Company Overview - QIAGEN N.V. has received the EU Technical Documentation Assessment and Quality Management System certificate for its updated clinical decision support platform, QIAGEN Clinical Insight (QCI) Interpret, under the European In Vitro Diagnostic Medical Device Regulation, enhancing patient protection and data traceability [1][3] - QCI Interpret is a software tool that assists in interpreting genomic sequencing variants, helping scientists and lab directors identify clinically relevant variants linked to various diseases [2] Product Significance - QIAGEN Clinical Insight Interpret is the first NGS interpretation platform approved by IVDR for cancer and hereditary applications, classified as a Class C IVD medical device, ensuring improved patient protection and information transparency [3][5] - The platform has processed over 4 million NGS patient test cases for genetic disorders and cancer globally [4] - The software employs an Augmented Molecular Intelligence approach, utilizing AI and Machine Learning for over 20 years, to provide accurate and repeatable interpretations essential for clinical decision support [5] Market Prospects - The global genomic cancer panel and profiling market is projected to grow from $9.90 billion in 2022 to $26.59 billion by 2033, with a robust growth rate of 9.43% during the forecast period of 2023-2033, driven by advancements in genomic research and a focus on precision medicine in oncology [7] Recent Developments - QIAGEN's NGS portfolio has experienced strong double-digit revenue growth, with significant opportunities identified for NGS to support precision medicine [10] - In Q1 2024, the Genomics/NGS group reported increased sales of universal library prep kits for third-party next-generation sequencers, indicating solid demand trends and a positive growth outlook for the year [11] Price Performance - Over the past six months, QIAGEN's shares have increased by 12.5%, outperforming the industry average rise of 7.6% [12]

QIAGEN N.V. (QGEN) recently entered into a cooperative research and development agreement (CRADA) with the Federal Bureau of Investigation (FBI). The deal advances a novel test for its QIAcuity digital PCR devices that will enhance forensics by improving the quantification of DNA in human samples. The recent development will strengthen QIAGEN's leading position in the human identification (HID) and forensics business. More on the News As a federally accredited laboratory, the FBI performs research and devel ...

Germantown, Maryland, and Venlo, the Netherlands, May 13, 2024 (GLOBE NEWSWIRE) -- QIAGEN (NYSE:QGEN, Frankfurt Prime Standard: QIA))) today announced that the U.S. Food and Drug Administration (FDA) has cleared the QIAstat-Dx Respiratory Panel Plus syndromic test for clinical use. The QIAstat-Dx Respiratory Panel Plus is designed to support clinical decision-making in diagnosing upper respiratory infections and covers 21 viral and bacterial targets. It was previously authorized under a U.S. FDA Emergency ...

Have you evaluated the performance of Qiagen's (QGEN) international operations during the quarter that concluded in March 2024? Considering the extensive worldwide presence of this diagnostic products maker, analyzing the patterns in international revenues is crucial for understanding its financial resilience and potential for growth.In the current global economy, which is more interconnected than ever, a company's success in penetrating international markets is crucial for its financial health and growth j ...

