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Qiagen Reports Strong Non-COVID Sales Growth in Q2; Raises Full-Year Guidance

NEW YORK – Qiagen on Tuesday afternoon reported strong year-over-year sales growth in its core non-COVID-related product portfolio, prompting the company to raise its full-year revenue and earnings guidance even as its COVID-19-related business remains volatile.

Qiagen reported its earnings a day earlier than expected. For the three months ended June 30, the firm logged net sales of $515.5 million, down 9 percent from $567.3 million a year ago, but well ahead of analysts' average estimate of $488.7 million.

At constant exchange rates (CER), Qiagen's Q2 sales fell 4 percent to $544 million, besting previous company guidance of $510 million at CER. It was the second consecutive quarter that the company reported sales ahead of prior guidance.

Qiagen's non-COVID product groups, now comprising more than 80 percent of its sales, rose 4 percent (10 percent at CER) year over year to $423 million in the quarter. This was tempered by an expected decline of 42 percent (39 percent at CER) in its COVID-19 products to $92 million.

Qiagen reported Q2 net income of $96.7 million, or $.42 per share, compared to $121.1 million, or $.52 per share, a year ago. Adjusted EPS was $.51, shy of analysts' average estimate of $.54. Qiagen said that adjusted EPS at CER was $.53, well above previous guidance of $.46 per share.

Based on the strong performance in Q2 and first half of the year, Qiagen raised its full-year 2022 net sales outlook to at least $2.20 billion at CER from a previous outlook of at least $2.12 billion at CER. It also said that it now expects adjusted EPS of at least $2.30 at CER for full-year 2022, up from previous guidance of $2.14 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, but also considers a continued expected decline in COVID-19 sales amid volatile pandemic trends. The company said it also reflects a review of macroeconomic trends including inflation and energy supplies.

For the third quarter of 2022, Qiagen expects net sales of at least $510 million at CER compared to $535 million in Q3 2021, and adjusted EPS of at least $.48 per share at CER compared to $.58 in the prior-year period.

"Qiagen continues to deliver in 2022, led by double-digit CER sales growth from our non-COVID product portfolio in the first half of the year as we steadily execute on our goals," Qiagen CEO Thierry Bernard said in a statement. "These solid results give us renewed confidence to increase our full-year outlook for 2022 and position Qiagen for solid growth beyond the COVID-19 pandemic."

Bernard added that the company is accelerating its "focused strategy to enhance our balanced portfolio serving life science and molecular diagnostics customers worldwide, investing into our five pillars of growth, and remaining ready to support COVID-19 testing needs as they develop."

Qiagen finished the quarter with $706.5 million in cash and cash equivalents and $604.4 million in short-term investments.

In Tuesday afternoon trading on the New York Stock Exchange, shares of Qiagen were up a fraction of a percent at $47.50.