Coming after a stellar Q2 (a beat on consensus and management's guidance), Qiagen reported a soft Q3 15, below our as well as the market's expectations. Net sales were up 2% yoy at CER to $315m (Q2: +5%), falling short of management guidance of 3%. While acquisitions added 2ppts to the top-line, headwinds from the US HPV testing business shaved off a higher 3ppts (in line with management's guidance). Forex continued to be unforgiving, knocking off 9ppts from the top-line growth (higher than m
18 Nov 2015
Transitory weakness but fundamentals remain strong
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Transitory weakness but fundamentals remain strong
Coming after a stellar Q2 (a beat on consensus and management's guidance), Qiagen reported a soft Q3 15, below our as well as the market's expectations. Net sales were up 2% yoy at CER to $315m (Q2: +5%), falling short of management guidance of 3%. While acquisitions added 2ppts to the top-line, headwinds from the US HPV testing business shaved off a higher 3ppts (in line with management's guidance). Forex continued to be unforgiving, knocking off 9ppts from the top-line growth (higher than m