QIAGEN reports results for first quarter 2017
- Delivering on growth ambitions with good Q1 2017 performance:
- Net sales $307.7 million (+3% actual); adjusted net sales $308.3 million (+3% actual, +6% CER vs. +4-5% CER guidance)
- EPS $0.08; adjusted EPS $0.20 ($0.21 CER), adjusted EPS excl. restructuring charge $0.22 ($0.22 CER vs. $0.21-0.22 CER guidance)
- Free cash flow rises 46% to $44.2 million
- Dr. Håkan Björklund joins QIAGEN Supervisory Board
- QIAGEN reaffirms full-year 2017 outlook for 6-7% CER sales growth and adjusted EPS target before restructuring costs of $1.25-1.27 CER
Venlo, the Netherlands, May 2, 2017 - QIAGEN N.V. (NASDAQ: QGEN; Frankfurt Prime Standard: QIA) announced results of operations for the first quarter 2017, delivering on goals for improvements in net sales and adjusted earnings.
"QIAGEN delivered a good start into 2017, and this has reaffirmed our confidence in achieving full-year goals for strong sales growth and a double-digit increase in adjusted earnings per share,” said Peer M. Schatz, Chief Executive Officer of QIAGEN N.V. “The progress we are making in 2017 is providing further support for QIAGEN’s ambitions for faster sales growth, double-digit earnings gains and increased cash flows through 2020.
“All customer classes and regions contributed to our growth in the first quarter. Molecular Diagnostics grew at a 6% pace at constant exchange rates excluding the expected headwinds from reduced U.S. HPV test sales. Applied Testing led among the Life Science customer classes with 21% CER growth driven by the uptake of new products in Human ID / Forensics, while sales to Pharma customers grew nicely (8% CER growth) in line with recent trends and Academia sales were also higher (3% CER growth) amid funding concerns in Europe. Among key products, QuantiFERON-TB grew at a strong double-digit CER rate and is on track to deliver on our 25% CER annual growth target, fueled by new peer-reviewed publications supporting the modern gold standard for TB detection and by national screening programs. Placements of the QIAsymphony system were very robust, and we are well-positioned to reach more than 2,000 cumulative placements by the end of the year. We continue to build momentum for the GeneReader NGS System as the only truly complete Sample to Insight solution for next-generation sequencing. At the recent AMP Global meeting, the high accuracy and performance were highlighted in multiple studies along with its other benefits such as cost-effectiveness and ease of use. Among recent developments in Personalized Healthcare, QIAGEN launched the first FDA-cleared assay for variants in the JAK2 gene to help diagnose a form of leukemia, becoming our fifth FDA-approved/cleared oncology assay. The acquisition in January of OmicSoft, which broadens our ability to offer powerful multi-omics data management infrastructure and expertly curated datasets, has been well received by customers who have come to rely on QIAGEN bioinformatics for analysis and interpretation of complex genomic data to find valuable insights.
“Anchored by our commitment to value creation and disciplined capital allocation, we are moving ahead on our strategy to expand QIAGEN’s differentiated position as a global leader in Sample to Insight solutions for molecular testing. We look forward to making further progress during 2017 in capitalizing on our competitive advantages to even better support more than 500,000 customers along the continuum from basic research to clinical healthcare worldwide.”
QIAGEN N.V., a Netherlands-based holding company, is the leading global provider of Sample to Insight solutions that enable customers to gain valuable molecular insights from samples containing the building blocks of life. Our sample technologies isolate and process DNA, RNA and proteins from blood, tissue and other materials. Assay technologies make these biomolecules visible and ready for analysis. Bioinformatics software and knowledge bases interpret data to report relevant, actionable insights. Automation solutions tie these together in seamless and cost-effective workflows. QIAGEN provides solutions to more than 500,000 customers around the world in Molecular Diagnostics (human healthcare), Applied Testing (forensics, veterinary testing and food safety), Pharma (pharma and biotech companies) and Academia (life sciences research). As of March 31, 2017, QIAGEN employed approximately 4,600 people in over 35 locations worldwide. Further information can be found at http://www.qiagen.com
Certain statements contained in this press release may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. To the extent that any of the statements contained herein relating to QIAGEN's products, collaborations, markets, strategy or operating results, including without limitation its expected adjusted net sales and adjusted diluted earnings results, are forward-looking, such statements are based on current expectations and assumptions that involve a number of uncertainties and risks. Such uncertainties and risks include, but are not limited to, risks associated with management of growth and international operations (including the effects of currency fluctuations, regulatory processes and dependence on logistics), variability of operating results and allocations between customer classes, the commercial development of markets for our products to customers in academia, pharma, applied testing and molecular diagnostics; changing relationships with customers, suppliers and strategic partners; competition; rapid or unexpected changes in technologies; fluctuations in demand for QIAGEN's products (including fluctuations due to general economic conditions, the level and timing of customers' funding, budgets and other factors); our ability to obtain regulatory approval of our products; difficulties in successfully adapting QIAGEN's products to integrated solutions and producing such products; the ability of QIAGEN to identify and develop new products and to differentiate and protect our products from competitors' products; market acceptance of QIAGEN's new products and the integration of acquired technologies and businesses. For further information, please refer to the discussions in reports that QIAGEN has filed with, or furnished to, the U.S. Securities and Exchange Commission (SEC).