NEW YORK – Qiagen on Tuesday reported a 26 percent year-over-year increase in its preliminary third quarter revenues, both at actual and constant exchange rates, driven by COVID-19 testing and improved customer demand for other products.
The company booked $481.3 million in preliminary revenues for the quarter, up from $382.7 million during the same quarter last year. In July, Qiagen had predicted Q3 sales to grow between 16 percent and 21 percent. Analysts, on average, expect revenues of $461 million.
Qiagen said the results reflect ongoing demand for its products related to COVID-19 testing as well as improved customer demand in other areas of its portfolio, compared to the second quarter of this year. However, non-COVID-19 product sales declined at a mid-single-digit rate compared to Q3 of 2019. Specifically, sales of the QuantiFeron-TB test for tuberculosis detection declined 20 percent year over year to about $53 million.
The company reported preliminary adjusted earnings per share of about $.58 for the quarter, compared to adjusted EPS of $.36 a year ago. Qiagen in July had forecast EPS of $.52 to $.58 for the third quarter, and analysts are predicting EPS of $.56.
Based on exchange rates on September 30, Qiagen expects currency movements against the US dollar to have a positive impact on Q3 results of less than a percentage point on revenues and less than $.01 on adjusted EPS.
The company is scheduled to report its full Q3 results on Nov. 4, followed by a conference call on November 5.
In morning trading on the New York Stock Exchange, Qiagen's shares were down more than 3 percent at $52.60.