Qiagen Stock Gains As Non COVID Sales Boosts Q2 Topline, Bottom-line

Qiagen N.V. QGEN reported after the close of the market Thursday that its second-quarter revenues jumped 28% Y/Y as growth in its core product portfolio tempered, flagging non-COVID-19-related sales.
It reported total revenues of $567.3 million, in line with preliminary numbers provided earlier this month and beating analysts' consensus estimate of $554.4 million.
At constant exchange rates (CER), Q2 revenue growth was 24%.
Sales for non-COVID-related product groups rose 52% at CER to $407.6 million in Q2 and represented 72% of total sales. Meanwhile, COVID-19 product group sales declined 17% at CER to $159.7 million from a year ago as testing demand waned due to increased vaccination uptake.
Q2 consumables and related revenues grew 28% at CER to about $498 million, while instrument sales fell 3% at CER to $69 million.
Sales of non-COVID-19 testing kits represented about two-thirds of the Sample technologies product group and rose nearly 30% at CER, buoying a double-digit year-over-year decline in kits used for COVID-19 testing.
Adjusted EPS of $0.66 beat the consensus of $.62.
Adjusted operating income increased 23% to $196.4 million, bit margin compressed to 34.6% from 36.1% a year ago.
Price Action: QGEN shares are up 2.26% at $53.40 during the market session on the last check Friday.

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