UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________
FORM 6-K
__________________________________
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 under
the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2024
Commission File Number 001-38332
__________________________________
QIAGEN N.V.
(Translation of registrant's name into English)
__________________________________
Hulsterweg 82
5912 PL Venlo
The Netherlands
(Address of principal executive office)
__________________________________
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-Fý | Form 40-Fo |
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QIAGEN N.V. | |
Form 6-K | |
TABLE OF CONTENTS | |
Item | Page |
Other Information | |
Signatures | |
Exhibit Index |
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OTHER INFORMATION
For the three months ended March 31, 2024, QIAGEN N.V. prepared its quarterly report under United States generally accepted accounting principles (U.S. GAAP). This quarterly report is furnished herewith as Exhibit 99.1 and incorporated by reference herein.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
QIAGEN N.V.
By: /s/ Roland Sackers
Roland Sackers
Chief Financial Officer
Date: April 30, 2024
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EXHIBIT INDEX
Exhibit | Exhibit |
No. | |
99.1 | U.S. GAAP Quarterly Report for the Period Ended March 31, 2024 |
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Exhibit 99.1
QIAGEN N.V. and Subsidiaries
U.S. GAAP Quarterly Report for the Period Ended March 31, 2024
Table of Contents
Condensed Consolidated Financial Statements
- Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023
- Condensed Consolidated Statements of Income (unaudited) for the three months ended March 31, 2024 and 2023
- Condensed Consolidated Statements of Comprehensive Income (unaudited) for the three months ended March 31, 2024 and 2023
6 Condensed Consolidated Statements of Changes in Equity (unaudited) for the three months ended March 31, 2024 and 2023
7 Condensed Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2024 and 2023
9 Notes to the Condensed Consolidated Financial Statements (unaudited)
- Operating and Financial Review and Prospects
- Quantitative and Qualitative Disclosures About Market Risk
- Recent Authoritative Pronouncements
- Application of Critical Accounting Estimates
- Off-BalanceSheet Arrangements
- Legal Proceedings
- Risk Factors
Condensed Consolidated Financial Statements
QIAGEN N.V. and Subsidiaries Condensed Consolidated Balance Sheets
March 31, | December 31, | |||||
(in thousands) | Notes | 2024 | 2023 | |||
(unaudited) | ||||||
Assets | ||||||
Current assets: | ||||||
Cash and cash equivalents | $513,670 | $668,084 | ||||
Short-term investments | 379,463 | 389,698 | ||||
Accounts receivable, net of allowance for credit losses of $16,315 and $17,296, respectively | 343,892 | 381,877 | ||||
Inventories, net | (5) | 401,745 | 398,385 | |||
Prepaid expenses and other current assets | (9) | 251,992 | 309,516 | |||
Total current assets | 1,890,762 | 2,147,560 | ||||
Long-term assets: | ||||||
Property, plant and equipment, net of accumulated depreciation of $529,234 and $516,765, respectively | 762,530 | 765,037 | ||||
Goodwill | (6) | 2,448,916 | 2,475,732 | |||
Intangible assets, net of accumulated amortization of $762,357 and $748,590, respectively | (6) | 502,006 | 526,821 | |||
Fair value of derivative instruments - long-term | (9) | 7,187 | 3,083 | |||
Other long-term assets | (7) | 194,528 | 196,957 | |||
Total long-term assets | 3,915,167 | 3,967,630 | ||||
Total assets | $5,805,929 | $6,115,190 |
The accompanying notes are an integral part of these condensed consolidated financial statements.
