• Q1 2024: Net sales of $459 million (-5% actual rates, -5% constant exchange rates, CER); diluted EPS of $0.36 and adjusted diluted EPS of $0.46

• Net sales at CER of $462 million ahead of outlook for at least $455 million CER and adj. diluted EPS of $0.47 CER ahead of $0.44 CER outlook

• Excluding COVID-19 product groups, net sales decline 1% CER // Diagnostics sales +5% CER on double-digit CER growth in QuantiFERON and QIAstat‑Dx

• 25.7% adjusted operating income margin on efficiency gains vs. 25.6% in Q1 2023

• Strong operating cash flow rises 85% to $133 million vs. Q1 2023

• 2024 outlook reaffirmed for at least $2.0 billion CER net sales and adj. diluted EPS of at least $2.10 CER

QIAGEN N.V. results for the first quarter of 2024.

Net sales declined 5% to $459 million, while results at constant exchanges rates (CER) of $462 million were above the outlook for at least $455 million CER. The adjusted operating income margin rose to 25.7% from 25.6% in the year-ago period on realized efficiency gains while supporting investments into the portfolio. Adjusted diluted earnings per share (EPS) were $0.46, and results at CER were $0.47 and above the outlook for at least $0.44 CER.

For 2024, QIAGEN has reaffirmed its outlook for net sales of at least $2.0 billion CER. Adjusted diluted EPS are expected to be at least $2.10 CER, led by the adjusted operating income margin rising to above 28% of sales for FY 2024 compared to 26.9% in 2023 while supporting investments.

“Our results for the first quarter of 2024 show QIAGEN is on track to achieve the goals that we have set for the year. They also showcase the areas of resilient growth from our strategic investments – particularly with the double-digit sales growth in QuantiFERON, QIAstat-Dx and QIAcuity – as well as our commitment to improving efficiency,“ said Thierry Bernard, Chief Executive Officer of QIAGEN.

“As we move on from the pandemic, we are steadfast in our commitment to driving innovation given our ongoing high level of R&D investments that help strengthen our portfolio. QuantiFERON sales continued to grow as we drive conversion of latent TB testing to the modern blood-based test. QIAstat‑Dx sales were also robust, with growth in both respiratory and non-respiratory panels for syndromic testing. Building on the tremendous acceptance of QIAcuity among our customers, we are democratizing access to this powerful digital PCR technology and expanding into new oncology applications that can improve healthcare. As we navigate a challenging macro environment, we are well-positioned in 2024 and determined to deliver on our full-year outlook.“

Roland Sackers, Chief Financial Officer of QIAGEN, said: “Our strong operating income margin in Q1 2024 reflects our dedication to efficiency and growth-focused investments despite cautious instrument purchases. As we introduce new products and elevate customer engagement, our commitment to enhancing value for our shareholders remains strong. Having completed the $300 million synthetic share repurchase in January, we continue to explore opportunities to maximize our business thanks to our healthy balance sheet and strong cash flow through disciplined capital allocation.“

Use of adjusted results

QIAGEN reports adjusted results, as well as results on a constant exchange rate (CER) basis, and other non-U.S. GAAP figures (generally accepted accounting principles), to provide additional insight into its performance. These results include adjusted net sales, adjusted gross income, adjusted gross profit, adjusted operating income, adjusted operating expenses, adjusted operating income margin, adjusted net income, adjusted net income before taxes, adjusted diluted EPS, adjusted EBITDA, adjusted EPS, adjusted income taxes, adjusted tax rate, and free cash flow. Free cash flow is calculated by deducting capital expenditures for Property, Plant & Equipment from cash flow from operating activities. Adjusted results are non-GAAP financial measures that QIAGEN believes should be considered in addition to reported results prepared in accordance with GAAP but should not be considered as a substitute. QIAGEN believes certain items should be excluded from adjusted results when they are outside of ongoing core operations, vary significantly from period to period, or affect the comparability of results with competitors and its own prior periods. Furthermore, QIAGEN uses non-GAAP and constant currency financial measures internally in planning, forecasting and reporting, as well as to measure and compensate employees. QIAGEN also uses adjusted results when comparing current performance to historical operating results, which have consistently been presented on an adjusted basis.