Qiagen Clocks 17% Increase In Non-COVID Product Sales; Raises FY21 Guidance

  • Qiagen N.V.'s QGEN Q3 revenues grew 11% Y/Y to $535 million (+10% at constant exchange rates), well above the consensus of $434.97 million.
  • Non-COVID product group sales grew 17% CER to $376 million, cushioning the COVID-19 product group sales decline 4% CER to $159 million.
  • Consumables and related revenues grew 13% to $473 million, while instruments fell 3% to $62 million. 
  • By end market, molecular diagnostics revenues jumped 18 percent to $279 million, while life sciences revenues grew 4 percent to $256 million.
  • Adjusted EPS reached $0.58, surpassing the consensus of $0.47.
  • Qiagen finished the quarter with cash and cash equivalents of $617.5 million and short-term investments totaling $339.8 million.
  • Guidance: Qiagen upgraded its FY21 outlook and now expects sales to grow at least 15% at CER compared to previous guidance of 12%. 
  • It forecasts adjusted EPS to be at least $2.48 compared to previous guidance of at least $2.42.
  • Q4 revenues are expected to decline approximately 9% at CER, and adjusted EPS is expected to be at least $0.60 at CER.
  • Related: Qiagen's COVID-19 Antigen Test Gets FDA Emergency Use Approval.
  • Price Action: QGEN shares are up 0.69% at $55.73 during the premarket session on the last check Thursday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceHealth CareGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!