```markdown [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Balance Sheets](index=2&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $5.81 billion as of March 31, 2024, from $6.12 billion at year-end 2023, primarily due to a reduction in cash and cash equivalents. Total liabilities slightly decreased to $2.21 billion, while total equity fell to $3.60 billion from $3.81 billion, largely driven by a capital repayment to shareholders Condensed Consolidated Balance Sheets (in thousands) | | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total current assets** | $1,890,762 | $2,147,560 | | **Total long-term assets** | $3,915,167 | $3,967,630 | | **Total assets** | **$5,805,929** | **$6,115,190** | | **Total current liabilities** | $1,025,166 | $1,079,293 | | **Total long-term liabilities** | $1,181,134 | $1,228,133 | | **Total liabilities** | **$2,206,300** | **$2,307,426** | | **Total equity** | **$3,599,629** | **$3,807,764** | | **Total liabilities and equity** | **$5,805,929** | **$6,115,190** | [Condensed Consolidated Statements of Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) For the first quarter of 2024, net sales declined by 5.5% year-over-year to $458.8 million. Despite the sales decrease, income from operations remained relatively stable at $94.9 million. Net income for the quarter was $80.7 million, resulting in a diluted EPS of $0.36, slightly down from $0.37 in the prior-year period Condensed Consolidated Statements of Income (in thousands, except per share data) | | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Net sales** | $458,796 | $485,398 | | **Gross profit** | $290,989 | $307,476 | | **Income from operations** | $94,947 | $96,710 | | **Net income** | $80,673 | $85,035 | | **Basic earnings per common share** | $0.36 | $0.37 | | **Diluted earnings per common share** | $0.36 | $0.37 | [Condensed Consolidated Statements of Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Comprehensive income for Q1 2024 was $90.3 million, a slight decrease from $92.9 million in Q1 2023. This was composed of $80.7 million in net income and $9.7 million in other comprehensive income, which was primarily influenced by gains on cash flow hedges and foreign currency translation adjustments Condensed Consolidated Statements of Comprehensive Income (in thousands) | | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Net income** | $80,673 | $85,035 | | **Other comprehensive income** | $9,674 | $7,830 | | **Comprehensive income** | **$90,347** | **$92,865** | [Condensed Consolidated Statements of Changes in Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity decreased from $3.81 billion at the end of 2023 to $3.60 billion at the end of Q1 2024. The primary drivers for this reduction were a $292.9 million capital repayment to shareholders, partially offset by $80.7 million in net income for the period - A capital repayment of **$292.9 million** was made to shareholders during the first quarter of 2024, significantly reducing total equity[9](index=9&type=chunk) - Net income of **$80.7 million** for the quarter partially offset the reduction in equity from the capital repayment and other adjustments[9](index=9&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities significantly increased to $133.1 million in Q1 2024 from $71.9 million in Q1 2023, driven by better working capital management. Investing activities provided $6.4 million, a sharp contrast to the $433.8 million used in the prior year which included an acquisition. Financing activities used $292.1 million, mainly for a capital repayment, leading to a net decrease in cash and cash equivalents of $154.4 million Summary of Cash Flows (in thousands) | | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $133,078 | $71,926 | | **Net cash provided by (used in) investing activities** | $6,431 | ($433,847) | | **Net cash used in financing activities** | ($292,088) | ($9,828) | | **Net decrease in cash and cash equivalents** | ($154,414) | ($371,489) | | **Cash and cash equivalents, end of period** | $513,670 | $359,180 | [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed disclosures supporting the financial statements, covering accounting policies, acquisitions, revenue breakdown, debt structure, derivative instruments, fair value measurements, taxes, equity transactions, and legal contingencies. Key events include the finalization of the Verogen acquisition accounting, a synthetic share repurchase, and ongoing management of significant debt and derivative positions [Note 1. Corporate Information](index=9&type=section&id=1.