QIAGEN Beats Outlook for Fourth Quarter and Full-Year 2020, Reaffirms Expectations for Further Growth in 2021
- Q4 2020 net sales rise 36% CER to $571.2 million, exceeding outlook of ≥+32% CER, and adjusted diluted EPS grows 42% to $0.68 CER, exceeding outlook of ~$0.64-0.65 CER
- Full-year 2020 net sales increase 23% CER to $1.87 billion, exceeding outlook of ~+22% CER, and adjusted diluted EPS grows 52% to $2.17 CER, exceeding outlook of ~$2.13-2.14 CER
- Full-year 2020 operating cash flow rises 38% to $457.8 million, free cash flow grows 53%
- Continuously launching new COVID-19 solutions that also have non-COVID applications
- Reaffirming full-year 2021 outlook: ~18-20% CER net sales growth and adjusted diluted EPS of ~$2.42-2.46 CER
VENLO, Netherlands--(BUSINESS WIRE)-- QIAGEN N.V.. (NYSE: QGEN; Frankfurt Prime Standard: QIA) announced strong results of operations for the fourth quarter and full-year 2020, exceeding the goals for net sales and adjusted earnings per share.
Net sales in the fourth quarter of 2020 rose 38% (+36% at constant exchange rates, CER) to $571.2 million, and faster than the outlook for at least 32% CER growth. Adjusted earnings per share (EPS) grew 42% to $0.68 ($0.68 CER) against the outlook for about $0.64-0.65 CER. Net sales for full-year 2020 increased 23% (+23% CER) to $1.87 billion, and exceeded the outlook for about 22% CER sales growth. Adjusted EPS for 2020 rose to $2.15 ($2.17 CER), and above the outlook for about $2.13-2.14 CER.
“Our results for the fourth quarter represented the best quarterly performance of 2020, and once again above the outlook we had set for sales and earnings growth over 2019. We experienced further improvements in non-COVID areas of the portfolio along with very strong demand for product groups addressing the critical demand for COVID-19 testing,” said Thierry Bernard, Chief Executive Officer of QIAGEN N.V.
“Our QIAGENers continue to display the highest level of dedication in supplying key products for much-needed testing workflows to support the global response to the COVID-19 pandemic while also executing on our strategic focus on five pillars of growth to drive mid-term growth. Teams are working on regulatory submissions and expanding the use of key solutions in our COVID-19 portfolio that also have applications once the pandemic has subsided. We are particularly pleased to help customers overcome key testing bottlenecks with solutions such as our QIAprep& solution, a PCR workflow that is being implemented in labs around the world. We are also making progress on ramping up production capacity for our automated RNA extraction kits, as overall sales of sample technologies were higher. Another top priority is to ensure that our QIAstat-Dx and NeuMoDx tests continue to accurately detect emerging viral variants. As we focus on delivering COVID-19 solutions, we are seeing increasing demand in other areas of our portfolio. These include better trends for the QuantiFERON TB test, our portfolio for oncology testing, universal NGS solutions and DNA sample technologies. Based on the combination of ongoing demand for COVID-19 solutions and improving customer trends in other areas, we feel confident in achieving our outlook for sales and earnings in 2021. QIAGEN is committed to remaining at the forefront of the fight against COVID while expanding our business for post-pandemic growth.”
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Source: QIAGEN N.V.