Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on QIAGEN N V. We currently have 5 research reports from 1 professional analysts.
|02Dec16 01:45||PRN||Mass Spectrometry Adopted by Clinical Laboratories Around the World|
|02Dec16 01:05||PRN||Research Reports Coverage on Services Stocks -- Myriad Genetics, Qiagen, INC Research, and La Quinta|
|09Nov16 07:05||PRN||QIAGEN's GeneReader NGS System Streamlines Data Management for Labs|
|09Nov16 07:05||PRN||QIAGEN GeneReader NGS System to Relaunch in U.S. Market|
|02Nov16 08:03||PRN||QIAGEN Reports Results for Third Quarter and First Nine Months of 2016|
|26Oct16 10:54||PRN||QIAGEN Shareholders Approve Return of Approximately $250 million in Cash to Shareholders via Synthetic Share Repurchase|
|20Oct16 09:05||PRN||QIAGEN Launches QIAscout for Single-cell Isolation|
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QIAGEN N V
QIAGEN N V
Back on track
30 Sep 16
Qiagen reported a strong set of Q2 16 numbers, beating both the market’s expectations and its own guidance. NB all sales growth numbers at CER, unless specified otherwise. Net sales growth of 6% (vs company guidance: 4%) was a mix of 5% organic growth and a 1% contribution from the acquisition of Mo Bio Laboratories. Sequential moderation of currency headwinds meant that forex had just a 1% negative impact (vs. 2% negative impact in Q1 16), resulting in the reported net sales growth of 5% to $334m. Profitability, however, was as expected weaker – company-defined adjusted operating income and adjusted diluted EPS were down 12% and 8%, respectively (operating margin down c.4ppt to 20.7%) – due to the higher marketing expenses and enhanced R&D efforts. Management has upgraded its FY 16 net sales growth outlook to 6-7% from 6% earlier to factor in the Exiqon acquisition (completed on 28 June 2016; expected to contribute c.$10m in H2 16), but maintained adjusted diluted EPS guidance at $1.10-1.11 at CER (Exiqon acquisition will have a neutral impact on earnings for the year). Based on 1 July 2016 exchange rates, it sees forex headwinds of 1-2ppt on net sales (vs. the previous 2ppt) and $0.01-0.02 on adjusted diluted EPS (vs. earlier $0.02). For Q3 16, management guides for net sales growth of 8-9% (forex headwinds of 1ppt) and adjusted diluted EPS of $0.28 at CER (forex headwinds of $0.01). The company has enhanced its capital return commitment to shareholders from $100m (announced in April 2016) to $300m; it will return $250m through a synthetic share repurchase programme (combines direct capital repayment with a reverse stock split) in early 2017 and the remaining $50m through share repurchases in 2017. It will have a capital markets day on 15 November 2016.
In line results; FY 16 heavily weighted towards H2
29 Jun 16
Qiagen’s Q1 16 results came out in line with management’s guidance (at CER) as well as market expectations, although currencies had a lower-than-anticipated negative impact. Net sales were up 2% yoy (all sales growth numbers at CER, unless specified otherwise) to $298.4m (flat in reported terms; marginally higher than the consensus estimate), while adjusted diluted EPS at CER (and on a reported basis) came in at $0.19 (down from $0.22 in Q1 15), primarily impacted by costs of relocation of manufacturing of some products to Hilden, Germany, a lower gross margin from companion diagnostic partnerships as well as planned higher investments to support key growth drivers and geographic expansion. Segment-wise, while both Molecular Diagnostics and Academia increased 2%, Pharma grew 7%. Applied Testing, on the other hand, declined 5%. Management reiterated its FY 16 guidance of net sales growth of 6% and adjusted diluted EPS of $1.10-1.11 (both at CER), but slightly reduced the forex headwind expectation on net sales to 2ppts (from 3ppts) and on adjusted diluted EPS to c.$0.02 per share (from c.$0.03 per share). For Q2 16, management sees net sales growth of c.4% at CCR (c.2% on a reported basis) and adjusted diluted EPS of c.$0.22 at CER (c.$0.21 on a reported basis), implying that FY 16 is heavily skewed towards the second half and any slip up here could result in a guidance miss. The company also announced its fourth $100m share buy-back programme.
