QIAGEN N.V. Q1 2024 results
On track to achieve 2024 goals
April 29, 2024
Forward looking and intended use statements
Safe Harbor Statement: This presentation contains both historical and forward-looking statements. All statements other than statements of historical fact are, or may be, deemed to be forward looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. To the extent that any of the statements contained herein relating to QIAGEN's products, launches, regulatory submissions, collaborations, markets, strategy, taxes or operating results, including without limitation its expected net sales, net sales of particular products, net sales in particular geographies, adjusted net sales, adjusted diluted earnings per share results, product launches (including anticipated launches of next generation sequencing solutions, the QIAstat-Dx syndromic testing platform, a gastrointestinal panel in the U.S., and a CE-IVD marked panel for meningitis for the QIAstat-Dx syndromic testing platform, along with the QuantiFERON-based tests for tuberculosis and Lyme disease), placements of QIAsymphony system, improvements in operating and financial leverage, currency movements against the U.S. dollar, plans for investment in our portfolio and share repurchase commitments, our ability to grow adjusted earnings per share at a greater rate than sales, our ability to improve operating efficiencies and maintain disciplined capital allocation, are forward-looking, such statements are based on current expectations and assumptions that involve a number of uncertainties and risks. Such uncertainties and risks include, but are not limited to, risks associated with management of growth and international operations (including the effects of currency fluctuations, regulatory processes and dependence on logistics); variability of operating results and allocations between customer classes; the commercial development of markets for our products to customers in academia, pharma, applied testing and molecular diagnostics; changing relationships with customers, suppliers and strategic partners; competition; rapid or unexpected changes in technologies; fluctuations in demand for QIAGEN's products (including fluctuations due to general economic conditions, the level and timing of customers' funding, budgets and other factors); our ability to obtain regulatory approval of our products; difficulties in successfully adapting QIAGEN's products to integrated solutions and producing such products; the ability of QIAGEN to identify and develop new products and to differentiate and protect our products from competitors' products; market acceptance of QIAGEN's new products and the integration of acquired technologies and businesses; actions of governments, global or regional economic developments, weather or transportation delays, natural disasters, political or public health crises, and its impact on the demand for our products and other aspects of our business, or other force majeure events; and the other factors discussed under the heading "Risks and Risk Management" in our most recent Annual Report on Form 20-F. For further information, please refer to the discussions in reports that QIAGEN has filed with, or furnished to, the U.S. Securities and Exchange Commission (SEC).
Regulation G: QIAGEN reports adjusted results, as well as results on a constant exchange rate (CER) basis, and other non-U.S. GAAP figures (generally accepted accounting principles), to provide additional insight on performance. In this presentation, adjusted results include adjusted net sales, adjusted gross income, adjusted net income, adjusted gross profit, adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income before taxes, adjusted income tax, adjusted tax rate, adjusted EBITDA, adjusted EPS, adjusted diluted EPS and free cash flow. Adjusted results are non-GAAP financial measures QIAGEN believes should be considered in addition to reported results prepared in accordance with GAAP but should not be considered as a substitute. QIAGEN believes certain items should be excluded from adjusted results when they are outside of its ongoing core operations, vary significantly from period to period, or affect the comparability of results with its competitors and its own prior periods. Please see the Appendix provided in this presentation "Reconciliation of Non-GAAP to GAAP Measures" for reconciliations of historical non-GAAP measures to comparable GAAP measures and the definitions of terms used in the presentation. QIAGEN does not reconcile forward-lookingnon-GAAP financial measures to the corresponding GAAP measures due to the high variability and difficulty in making accurate forecasts and projections that are impacted by future decisions and actions. Accordingly, reconciliations of these forward-lookingnon-GAAP financial measures to the corresponding GAAP measures are not available without unreasonable effort. However, the actual amounts of these excluded items will have a significant impact on QIAGEN's GAAP results.
