NEW YORK – Qiagen announced on Sunday that its preliminary first quarter net sales increased 5 percent year over year, or 7 percent at constant exchange rates.
For the first three months of 2025, Qiagen said its net sales were approximately $483 million, above the analysts' average estimate of $464.8 million in revenues and the firm's previous outlook for approximately 3 percent growth at CER.
Qiagen said its preliminary revenues for its QuantiFeron latent tuberculosis testing business grew 15 percent CER, while revenues in the QiaStat-Dx syndromic testing business increased 35 percent CER, attributed in part to continued demand for respiratory panels. Preliminary revenues in Qiagen's QiAcuity digital PCR and Qiagen Digital Insights bioinformatics businesses increased in the high single-digit range at CER. Sample preparation technologies, on the other hand, declined 1 percent CER due to cautious instrument spending in life sciences.
Qiagen raised its expected adjusted diluted EPS for Q1 to at least $.55 CER compared to the previous outlook for about $.50 CER, which includes the effects of anticipated headwinds from US import tariffs. On average, analysts had estimated Qiagen's Q1 EPS would be $.49.
For full-year 2025, Qiagen said its adjusted diluted EPS is now expected to be about $2.35 at CER, up from the prior outlook for about $2.28 CER.
While the respiratory strength was expected, the broad-based momentum across Qiagen's portfolio was "a positive surprise," Jefferies analyst Tycho Peterson said in a note to investors on Sunday.
"We are hard-pressed to see how this is not a bullish data point for tools, given the broader negativity" around the National Institutes of Health reductions, funding issues, capital expenditure, and China, among other things, he said, adding Qiagen's outlook update doesn't necessarily serve as an "all clear," but noted that Qiagen has a revenue exposure of 4 percent to 5 percent with regards to the NIH and 85 percent to 90 percent of its business coming from consumable sales.
However, "we think the results should serve as a positive indicator for companies with more recurring-type NIH revenues," Peterson noted.
Meanwhile, Dan Brennan at TD Cowen said in a note to investors that "a beat in turbulent times should be well-received," and Dan Leonard at UBS commented that although the results reflect company-specific strengths, such as latent TB testing, they also suggest "a broader read-through for peers."
Qiagen is scheduled to announce its full Q1 results on May 7.