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Qiagen NV QGEN

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Qiagen Delivers Strong Q2 Preliminary Results but Guides to Weak Rest of 2021 on COVID Trends

Julie Utterback, CFA Senior Equity Analyst

Analyst Note

| Julie Utterback, CFA |

No-moat Qiagen turned in preliminary second-quarter results that significantly beat FactSet consensus and management's outlook. However, the shares were down around 7% in the two trading sessions since Qiagen announced a weaker-than-expected 2021 outlook mid-Monday. As we suspected, COVID-19 tailwinds appear to be turning into headwinds for Qiagen, especially in its COVID testing-related franchises. As a result, management reduced its top-line expectations for the year and pushed down its adjusted EPS outlook to the low end of its previously expected range. Our EPS forecast was mildly above that range, but we are maintaining our fair value estimate even after tweaking our expectations for 2021.

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Company Profile

Business Description

Qiagen offers proprietary sample and assay technology to extract, purify, amplify, and interpret DNA, RNA, and proteins. The company's sales are split almost evenly between applications in life sciences and molecular diagnostics. Qiagen generates over 85% of its revenue from consumables with the balance coming from instrumentation and related services. The Americas account for the largest portion of the firm's revenue (44% of 2020 sales), followed by EMEA (36%) and Asia-Pacific (19%).

Hulsterweg 82
Venlo, 5912 PL, Netherlands
T +31 773556600
Sector Healthcare
Industry Diagnostics & Research
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 5,900