April 29, 2024 | Q1 2024 results | 2 |
Q1 2024: On track to achieve 2024 goals
Growth
Q1 2024 sales and adj. EPS ahead of outlook
- Double-digitCER growth for QuantiFERON, QIAstat-Dx and QIAcuity
- Diagnostics leads with +5% CER growth
Value
Improved adj. operating income margin despite lower sales
- Q1 2024 adj. operating margin at 25.7% vs. 25.6% in Q1 2023
- Free cash flow rises 149% to $97 million
Outlook
Reaffirming FY 2024 outlook
- Focus on execution and delivering on 2024 goals
April 29, 2024 | Q1 2024 results | 3 |
Q1 2024: Net sales and adjusted EPS ahead of outlook
Net sales1
Adjusted diluted EPS(1)
Q1 2024 | Q1 2024 | |
results | outlook | |
$462 m CER | ≥$455 m CER | |
$0.47 CER | ≥$0.44 CER |
Full-year 2024 outlook reaffirmed
≥$2.0 bn | Net |
CER | sales |
≥$2.10 | Adj. diluted |
CER | EPS |
CER - Constant exchange rates
1) Q1: Net sales $459 million (-5% at actual rates, -5% at constant exchange rates) and adjusted diluted EPS $0.46 vs. $0.51 in Q1 2023
April 29, 2024 | Q1 2024 results | 4 |
Q1 2024: Sales performance and key developments
Sales by product group
(In $ millions at actual rates)
-5%
485 (-5% CER) 459
173 | 155 | Sample | |
technologies | |||
163 | 170 | Diagnostic | |
solutions | |||
77 | 68 | PCR / Nucleic | |
acid amplification | |||
55 | 55 | Genomics / NGS | |
Q1 2023 | Q1 2024 | Other |
+1% CER growth (excluding COVID-19 and OEM sales in both periods)
Key developments
Sample | • Growth in automated consumables kits and placements |
technologies | • Low-single-digit CER sales decline for non-COVID products |
QuantiFERON | • +11% CER growth, another quarter above $100 million |
• Solid demand trends in all regions | |
QIAstat-Dx | • +21% CER growth led by consumables expansion |
• Growing installed base worldwide | |
QIAcuity | • +21% CER growth with strong expansion in consumables |
• High demand in biopharma for consumables and placements | |
CER - Constant exchange rates
April 29, 2024 | Q1 2024 results | 5 |
QuantiFERON: Proven leadership in fight against deadly TB
Majority of latent TB market still to convert
Tuberculin skin test vs. QuantiFERON (IGRA)
Number of annual tests
Of which skin tests
Of which IGRA tests
~70-80 million tests / year
~3-4% annual growth
~60-70%
Vast majority of growing market still available for IGRA test conversion
~30- 40%
QIAGEN with ~70-80% share of IGRA tests
Tuberculin | QuantiFERON |
skin test | TB blood test |
Complete workflow automation
High accuracy and specificity
Only 1 patient visit
Electronic results
(straight to medical records)
Quality-assured laboratory test
1 out of 4 people
have latent TB… … and 1 out of 10 estimated to develop active TB
April 29, 2024 | Q1 2024 results | 6 |
QuantiFERON: Modern gold standard for latent TB detection
QuantiFERON TB has leading profile among IGRA tests
Why QuantiFERON for TB detection
QuantiFERON-TB Gold Plus | |
Workflow automation | Complete automation |
Scalability | From 1 to >50,000 test/year |
ELISA and CLIA options | |
Clinical performance | >2,000 publications |
Quality | The only IVD-R IGRA blood test |
Recommended by WHO and other organizations | |
Efficient Complete workflow automation for test evaluation
Reliable
Proven highly consistent and objective results
Globally adopted
>100 million patients tested worldwide
Evidence-backed >2,000 publications: more than any other TB blood test
Complete workflow automation with QuantiFERON TB
>10,000 installed base | ||||
OR | ||||
LIAISON® | ||||
Blood collection | Automated liquid | Incubation | Automated test | Test results fully |
in single tubes | handling | step | read-out | traceable to tube IDs |
April 29, 2024 | Q1 2024 results | 7 |
Q1 2024: New product developments
QIAcuity:
Gain valuable insights into cancer
QIAcuity PanCancer panels
• Detect simultaneous EGFR and BRAF mutations
• Potential to identify other cancer genes
QIAstat-Dx:
Enhancing patient care
QIAstat-Dx Analyzer 2.0
- New cloud architecture to enable remote access
- Streamlined connectivity between labs and healthcare professionals
QIAGEN Digital Insights:
AI empowering well-informed decisions
New AI software for advanced drug discovery
- Secure environment for bioinformatic workflows with "KB-AI" - QIAGEN's AI-driven knowledge base
- Identify genomic variants in oncology and inherited diseases
April 29, 2024 | Q1 2024 results | 8 |
Liquid biopsy and QIAcuity:
Enabling better lung cancer research
"Not only does digital PCR provide the sensitivity we need, it also enables decentralized testing to serve the widest patient
communities and advance our fight against the deadliest cancer."
Dr. Ratislav Horos, D.V.M, Ph.D. | Discover more |
Chief Technology Officer, Hummingbird Diagnostics, Germany |
April 29,30, 2024 | Q1 2024 results | 9 |
Q1 2024: Solid start for operating profitability
Adj. operating income margin | Adj. EPS ahead of Q1 2024 outlook |
+0.1 pp | Adj. | ||
operating | |||
25.7% | |||
25.6% | income | ||
Non- | |||
operating | |||
income | |||
Adj. EPS (1) | |||
Q1 2023 | Q1 2024 |
CER - Constant exchange rates | pp - percentage points 1) Q1: Adjusted diluted EPS $0.46 vs. $0.51 in Q1 2023
SG&A improvements vs. Q1 2023 while continuing R&D investments
20% adj. tax rate at high end of outlook
$0.47 CER vs. $0.44 CER outlook
April 29, 2024 | Q1 2024 results | 10 |
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Qiagen NV published this content on 30 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2024 12:43:09 UTC.
