VENLO, the Netherlands - Qiagen N.V. (NYSE: NYSE:QGEN) reported first-quarter earnings that edged past analysts' expectations but provided a full-year outlook that fell short of consensus estimates, prompting a 7.84% slide in its shares.
The provider of sample and assay technologies for molecular diagnostics, applied testing, academic and pharmaceutical research posted first-quarter net sales of $459 million, a decline of 5% compared to the same period last year. This figure, however, surpassed the analyst consensus of $453.91 million. Adjusted earnings per share (EPS) for the quarter were $0.46, slightly ahead of the $0.44 estimate.
Despite the better-than-expected performance in the first quarter, the company's stock took a hit as the full-year guidance disappointed investors. Qiagen expects full-year 2024 adjusted EPS of at least $2.10, which is below the analyst consensus of $2.11. The revenue outlook for the year is also projected to be $2 billion, trailing the consensus of $2.01 billion. For the second quarter of 2024, the company forecasts net sales of at least $495 million CER, lower than the expected $501.1 million CER, while the adjusted diluted EPS guidance of at least $0.52 CER aligns with consensus estimates.
"Our first-quarter results demonstrate that Qiagen is on track to meet our annual objectives, despite a challenging macro environment," said Thierry Bernard, CEO of Qiagen. He highlighted the company's strategic investments, such as the double-digit sales growth in QuantiFERON and QIAstat-Dx, as well as efficiency improvements.
The company's strong operating cash flow, which rose 85% to $133 million compared to the first quarter of the previous year, reflects Qiagen's financial discipline and efficiency gains.
Qiagen's reaffirmed outlook for 2024 includes net sales of at least $2.0 billion CER and an adjusted diluted EPS of at least $2.10 CER, with an adjusted operating income margin expected to rise above 28% of sales for the full year compared to 26.9% in 2023.
Chief Financial Officer Roland Sackers emphasized the company's commitment to shareholder value, citing the completion of a $300 million synthetic share repurchase in January and ongoing efforts to maximize business opportunities through disciplined capital allocation.
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