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QIAGEN N.V. and Subsidiaries Condensed Consolidated Balance Sheets
March 31, | December 31, | |||||
(in thousands, except par value) | Notes | 2024 | 2023 | |||
(unaudited) | ||||||
Liabilities and equity | ||||||
Current liabilities: | ||||||
Current portion of long-term debt | (8) | $590,523 | $587,970 | |||
Accrued and other current liabilities | (4, 9, 10) | 359,314 | 407,168 | |||
Accounts payable | 75,329 | 84,155 | ||||
Total current liabilities | 1,025,166 | 1,079,293 | ||||
Long-term liabilities: | ||||||
Long-term debt, net of current portion | (8) | 912,814 | 921,824 | |||
Fair value of derivative instruments - long-term | (9) | 55,677 | 98,908 | |||
Other long-term liabilities | 212,643 | 207,401 | ||||
Total long-term liabilities | 1,181,134 | 1,228,133 | ||||
Commitments and contingencies | (15) | |||||
Equity: | ||||||
Preference shares, 0.01 EUR par value, authorized-450,000 shares, no shares issued and outstanding | - | - | ||||
Financing preference shares, 0.01 EUR par value, authorized-40,000 shares, no shares issued and outstanding | - | - | ||||
Common shares, 0.01 EUR par value, authorized-410,000 shares, issued-223,904 and 230,829 shares, respectively | (13) | 2,601 | 2,702 | |||
Additional paid-in capital | (13) | 1,636,154 | 1,915,115 | |||
Retained earnings | 2,486,139 | 2,456,800 | ||||
Accumulated other comprehensive loss | (13) | (424,156) | (433,830) | |||
Less treasury shares, at cost-2,057 and 2,627 shares, respectively | (101,109) | (133,023) | ||||
Total equity | 3,599,629 | 3,807,764 | ||||
Total liabilities and equity | $5,805,929 | $6,115,190 |
The accompanying notes are an integral part of these condensed consolidated financial statements.
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QIAGEN N.V. and Subsidiaries Condensed Consolidated Statements of Income (Unaudited)
Three Months Ended | ||||||
March 31, | ||||||
(in thousands, except per share data) | Notes | 2024 | 2023 | |||
Net sales | (4) | $458,796 | $485,398 | |||
Cost of sales: | ||||||
Cost of sales | 151,734 | 161,906 | ||||
Acquisition-related intangible amortization | 16,073 | 16,016 | ||||
Total cost of sales | 167,807 | 177,922 | ||||
Gross profit | 290,989 | 307,476 | ||||
Operating expenses: | ||||||
Sales and marketing | 111,121 | 114,641 | ||||
Research and development | 51,333 | 54,718 | ||||
General and administrative | 27,568 | 32,939 | ||||
Acquisition-related intangible amortization | 2,722 | 2,657 | ||||
Restructuring, acquisition, integration and other, net | 3,298 | 5,811 | ||||
Total operating expenses | 196,042 | 210,766 | ||||
Income from operations | 94,947 | 96,710 | ||||
Other income (expense): | ||||||
Interest income | 17,758 | 18,008 | ||||
Interest expense | (10,292) | (14,454) | ||||
Other (expense) income, net | (123) | 8,523 | ||||
Total other income, net | 7,343 | 12,077 | ||||
Income before income tax expense | 102,290 | 108,787 | ||||
Income tax expense | (11) | 21,617 | 23,752 | |||
Net income | $80,673 | $85,035 | ||||
Basic earnings per common share | $0.36 | $0.37 | ||||
Diluted earnings per common share | $0.36 | $0.37 | ||||
Weighted-average common shares outstanding: | ||||||
Basic | 223,835 | 227,894 | ||||
Diluted | 226,572 | 230,602 |
The accompanying notes are an integral part of these condensed consolidated financial statements.
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QIAGEN N.V. and Subsidiaries Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Three Months Ended | |||
March 31, | |||
(in thousands) | Notes | 2024 | 2023 |
Net income
Other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods:
Gains (losses) on cash flow hedges, net of $12,212 tax expense and $511 tax benefit, respectively
Reclassification adjustments on cash flow hedges, net of $13,177 tax benefit and $2,063 tax expense, respectively
Cash flow hedges, net of tax
Net investment hedge
Foreign currency translation adjustments, net of $0 tax and $0 tax, respectively
Other comprehensive income
Comprehensive income
$80,673 | $85,035 | |||
(9) | 35,122 | (1,470) | ||
(9) | (37,898) | 5,933 | ||
(2,776) | 4,463 | |||
(9) | 11,458 | (10,015) | ||
992 | 13,382 | |||
9,674 | 7,830 | |||
$90,347 | $92,865 |
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Qiagen NV published this content on 02 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2024 11:52:07 UTC.