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QIAGEN Exceeds Outlook in First Quarter 2021 Results, Reaffirms Sales Growth and Profitability Outlook for Full-Year 2021
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
QIAGEN N.V. (NYSE: QGEN; Frankfurt Prime Standard: QIA) announced strong results of operations for the first quarter of 2021, exceeding the goals for net sales and adjusted earnings per share.
Net sales in the first quarter of 2021 rose 52% (+48% at constant exchange rates, CER) to $567.2 million from the first quarter of 2020, and faster than the outlook of at least 45% CER growth. Adjusted earnings per share (EPS) were $0.66 ($0.65 CER) against the outlook of about $0.60-0.62 CER, and rose 94% from $0.34 in the first quarter of 2020.
“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.”
Please find the full press release incl. tables here
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.
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