Core Insights - The article emphasizes the importance of diversifying viewpoints in stock analysis and investing, referencing the Japanese proverb "他山之石" which highlights the value of multiple perspectives in gaining knowledge [1] Group 1 - The author expresses a commitment to covering a wide range of assets to identify the best investment opportunities across different types [1] - The foundational aspects of investing are underscored, suggesting that understanding simple fundamentals is crucial for success [1] Group 2 - The article does not provide specific company or industry insights, focusing instead on the philosophy of investment and analysis [1]

Core Insights - Qiagen's international operations are crucial for assessing its financial strength and growth potential [1][2] - The company's total revenue for the quarter ending June 2025 was $533.54 million, reflecting a 7.5% increase year-over-year [4] International Revenue Trends - Revenue from Asia Pacific, Japan, and Rest of World was $73 million, accounting for 13.7% of total revenue, which was a decline of 5.37% from expectations [5] - Europe, Middle East, and Africa generated $179 million, constituting 33.6% of total revenue, exceeding projections by 4.23% [6] Revenue Forecasts - For the current fiscal quarter, total revenue is projected at $524.34 million, a 4.5% increase year-over-year, with Asia Pacific, Japan, and Rest of World expected to contribute $74.92 million [7] - For the full year, total revenue is anticipated to reach $2.07 billion, also reflecting a 4.5% increase, with contributions from Asia Pacific, Japan, and Rest of World at $298.14 million [8] Conclusion - Qiagen's reliance on international markets presents both opportunities and challenges, necessitating close monitoring of its international revenue trends for future projections [9]

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) [Q2 2025 Performance Highlights](index=1&type=section&id=Q2%202025%20Performance%20Highlights) QIAGEN exceeded expectations in Q2 2025, achieving robust growth and improved profitability driven by strong performance in Diagnostic Solutions, particularly QIAstat-Dx and QuantiFERON Q2 2025 Key Financial Metrics | Metric | Amount/Ratio | | :---------------------- | :-------- | | Net Sales | $534 million (+7% actual rates, +6% CER) | | Adjusted Diluted EPS | $0.60 ($0.62 CER) | | Adjusted Operating Income Margin | 29.9% (+1.5 percentage points YoY) | | Diagnostic Solutions Sales | +11% CER | | QIAstat-Dx Sales | +41% CER | | QuantiFERON Sales | +11% CER | [Full-Year 2025 Outlook Update](index=1&type=section&id=Full-Year%202025%20Outlook%20Update) Based on strong H1 2025 performance, QIAGEN raised its full-year net sales outlook while reaffirming adjusted diluted EPS and adjusted operating income margin targets Full-Year 2025 Outlook | Metric | Updated Outlook | Previous Outlook | | :---------------------- | :--------- | :------- | | Net Sales Growth (CER) | 4-5% | approx 4% | | Core Sales Growth (CER) | 5-6% | approx 5% | | Adjusted Diluted EPS (CER) | approx $2.35 | approx $2.35 | | Adjusted Operating Income Margin | approx 30% | approx 30% | [Financial Performance Analysis](index=3&type=section&id=Financial%20Performance%20Analysis) [Consolidated Financial Results (Q2 & H1 2025)](index=3&type=section&id=Consolidated%20Financial%20Results%20%28Q2%20%26%20H1%202025%29) QIAGEN achieved significant improvements in net and operating income during Q2 and H1 2025, primarily driven by sales growth and efficiency gains Q2 and H1 2025 Key Financial Data | Metric ($ million) | Q2 2025 | Q2 2024 | Change | H1 2025 | H1 2024 | Change | | :------------------ | :------------- | :------------- | :--- | :----------- | :----------- | :--- | | Net Sales | 534 | 496 | +7 % | 1,017 | 955 | +6 % | | Operating Income | 122 | (228) | NM | 237 | (133) | NM | | Net Income | 96 | (183) | NM | 187 | (103) | NM | | Diluted EPS | $0.44 | ($0.82) | NM | $0.85 | ($0.46) | NM | | Adjusted Operating Income | 160 | 141 | +13 % | 304 | 259 | +17 % | | Adjusted Net Income | 132 | 123 | +8 % | 253 | 226 | +12 % | | Adjusted Diluted EPS | $0.60 | $0.55 | +9 % | $1.15 | $1.00 | +15 % | [Sales by Product Group](index=4&type=section&id=Sales%20by%20Product%20Group) Diagnostic Solutions was the primary driver of sales growth, achieving strong double-digit increases, while Sample Technologies and Genomics/NGS sales remained stable or slightly declined Sales by Product Group (Q2 and H1 2025) | Product Group ($ million) | Q2 2025 Sales | Q2 2024 Sales | Q2 Change | Q2 CER Change | H1 2025 Sales | H1 2024 