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QIAGEN Reports Strong Results for Third Quarter and First Nine Months Of 2021
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QIAGEN N.V. reported an 11% increase in Q3 2021 net sales, reaching $535 million, with a significant growth of 17% in its non-COVID product sales. The company's adjusted diluted EPS remained stable at $0.58, exceeding market expectations. For the first nine months of 2021, net sales surged to $1.67 billion, marking a 28% increase, while operating cash flow nearly doubled. QIAGEN has upgraded its full-year outlook, anticipating at least 15% sales growth and an adjusted diluted EPS of at least $2.48.
Positive
Net sales growth of 11% in Q3 2021 to $535 million, exceeding outlook.
Non-COVID product sales increased by 17% year-over-year, totaling $376 million.
Strong operating cash flow up 134% to $441 million.
Free cash flow increased by 198% to $302 million.
Upgraded full-year 2021 outlook for at least 15% sales growth and $2.48 EPS.
Negative
COVID-19 product sales declined by 4% to $159 million.
Q3 2021: Net sales rise 11% (+10% constant exchange rates, CER) to $535 million and adjusted diluted EPS unchanged at $0.58 ($0.58 CER) from Q3 2020, both well above outlook
Non-COVID product group sales grow 17% CER to $376 million building on excellent H1 2021 trends, COVID-19 product group sales decline 4% CER to $159 million
9M 2021: Net sales grow 28% (+25% CER) to $1.67 billion, non-COVID sales rise 27% CER to $1.15 billion; adjusted diluted EPS of $1.91 ($1.88 CER)
9M 2021: Operating cash flow up 134% to $441 million, free cash flow up 198% to $302 million
Full-year 2021: Outlook upgraded to reflect stronger-than-expected Q3 2021 results, net sales now expected to grow at least 15% CER and adjusted diluted EPS of at least $2.48 CER
VENLO, the Netherlands--(BUSINESS WIRE)--
QIAGEN N.V. (NYSE: QGEN; Frankfurt Prime Standard: QIA) announced results for the third quarter and first nine months of 2021.
In Q3 2021, net sales rose 11% (+10% at constant exchange rates, CER) to $535 million, which was well above the outlook for CER sales to be at the same level as in the year-ago period. Key drivers were a 48% CER gain in sales of the QuantiFERON-TB test to $79 million over Q3 2020 and solid growth in DNA sample technologies products. Also supporting the performance was a stronger-than-expected demand for COVID-19 testing solutions. Diluted earnings per share (EPS) were $0.57 in Q3 2021, up from $0.07 per share in the same period of 2020. Adjusted diluted EPS was $0.58 ($0.58 CER), which was above the outlook for $0.52-0.53 CER and unchanged from Q3 2020.
“QIAGEN’s results for the third quarter of 2021 confirm that our business continues to build strong momentum, especially our non-COVID product groups that delivered 17% CER growth,” said Thierry Bernard, Chief Executive Officer of QIAGEN N.V. “We are on track to reach our 2021 sales targets for our five pillars of growth while crossing a significant milestone of more than $2 billion in net sales. Our performance during 2021 has underscored the relevancy of QIAGEN in the molecular research and testing market, while we stand ready to address the volatile trends in COVID-19 testing.”
Roland Sackers, Chief Financial Officer of QIAGEN N.V., said: “We have upgraded our full-year outlook for 2021 to reflect the stronger-than-expected results in the third quarter of 2021. Using the boost from the COVID-19 pandemic demand, as well as the momentum in our non-COVID product groups, we are making significant progress on initiatives to support the business expansion in the coming years thanks to our record operating cash flow combined with a commitment to disciplined capital allocation. This has given us the flexibility to make investments to further accelerate our five pillars of growth while increasing returns to shareholders, such as through the recently completed $100 million share repurchase program.”
A conference call is planned for Thursday, November 4, 2021, at 14:30 Central European Time (CET) / 9:30 Eastern Daylight Time (EDT). 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 is available at https://corporate.qiagen.com/investor-relations/events-and-presentations/default.aspx as of Thursday, November 4, 2021, at 12:30 Central European Time (CET) / 7:30 Eastern Daylight Time (EDT).
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 September 30, 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
