QIAGEN Reports Strong Results for Third Quarter and First Nine Months of 2020 and Increases Outlook for Full-Year 2020

Rhea-AI Summary

QIAGEN N.V. (NYSE: QGEN) reported robust Q3 2020 results, with sales escalating by 26% to $483.8 million compared to $382.7 million in Q3 2019. Adjusted EPS soared 61% to $0.58. Encouraged by this performance, the company raised its 2020 outlook, forecasting 20% sales growth and adjusted EPS of $2.07-2.09. The significant sales increase is attributed to high demand for COVID-19 related products, alongside other portfolio areas. QIAGEN also expanded its COVID-19 testing capabilities and solidified its position in automated molecular testing through a recent acquisition.

Positive

• Sales rose 26% year-over-year to $483.8 million in Q3 2020.
• Adjusted EPS increased 61% to $0.58.
• Increased 2020 full-year sales outlook to about 20% growth.
• Adjusted EPS outlook raised to $2.07-2.09.
• Strong demand for COVID-19 testing products contributed significantly to performance.
• Recent acquisition of NeuMoDx enhances automated molecular testing capabilities.

Negative

• None.

VENLO, the Netherlands--(BUSINESS WIRE)--QIAGEN N.V. (NYSE: QGEN; Frankfurt Prime Standard: QIA) announced strong full results of operations for the third quarter and first nine months of 2020 and also increased its outlook for net sales and adjusted earnings per share (EPS) for full-year 2020.

Sales in the third quarter of 2020 rose 26% at actual rates, and also rose 26% at constant exchange rates (CER), to $483.8 million from $382.7 million in the same period of 2019. Adjusted EPS rose 61% to $0.58, and also $0.58 CER. Based on the solid performance, along with expectations for about 24-27% CER sales growth and about $0.58-0.60 CER of adjusted EPS in the fourth quarter of 2020, QIAGEN has increased its full-year 2020 outlook for about 20% CER sales growth and adjusted EPS growth of about 45% to about $2.07-2.09 CER from 2019 results.

“Our results for the third quarter 2020 reflect a dynamic performance driven by an ongoing very high level of sales for product groups used in the COVID-19 pandemic response and by improving demand trends in other areas of the portfolio,” said Thierry Bernard, Chief Executive Officer of QIAGEN N.V.

“We are proud of the passion and commitment our QIAGENers are demonstrating to supply important products for COVID-19 testing despite supply constraints, which we are addressing with investments to expand capacity. We have added to our COVID-19 portfolio with the recent launch of QIAprep&amp, which integrates ultra-fast sample preparation and PCR detection in one single kit, and plan to soon launch a rapid COVID-19 antigen test developed with Ellume. As we now focus on five pillars of growth, we recently acquired the remaining 80.1% stake in NeuMoDx to strengthen our global position in automated molecular testing, with first incremental sales from this acquisition expected in the fourth quarter of 2020. Our QIAcuity digital PCR system is also enjoying strong customer interest following the first placements in September 2020. These results show that while QIAGEN is increasingly relevant for COVID-19 testing, we are not dependent on COVID-19. Driven by our strategic capabilities and execution mindset, we are increasingly optimistic about a strong finish to 2020 – a confidence reflected in our improved full-year 2020 outlook."

Please find the full press release as a pdf here