QIAGEN reports strong preliminary results for third quarter of 2020
Venlo, The Netherlands, October 13, 2020 – QIAGEN N.V. (NYSE: QGEN; Frankfurt Prime Standard: QIA) announced today preliminary sales and adjusted earnings per share (EPS) results for the third quarter of 2020.
Net sales grew 26% at actual rates, and also rose 26% at constant exchange rates (CER), to $483.8 million from $382.7 million in the same period of 2019 – a higher rate than the outlook for the third quarter of 2020 for 16-21% CER sales growth announced on July 13, 2020.
The better-than-expected results reflect both ongoing significant demand for solutions used in COVID-19 testing, as well as significantly improved customer demand trends in other areas of the portfolio from the second quarter of 2020, with non-COVID 19 product sales declining at a mid-single-digit CER rate compared to the third quarter of 2019. Among specific products, sales of the QuantiFERON-TB test for tuberculosis detection declined 20% CER to about $53 million compared to a 46% CER year-over-year decline in the second quarter of 2020.
Preliminary adjusted EPS results for the third quarter of 2020 are for approximately $0.58 CER – a 61% increase from adjusted EPS of $0.36 in the third quarter of 2019 and at the high end of the outlook for about $0.52-0.58 CER, also as announced on July 13, 2020.
Based on exchange rates on September 30, 2020, QIAGEN expects currency movements against the U.S. dollar (reporting currency) to have a positive impact on results for the third quarter of 2020 of less than one percentage point on net sales at actual rates and less than $0.01 on adjusted EPS.
Full results for the third quarter and first nine months of 2020 remain scheduled for publication on November 4, 2020, and for a conference call to be held as planned on November 5, 2020.
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) and Life Sciences (academia, pharma R&D and industrial applications, primarily forensics). As of June 30, 2020, QIAGEN employed more than 5,200 people in over 35 locations worldwide. Further information can be found at 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; actions of governments, global or regional economic developments, weather or transportation delays, natural disasters, political or public health crises, including the breadth and duration of the COVID-19 pandemic and its impact on the demand for our products and other aspects of our business, or other force majeure events; as well as the possibility that expected benefits related to recent or pending acquisitions may not materialize as expected; and the other factors discussed under the heading “Risk Factors” contained in Item 3 of our most recent Annual Report on Form 20-F.. 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).