Sales | H1 Change | H1 CER Change | | :------------------------- | :------------------- | :------------------- | :----------- | :-------------- | :----------------- | :----------------- | :--------- | :-------------- | | Sample Technologies | 166 | 164 | +2 % | 0 % | 316 | 318 | -1 % | -1 % | | Diagnostic Solutions | 206 | 185 | +12 % | +11 % | 393 | 355 | +11 % | +11 % | | PCR / Nucleic Acid Amplification | 80 | 76 | +5 % | +3 % | 156 | 144 | +9 % | +8 % | | Genomics / NGS | 59 | 58 | +1 % | 0 % | 112 | 113 | -1 % | -1 % | | Other | 22 | 14 | +61 % | +60 % | 40 | 25 | +59 % | +62 % | | **Total Net Sales** | **534** | **496** | **+7 %** | **+6 %** | **1,017** | **955** | **+6 %** | **+6 %** | [Sample Technologies](index=4&type=section&id=Sample%20Technologies) - Q2 2025 sales were flat at constant exchange rates, with mid-single-digit growth in automated kits offset by a decline in manual kits[11](index=11&type=chunk) - Instrument sales remained stable despite a challenging customer spending environment, with continued deployment of QIAsymphony Connect, QIAcube Connect, and EZ2 Connect systems[11](index=11&type=chunk) [Diagnostic Solutions](index=4&type=section&id=Diagnostic%20Solutions) - Q2 2025 sales grew **11% CER to $206 million**; core sales (excluding discontinued NeuMoDx systems) increased **13% CER**[11](index=11&type=chunk) - QIAstat-Dx led with **41% CER growth**, achieving double-digit increases across all regions and exceeding the target of at least 150 system placements per quarter[11](index=11&type=chunk) - QuantiFERON latent TB test sales grew **11% CER**, benefiting from continued conversion from skin tests in the Americas and EMEA, alongside broader market expansion[11](index=11&type=chunk) - Companion diagnostics revenue increased **over 20% CER** in Q2 2025, attributed to new collaborations with leading pharmaceutical partners on QIAcuityDx, QIAstat-Dx, and Next-Generation Sequencing (NGS)[11](index=11&type=chunk) [PCR / Nucleic Acid Amplification](index=4&type=section&id=PCR%20%2F%20Nucleic%20Acid%20Amplification) - Q2 2025 sales increased **3% CER to $80 million** compared to Q2 2024[11](index=11&type=chunk) - QIAcuity saw growth in consumables, but instrument sales were slightly below prior-year levels due to continued cautious customer spending[11](index=11&type=chunk) [Genomics / NGS](index=4&type=section&id=Genomics%20%2F%20NGS) - Q2 2025 sales were stable at **$59 million**[11](index=11&type=chunk) - QIAGEN Digital Insights (QDI) bioinformatics business grew at a low single-digit CER, with double-digit growth in clinical applications offsetting weaker demand from research customers impacted by funding pressures[11](index=11&type=chunk) - QDI performance was also adversely impacted by the transition from multi-year licensing agreements to a subscription (SaaS) model[11](index=11&type=chunk) [Other Sales](index=4&type=section&id=Other%20Sales) - Sales growth in this category primarily reflects continued revenue from the Dialunox system prior to its planned discontinuation in mid-2025, along with a smaller contribution from tariff surcharges introduced in 2025[11](index=11&type=chunk) [Operating Income and Margins](index=3&type=section&id=Operating%20Income%20and%20Margins) Q2 2025 operating income shifted from a loss to a profit year-over-year, with adjusted operating income margin improving due to sales growth, efficiency gains, and the NeuMoDx discontinuation - Q2 2025 operating income was **$122 million**, compared to an operating loss of $228 million in the prior-year period[10](index=10&type=chunk) - Adjusted operating income increased **13% to $160 million**[10](index=10&type=chunk) - Adjusted operating income margin improved to **29.9% of sales** in Q2 2025, up **1.5 percentage points** from 28.4% in Q2 2024; at constant exchange rates, the margin rose to **30.8%**[10](index=10&type=chunk) - Research and development investments represented **8.9% of Q2 2025 sales**, aligning with the 9-10% target[10](index=10&type=chunk) [Earnings Per Share (EPS)](index=3&type=section&id=Earnings%20Per%20Share%20%28EPS%29) Q2 2025 diluted EPS turned positive, and adjusted diluted EPS exceeded expectations, reflecting improved profitability - Q2 2025 diluted EPS was **$0.44**, compared to a net loss per share of $0.82 in Q2 2024[10](index=10&type=chunk) - Adjusted diluted EPS was **$0.60**, or **$0.62 at constant exchange rates**, exceeding the outlook of at least $0.60 CER[10](index=10&type=chunk) - The adjusted tax rate for Q2 2025 was **20%**, slightly above the outlook of approximately 