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Qiagen Reports Double-Digit Q3 Non-COVID Sales Growth, Raises FY22 Guidance

NEW YORK – Qiagen reported double-digit year-over-year sales growth in its core non-COVID-related product portfolio on Monday afternoon, prompting the company to raise its full-year guidance.

For the three months ended Sept. 30, the firm reported net sales of $500 million, down 7 percent from $535 million a year ago, but ahead of analysts' average estimate of $482.8 million.

At constant exchange rates (CER), Qiagen's Q3 sales were flat, but above previous company guidance of $510 million at CER.

"We continue to see broad-based demand for Qiagen's solutions in both molecular research and clinical testing markets around the world," CEO Thierry Bernard said in a statement. "Our results demonstrate our focus on delivering against the targets we have set, in particular achieving another quarter of double-digit sales growth in our non-COVID portfolio," he added.

Qiagen's non-COVID product group sales increased 11 percent in the quarter (18 percent at CER) year over year to $417 million from $376 million, offset by a decline of 48 percent (43 percent at CER) in its COVID-19 products to $83 million from $159 million. Non-COVID sales growth reflected growth across all product categories, in particular double-digit growth in sample technologies and QuantiFeron-TB.

Qiagen reported Q3 net income of $82.4 million, or $.36 per share, compared to $133.1 million, or $.57 per share, a year ago. Adjusted EPS was $.53, beating analysts' average estimate of $.45. Qiagen said that adjusted EPS at CER was $.55, above previous guidance of $.48 per share.

Qiagen raised its full-year 2022 net sales outlook to at least $2.25 billion at CER from a previous outlook of at least $2.20 billion at CER. It also said that it now expects adjusted EPS of at least $2.40 at CER for full-year 2022, up from previous guidance of $2.30 at CER. The update incudes a reaffirmation of the company's previously stated goal of full-year double-digit sales growth at CER from non-COVID product groups.

For the fourth quarter of 2022, Qiagen expects net sales of at least $520 million at CER compared to $582 million in Q4 2021, and adjusted EPS of at least $.50 per share at CER compared to $.74 in the prior-year period.

Qiagen finished the quarter with $1.27 billion in cash and cash equivalents and $615.4 million in short-term investments.

In Tuesday morning trading on the New York Stock Exchange, shares of Qiagen were up more than 6 percent at $44.47.

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