Q4 15 misses guidance; forex, incremental investments to weigh on FY 16
22 Feb 16
*Q4 15 (and FY 15) misses “own” guidance* In line with the preliminary results announced on 10 January 2015, Qiagen reported weak Q4 15 and FY 15 numbers, with both top-line and bottom-line failing to meet the company’s own guidance given at the time of the Q3 15 results. Net sales were up 3% (all sales growth numbers at CER, unless otherwise specified) in both Q4 15 and FY 15, below management's guidance of 5% for Q4 15 and 4% for FY 15. While acquisitions contributed c.2ppts to growth in both Q4 15 and FY 15, headwinds on account of the US HPV business knocked off c.1ppt in Q4 15 and c.3ppts in FY 15. The key Molecular Diagnostics division acted as a drag (Q4 15: flat; FY 15: +1%), while other divisions reported strong performances - Applied Testing (+7% in both Q4 15 and FY 15), Pharma (Q4 15: +6%; FY 15: +5%) and Academia (Q4 15: +7%, FY 15: 5%). Currency wiped out c.6ppts from Q4 15 and c.8ppts from full-year sales growth, pulling down the reported growth to -3% in Q4 15 to $349m and -5% in FY 15 to $1,281m (vs. our estimate of $1,289m). Adjusted diluted EPS came in at $0.31 for Q4 15 and $1.05 for FY 15 (against our expectation of $1.07), again missing management's guidance of $0.33 and $1.07, respectively. *FY 16 guidance lower than expected* The company largely maintained its FY 16 guidance given at the time of preliminary results – net sales growth of 6% at CER and adjusted diluted EPS growth in line with sales growth to $1.10-1.11 at CER, slightly below our expectations. Sales growth includes c.1ppt of contribution from the recently acquired (in late Q4 15) US-based private company MO BIO Laboratories (specialised in sample technologies for metagenomics and microbiome analyses) and c.1ppt of headwinds from the US HPV business. However, based on 1 February 2016 exchange rates, it now expects currency to have a negative impact of c.3ppts (c.2ppts headwind according to the preliminary release) on sales and c.$0.03 per share on an adjusted diluted EPS. Q1 16 is going to be another soft quarter for the company (due to tougher comps along with a weak Japan and emerging markets) – management guides for sales growth of 2% at CER (-2% in $) and adjusted diluted EPS of $0.19-0.20 at CER ($0.18-0.19 in $).
Transitory weakness but fundamentals remain strong
18 Nov 15
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 management’s anticipation of 7-8ppts) resulting in a decline of 7% on a reported basis. The under-performance largely stemmed from the core Molecular Diagnostics segment, which was down 3% at CER, offsetting the otherwise strong performance (6% CER growth) in the remaining segments - Applied Testing, Pharma and Academia. Adjusted operating income fell c.11% to $49m (margin declined by 90bp) as savings from lower R&D and efficiency gains from General & Administrative were offset by enhanced sales and marketing efforts to support new launches and expansion of e-commerce channels. Adjusted diluted EPS (company defined) of $0.29 at CER, came in at the lower end of management guidance of $0.29-0.30. Management reiterated its full-year net sales growth outlook of 4% at CER, but narrowed its adjusted EPS guidance at CER to $1.16 (the lower end of previous guidance of $1.16-1.18). Separately, in a positive development following the results, the company announced the launch of its long-awaited (and much delayed) GeneReader next-generation sequencing (NGS) system, marking its foray into the concentrated (market leaders Illumina and Thermo Fisher hold a c.90% share) and fast-growth segment in the genomics space (currently worth $2.5bn and estimated to reach c.$9bn by 2020).