%20Corporate%20Information) QIAGEN N.V. is a leading global provider of Sample to Insight solutions that enable customers to gain molecular insights from biological samples. The company serves over 500,000 customers in Molecular Diagnostics and Life Sciences and employed more than 5,900 people as of March 31, 2024 - QIAGEN provides Sample to Insight solutions for Molecular Diagnostics (human healthcare) and Life Sciences (academic research, pharma, applied applications)[12](index=12&type=chunk) - As of March 31, 2024, the company had over **5,900 employees** in more than 35 locations worldwide[12](index=12&type=chunk) [Note 2. Basis of Presentation and Accounting Policies](index=9&type=section&id=2.%20Basis%20of%20Presentation%20and%20Accounting%20Policies) The unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP. The company operates as a single operating and reporting segment. It anticipates adopting new accounting standards, ASU 2023-07 for segment reporting and ASU 2023-09 for income tax disclosures, in future annual reports - The financial statements are prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information[14](index=14&type=chunk) - The company operates as one operating segment and one reporting unit[17](index=17&type=chunk) - New accounting standards ASU 2023-07 (Segment Reporting) and ASU 2023-09 (Income Tax Disclosures) are expected to impact future financial statements, with adoption planned for the annual reports of 2024 and 2025, respectively[21](index=21&type=chunk)[22](index=22&type=chunk) [Note 3. Acquisitions](index=10&type=section&id=3.%20Acquisitions) On January 3, 2023, the company acquired 100% of Verogen, Inc., a leader in next-generation sequencing (NGS) for human identification and forensics. The net cash consideration was $149.5 million, and the purchase price allocation was finalized as of September 30, 2023 - Acquired 100% of Verogen, Inc. on January 3, 2023, for net cash consideration of **$149.5 million**[24](index=24&type=chunk) - The acquisition of Verogen enhances QIAGEN's capabilities in NGS technologies for human identification (HID) and forensic investigation[24](index=24&type=chunk) [Note 4. Revenue](index=11&type=section&id=4.%20Revenue) Total net sales for Q1 2024 were $458.8 million, a 5.5% decrease from Q1 2023. Sales in Molecular Diagnostics were $243.7 million (-3% YoY), while Life Sciences sales were $215.1 million (-8% YoY). Geographically, sales declined 5% in the Americas, 2% in EMEA, and 13% in the Asia Pacific/Japan region Revenue by Product Type and Customer Class (in thousands) | | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Molecular Diagnostics** | $243,653 | $250,328 | | **Life Sciences** | $215,143 | $235,070 | | **Total net sales** | **$458,796** | **$485,398** | Revenue by Geography (in thousands) | | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Americas** | $233,755 | $246,679 | | **Europe, Middle East and Africa** | $152,794 | $155,418 | | **Asia Pacific, Japan and Rest of World** | $72,247 | $83,301 | | **Total net sales** | **$458,796** | **$485,398** | - As of March 31, 2024, the company had **$61.1 million** of remaining performance obligations related to multi-year companion diagnostic co-development contracts, expected to be recognized over the next 12 to 18 months[26](index=26&type=chunk) [Note 5. Inventories](index=13&type=section&id=5.%20Inventories) Total net inventories slightly increased to $401.7 million as of March 31, 2024, from $398.4 million at the end of 2023. Finished goods constituted the largest component at $216.1 million Components of Inventories (in thousands) | | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Raw materials | $88,243 | $91,204 | | Work in process | $97,435 | $94,736 | | Finished goods | $216,067 | $212,445 | | **Total inventories, net** | **$401,745** | **$398,385** | [Note 6. Intangible Assets](index=13&type=section&id=6.%20Intangible%20Assets) As of March 31, 2024, the company held $2.45 billion in goodwill and $502.0 million in net amortized intangible assets. The decrease in goodwill during the quarter was solely due to foreign currency translation adjustments. Amortization expense for the quarter was $23.4 million Intangible Assets Summary (in thousands) | | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Goodwill** | $2,448,916 | $2,475,732 | | **Total amortized intangible assets (net)** | $440,383 | $465,051 | | **In-process research and development** | $61,623 | $61,770 | - The change in the carrying amount of goodwill for the three months ended March 31, 2024, resulted from foreign currency translation adjustments[35](index=35&type=chunk) - Amortization expense on intangible assets was **$23.4 million** for Q1 2024, a slight increase from $23.3 million in Q1 2023[37](index=37&type=chunk) [Note 7. Investments](index=14&type=section&id=7.%20Investments) The company holds non-marketable investments, including equity method investments totaling $18.3 million and other non-public equity securities of $4.5 million as of March 31, 2024. Some investments are in variable interest entities, for which QIAGEN is not the primary beneficiary and which are therefore not consolidated - As of March 31, 2024, non-marketable investments accounted for under the equity method totaled **$18.3 million**[41](index=41&type=chunk) - Investments in non-publicly traded companies not accounted for under the equity method had a carrying amount of **$4.5 million**[44](index=44&type=chunk) [Note 8. Debt](index=15&type=section&id=8.