Diagnostic Firm Qiagen's Q3 Earnings: Analyst Says Annual Projections Attainable Despite Macro Trends

Qiagen NV's QGEN Q3 net sales of $470 million at constant exchange rates (CER) for Q3 2023 were above the outlook for at least $465 million CER, driven by 5% CER growth in the non-COVID-19 portfolio

Overall sales results for Q3 2023 declined 5% (-6% CER) to $476 million from Q3 2022, a period marked by significant COVID-19 sales contributions. Adjusted EPS was $0.50, beating the consensus of $0.48.

Qiagen CEO Thierry Bernard said the firm's resilient performance "was important as we work through the final quarters of COVID-19 testing headwinds from 2022 and also address an increasingly challenging macro environment."

Also Read: Biden Administration Restarts Distribution Of Free At Home COVID-19 Tests, After Suspending For Year.

Qiagen's non-COVID product sales increase of 5% at CER — to $442 million— was supported by 5% CER growth in consumables and related revenues, as well as a 3% increase in instrument sales.

The Molecular Diagnostics customer class grew 15% CER, excluding COVID-19 product groups over the 2022 quarter, led by the growth of the QuantiFERON latent TB test and growth in the Precision Medicine portfolio.

Life Sciences sales were down 4% CER due to the decline in OEM products sold to other companies during 2023.

Guidance: Qiagen affirmed its guidance for 2023 net sales of at least $1.97 billion at CER, driven by ongoing solid consumables demand, though e larger-scale instrument sales remain challenging.

The company sticks to FY23 adjusted EPS guidance of $2.07 and said QIAGEN also closely monitors fast-changing geopolitical and macro trends globally.

William Blair believes these projections are attainable, considering the sustained robust demand amidst a complex macroeconomic landscape. Moving forward, investors will be closely monitoring the factors influencing 2024 to gain a more comprehensive perspective, according to the analyst's note.

Price Action: QGEN shares are up 5.25% at $37.42 on the last check Tuesday.

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: Analyst ColorEarningsNewsGuidanceHealth CareAnalyst RatingsTrading IdeasGeneralBriefs
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!