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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)
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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.
Research Tree provides access to ongoing research coverage, media content and regulatory news on QIAGEN NV. We currently have 46 research reports from 3 professional analysts.
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