%20Debt) As of March 31, 2024, total long-term debt was $1.50 billion, with a carrying amount of $1.503 billion and a fair value of $1.482 billion. This debt portfolio includes $500 million in 1.000% Cash Convertible Notes due in 2024, $500 million in 0.000% Convertible Notes due in 2027, and two German Private Placements (Schuldschein) Long-Term Debt Summary (in thousands) | Debt Instrument | Principal Amount | Carrying Amount (Mar 31, 2024) | | :--- | :--- | :--- | | Cash Convertible Notes due 2024 | $500,000 | $487,830 | | Convertible Notes due 2027 | $500,000 | $498,002 | | German Private Placement (2017) | $118,394 | $118,353 | | German Private Placement (2022) | $400,004 | $399,152 | | **Total** | **$1,518,398** | **$1,503,337** | - The company has a **€400.0 million** syndicated ESG-linked revolving credit facility expiring in December 2025, which was undrawn as of March 31, 2024[71](index=71&type=chunk) [Note 9. Derivatives and Hedging](index=20&type=section&id=9.%20Derivatives%20and%20Hedging) The company uses derivative instruments to manage foreign currency and interest rate risks, not for speculative purposes. These include net investment hedges using its euro-denominated debt, cash flow hedges via cross-currency interest rate swaps, and undesignated derivatives like the call options and embedded conversion option related to its convertible notes, which largely offset each other in earnings - The company uses derivative instruments to manage potential losses from foreign currency exposures and interest-bearing assets or liabilities[72](index=72&type=chunk) - Euro-denominated German private placement bonds (Schuldschein) are designated as a net investment hedge to protect against adverse changes in the EUR/USD exchange rate[73](index=73&type=chunk) - The embedded cash conversion option in the Convertible Notes is accounted for as a derivative liability, and its fair value changes are expected to be mostly offset by changes in the fair value of related Call Option assets[79](index=79&type=chunk)[80](index=80&type=chunk) [Note 10. Financial Instruments and Fair Value Measurements](index=24&type=section&id=10.%20Financial%20Instruments%20and%20Fair%20Value%20Measurements) The company measures financial assets and liabilities at fair value using a three-level hierarchy. As of March 31, 2024, total financial assets measured at fair value were $473.5 million and liabilities were $115.1 million. Most derivatives are classified as Level 2, valued using models with observable inputs. Contingent consideration and non-marketable securities are classified as Level 3, valued using unobservable inputs like probability-weighted scenarios Fair Value Hierarchy of Financial Instruments (in thousands, as of Mar 31, 2024) | | Level 1 | Level 2 | Level 3 | Total | | :--- | :--- | :--- | :--- | :--- | | **Total financial assets** | $320,568 | $148,462 | $4,496 | $473,526 | | **Total financial liabilities** | $— | ($97,150) | ($17,971) | ($115,121) | - Level 2 instruments, including derivatives, are valued using a market approach with observable inputs, considering counterparty credit risk[90](index=90&type=chunk) - Level 3 instruments include contingent consideration liabilities valued using probability-weighted scenarios and discount rates between **6.5%** and **6.6%**[92](index=92&type=chunk) [Note 11. Income Taxes](index=26&type=section&id=11.%20Income%20Taxes) The effective tax rate for Q1 2024 was 21.1%, compared to 21.8% for Q1 2023. The rate is influenced by the geographic distribution of income and tax exemptions in jurisdictions like Germany. The company is assessing the impact of the global minimum tax (Pillar Two) legislation, which is expected to subject operations in Dubai and Poland to a top-up tax - The effective tax rate was **21.1%** in Q1 2024 and **21.8%** in Q1 2023[97](index=97&type=chunk) - Gross unrecognized tax benefits totaled approximately **$96.4 million** at March 31, 2024, with an estimated **$25.7 million** potentially being released in the next 12 months[98](index=98&type=chunk) - The company is under tax audit in Germany for 2017-2019 and in the U.S. for 2014-2020[99](index=99&type=chunk) [Note 12. Share-Based Compensation](index=26&type=section&id=12.%20Share-Based%20Compensation) Share-based compensation expense for Q1 2024 was $13.8 million, slightly down from $14.1 million in Q1 2023. As of March 31, 2024, there was $63.2 million in unrecognized compensation expense related to stock awards, which will be recognized over a weighted-average period of 1.55 years Share-Based Compensation Expense (in thousands) | | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Share-based compensation expense before taxes** | $13,831 | $14,148 | - As of March 31, 2024, there was **$63.2 million** in unrecognized compensation expense to be recognized over a weighted-average period of **1.55 years**[102](index=102&type=chunk) [Note 13. Equity](index=27&type=section&id=13.