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Qiagen’s Q3 results were largely in-line with expectations. A significant decline in the COVID-19 product offerings overshadowed the growth in the routine testing business. More importantly, the 2023 guidance was reiterated. Overall, considering that non-COVID-19 testing market opportunities are here to stay (also acknowledged by the other testing giants), along with the firm’s sustained focus on its five pillars of growth and healthy balance sheet, our positive recommendation is reaffirmed.
Companies: QIAGEN NV (QGEN:NYSE)QIAGEN NV (QGEN:NYS)
AlphaValue
Qiagen reported soft Q2 results, as a severe decline in COVID-19 sales overshadowed the high-single-digit growth for the non-COVID-19 product group. More importantly, the guidance was downgraded which also incorporates the unpredictability in bulk orders in the OEM business. Overall, considering the resilient demand for routine testing, along with continuous innovation and balance sheet strength, we reiterate our positive recommendation.
Qiagen reported mixed Q1 results. Double-digit growth in the non-COVID-19 product group was, however, offset by the significant decline in COVID-19 sales. Notably, 2023 guidance was maintained, suggesting healthy dynamics for its non-COVID-19 product portfolio. Overall, considering non-COVID-19 testing tailwinds will continue along with the firm’s healthy measures in expanding the scope of offerings and bolt-on initiatives, our positive stock recommendation is maintained.
Qiagen reported better-than-expected Q4 results. Double-digit growth in the non-Covid-19 product group was however overshadowed by the substantial decline in Covid-19 sales. Moreover, the 2023 guidance assumes a further material decline in Covid-19 sales. However, with the lynchpin segment, i.e. non-Covid-19 products, again guided to clock healthy double-digit growth in 2023, and various innovation and bolt-on initiatives, Qiagen remains an attractive sector bet – which may also garner new M&A i
Qiagen’s Q3 22 results came in ahead of the company-compiled consensus estimates. While COVID-19 testing sales moderation continued (also a sector-wide trend), non-COVID-19 robust growth momentum resulted in a third guidance upgrade in a row. Considering that non-COVID-19 testing tailwinds will continue along with the firm’s strategic initiatives of expanding the scope of offerings, and the re-emerging M&A rumours, our positive stock recommendation is reiterated.
Qiagen reported better-than-expected Q2 results, exceeding the street and management’s expectations. While a COVID-19 testing sales moderation had been expected, sustained momentum for non-COVID-19 offerings was promising and an important read-across for testing firms. Moreover, considering initiatives to expand the scope of offerings, including tapping the recent monkey pox virus-induced opportunities, the firm’s attractiveness remains intact, which could also result in re-emerging M&A interest
Companies: QIAGEN NV (0RLT:LON)QIAGEN NV (QGEN:NYS)
Qiagen reported strong Q1 22 results, with both sales and profitability ahead of expectations. Growth/recovery was witnessed for both the non-COVID-19 and COVID-19 offerings. Moreover, management upgraded its 2022 guidance. These results are also an encouraging read-across for other testing firms in our coverage. Overall, our positive stock recommendation is reiterated, also on the back of Qiagen’s sustained innovations resulting in broad-based offerings.
Qiagen reported strong Q4 results, with robust demand for non-COVID offerings, which is guided to continue in 2022. This overshadowed the moderation in COVID-19 sales. Although, COVID-19-driven sales are expected to witness a significant decline, resulting in an overall sales decline guided for 2022. Besides these results validating our positive stock recommendation, there’s also a promising read-across for other testing firms in our coverage.
Qiagen reported strong Q3 results, with robust demand for non-COVID offerings. Interestingly, even COVID-19 testing solutions witnessed slower-than-expected sales erosion. With a slew of (newer) offerings in its kitty and re-emerging (though again temporary) COVID-19 testing tailwinds, management upgraded its 2021 sales growth and adjusted EPS guidance. Also, with re-emerging M&A speculations, Qiagen’s attractiveness is re-inforced.
Q2 21 beat was led by the robust demand for non-COVID products. However, given the faster adoption of vaccines, demand for COVID-19 tests has faded earlier than expected and thus management has trimmed its full-year sales outlook. Earnings are also expected to come in at the lower end of the guidance range and we won’t be surprised if talks resurface for the shake-up of the company’s board. However, the new $100m share buy-back programme reflects management’s confidence in its five strategic pil
Benefiting from strong demand for sample technology solutions and the QuantiFERON-TB test, Qiagen’s non-COVID-19 business was back in the black in Q1 21. Expectedly, COVID-19 products witnessed a sustained high level of demand during the quarter, though it is expected to slowdown in the subsequent quarters. Nonetheless, the acceleration in the non-COVID-19 business – driven by new product launches and the normalisation of the market as people get vaccinated – should ensure that the FY21 targets
Benefiting from the extraordinary demand for COVID-19 products and improved momentum in the non-COVID-19 business, Qiagen reported its best quarterly sales performance in Q4 20. Interestingly, profitability improved on the back of strict cost management, and all FY20 financial targets were exceeded. Management anticipates double-digit growth in FY21, weighed towards H1, but, given the current trend of vaccination and emergence of new virus variants, COVID-19 testing demand could remain high in H
Companies: QIAGEN NV
Thanks to better-than-expected demand for COVID-19 products and improved sales momentum for non-COVID-19 solutions, Qiagen has upgraded its FY20 outlook. Management anticipates double-digit growth in FY21 as well arguing vaccination doesn’t kill testing and a ‘test and treat’ strategy is the best way to deal with COVID-19. Accelerated instrument placement amidst the pandemic has laid a strong foundation and the focus now shifts towards test menu expansion to propel growth in the post-pandemic wo
The better-than-expected Q3 results were driven by ongoing increased demand for COVID-19 solutions and improved trends in the non-COVID business. Robust sales growth and prudent cost management translated into a higher operating margin. With COVID cases on the rise and new products on the market, sales could accelerate in Q4. Thus, the FY20 guidance has been raised. Management has shortlisted five growth pillars for the post-pandemic world. More details at the upcoming investor day.
