-
Preliminary Q2 2021 results: Net sales up 28% (+24% CER) to $567.3 million, above ~+20% CER
outlook; adj. EPS up ~21% to $0.66-0.67 ($0.65-0.66 CER) vs. ~$0.62-0.64 CER outlook
-
Very strong non-COVID product group sales: +52% CER growth in Q2 2021 to $407.6 million,
representing 72% of total sales, expect at least 20% CER full-year growth
-
Updated full-year 2021 outlook due to impact of faster-than-expected uptake of COVID-19 vaccines
on test demand: At least 12% CER sales growth and at least $2.42 CER adj. EPS
-
Commitment to value creation: Announcing new $100 million share repurchase program
VENLO, the Netherlands--(BUSINESS WIRE)--
QIAGEN N.V. (NYSE: QGEN; Frankfurt Prime Standard: QIA) announced preliminary results for the second quarter
of 2021 that exceeded the outlook for net sales and adjusted earnings per share.
Net sales rose 28% (+24% at constant exchange rates, CER) to $567.3 million in Q2 2021 and above the outlook
for about 20% CER growth. Currency movements against the U.S. dollar had a positive impact of about four
percentage points on sales at actual rates in Q2 2021 over the year-ago period. For the first half of 2021,
net sales rose 39% (+35% CER) to $1.135 billion.
Stronger-than-expected growth trends were seen for non-COVID product groups, rising 52% CER to $407.6
million in Q2 2021 and representing 72% of total sales. For the first half of 2021, non-COVID product group
sales grew 37% (+33% CER) to $771.6 million and represented 68% of total sales. COVID-19 product group sales
declined 17% CER in Q2 2021 compared to the year-ago period, to $159.7 million. Lower COVID-19 product group
sales levels were seen across all regions and product categories, as the rapid uptake of COVID-19
vaccination campaigns led to reduced demand for testing.
Adjusted earnings per share (EPS) for the second quarter of 2021 are expected to be about $0.66-0.67
($0.65-0.66 CER) against the outlook for about $0.62-0.64 CER, and an increase of about 21% from $0.55 in
the second quarter of 2020. For the first half of 2021, adjusted EPS are expected to be about $1.32-1.33
($1.30-1.31 CER) compared to $0.89 in the same period of 2020.
“QIAGEN delivered excellent results in the second quarter of 2021, driven by outstanding performance in our
non-COVID product groups. We are seeing very positive growth in these product groups, which are the highest
priority of our teams as we seek to expand on the opportunities within QIAGEN’s five pillars of growth. We
anticipate ongoing strong demand in these product groups in the second half of 2021, as we aim for at least
20% CER growth for the full year and for these product groups to represent the majority of our sales,” said
Thierry Bernard, Chief Executive Officer of QIAGEN N.V.
“We welcome the success of vaccination campaigns and their contributions to moving the world beyond the
pandemic. At the same time, the faster-than-expected uptake has led to a reduction in demand for COVID-19
testing. This has prompted us to update our view on COVID-19 testing trends for the second half of 2021, and
update the outlook for sales and adjusted EPS growth. As we prepare QIAGEN for sustained growth beyond the
pandemic, and reaffirm the mid-term targets set for our five pillars of growth, we are confident in
developing a stronger and more differentiated leadership position,” Bernard said.
Roland Sackers, Chief Financial Officer of QIAGEN N.V., said: “QIAGEN continued to deliver a strong level of
sales growth and profitability throughout the first half of 2021. As part of our commitment to value
creation, and anchored by a reaffirmation of the mid-term ambitions for QIAGEN’s five pillars of growth
beyond the COVID-19 pandemic, we have also announced plans for a new $100 million share repurchase program.
This reflects our confidence in QIAGEN’s growth prospects and is a reaffirmation of our commitment to
increasing returns for shareholders.”
Preliminary Q2 2021 sales
Total sales, non-COVID and COVID-19 product groups
|
Q2 2021
|
|
H1 2021
|
|
Sales
(In $ m)
|
% change
|
% CER change
|
% of
sales
|
|
Sales
(In $ m)
|
% change
|
% CER change
|
% of
sales
|
Non-COVID product groups
|
$408
|
+57%
|
+52%
|
72%
|
|
$772
|
+37%
|
+33%
|
68%
|
COVID-19 product groups
|
$160
|
-13%
|
-17%
|
28%
|
|
$363
|
+43%
|
+38%
|
32%
|
Total sales
|
$567
|
+28%
|
+24%
|
100%
|
|
$1,135
|
+39%
|
+35%
|
100%
|
Tables may have rounding differences. Percentage changes are to prior-year periods.