%20Equity) In January 2024, the company completed a synthetic share repurchase program, which combined a direct capital repayment with a reverse stock split. This transaction returned $292.1 million to shareholders and reduced the outstanding number of common shares by 6.8 million, or 3% - In January 2024, a synthetic share repurchase was completed, returning **$292.1 million** to shareholders[108](index=108&type=chunk) - The transaction reduced the number of outstanding common shares by **6.8 million**, or **3%**[108](index=108&type=chunk) - Warrants related to the 2023 Notes expired unexercised in September 2023. Warrants related to the 2024 Notes remain outstanding[106](index=106&type=chunk) [Note 14. Earnings per Common Share](index=28&type=section&id=14.%20Earnings%20per%20Common%20Share) For Q1 2024, basic and diluted earnings per common share were both $0.36, based on a net income of $80.7 million and diluted weighted-average shares of 226.6 million. This compares to $0.37 for both basic and diluted EPS in Q1 2023 Earnings per Common Share Calculation (in thousands, except per share data) | | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Net income** | $80,673 | $85,035 | | **Weighted average shares (Basic)** | 223,835 | 227,894 | | **Weighted average shares (Diluted)** | 226,572 | 230,602 | | **Basic EPS** | $0.36 | $0.37 | | **Diluted EPS** | $0.36 | $0.37 | [Note 15. Commitments and Contingencies](index=29&type=section&id=15.%20Commitments%20and%20Contingencies) The company has potential contingent consideration payments of up to $20.7 million related to past acquisitions, tied to achieving certain FDA approval milestones. It is also involved in patent litigation with ArcherDX, for which a $4.7 million damage award has been accrued pending appeal - Potential milestone payments for a previous business combination total **$20.7 million**, contingent on FDA approvals[113](index=113&type=chunk) - In the ArcherDX patent litigation, a jury awarded damages of **$4.7 million** against QIAGEN, which has been accrued as of March 31, 2024, while an appeal is pending[116](index=116&type=chunk) - The company maintains a warranty reserve of **$3.9 million** as of March 31, 2024[114](index=114&type=chunk) [Operating and Financial Review and Prospects](index=30&type=section&id=Operating%20and%20Financial%20Review%20and%20Prospects) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) Net sales declined 5% in Q1 2024 to $458.8 million, impacted by challenging macro trends and a 4 percentage point headwind from reduced COVID-19 product sales compared to Q1 2023. Despite lower sales, the operating income margin improved to 20.7% from 19.9% due to efficiency initiatives, while gross margin remained stable. Diagnostic solutions grew 5%, driven by strong performance in QuantiFERON and QIAstat-Dx, but this was offset by declines in other product groups, particularly Sample technologies and PCR - Q1 2024 results absorbed challenging macro demand trends and about **four percentage points** of pressure from reduced COVID-19 product group sales compared to Q1 2023[122](index=122&type=chunk) - Operating income margin increased to **20.7%** from **19.9%** in the prior year, reflecting lower operating expenses from efficiency initiatives that more than offset the lower sales[122](index=122&type=chunk) Net Sales by Product Group (in millions) | Product Group | Q1 2024 | Q1 2023 | % change | | :--- | :--- | :--- | :--- | | Sample technologies | $154.6 | $173.2 | -11% | | Diagnostic solutions | $170.4 | $162.7 | +5% | | PCR / Nucleic acid amplification | $67.6 | $76.9 | -12% | | Genomics / NGS | $54.9 | $55.2 | -1% | | **Total net sales** | **$458.8** | **$485.4** | **-5%** | - Diagnostic solutions sales grew **5%**, driven by an **11%** rise in QuantiFERON TB test sales (exceeding **$100 million**) and a **19%** increase in QIAstat-Dx system sales (to **$25 million**)[125](index=125&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2024, QIAGEN held $893.1 million in cash, cash equivalents, and short-term investments, a decrease from $1.1 billion at year-end 2023. The decrease was primarily due to a $292.1 million capital repayment to shareholders via a synthetic share repurchase. Operating cash flow increased significantly to $133.1 million from $71.9 million in the prior year. The company believes its current liquidity is sufficient to fund operations and expansion Cash and Working Capital (in millions) | | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $513.7 | $668.1 | | Short-term investments | $379.5 | $389.7 | | **Total** | **$893.1** | **$1,057.8** | | Working