19%[10](index=10&type=chunk) [Cash Flow & Capital Allocation](index=5&type=section&id=Cash%20Flow%20%26%20Capital%20Allocation) [Cash Flow Overview](index=5&type=section&id=Cash%20Flow%20Overview) Net cash provided by operating activities remained stable in H1 2025, but free cash flow slightly decreased due to increased capital expenditures for strategic projects Q2 and H1 2025 Key Cash Flow Data | Metric ($ million) | Q2 2025 | Q2 2024 | Change | H1 2025 | H1 2024 | Change | | :---------------------------------- | :------------- | :------------- | :--- | :----------- | :----------- | :--- | | Net Cash Provided by Operating Activities | 161 | 167 | -3 % | 301 | 300 | 0 % | | Purchases of Property, Plant and Equipment | (40) | (38) | +5 % | (84) | (75) | +12 % | | Free Cash Flow | 121 | 129 | -6 % | 217 | 225 | -3 % | | Net Cash Provided by (Used in) Investing Activities | (42) | (18) | NM | 78 | (11) | NM | | Net Cash Used in Financing Activities | (28) | (127) | NM | (315) | (419) | NM | - Free cash flow for H1 2025 slightly decreased to **$217 million**, primarily due to increased investments in property, plant, and equipment for projects like the SAP system upgrade[14](index=14&type=chunk) [Capital Allocation and Shareholder Returns](index=5&type=section&id=Capital%20Allocation%20and%20Shareholder%20Returns) QIAGEN returned over $350 million to shareholders in 2025 through synthetic share repurchases and its first cash dividend, while continuing to focus on innovation investments - Over **$350 million** has been returned to shareholders in 2025 through synthetic share repurchases and the first cash dividend[7](index=7&type=chunk) - Approximately **$300 million** was returned to shareholders in January 2025 through a synthetic share repurchase, reducing shares outstanding by **6.2 million** (approx **2.8%**)[14](index=14&type=chunk) - The first annual cash dividend of approximately **$54 million** was paid in July 2025[14](index=14&type=chunk) - Leverage ratio (net debt to adjusted EBITDA) increased from **0.3x** at year-end 2024 to **0.6x** at the end of Q2 2025[14](index=14&type=chunk) - Approximately **$500 million** is expected to be paid in December 2025 for the early redemption of 2027 convertible notes[14](index=14&type=chunk) [Strategic Initiatives & Portfolio Update](index=5&type=section&id=Strategic%20Initiatives%20%26%20Portfolio%20Update) [QIAGEN Digital Insights (QDI)](index=5&type=section&id=QIAGEN%20Digital%20Insights%20%28QDI%29) QIAGEN acquired Genoox in May 2025, integrating its AI-driven Franklin cloud platform into clinical genomics offerings to enhance NGS data interpretation for rare diseases, cancer, and reproductive health - Acquired Genoox in May 2025, adding the Franklin cloud platform to its clinical genomics offerings[14](index=14&type=chunk) - The Franklin platform supports scalable, AI-powered NGS data interpretation for decision support in rare diseases, cancer, and reproductive health issues[14](index=14&type=chunk) - This integration is expected to enhance diagnostic accuracy and strengthen QDI's position in clinical NGS interpretation, especially for small to medium-sized laboratories[14](index=14&type=chunk) [Sample Technologies Development](index=5&type=section&id=Sample%20Technologies%20Development) QIAGEN is developing three new sample preparation platforms (QIAsymphony Connect, QIAsprint Connect, and QIAmini), planned for launch from late 2025, aiming to expand its installed base in clinical and research settings through improved automation, flexible throughput, and connectivity - Three new sample preparation platforms are under development: QIAsymphony Connect (2025), QIAsprint Connect (2026), and QIAmini (2026)[14](index=14&type=chunk) - These systems aim to provide improved automation, flexible throughput, and connectivity to expand the installed base in clinical and research settings[14](index=14&type=chunk) [QIAcuity Partnerships](index=5&type=section&id=QIAcuity%20Partnerships) QIAcuity's applications in oncology are expanding through collaborations with ID Solutions and Tracer Biotechnologies, aiming to support decentralized clinical trials and future companion diagnostics - Collaboration with ID Solutions to offer multiplex assays for detecting cancer mutations in cfDNA and FFPE samples[14](index=14&type=chunk) - Separate agreement with Tracer Biotechnologies focuses on developing MRD (minimal residual disease) assays for solid tumors[14](index=14&type=chunk) - These initiatives aim to support decentralized clinical trials and future companion diagnostics[14](index=14&type=chunk) [Precision