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Qiagen Q2 Revenues Grow 28 Percent

NEW YORK ­– Qiagen reported after the close of the market Thursday that its second quarter revenues jumped 28 percent year over year as growth in the company's core product portfolio tempered flagging COVID-19-related sales.

For the three months ended June 30, Qiagen reported total revenues of $567.3 million, in line with preliminary numbers provided earlier this month and besting analysts' consensus estimate of $554.4 million. At constant exchange rates, or CER, Q2 revenue growth was 24 percent.

"In line with the preliminary announcement in mid-July, our results in the second quarter of 2021 were driven by outstanding performance in our non-COVID product groups, and show solid trends for our core business," Qiagen CEO Thierry Bernard said in a statement. "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 percent CER growth for the full year and for these product groups to represent the majority of our sales."

Sales for non-COVID-related product groups rose 52 percent at CER to $407.6 million in Q2 and represented 72 percent of total sales, Qiagen said. Meanwhile, COVID-19 product group sales declined 17 percent at CER to $159.7 million from a year ago as testing demand waned due to increased vaccination uptake.

By product type, Q2 consumables and related revenues grew 28 percent at CER to about $498 million, while instrument sales fell 3 percent at CER to $69 million. By customer class, molecular diagnostics grew 28 percent at CER to $272 million while life sciences jumped 20 percent at CER to $296 million.

By specific product groups, sample technologies, representing 36 percent of total sales, fell 3 percent at CER to $203 million in the second quarter. Sales of non-COVID-19 testing kits represented about two-thirds of this product group and rose about 30 percent at CER, buoying a double-digit year-over-year decline in kits used for COVID-19 testing.

Qiagen's Q2 net income was $121.1 million, or $.52 per share, compared to $89.8 million, or $.38 per share, a year ago. On an adjusted basis, EPS was $.67, besting the Wall Street estimate of $.62.

The firm's Q2 R&D spending was $52.2 million, up 64 percent from $31.8 million a year ago. Its SG&A expenses rose about 20 percent to $141.4 million from $118.3 million a year ago.

Qiagen finished the quarter with $759.0 million in cash and cash equivalents and $139.0 million in short-term investments.

On July 20 the company initiated a previously announced $100 million share repurchase program through Sept. 17, representing about 2.1 million commons shares based on the company's share price on the date the program started.

As previously announced, Qiagen said it expects full-year 2021 net sales growth of at least 12 percent at CER compared to earlier guidance of 18 percent to 20 percent at CER, and adjusted EPS of at least $2.42 compared to earlier guidance of $2.42 to $2.46. On average, analysts are expecting full-year EPS of $2.47.

For the third quarter of 2021, Qiagen expects adjusted net sales to be flat year over year at approximately $483.8 million and adjusted EPS to be in the range of $.52 to $.53 compared to $.58 in the year-ago period. On average, analysts are expecting Q3 EPS of $.58.