capital | $865.6 | $1,068.3 | Cash Flow Summary (in millions) | | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $133.1 | $71.9 | | Net cash provided by (used in) investing activities | $6.4 | ($433.8) | | Net cash used in financing activities | ($292.1) | ($9.8) | - In January 2024, the company completed a synthetic share repurchase, returning **$295.2 million** to shareholders and reducing the total number of issued Common Shares by approximately **3%**[153](index=153&type=chunk) - As of March 31, 2024, the company carries a total of **$1.5 billion** of long-term debt[152](index=152&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=37&type=section&id=Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risks stem from interest rate fluctuations on its debt and investments, and foreign currency exposures from its global operations. These risks are actively managed through operational methods and financial instruments, including derivatives, and have not materially changed since the 2023 year-end report. A hypothetical 10% adverse movement in interest rates would not have a material impact - The company is exposed to foreign currency risk, which resulted in a net loss of **$1.5 million** in Q1 2024, compared to a net gain of **$7.1 million** in Q1 2023[161](index=161&type=chunk) - To manage currency risk, the company held foreign exchange contracts with an aggregate notional value of **$459.6 million** as of March 31, 2024[162](index=162&type=chunk) - The company has **$1.5 billion** in debt, of which **$240.2 million** is floating rate, and uses cross-currency interest rate swaps to manage interest rate risk[164](index=164&type=chunk) [Recent Authoritative Pronouncements](index=38&type=section&id=Recent%20Authoritative%20Pronouncements) This section refers to Note 2 of the condensed consolidated financial statements for information on recent accounting pronouncements that may impact the company's business - For information on recent accounting pronouncements impacting the business, see Note 2 "Basis of Presentation and Accounting Policies" in the accompanying condensed consolidated financial statements[166](index=166&type=chunk) [Application of Critical Accounting Estimates](index=39&type=section&id=Application%20of%20Critical%20Accounting%20Estimates) The company's financial statements rely on critical accounting estimates related to income taxes, share-based compensation, acquisitions, amortized intangible assets, and fair value measurements. This section refers to the more detailed discussion in the Annual Report on Form 20-F for the year ended December 31, 2023, noting no significant changes - Critical accounting estimates are those related to income taxes, share-based compensation, acquisitions, amortized intangible assets, and fair value measurements[167](index=167&type=chunk) - The discussion of critical accounting estimates has not changed from the Annual Report on Form 20-F for the year ended December 31, 2023[168](index=168&type=chunk) [Off-Balance Sheet Arrangements](index=39&type=section&id=Off-Balance%20Sheet%20Arrangements) The company confirms that it did not use special purpose entities and had no off-balance-sheet financing arrangements as of March 31, 2024, and December 31, 2023 - The company did not have off-balance-sheet financing arrangements as of March 31, 2024[169](index=169&type=chunk) [Legal Proceedings](index=39&type=section&id=Legal%20Proceedings) This section refers to Note 15 for details on legal proceedings. Management believes that the resolution of current litigation is unlikely to have a material adverse effect on the company's financial position beyond amounts already accrued - For detailed information on legal proceedings, the report refers to Note 15 "Commitments and Contingencies"[170](index=170&type=chunk) - Management believes that the resolution of current legal matters is unlikely to have a material adverse effect on the company's financial position or future operations[171](index=171&type=chunk) [Risk Factors](index=39&type=section&id=Risk%20Factors) The company states there have been no material changes from the risk factors disclosed in its Annual Report on Form 20-F for the year ended December 31, 2023 - There have been no material changes from the risk factors disclosed in the Annual Report on Form 20-F for the year ended December 31, 2023[172](index=172&type=chunk) ```

Your contacts Coordinator Investor Relations | --- | --- | |--------------------------------------|---------------| | Analyst and Investor Day (New York) | June 17, 2024 | | Annual General Meeting | June 21, 2024 | | Q2 2024 results | July 2024 | Internet: corporate.QIAGEN.com www.x.com/QIAGEN | --- | --- | --- | |---------------------------------------------------------------|-------------------|-------------------| | Three months ended (In $ thousands) | March 31, 2024 | March 31, 2023 | | Cash flows from ...

