Qiagen Posts Upbeat Q1 Earnings, Raises FY22 Outlook

Qiagen N.V. QGEN clocked Q1 FY22 revenues of $628.4 million, +11% Y/Y, ahead of the outlook for at least 7% CER growth and well above the consensus of $517.8 million.
At constant exchange rates (CER), Q1 revenues jumped 15% Y/Y.
Sales were driven by 14% CER growth in the non-COVID-19 product portfolio and an 18% CER rise in sales of products used for COVID-19 testing and surveillance.
COVID-19-related products, accounting for approximately 36% of total sales in Q1, increased 13% Y/Y to $229 million, while non-COVID products grew 10% to about $400 million.
Adjusted EPS reached $0.80 ($0.83 CER), surpassing the consensus of $0.65 and prior company guidance of at least $0.72 CER.
Guidance: Qiagen raised FY22 sales guidance to at least $2.12 billion CER (prior outlook for at least $2.07 billion), down from 2021 sales of $2.25 billion.
The company forecasts adjusted EPS of at least $2.14 CER (prior outlook for at least $2.05).
Price Action: QGEN shares are up 1.27% at $45.48 during the premarket session on the last check Wednesday.

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