Sales by product groups
|
Q2 2021
|
|
H1 2021
|
|
Sales
(In $ m)
|
% change
|
% CER change
|
% of
sales
|
|
Sales
(In $ m)
|
% change
|
% CER change
|
% of
sales
|
Sample technologies
|
$203
|
+1%
|
-3%
|
36%
|
|
$430
|
+21%
|
+16%
|
38%
|
Diagnostic solutions
|
$154
|
+76%
|
+71%
|
27%
|
|
$304
|
+66%
|
+61%
|
27%
|
Of which QuantiFERON
|
$72
|
+114%
|
+109%
|
12%
|
|
$128
|
+63%
|
+59%
|
11%
|
Of which QIAstat-Dx
|
$16
|
+9%
|
+4%
|
3%
|
|
$37
|
+77%
|
+71%
|
3%
|
Of which NeuMoDx
|
$22
|
+226%
|
+209%
|
4%
|
|
$54
|
+478%
|
+450%
|
5%
|
Of which Other
|
$45
|
+37%
|
+33%
|
8%
|
|
$84
|
+14%
|
+11%
|
8%
|
PCR / Nucleic acid amplification
|
$109
|
+11%
|
+8%
|
19%
|
|
$225
|
+41%
|
+37%
|
20%
|
Genomics / NGS
|
$80
|
+115%
|
+110%
|
14%
|
|
$130
|
+65%
|
+61%
|
11%
|
Other
|
$22
|
+7%
|
+5%
|
4%
|
|
$45
|
+15%
|
+13%
|
4%
|
Tables may have rounding differences. Percentage changes are to prior-year periods.
-
Sample technologies: Sales of non-COVID kits in Q2 2021 represented about two-thirds of this
product group and rose about 30% CER, but sales of kits used for COVID-19 testing (especially manual
sample preparation) declined at a significant double-digit CER rate over the year-ago period.
-
Diagnostic solutions: QuantiFERON latent tuberculosis (TB) sales surged 109% CER to $72 million
in Q2 2021 on growth rates above 110% CER in both the Americas and Europe / Middle East / Africa regions
and about 30% CER in the Asia-Pacific / Japan region. Sales of the QIAstat-Dx syndromic testing solution
rose over the Q2 2020 level while absorbing headwinds from reduced COVID-19 testing demand. NeuMoDx
sales rose on an underlying basis despite the decline in COVID-19 demand, and Q2 2021 results included
contributions from the full acquisition in September 2020. Companion diagnostic co-development revenue
growth of 31% CER, along with robust double-digit CER gains in sales of precision medicine consumables,
supported 33% CER growth in Q2 2021 in other areas of this product group.
-
PCR / Nucleic acid amplification: QIAcuity digital PCR sales grew at a higher level than Q1 2021
amid increasing customer interest following the late 2020 launch. OEM products and enzymes grew compared
to Q2 2020 while absorbing lower sales of COVID-19 products. Instrument sales declined, in particular
for the Rotor Gene Q PCR cycler, against very high pandemic demand in Q2 2020.
-
Genomics / NGS: Dynamic results in Q2 2021 driven by sales growth above 150% CER for universal
consumables used in next-generation sequencing (NGS) amid an upturn in demand among customers involved
in research and clinical applications, and supported by increasing sales of kits for COVID-19 variant
analysis and sale of technology licenses. QIAGEN Digital Insights delivered high-single-digit CER
growth, in particular double-digit CER gains in clinical applications.
Sales by product type and customer class
|
Q2 2021
|
|
H1 2021
|
|
Sales
(In $ m)
|
%
change
|
% CER change
|
% of
sales
|
|
Sales
(In $ m)
|
% change
|
% CER change
|
% of
sales
|
Consumables and related revenues
|
$498
|
+33%
|
+28%
|
88%
|
|
$996
|
+42%
|
+38%
|
88%
|
Instruments
|
$69
|
+2%
|
-3%
|
12%
|
|
$138
|
+21%
|
+16%
|
12%
|
Molecular Diagnostics
|
$272
|
+33%
|
+28%
|
48%
|
|
$551
|
+45%
|
+40%
|
49%
|
Life Sciences
|
$296
|
+24%
|
+20%
|
52%
|
|
$584
|
+34%
|
+30%
|
51%
|
Tables may have rounding differences. Percentage changes are to prior-year periods.
Sales by geographic region
|
Q2 2021
|
|
H1 2021
|
|
Sales
(In $ m)
|
% change
|
% CER change
|
% of
sales
|
|
Sales
(In $ m)
|
% change
|
% CER change
|
% of
sales
|
Americas
|
$257
|
+45%
|
+44%
|
45%
|
|
$501
|
+43%
|
+42%
|
44%
|
Europe / Middle East / Africa
|
$202
|
+23%
|
+15%
|
36%
|
|
$421
|
+44%
|
+35%
|
37%
|
Asia-Pacific / Japan
|
$109
|
+10%
|
+4%
|
19%
|
|
$213
|
+27%
|
+21%
|
19%
|
Tables may have rounding differences. Percentage changes are to prior-year periods.
