QIAGEN Stock Flat Post Q3 Earnings & Revenue Beat, 2024 EPS View Up

Core Insights - QIAGEN N.V. reported third-quarter 2024 adjusted earnings per share (EPS) of 57 cents, a 14% increase from the previous year, exceeding the Zacks Consensus Estimate by 5.6% [1][2] - The company's quarterly net sales rose 5.5% year over year to $501.9 million, beating the Zacks Consensus Estimate by 2.3% [3] - QIAGEN's operational efficiency and market share gains were highlighted, despite margin contractions [13][14] Financial Performance - Adjusted gross profit decreased by 0.5% year over year to $316.1 million, with an adjusted gross margin of 62.9%, down 374 basis points [7][8] - Adjusted operating income increased by 1.2% year over year to $131 million, while the adjusted operating margin contracted to 26.1% [8] - The company ended the quarter with cash and short-term investments of $1.5 billion, up from $1.1 billion in the previous quarter [10] Segment Performance - Sample technologies revenues increased by 1% to $162 million, while diagnostic solutions revenues rose by 10% to $197 million [4] - PCR / Nucleic acid amplification revenues grew by 9% to $74 million, and genomics / NGS revenues remained stable at $55 million [5][6] - Other revenues decreased by 3% year over year to $14 million [6] Outlook - For the full year, QIAGEN expects net sales of at least $1.985 billion, with adjusted EPS projected at a minimum of $2.19 [11] - The company anticipates fourth-quarter net sales of at least $520 million and adjusted EPS of at least 60 cents [12] Strategic Developments - QIAGEN launched 100 new assays for the QIAcuity digital PCR system and expanded the QIAstat-Dx system's utility through partnerships with AstraZeneca and Eli Lilly [14]