Medicine & Companion Diagnostics](index=5&type=section&id=Precision%20Medicine%20%26%20Companion%20Diagnostics) In June 2025, QIAGEN expanded its NGS-based companion diagnostics pipeline through new global partnerships, including with Incyte for CALR gene mutation detection and Foresight Diagnostics for converting CLARITY ctDNA assays into diagnostic kits - Global partnership with Incyte to develop an assay for CALR gene mutations in patients with myeloproliferative neoplasms[14](index=14&type=chunk) - Collaboration with Foresight Diagnostics to convert the CLARITY ctDNA assay for lymphoma from a central lab service into a diagnostic kit for clinical trials[14](index=14&type=chunk) [Outlook](index=6&type=section&id=Outlook) [Full-Year 2025 Outlook](index=6&type=section&id=Full-Year%202025%20Outlook) QIAGEN updated its full-year 2025 net sales growth outlook to 4-5% CER, core business growth to 5-6% CER, and reaffirmed adjusted diluted EPS at approximately $2.35 CER and adjusted operating income margin at approximately 30% Full-Year 2025 Outlook | Metric | Outlook | | :---------------------- | :--------- | | Net Sales Growth (CER) | 4-5% | | Core Sales Growth (CER) | 5-6% | | Adjusted Diluted EPS (CER) | approx $2.35 | | Adjusted Operating Income Margin | approx 30% | - Foreign currency movements are expected to have a positive impact of approximately one percentage point on net sales and an adverse impact of approximately **$0.02** on adjusted diluted EPS for full-year 2025[15](index=15&type=chunk) [Q3 2025 Outlook](index=6&type=section&id=Q3%202025%20Outlook) For Q3 2025, QIAGEN anticipates net sales growth of at least 4% CER and adjusted diluted EPS of at least $0.58 CER Q3 2025 Outlook | Metric | Outlook | | :---------------------- | :--------- | | Net Sales Growth (CER) | at least 4% | | Core Sales Growth (CER) | at least 5% | | Adjusted Diluted EPS (CER) | at least $0.58 | | FX Impact on Net Sales | positive impact of up to one percentage point | | FX Impact on Adjusted Diluted EPS | neutral | [Additional Information](index=6&type=section&id=Additional%20Information) [Use of Adjusted Results (Non-GAAP)](index=6&type=section&id=Use%20of%20Adjusted%20Results%20%28Non-GAAP%29) QIAGEN uses adjusted (non-GAAP) financial measures and constant exchange rate (CER) metrics to provide deeper insights into its business performance, excluding items not representative of core operations or affecting comparability - QIAGEN reports adjusted results and constant exchange rate (CER) measures, along with other non-GAAP financial metrics, to provide deeper insights into its business performance[18](index=18&type=chunk) - Adjusted results exclude items considered outside the scope of ongoing core operations, subject to significant cyclical fluctuations, or reducing comparability with competitors and historical performance[18](index=18&type=chunk) - These non-GAAP and CER metrics are used internally for planning, forecasting, reporting, and employee compensation purposes[18](index=18&type=chunk) [About QIAGEN](index=6&type=section&id=About%20QIAGEN) QIAGEN N.V. is a global leader in sample to insight solutions, serving over 500,000 customers in life sciences and molecular diagnostics by enabling them to extract and analyze molecular information from biological samples - QIAGEN N.V. is a global leader in sample to insight solutions, enabling over **500,000 customers** worldwide to extract and analyze molecular information from biological samples containing the building blocks of life[19](index=19&type=chunk) - Its solutions include sample technologies (separating and processing DNA, RNA, and proteins), assay technologies (preparing biomolecules for analysis), bioinformatics (supporting complex data interpretation), and automation solutions[19](index=19&type=chunk) - As of June 30, 2025, QIAGEN had approximately **5,700 employees** at more than **35 locations** worldwide[19](index=19&type=chunk) [Forward-Looking Statements & Contacts](index=7&type=section&id=Forward-Looking%20Statements%20%26%20Contacts) This press release contains forward-looking statements subject to various uncertainties and risks, such as growth management, currency fluctuations, regulatory approvals, and market acceptance, and provides investor relations and public relations contact information - Certain statements in this press release may constitute forward-looking statements, involving products, development timelines, marketing and/or regulatory approvals, financial and operational outlook, growth strategies, collaborations, and operating