Qiagen Q1 Earnings Tops Estimates As Growth In Non-COVID-19 Products Boost Revenues

Qiagen NV QGEN on Monday after-hours reported first-quarter revenue growth of 52% Y/Y to $567.2 million, exceeding prior guidance and beating analyst consensus by $9.68 million.
Adjusted EPS $0.65 beat analyst consensus of $0.63 and exceeded prior company guidance of $0.60 - $0.62.
Q1 revenues grew 48% Y/Y at constant exchange rates, faster than previously guided for at least 45%.
By product category, consumables and related revenues grew 53% to $498 million, while instrument sales rose 49% to $69 million.
By customer class, molecular diagnostics revenues increased 59% to $279 million, while life sciences revenues spiked 47% to $288 million.
Qiagen CEO Thierry Bernard noted that the company achieved 16% CER growth in sales of non-COVID-19-related products that represented 64% of total Q1 sales, or $364 million.
Demand for products used in COVID-19 testing, which had $203 million in sales, was similar to the fourth quarter of 2020.
"We are pleased with trends showing that research laboratories around the world are increasingly returning to work, and clinical labs are moving beyond COVID testing," Bernard said.
The company exited Q1 with $787.8 million in cash and equivalents and generated $128.6 million in operating cash flow.
Guidance: Qiagen confirmed the FY21 forecast for adjusted earnings per share of $2.42 to $2.46 and net sales growth of 18% to 20% at constant exchange rates.
Price Action: QGEN shares are trading higher by 0.42% at $47.82 in the premarket session on the last check Tuesday.