Benzinga - by Vandana Singh, Benzinga Editor.
Qiagen NV's (NASDAQ: 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.
Latest Ratings for QGEN
| Dec 2021 | Wells Fargo | Maintains | Equal-Weight | |
| Oct 2021 | Redburn Partners | Initiates Coverage On | Buy | |
| Jul 2021 | Kepler Cheuvreux | Downgrades | Buy | Hold |
View the Latest Analyst Ratings
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