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Qiagen Non-COVID-19 Q4 Revenues Rise 9 Percent

This story has been updated to include comments from a call with investors.

NEW YORK – Qiagen announced on Tuesday after the close of the market that revenues in its non-COVID-19 business for the fourth quarter 2023 increased 9 percent year over year.

For the three months ended Dec. 31, Qiagen reported total revenues of $509.2 million, up 2 percent from $498.0 million a year ago and beating Wall Street average estimate of $500.2 million. At constant exchange rates (CER), fourth quarter revenues increased 1 percent to $503 million, surpassing the firm's earlier outlook of $500 million CER.

In the quarter, consumables and related revenues grew 3 percent to $444 million from $433 million a year ago, while instrument revenues were flat at $65 million. Molecular diagnostics revenues increased 5 percent to $271 million from $258 million, while life sciences revenues dipped 1 percent to $238 million from $240 million.

On a call with investors to discuss the earning, Qiagen's CEO Theirry Bernard said that the firm had " a strong performance in the fourth quarter" despite a dynamic macro environment.

Qiagen said revenues for its non-COVID products increased 9 percent year over year to $472 million from $432 million while COVID-related sales dropped 43 percent to $38 million from $66 million. At constant exchange rate, non-COVID sales increased 8 percent while COVID-related sales fell 44 percent.

In the quarter, Qiagen launched the TissueLyser III instrument and the RNeasy PowerMax Soil Pro Kit. It also launched new software for its QiAcuity digital PCR system, as well as three new kits for pharma and biopharma research and for food testing. Qiagen also announced a master collaboration agreement with Myriad Genetics to develop services and products for pharmaceutical companies using next-generation sequencing workflows of the QiAcuity digital PCR platform. It also announced a partnership with Element Biosciences to offer next-generation sequencing workflows for Element's Aviti system. Subsequent to Q4 2023, partner Diasorin submitted the Liaison LymeDetect test, which uses Qiagen's QuantiFeron technology, to the US Food and Drug Administration.

Qiagen's Q4 net income was $97.7 million, or $.42 per share, compared to a net income of $88.8 million, or $.39 per share, in the fourth quarter of 2022. Adjusted EPS was $.55, in line with analysts' average estimate of $.55.

Also in the quarter, the firm's R&D investment increased approximately 3 percent to $46.0 million from $44.7 million, while its SG&A expenses decreased 5 percent to $145.9 million from $154.2 million.

For full-year 2023, Qiagen's net revenues declined 8 percent to $1.96 billion from $2.14 billion a year ago, matching analysts' average estimate of $1.96 billion. At CER, the firm's 2023 net revenues also declined 8 percent year over year and equaled its previous outlook of $1.97 billion. 

Consumables and related revenues fell 9 percent in 2023 to $1.73 billion from $1.89 billion in 2022, while instrument revenue declined 5 percent to $239 million from $253 million. Molecular diagnostics revenues decreased 8 percent to $1.04 billion from $1.13 billion, while life sciences revenues also decreased 8 percent to $930 million from $1.02 billion in 2022.

For the full year, Qiagen's non-COVID product sales increased 8 percent to $1.81 billion from $1.67 billion a year ago, while COVID-19-related product sales plummeted 66 percent to $160 million from $470 million in 2022.

Qiagen said sales of its QiAcuity digital PCR system grew at a doubledigit CER rate in 2023 and exceeded the firm's full-year target for at least $70 million, with more than 2,000 cumulative instrument placements. It also has placed more than 4,000 QiaStat-Dx instruments and 300 NeuMoDx instruments cumulatively as of the end of 2023. Qiagen also expanded its Qiagen Digital Insights (QDI) bioinformatics business and the portfolios of its universal NGS solutions for use with third-party NGS systems.

On the call, Bernard provided additional updates on certain products and businesses.

The firm's QuantiFeron latent tuberculosis testing business achieved $400 million in sales for the first time in 2023, he said, adding that sales increased 24 percent year-over-year. It also inked contracts to provide QuantiFeron-TB testing in Oman and Saudi Arabia, with the latter contract also including QiaStat-Dx syndromic meningitis testing.

Regarding the QiaStat-Dx business, Bernard said that Qiagen shipped more than 1 million QiaStat-Dx syndromic panel cartridges in 2023, driven by sales growth outside the US, with global sales of the firm's meningitis and gastrointestinal panels doubling compared to 2022.

He further said the firm's QiAcuity dPCR business is "taking market share over competition" and Qiagen plans to launch a clinical solution in this business in 2024. Specifically, the firm plans to obtain US Food and Drug Administration clearance and In Vitro Diagnostic Regulation certification for a BCR-ABL mutations assay in the first half of 2024 and launch it in the second half of the year.

Having previously considered partnering to grow the QDI business, Bernard said Qiagen will now expand it into new geographic regions and market segments. "This investment is planned over the next five years and will support new product launches," he said, adding that the firm will also expand the Knowledge Base datasets that power the QDI solution and extend its use of artificial intelligence and augmented molecular intelligence. Qiagen's CFO Roland Sackers also said on the call that within the QDI business, the firm plans to add more than 50 new positions.

Qiagen reported net income in 2023 of $341 million, or $1.48 per share, compared to net income of $423 million, or $1.84 per share, in 2022. Adjusted EPS of $2.07 fell short of the analysts' consensus estimate of $2.11.

The company's 2023 R&D spending increased approximately 5 percent to $198.5 million from $189.9 million in 2022, while its SG&A spending declined 4 percent to $579.2 million from $603.9 million in the prior year.

Qiagen finished the year with $668.1 million in cash, cash equivalents, and $389.7 million in short-term investments.

The company said that in 2024 it expects at least $2.0 billion in net sales at constant exchange rate and adjusted EPS of at least $2.10 CER, which it said reflects adjusted operating income margin gains but significant nonoperating income pressure.

Shares of Qiagen were down approximately 3 percent in morning trading on the Nasdaq at $43.65.