results[20](index=20&type=chunk) - These statements are based on current expectations and assumptions but involve uncertainties and risks, including challenges in managing growth and international operations (such as currency fluctuations, tariffs, tax laws, regulatory processes, and supply chain dependencies)[20](index=20&type=chunk) - For a more complete discussion of risks and uncertainties, refer to the 'Risk Factors' section in the company's latest Annual Report on Form 20-F and other reports filed with the U.S. Securities and Exchange Commission[20](index=20&type=chunk) - Investor Relations contact: ir@QIAGEN.com; Public Relations contact: pr@QIAGEN.com[21](index=21&type=chunk) [Condensed Consolidated Financial Statements](index=8&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statements of Income](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) This section provides unaudited statements of income for Q2 and H1 2025 compared to the same periods in 2024, detailing net sales, cost of sales, operating expenses, and net income/loss Condensed Consolidated Statements of Income (Unaudited) | (in thousands, except per share data) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :----------------------- | :----------------------- | :----------------------- | :----------------------- | | Net Sales | $533,540 | $496,347 | $1,016,996 | $955,143 | | Total Cost of Sales | 199,254 | 461,583 | 374,029 | 629,390 | | Gross Profit | 334,286 | 34,764 | 642,967 | 325,753 | | Total Operating Expenses | 212,384 | 263,201 | 405,718 | 459,243 | | Operating Income (Loss) | 121,902 | (228,437) | 237,249 | (133,490) | | Net Income (Loss) | $96,250 | ($183,460) | $187,008 | ($102,787) | | Diluted Earnings (Loss) Per Common Share | $0.44 | ($0.83) | $0.85 | ($0.46) | | Adjusted Diluted Earnings Per Common Share | $0.60 | $0.55 | $1.15 | $1.00 | [Reconciliation of Reported to Adjusted Results](index=9&type=section&id=Reconciliation%20of%20Reported%20to%20Adjusted%20Results) This section provides a detailed reconciliation of GAAP reported results to non-GAAP adjusted results for Q2 and H1 2025, highlighting adjustments for business integration, acquisitions, restructuring, intangible asset amortization, and tax items Reconciliation of Reported to Adjusted Results (Unaudited) | Three Months Ended June 30, 2025 | Net Sales ($ million) | Gross Profit ($ million) | Operating Income ($ million) | Income Before Income Taxes ($ million) | Income Tax Expense ($ million) | Tax Rate | Net Income ($ million) | Diluted EPS* | | :------------------------------- | :------- | :----- | :------- | :------- | :----- | :--- | :----- | :------- | | Reported Results | 533.5 | 334.3 | 121.9 | 126.8 | (30.6) | 24% | 96.2 | $0.44 | | Total Adjustments | — | 21.7 | 37.6 | 37.7 | (2.0) | | 35.7 | 0.16 | | Adjusted Results | 533.5 | 356.0 | 159.5 | 164.5 | (32.6) | 20% | 131.9 | $0.60 | | Six Months Ended June 30, 2025 | Net Sales ($ million) | Gross Profit ($ million) | Operating Income ($ million) | Income Before Income Taxes ($ million) | Income Tax Expense ($ million) | Tax Rate | Net Income ($ million) | Diluted EPS* | | Reported Results | 1,017.0 | 643.0 | 237.2 | 246.3 | (59.3) | 24% | 187.0 | $0.85 | | Total Adjustments | — | 38.9 | 66.5 | 69.1 | (3.2) | | 65.9 | 0.30 | | Adjusted Results | 1,017.0 | 681.9 | 303.7 | 315.4 | (62.5) | 20% | 252.9 | $1.15 | - Adjusting items include business integration, acquisition, and restructuring-related items, amortization of purchased intangible assets, non-cash other net income, and certain income tax items[25](index=25&type=chunk)[26](index=26&type=chunk) [Condensed Consolidated Balance Sheets](index=10&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section presents unaudited balance sheets as of June 30, 2025, compared to December 31, 2024, detailing assets, liabilities, and shareholders' equity Condensed Consolidated Balance Sheets (Unaudited) | (in thousands, except par value) | June 30, 2025 | December 31, 2024 (Restated) | | :--------------------------------- | :------------ | :-------------------- | | Total Current Assets | 1,818,989 | 1,959,853 | | Total Non-Current Assets | 4,004,769 | 3,729,769 | | **Total Assets** | **$5,823,758**| **$5,689,622** | | Total Current Liabilities | 1,128,314 | 1,042,031 | | Total Non-Current Liabilities | 1,189,954 | 1,080,252 | | Total Equity | 3,505,490 | 3,567,339 | | **Total Liabilities and Equity** | **$5,823,758**| **$5,689,622** | - Balances for 'Current portion of long-term debt' and 'Long-term debt, net of current portion' as of December 31, 2024, have been adjusted to