Companies: QGEN QIA QGEN QGEN QGE2
Although Thermo Fisher sweetened the takeover bid by c.10% last month, Qiagen’s shareholders have still rejected the deal – only 47% of the shareholders voted in favour, compared to a minimum threshold of 66.7%. Considering that valuations in the diagnostics space are extremely expensive, higher bids are doubtful. Moreover, Qiagen could prefer to sail independently to cash-in on the unprecedented demand for COVID-19 solutions.
Research Tree provides access to ongoing research coverage, media content and regulatory news on QIAGEN NV. We currently have 19 research reports from 6 professional analysts.
Companies: Warpaint London PLC
Shore Capital
Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web
Companies: Shield Therapeutics Plc
Edison
Cambridge Nutritional Sciences (CNS) has provided a trading update for the 12 months to 31 March 2024, noting that a combination of strong sales growth and significant margin improvements, driven by operational efficiencies, have played key factors in the group’s expectation of being adjusted EBITDA positive in FY 2024. Revenues are expected to be £9.8m (30% YoY growth), ahead of our £9.0m forecast, with gross profits expected to exceed £6m, which is again ahead of our year-end forecast of £5.6m
Companies: Cambridge Nutritional Sciences PLC
Cavendish
Futura Medical’s investment case has shifted firmly onto commercial execution. The highly successful initial launches of Eroxon, its novel topical gel for ED (erectile dysfunction), by partner Cooper Consumer Health in the UK and Belgium are now being followed by roll-outs across the major European markets. The much-anticipated launch in the commercially important US market by consumer healthcare giant Haleon is expected before February 2025. Launches in Other Regions are anticipated throughout
Companies: Futura Medical plc
Trinity Delta
An official NHS Supply Chain case study has quantified the savings made by an NHS Trust from adopting Creo Medical’s Speedboat device to perform Speedboat Submucosal Dissection (SSD) in comparison to surgical alternatives. In total, the net cash saving from 130 SSD procedures for the NHS Trust was calculated at £687k, including savings from reduced length of hospital stay and reduced theatre costs. Notably, these savings did not include the patient and financial benefits associated with reduced
Companies: Creo Medical Group Plc
Companies: Destiny Pharma Plc
Companies: 88E CNC FTC TRCS HEIQ CREO ZAM
Creo Medical has presented real-world evidence of the economic utility of its minimally invasive electrosurgical devices, based on NHS data from 130 submucosal dissection procedures using Creo’s flagship Speedboat Inject device. The data demonstrated net cash savings of £687k for the NHS trust, driven by a significant reduction in both hospitalisation and critical care costs. We believe this provides external validation to Creo’s pursuit of improving patients’ outcomes through its novel suite of
24th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: FTC AGL SRT SOU G4M AOM SUP
Hybridan
22nd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARV CTL AFRN FEN HUW TENG BBSN EAAS VAL
Cambridge Nutritional Sciences (CNS) has published its H1 2024 results to end September 2023. Group revenues grew 44% to £4.9m and gross profits increased by 63% to £3.1m, with the company benefitting from newfound operational efficiencies. With its now streamlined strategy focussing on the core Health & Nutrition business and the initial signs of an encouraging uptick in sales momentum, we believe the company is well positioned for growth that will help create future value for shareholders. We
25th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: Smart Metering Systems (SMS.L) has delisted from the AIM market What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar
Companies: SKL CAM HRN VNET NBB DEST ZIN CRCL
Companies: e-Therapeutics plc
Venture Life has reported FY23 results to December 2023, following the February trading update. Revenues grew 17% in the year to £51.4m (our est. £50.7m) and adjusted EBITDA was £11.6m (our est. £11.6m). Cash conversion was 85%, generating £9.8m of cash from operations. Cash generation and no M&A in 2023 allowed the company to de-lever, closing FY23 with net debt to adjusted EBITDA at 1.3x. Management have focused on growth with three therapy areas generating double-digit revenue growth and onli
Companies: Venture Life Group Plc
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