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QIAGEN delivers on Q2 2019 outlook (unchanged from July 24 announcement)
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Net sales of $381.6 million (+1% actual, +5% at constant exchange rates, or CER vs. ~5% CER outlook)
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Diluted EPS of $0.19; adjusted EPS $0.33 ($0.34 CER vs. ~$0.33-0.34 CER outlook)
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Sample to Insight portfolio developments
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QuantiFERON-TB up 6% CER in line with outlook, on track for >15% CER growth
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Two FDA approvals to date in 2019 for novel therascreen companion diagnostics
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QIAstat-Dx launched in U.S. with respiratory panel and McKesson as new partner
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Decision (announced July 24) to restructure China next-generation sequencing (NGS) joint venture, new goal for over $180 million of NGS-related sales in 2019
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Updated outlook (announced July 24) for full-year 2019 net sales growth of 5-6% CER and adjusted EPS of $1.42-1.44 CER due to China NGS joint venture changes
QIAGEN N.V. (NYSE: QGEN; Frankfurt Prime Standard: QIA) announced today full results of operations for the second quarter and first half of 2019, achieving the outlook set for net sales growth and adjusted diluted earnings per share at constant exchange rates (CER). Results remain unchanged from those announced July 24 when QIAGEN provided an update on its next-generation (NGS) sequencing joint venture in China, and impact on the outlook for 2019.
“Our results for the second quarter of 2019 were in line with our outlook for improvements in net sales and adjusted earnings, as we continued to make progress in many areas of our Sample to Insight portfolio designed to help customers gain valuable molecular insights,” said Peer M. Schatz, Chief Executive Officer of QIAGEN N.V.
“Among recent developments, our results for the second quarter showed instrument sales rising 9% CER and helped by the launch of new systems such as the QIAstat-Dx multiplex platform launch in the U.S. after regulatory clearance in May and the new QIAcube Connect sample processing instrument launched in 2019. Consumables and related revenues rose 4% CER, reflecting the as-expected slower growth of the QuantiFERON-TB assay for latent TB detection that faced a challenging comparison to results in the second quarter of 2018 due to the transition to the new fourth-generation version. We also had strong sales from our portfolio of universal solutions for use with any NGS sequencer in all regions. Also, we recently announced our intention to restructure our NGS joint venture in China, and updated our outlook for net sales growth and adjusted earnings per share in 2019 to reflect the loss of about $30 million of sales anticipated for this year from the joint venture, and weighted to the second half. We continue to believe in the dynamic growth potential of NGS in China and will review ways to capture these opportunities given its status as one of the world’s largest diagnostic markets. We remain highly focused on the transformation of our portfolio with new product launches, improving customer engagement and increasing our efficiency by allocating resources to the most exciting growth opportunities as we execute on a strategy to maximize the value of our portfolio across the continuum from Life Sciences to Molecular Diagnostics.”
Download the full press release incl. financial tables here (PDF)
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