Qiagen Q4 Earnings Beat Expectations On High Demand For COVID-19 Tests, Issues FY22 Guidance

Qiagen N.V. QGEN clocked Q4 revenues of $582.39 million, +2% Y/Y, and well above the consensus of $461.30 million.

• At constant exchange rates (CER), Q4 revenues jumped 4% Y/Y, beating the outlook of a 9% CER decline provided by the company in November.
• Qiagen said that Q4 growth was driven by high demand for COVID-19 test products as well as "good trends" in its non-COVID-related product portfolio.
• The consumables & related revenues grew 5% to $517 million, while instrument revenue fell 16% to $65 million. 
• By end market, molecular diagnostics revenues jumped 9% to $313 million, while life sciences revenues dropped 5% to $269 million.
• COVID-19-related products, accounting for approximately 31% of total sales in Q4, fell 9% Y/Y to $183 million, while non-COVID products grew 8% to about $400 million.
• Adjusted EPS reached $0.74 ($0.75 CER), surpassing the consensus of $0.53 and prior company guidance of at least $0.60.
• Guidance: Qiagen initiated FY22 guidance with at least $2.07 billion in sales at CER, compared to the consensus of $1.81 billion, which would be down from 2021 sales of $2.25 billion.
• The company forecasts adjusted EPS of at least $2.05, compared to 2021 EPS of $2.65 and the consensus of $1.77. 
• For Q1 2022, net sales are expected to grow at least 7% at CER from $567.2 million a year ago, while adjusted EPS is expected to be at least $0.72.
• Price Action: QGEN shares closed 1.60% lower at $49.22 on Tuesday.