reclassify **$498.4 million** of 2027 convertible notes, previously classified as long-term debt, to current liabilities[29](index=29&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section provides unaudited cash flow statements for the six months ended June 30, 2025, compared to the same period in 2024, detailing cash flows from operating, investing, and financing activities, as well as free cash flow Condensed Consolidated Statements of Cash Flows (Unaudited) | (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------- | :----------------------- | :----------------------- | | Net Cash Provided by Operating Activities | $301,175 | $299,695 | | Net Cash Provided by (Used in) Investing Activities | 78,084 | (11,406) | | Net Cash Used in Financing Activities | (314,698) | (419,470) | | Net Increase (Decrease) in Cash and Cash Equivalents | 70,260 | (134,440) | | Cash and Cash Equivalents at End of Period | $733,815 | $533,644 | | Free Cash Flow | $217,083 | $224,921 | - Free cash flow is a non-GAAP financial measure calculated as net cash provided by operating activities less purchases of property, plant, and equipment[31](index=31&type=chunk)

Financial Data and Key Metrics Changes - Net sales increased by 7% to $534 million, with a 6% growth at constant exchange rates (CER) [10] - Adjusted diluted EPS was $0.60, or $0.62 at CER, exceeding targets due to strong operational profitability improvements [10][13] - Adjusted operating income margin rose to 29.9% of sales, up 1.5 percentage points from the same quarter last year [16][23] Business Line Data and Key Metrics Changes - QIAstat sales grew 41% at CER, driven by strong instrument placements and demand for syndromic testing [11] - QuantiFERON sales increased by 11% CER, with solid gains in The Americas and EMEA [11] - Kayakuity, the digital PCR platform, delivered double-digit CER growth, supported by demand for consumables [12] - Sample Technologies saw flat total sales compared to 2024, but single-digit growth in automated consumables [12][20] Market Data and Key Metrics Changes - Sales in The Americas rose 7% CER, with strong growth in the U.S. and Mexico [22] - EMEA region sales grew 8% CER, led by double-digit growth in France and Italy [22] - Asia Pacific region sales declined 4% CER, with significant drops in China [22] Company Strategy and Development Direction - The company has upgraded its full-year 2025 sales outlook to 4% to 5% net sales growth at CER, up from a previous target of about 4% [13] - The company is focused on creating shareholder value through dividends and share repurchase programs, with a goal of returning at least $1 billion to shareholders by 2028 [14] - Continued investment in innovation and targeted M&A opportunities is emphasized to support growth [14][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving growth targets despite a volatile macro environment, citing strong execution and operational efficiency [8][39] - The impact of tariffs and currency movements is acknowledged, with ongoing strategies to mitigate these effects [40][84] - Management remains realistic yet ambitious about growth, particularly in the context of core sales performance [49][106] Other Important Information - The company has initiated a dividend payment and has authorization for a synthetic share repurchase of up to $500 million over the next 18 months [14] - The company is on track to achieve $1.49 billion in aggregated sales from its five growth pillars in 2025, representing about 8% growth over the prior year [37] Q&A Session Summary Question: What drives confidence in the guidance for Q3 given tougher comps? - Management noted that while growth is high, the guidance reflects a realistic view of the volatile environment, with a focus on core growth rates [47][49] Question: Can you unpack the 41% growth in QIAstat? - Management indicated that respiratory testing drives the majority of growth, with contributions from GI and meningitis panels, and noted strong instrument placements in the U.S. [54][56] Question: What is included in the "Other" product group? - Management clarified that "Other" includes various factors like freight reimbursements and one-time deals, with a significant impact from discontinued products [60][62] Question: How is the M&A pipeline looking? - Management confirmed a solid pipeline for M&A opportunities, focusing on synergistic deals that create shareholder value [88][90] Question: What are the expectations for Kayakuity in H2? - Management expressed confidence in achieving targets despite cautious capital spending in research and academia, emphasizing the attractiveness of the market [66][70]