Financial Data and Key Metrics Changes - QIAGEN reported net sales of $462 million at constant exchange rates (CER), exceeding the outlook of at least $455 million CER, representing a 5% decline from Q1 2023 [12][83] - Adjusted earnings per share (EPS) were $0.47 at CER, ahead of the outlook for at least $0.44 CER [13][86] - Adjusted operating income margin was 25.7%, slightly up from 25.6% in Q1 2023, despite a 5% decline in adjusted operating income to $118 million [64][85] Business Line Data and Key Metrics Changes - Diagnostic Solutions product group achieved 5% CER growth, with double-digit sales growth for QuantiFERON TB test and QIAstat syndromic testing system [12][68] - Consumables and related revenues experienced a 4% CER decline, while instrument sales declined 9% CER due to a challenging capital purchase environment [67] - QIAcuity digital PCR system delivered solid double-digit CER growth, driven by increased demand for biopharma applications [63][71] Market Data and Key Metrics Changes - Sales in the Americas were impacted by COVID headwinds, but demand for QuantiFERON, QIAstat, and QIAcuity consumables improved [73] - Europe, Middle East, and Africa region saw a 2% CER decline, but underlying results rose at a single-digit CER rate excluding pandemic impacts [73] - In the Asia Pacific region, sales in China declined at a double-digit CER rate, while improved results were noted in India and South Korea [74] Company Strategy and Development Direction - QIAGEN is focused on a balanced and strategic approach to growth, emphasizing the importance of recurring consumable sales, which account for over 85% of total net sales [12][111] - The company plans to continue investing in R&D and commercialization initiatives while monitoring market conditions closely [94][101] - QIAGEN aims to achieve at least $2 billion in net sales for 2024, with a focus on mid-single-digit growth in the second half of the year [92][94] Management's Comments on Operating Environment and Future Outlook - Management noted a cautious capital spending environment among customers but expressed confidence in achieving 2024 goals [11][12] - The company does not expect a rebound in the Chinese market until at least 2025, maintaining a conservative outlook for that region [49][145] - Management highlighted ongoing high levels of profitability and efficiency gains, with expectations for adjusted operating income margin to reach at least 28% for 2024 [64][94] Other Important Information - Free cash flow rose nearly 1.5 times to $97 million compared to Q1 2023, with a slight increase in investments in property and equipment [75] - The liquidity position was approximately $893 million at the end of Q1 2024, down from $1.1 billion at the end of 2023, influenced by a $300 million cash payout for share repurchase [76][88] - QIAGEN is actively exploring targeted acquisitions to complement its portfolio while prioritizing organic growth [101][124] Q&A Session Summary Question: What is the outlook for QuantiFERON growth throughout the year? - Management indicated that QuantiFERON typically accelerates in Q3 and Q4, with ongoing initiatives supporting this growth [113] Question: What are the capital allocation priorities for the year? - The company prioritizes organic investment in R&D, potential accretive acquisitions, and returning value to shareholders through share buybacks [123][124] Question: How does QIAGEN view the recent FDA ruling on lab-developed tests? - Management stated that QIAGEN's exposure to LDTs is limited, and the ruling may reinforce the company's position in supplying quality control components [129]

QIAGEN N.V.’s (QGEN) first-quarter 2024 adjusted earnings per share (EPS) were 46 cents and 47 cents at constant exchange rate (CER), down 9.8% year over year. However, the figure topped the Zacks Consensus Estimate by 4.6%.The adjustment excludes the impact of certain non-recurring items like business integration, acquisition and restructuring-related expenses, purchased intangible amortization expenses and non-cash interest expense charges, among others.The GAAP EPS for the quarter was 36 cents, down 2.7% ...

For the quarter ended March 2024, Qiagen (QGEN) reported revenue of $458.8 million, down 5.5% over the same period last year. EPS came in at $0.46, compared to $0.53 in the year-ago quarter.The reported revenue represents a surprise of +0.73% over the Zacks Consensus Estimate of $455.5 million. With the consensus EPS estimate being $0.44, the EPS surprise was +4.55%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expecta ...

Qiagen (QGEN) came out with quarterly earnings of $0.46 per share, beating the Zacks Consensus Estimate of $0.44 per share. This compares to earnings of $0.53 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 4.55%. A quarter ago, it was expected that this diagnostic products maker would post earnings of $0.56 per share when it actually produced earnings of $0.55, delivering a surprise of -1.79%.Over the last four quarters, the ...