Strong results; growth drivers on track
11 Aug 15
Despite being pulled down by currency headwinds and the US HPV overhang, Qiagen’s Q2 15 results managed to beat not only market expectations (albeit marginally) but also the company’s own guidance for the quarter – revenue grew 5% CER (2% contribution from acquisitions), ahead of the 4% CER guidance and better than the 2% and 4% CER growth reported in Q1 15 and Q2 14, respectively. Currency and US HPV issues, while significant, were also lower than guided – currency impact a negative 9ppts vs the 10ppts guidance, HPV headwind 3ppts vs the 4-5 pts guidance – resulting in an overall 4% decline in the top-line to $319.5m. The five growth drivers continued to be strong (double-digit growth, 32% revenue contribution vs. 29% in Q2 14), in particular Personalised Healthcare, which grew >20% on the back of solid momentum in Pharma co-development contracts and companion diagnostic sales. However, profitability was impacted negatively (despite a modest currency benefit) — adjusted EBITDA and operating margins were down 200bp and 150bp, respectively — due to a higher contribution from the lower margin instrument sales (18% yoy growth, 13% top-line contribution). In addition to reaffirming its full-year outlook (4% CER growth in FY 15), management has guided for 3% CER revenue growth in Q3 15 (including a 3ppt headwind from US HPV). The currency impact is anticipated to be in the range of 7–8%.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
N+1 Singer - Morning Song 05-12-2016
05 Dec 16
RTHM is acquiring a profitable Canadian listed mobile specialist for equivalent of US$42.5m consideration in shares (88.235m). This helps adds to two growth vectors RTHM is targeting; (i) adds unique exclusive audience (10m unique) and (ii) Exclusive demand Yahoo and Facebook. The business has 15 premium and owned and operated apps which provide users with rewards for activity. The business is expected to deliver c$9m of EBITDA in FY18 including $2m of cost synergies. This equates to just 4.7x EV/EBITDA. This marks what we see the first step in RTHM activity to scale the business and deliver on margin potential (see our initiation notes). Our initial estimates for EPS revisions are very significant - for FY18 are 2.3 cents (currently 0.6) and for FY19 4.3 (currently 2.5). There is a call at 830 for investors and we will revise post this.
Exponential growth now in sight
07 Dec 16
The best things in life are worth waiting for, or at least that seems to be the case with Kromek, a pioneering radiation detection expert. Since listing on AIM at 51p back in October 2013, the company has not only been busily refining and field testing its next generation CZT (cadmium zinc telluride) technology, but importantly also securing a raft of new orders.
N+1 Singer - Morning Song 09-12-2016
09 Dec 16
This morning’s AGM Statement confirms that trading in the first four months of the year to 31st October was in line with expectations. Revenue was slightly above the prior year period and cash collection has remained strong. The Group has reiterated its commitment to maintaining a progressive dividend policy. The statement is encouraging and we therefore leave our forecasts unchanged. We note the attractions of a 5% dividend yield and consider the shares inexpensive at 4.5x FY’17 EV/EBITDA.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
N+1 Singer - Morning Song 06-12-2016
06 Dec 16
With FY16 volume and revenue already disclosed in the pre-close, the focus in today’s prelims is on PBT (£100.3m versus our £101m) and EPS (96.8p versus our 95.4p). No special dividend triggered this year (none forecast) and DPS is held at 46.8p (N1SE: 48.0p). On end markets, recent commentary is reiterated – the core business is growing, whilst consumer electronics will be subdued in the current year (competitive capacity from Solvay). On currency, there will be a material benefit in the current year (a little more than the £14m to £15m previously indicated), and a further tailwind next year if current rates are maintained (quantum TBC). There is also an investment of £10m today in a minority interest in Magma Global, Victrex’ oil and gas mega programme partner. Although the share price is now close to our TP of 1730p, we feel that there is enough in today’s announcement to retain a positive stance on medium term opportunities with strong cashflow and a special dividend potentially to look forward to in the current year.