Financial Data and Key Metrics Changes - Net sales increased by 7% to $534 million, with a 6% growth at constant exchange rates (CER) [8][12] - Adjusted diluted EPS was $0.60, or $0.62 at CER, exceeding targets due to strong operational profitability improvements [8][12] - Adjusted operating income margin rose to 29.9% of sales, up 1.5 percentage points from the same quarter last year [15][22] Business Line Data and Key Metrics Changes - QIAstat sales grew by 41% at CER, driven by strong instrument placements and demand for syndromic testing [9][19] - QuantiFERON sales increased by 11% at CER, with solid gains in The Americas and EMEA [9][19] - Kayakuity, the digital PCR platform, experienced double-digit CER growth, although instrument placements were slightly below the previous year [10][19] - Sample Technologies sales were flat compared to 2024, but automated consumables showed single-digit growth [11][19] Market Data and Key Metrics Changes - Sales in The Americas rose by 7% CER, supported by strong growth in the U.S. and Mexico [21] - EMEA region sales grew by 8% CER, led by double-digit growth in France and Italy [21] - Asia Pacific region sales declined by 4% CER, with significant drops in China [21] Company Strategy and Development Direction - The company has upgraded its full-year 2025 sales outlook to 4% to 5% net sales growth at CER, up from a previous target of about 4% [12][36] - The company is focused on returning at least $1 billion to shareholders by 2028, with plans for a synthetic share repurchase of up to $500 million [13][39] - Continued investment in organic growth and innovation, alongside targeted M&A opportunities [13][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving upgraded targets despite a complex macro environment [12][36] - The impact of tariffs is expected to create a headwind of about 90 basis points on adjusted gross margin [37][83] - Management remains realistic yet ambitious regarding growth, particularly in light of the discontinuation of certain products [46][106] Other Important Information - The company has maintained a strong balance sheet, allowing for flexibility in investments and shareholder returns [18][39] - R&D investments were 8.9% in Q2 2025, aligned with annual targets [23] - The company is actively reviewing refinancing opportunities for convertible notes due in H2 2025 [26] Q&A Session Summary Question: What drives confidence in the guidance for Q3 given tougher comps? - Management noted that the guidance reflects a strong performance and emphasized the importance of core growth rates in Q4 due to product discontinuations [45][46] Question: Can you elaborate on the 41% growth in QIAstat? - Management indicated that respiratory testing drives most of the growth, with contributions from GI and meningitis panels, and highlighted strong instrument placements [52][54] Question: What is included in the "Other" product group? - Management clarified that "Other" includes various factors, with a significant impact from discontinued products, specifically NeuMoDx [57][59] Question: How is the M&A pipeline looking? - Management confirmed a solid pipeline for M&A opportunities, focusing on synergistic deals that create shareholder value [88][90] Question: What are the expectations for QIAcuity in the second half of the year? - Management expressed confidence in achieving targets despite cautious capital spending in research and academia [64][66]

Financial Performance - Net sales reached $534 million, a 6% increase CER (constant exchange rate) compared to Q2 2024[5] - Core sales also grew by 6% CER[5] - Adjusted diluted EPS was $062 CER, exceeding the outlook of ≥$060 CER[5] - Adjusted operating income margin improved by 15 percentage points to 299% compared to Q2 2024[5] - H1 2025 operating cash flow remained steady at $301 million compared to H1 2024[5] Product and Portfolio Developments - QIAstat-Dx led growth with a 41% CER increase[5, 8] - QuantiFERON also showed strong performance with an 11% CER growth[5, 8] - Sample technologies, QIAcuity digital PCR, and QDI contributed to overall growth[5] Outlook - The company increased its 2025 net sales outlook to +4-5% CER (+5-6% CER core growth)[5] - Adjusted diluted EPS outlook is reaffirmed at approximately $235 CER[5] - Adjusted operating income margin target is set at approximately 30%[5] Capital Allocation - The company plans to return at least $1 billion to shareholders between 2024 and 2028, absent M&A activity[23] - The first-ever annual dividend payment of $54 million was paid in July 2025[23] - Authorization for synthetic share repurchase of up to $500 million over 18 months[24]

