Qiagen reports Q4 EPS 55c consensus 55c

Qiagen reports Q4 revenue $509M, consensus $500.23M…For 2024, QIAGEN has set an outlook for net sales of at least $2.0B CER. This reflects full-year total growth of at least 2% CER, with solid mid-single-digit CER sales growth in H2 2024 in the non-COVID portfolio over the year-ago period. This outlook also includes about one percentage point of COVID-19 sales headwinds from 2023. Consumables and related revenues are expected to drive growth, while larger-scale instrument sales remain challenging. QIAGEN also continues to closely monitor dynamic geopolitical and macro trends around the world. Adjusted diluted EPS are expected to be at least $2.10 CER. This reflects at least one percentage point of improvement in the adjusted operating income margin to above 28% for FY 2024 compared to 2023 while supporting investments in the portfolio, in particular to accelerate growth in the QIAGEN Digital Insights bioinformatics business. Significant pressure is expected on non-operating income for FY 2024 due to anticipated lower interest income and a higher tax rate compared to 2023, more than offsetting benefits from the recently completed $300 million synthetic share repurchase. “We closed 2023 with strong results in the fourth quarter as we delivered sales growth in the top tier of our industry along with solid profitability. Amid a dynamic macro-environment, our teams executed well to advance our strategy of “Balance and Focus” on areas offering the highest growth potential. Driven by 8% CER growth in our non-COVID portfolio, we made solid progress in driving growth of our consumables business, which accounts for over 85% of sales, while also expanding our installed instrument base,” said Thierry Bernard, Chief Executive Officer of QIAGEN. “These results demonstrate the power of our well-positioned portfolios to capture growth in dynamic applications across the Life Sciences and Molecular Diagnostics continuum. As we move into 2024, we are committed to delivering growth with sharpened focus and continued commitment to execution.” Roland Sackers, Chief Financial Officer of QIAGEN, said: “QIAGEN has consistently implemented a disciplined capital allocation policy over the last decade thanks to a solid balance sheet and healthy cash flows. We are investing to support internal growth with a high level of R&D investments, while also increasing returns through a $300 million synthetic share repurchase that underscores our commitment to value creation. We are confident in our outlook to deliver growth in 2024 in both sales as well as operational profitability as we overcome significant non-operating income headwinds.”