Rest of world represented less than 1% of sales.
-
Americas: Strongest regional performance in Q2 2021 driven by over 50% CER growth in the United
States and QuantiFERON-TB. Brazil and Mexico sales fell at double-digit CER rates vs. Q2 2020.
-
EMEA: Double-digit CER gains in Q2 2021 in the United Kingdom, Italy, Switzerland and Turkey,
along with low-single-digit CER growth in Germany against a double-digit CER decline in France.
-
Asia-Pacific / Japan: China leads region with 17% CER growth on improving trends for non-COVID
product groups, while Japan sales fell at a mid-single-digit CER rate over Q2 2020. Higher sales were
also seen in Australia and South Korea, more than absorbing a double-digit CER decline in India.
Full-year and Q3 2021 outlook
QIAGEN has updated its full-year 2021 outlook for net sales to grow at least 12% CER (prior outlook of about
18-20% CER) and for adjusted diluted EPS of at least $2.42 CER (prior outlook of about $2.42-2.46 CER).
Based on rates as of June 30, 2021, currency movements against the U.S. dollar are still expected to create
a positive impact of about 2-3 percentage points on net sales growth at actual rates for full-year 2021. A
positive impact of about $0.02-0.03 per share is still expected on adjusted EPS.
For the third quarter of 2021, net sales at CER are expected to be at the same level of sales in Q3 2020 of
about $483.8 million. Adjusted diluted EPS is expected to be about $0.52-0.53 CER compared to $0.58 in the
year-ago quarter. Based on rates as of June 30, 2021, currency movements against the U.S. dollar are
expected to create a positive impact of about 1-2 percentage points on net sales growth at actual rates for
Q3 2021. A positive impact of up to $0.01 per share is expected on adjusted diluted EPS.
New $100 million share repurchase program
QIAGEN intends to exercise the authorization granted by the Annual General Meeting of Shareholders on June
29, 2021, to purchase up to $100 million (excluding transaction costs) of QIAGEN shares. Based on the
closing price on July 9, 2021, this represents approximately two million shares. Details of the repurchase
program will be announced before its actual commencement in line with Article 4, Section (2) of EC
regulation 2273/2003 (so-called Safe Harbor). Repurchased shares will be held in treasury in order to
satisfy obligations for employee share-based remuneration plans. QIAGEN will provide regular updates on the
progress of the repurchase program in the Investor Relations section at www.qiagen.com.
Conference call on July 13, 2021
A conference call is planned for Tuesday, July 13, 2021, at 15:00 Central European Time (CET) / 9:00 Eastern
Standard Time (EST). A presentation will be available shortly before the call and can be downloaded at https://corporate.qiagen.com/investor-relations/events-and-presentations/default.aspx.
A live webcast will be made available at this website, and a replay will also be made available after the
event.
Full Q2 2021 results announcement on July 29, 2021
The publication of full results for the second quarter and first half of 2021 are planned for Thursday, July
29, 2021, at approximately 22:05 Central European Time (CET) / 16:05 Eastern Daylight Time (EDT). No
conference call is planned.
Use of adjusted results
QIAGEN reports adjusted results, as well as results on a constant exchange rate (CER) basis, and other
non-U.S. GAAP figures (generally accepted accounting principles), to provide additional insight into its
performance. These results include adjusted net sales, adjusted gross income, adjusted gross profit,
adjusted operating income, adjusted operating expenses, adjusted operating income margin, adjusted net
income, adjusted net income before taxes, adjusted diluted EPS, adjusted EBITDA, adjusted EPS, adjusted
income taxes, adjusted tax rate, and free cash flow. Free cash flow is calculated by deducting capital
expenditures for Property, Plant & Equipment from cash flow from operating activities. Adjusted results
are non-GAAP financial measures that QIAGEN believes should be considered in addition to reported results
prepared in accordance with GAAP but should not be considered as a substitute. QIAGEN believes certain items
should be excluded from adjusted results when they are outside of ongoing core operations, vary
significantly from period to period, or affect the comparability of results with competitors and its own
prior periods. Furthermore, QIAGEN uses non-GAAP and constant currency financial measures internally in
planning, forecasting and reporting, as well as to measure and compensate employees. QIAGEN also uses
adjusted results when comparing current performance to historical operating results, which have consistently
been presented on an adjusted basis.
About QIAGEN
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, 2021, QIAGEN employed more than
5,900 people in over 35 locations worldwide. Further information can be found at http://www.qiagen.com.
Forward-Looking Statement
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, including those products used in the response to the COVID-19 pandemic,
timing for launch and development, marketing and/or regulatory approvals, financial and operational
outlook, growth and expansion, 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.