NEW YORK –Qiagen on Tuesday increased its revenue and earnings guidance for the fourth quarter and full year based on continued expected strong sales of COVID-19-related products as well as other life sciences and molecular diagnostics market opportunities.
Qiagen said that it now expects 2020 revenues to grow approximately 22 percent year over year at constant exchange rates (CER) and adjusted earnings per share of $2.13 to $2.14 at CER. This is compared to a previous outlook provided in October of revenue growth of 15 percent to 18 percent and EPS of $2.07 to $2.09. On average, analysts were expecting full-year EPS of $2.05.
For Q4, Qiagen said it now expects revenues to grow at least 32 percent and adjusted EPS of $.64 to $.65, compared to prior guidance of 24 percent to 27 percent revenue growth and EPS of $.58 to $.60.
Qiagen said the results are expected to be driven by its focus on "five pillars of growth" that leverage "differentiated testing solutions" in "highly attractive, growing markets involving life sciences and molecular diagnostics customers." The company has previously identified these growth areas as nucleic acid sample technologies; QuantiFeron immune response testing, especially for tuberculosis; the NeuMoDx integrated molecular diagnostics system; the QiaStat-Dx syndromic testing platform; and the QiAcuity digital PCR portfolio.
In addition, Qiagen said that it expects full-year 2021 revenue growth of 18 percent to 20 percent at CER and adjusted EPS of $2.42 to $2.46, ahead of analysts' average expectation of $2.40. Qiagen's outlook includes "significant investments" planned for R&D and clinical trials to strengthen the competitive profile of its five growth areas, including initiatives to enlarge the test menu for the NeuMoDx and QiaStat-Dx systems in the US and Europe, the company said.
"We have responded to the demands of the COVID-19 pandemic by launching novel testing solutions and ramping up production capacity," Qiagen CEO Thierry Bernard said in a statement. "As we finish 2020 with an improved outlook, we have confidence in our future and in the benefits of our unwavering focus on our five pillars of growth. We expect another strong performance in 2021, balancing investments in our portfolio to create new organic long-term growth opportunities with improved near-term earnings to deliver significant value creation."
In early Tuesday trading on the New York Stock Exchange, shares of Qiagen were up almost 4 percent at $50.82.