de 56% pour atteindre 129 millions de dollars.
Sur la base des solides résultats du premier semestre 2024, QIAGEN a mis à jour ses prévisions pour l'année 2024. L'entreprise s'attend désormais à des ventes nettes d'au moins 1,985 milliard de dollars CER, reflétant des tendances solides dans le cœur de métier et la décision de supprimer le système NeuMoDx. Les prévisions du résultat net par action dilué ajusté ont été relevées à au moins 2,16 dollars CER, avec un objectif de marge de résultat d'exploitation ajustée d'au moins 28,5%.
QIAGEN berichtete über eine solide Leistung im 2. Quartal 2024, die die Erwartungen übertraf. Der Nettoumsatz erreichte 496 Millionen US-Dollar, blieb im Jahresvergleich stabil, stieg jedoch um 1% zu konstanten Wechselkursen (CER). Der bereinigte verwässerte Gewinn je Aktie betrug 0,55 US-Dollar und übertraf die CER-Prognose von 0,52 US-Dollar. Die bereinigte operative Ertragsmarge verbesserte sich auf 28,4%, gegenüber 27,4% im 2. Quartal 2023. Der freie Cashflow stieg um 56% auf 129 Millionen US-Dollar.
Auf der Grundlage der starken Ergebnisse des ersten Halbjahres 2024 hat QIAGEN die Prognose für das Gesamtjahr 2024 aktualisiert. Das Unternehmen erwartet nun einen Nettoumsatz von mindestens 1,985 Milliarden US-Dollar CER, was auf solide Trends im Kerngeschäft und die Entscheidung zur Ausmusterung des NeuMoDx-Systems zurückzuführen ist. Die Prognose für den bereinigten verwässerten Gewinn je Aktie wurde auf mindestens 2,16 US-Dollar CER angehoben, mit einem Ziel für die bereinigte operative Ertragsmarge von mindestens 28,5%.
- Q2 2024 net sales of $502 million CER exceeded outlook of $495 million CER
- Adjusted diluted EPS of $0.55 CER surpassed outlook of $0.52 CER
- Adjusted operating income margin improved to 28.4%, up 1 percentage point from Q2 2023
- Free cash flow increased 56% to $129 million in Q2 2024
- FY 2024 adjusted diluted EPS outlook raised to at least $2.16 CER
- Adjusted operating income margin target for FY 2024 increased to at least 28.5%
- Decision to phase out NeuMoDx clinical PCR system, resulting in $30 million CER adjustment in expected sales for 2024
- Net loss per share of $0.83 in Q2 2024
Insights
QIAGEN's Q2 2024 results demonstrate a solid performance with some notable highlights:
- Net sales of
$496 million , flat year-over-year but up1% at constant exchange rates (CER) - Adjusted operating income margin improved to
28.4% , up from27.4% in Q2 2023 - Free cash flow increased by
56% to$129 million - Adjusted diluted EPS of
$0.55 , exceeding the outlook of$0.52 CER
The company's decision to phase out the NeuMoDx clinical PCR system has led to an updated FY 2024 outlook. Despite this adjustment, QIAGEN has increased its adjusted diluted EPS outlook to at least
The improved profitability, evidenced by the higher adjusted operating income margin and increased free cash flow, suggests that QIAGEN's efficiency initiatives are bearing fruit. This puts the company on track to achieve its 2028 targets for profitable growth.
However, investors should note the net loss per share of
Overall, QIAGEN's ability to exceed its Q2 outlook and raise full-year EPS guidance, despite the NeuMoDx decision, indicates resilience in its core business and effective management of its product portfolio.
QIAGEN's Q2 2024 results and updated outlook provide several insights into the company's market position and strategy:
- The sequential growth from Q1 to Q2 2024 suggests improving market conditions and successful execution of QIAGEN's strategy.
- The decision to phase out the NeuMoDx system indicates a strategic realignment of the product portfolio, likely to focus resources on more promising growth areas.
- Recent FDA 510(k) clearances for new QIAstat-Dx panels (gastrointestinal and updated respiratory) demonstrate QIAGEN's commitment to innovation and market expansion in diagnostic solutions.
- The company's ability to maintain growth despite the NeuMoDx adjustment (
$30 million CER reduction in expected sales) highlights the strength of its diversified portfolio.
QIAGEN's focus on its core business and new product launches, particularly in molecular diagnostics, aligns with the growing demand for advanced diagnostic solutions. The company's ability to improve profitability while investing in growth areas suggests a well-balanced approach to market expansion and operational efficiency.
The updated outlook, with increased adjusted EPS guidance despite lower revenue expectations, indicates confidence in the company's ability to navigate market challenges and capitalize on growth opportunities in the molecular diagnostics and life sciences sectors.
Q2 2024: Net sales of
Venlo, the Netherlands, July 31, 2024 (GLOBE NEWSWIRE) -- QIAGEN N.V. (NYSE: QGEN; Frankfurt Prime Standard: QIA) today announced results for the second quarter and first half of 2024.
Net sales were stable at
QIAGEN has updated its FY 2024 outlook based on the solid core business performance in the first half of the year, which was about
The outlook for adjusted diluted EPS has been increased to at least
“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
Please find a PDF of the full press release incl. tables here.
Investor presentation and conference call
A conference call is planned for Thursday, August 1, 2024 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 will 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 figures (generally accepted accounting principles), to provide additional insight into its performance. These results include adjusted net sales, adjusted gross income, adjusted gross profit, adjusted operating income, adjusted operating expenses, adjusted operating income margin, adjusted net income, adjusted net income before taxes, adjusted diluted EPS, adjusted EBITDA, adjusted EPS, adjusted income taxes, adjusted tax rate, and free cash flow. Free cash flow is calculated by deducting capital expenditures for Property, Plant & Equipment from cash flow from operating activities. Adjusted results are non-GAAP financial measures that 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 ongoing core operations, vary significantly from period to period, or affect the comparability of results with competitors and its own prior periods. Furthermore, QIAGEN uses non-GAAP and constant currency financial measures internally in planning, forecasting and reporting, as well as to measure and compensate employees. QIAGEN also uses adjusted results when comparing current performance to historical operating results, which have consistently been presented on an adjusted basis.
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 June 30, 2024, QIAGEN employed more than 5,900 people in over 35 locations worldwide. Further information can be found at https://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, 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, 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” in 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.
Category: Financial
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