Qiagen (QGEN) Tops Q1 EPS by 3c, Revenues Beat; Reaffirms FY21 EPS Outlook

Qiagen (NYSE: QGEN) reported Q1 EPS of $0.66, $0.03 better than the analyst estimate of $0.63. Revenue for the quarter came in at $567.2 million versus the consensus estimate of $557.5 million.

• Q1 2021 net sales rise 52% (48% CER) to $567.2 million, exceeds outlook for at least 45% CER growth; adj. EPS up 94% to $0.66 ($0.65 CER), exceeds outlook for ~$0.60-0.62 CER
• 16% CER growth to $364 million from non-COVID product groups, represent 64% of total sales, while COVID-19 product group sales rise 186% CER to $203 million
• Q1 2021 operating cash flow rises over 700% to $128.6 million, free cash flow of $82.3 million
• Reaffirming full-year 2021 outlook for ~18-20% CER net sales growth and ~$2.42-2.46 CER adjusted diluted EPS

“Our results for the first quarter of 2021 once again show QIAGEN continuing to execute and beat the outlook set for sales and earnings growth,” said Thierry Bernard, Chief Executive Officer of QIAGEN N.V. “This performance was particularly driven by 16% CER growth in sales of non-COVID product groups that represented 64% of our sales. We are pleased with trends showing that research laboratories around the world are increasingly returning to work and clinical labs are moving beyond COVID testing. This progress underlines the point that QIAGEN’s business is COVID relevant, but not COVID dependent.

“Our teams continue to show great dedication in meeting the ongoing demand for QIAGEN solutions to support the global response to the COVID-19 pandemic. This includes launching new solutions for both COVID-19 testing, and many of which have non-COVID applications.

“We have made multiple product expansions to our non-COVID related portfolio, including the launch of a Lyme Disease test based on QuantiFERON technology with our partner DiaSorin, bringing the QIAcube Connect sample processing instrument to clinical customers and releasing the QIAsphere solution to offer cloud-based platform connectivity for QIAstat-Dx and QIAcube Connect as a start, and for use in the future on other instruments and automation systems in the future. As we look forward to delivering on our commitments for 2021, we are well on track to positioning QIAGEN for sustainable growth and creating greater value beyond the pandemic.”

GUIDANCE:

Qiagen sees FY2021 EPS of $2.42-$2.46, versus the consensus of $2.49.

For earnings history and earnings-related data on Qiagen (QGEN) click here.

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