Core Insights - Qiagen reported revenue of $533.54 million for the quarter ended June 2025, reflecting a 7.5% increase year-over-year and surpassing the Zacks Consensus Estimate of $524.1 million by 1.8% [1] - Earnings per share (EPS) for the quarter was $0.60, consistent with the consensus estimate, compared to $0.57 in the same quarter last year [1] Revenue Performance - Diagnostic solutions - NeuMoDx: $3 million, a decrease of 57.1% year-over-year, below the estimated $4.27 million [4] - Diagnostic solutions - QIAstat-Dx: $34 million, exceeding the estimate of $32.08 million, with a year-over-year increase of 41.7% [4] - Diagnostic solutions - QuantiFERON: $129 million, slightly above the estimate of $127.14 million, representing a 12.2% year-over-year increase [4] - Other product sales: $22 million, significantly above the estimate of $16.12 million, marking a 57.1% increase year-over-year [4] - PCR / Nucleic acid amplification: $80 million, in line with the estimate of $80.33 million, showing a 5.3% year-over-year increase [4] - Genomics / NGS: $59 million, below the estimate of $61.81 million, with a 1.7% year-over-year increase [4] - Overall diagnostic solutions: $206 million, exceeding the estimate of $200.88 million, reflecting an 11.4% year-over-year increase [4] - Sample technologies: $166 million, slightly above the estimate of $164.15 million, with a 1.2% year-over-year increase [4] - Other diagnostic solutions: $40 million, surpassing the estimate of $36.95 million, with a 2.6% year-over-year increase [4] Stock Performance - Qiagen's shares have returned 5.7% over the past month, outperforming the Zacks S&P 500 composite's 1% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

分组1 - Qiagen reported quarterly earnings of $0.6 per share, matching the Zacks Consensus Estimate, and showing an increase from $0.57 per share a year ago [1] - The company posted revenues of $533.54 million for the quarter ended June 2025, exceeding the Zacks Consensus Estimate by 1.80%, and up from $496.35 million year-over-year [2] - Qiagen has surpassed consensus revenue estimates four times over the last four quarters [2] 分组2 - The stock has gained approximately 9.7% since the beginning of the year, outperforming the S&P 500's gain of 7.6% [3] - The current consensus EPS estimate for the upcoming quarter is $0.58 on revenues of $517.95 million, and for the current fiscal year, it is $2.35 on revenues of $2.06 billion [7] - The Zacks Industry Rank for Medical - Biomedical and Genetics is currently in the bottom 43% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Core Insights - Investors in the Medical - Biomedical and Genetics sector should consider Qiagen (QGEN) and Exact Sciences (EXAS) for potential value opportunities [1] Valuation Metrics - Both QGEN and EXAS currently hold a Zacks Rank of 2 (Buy), indicating positive earnings estimate revisions and improving earnings outlooks [3] - QGEN has a forward P/E ratio of 20.46, significantly lower than EXAS's forward P/E of 345.69, suggesting QGEN may be undervalued [5] - The PEG ratio for QGEN is 2.44, while EXAS has a much higher PEG ratio of 11.81, indicating QGEN's expected earnings growth is more favorable [5] - QGEN's P/B ratio is 3.13 compared to EXAS's P/B of 4.35, further supporting QGEN as the more attractive value option [6] - Based on various valuation metrics, QGEN holds a Value grade of B, while EXAS has a Value grade of C, reinforcing QGEN's position as the superior value stock [6]

Core Insights - Investors are evaluating Qiagen (QGEN) and Exact Sciences (EXAS) for potential value investment opportunities [1] Group 1: Zacks Rank and Earnings Outlook - Qiagen has a Zacks Rank of 2 (Buy), indicating a more favorable earnings estimate revision trend compared to Exact Sciences, which has a Zacks Rank of 3 (Hold) [3] - The improving earnings outlook for QGEN positions it as a more attractive option for investors [7] Group 2: Valuation Metrics - QGEN has a forward P/E ratio of 19.95, significantly lower than EXAS's forward P/E of 1,167.56, suggesting QGEN may be undervalued [5] - The PEG ratio for QGEN is 2.38, while EXAS has a PEG ratio of 39.89, indicating QGEN's expected earnings growth is more reasonably priced [5] - QGEN's P/B ratio is 3.05, compared to EXAS's P/B of 4.13, further supporting QGEN's valuation attractiveness [6] - Based on these metrics, QGEN has earned a Value grade of B, while EXAS has a Value grade of D [6]