Financial Data and Key Metrics Changes - QIAGEN exceeded its fourth-quarter outlook with net sales of $540 million, growing 1% at constant exchange rates (CER) compared to flat sales development against Q4 2024 [6][15] - For the full year 2025, net sales reached $2.09 billion, up 5% at CER, at the upper end of the outlook of about 4%-5% growth [6][15] - Adjusted diluted EPS for Q4 was $0.62 at CER, exceeding the outlook of about $0.60, while for the full year, it increased to $2.40 at CER, above the initial outlook [6][15] Business Line Data and Key Metrics Changes - Sample technologies achieved 5% growth at CER in Q4 and 2% for the full year, driven by demand for automated consumables [7][16] - QuantiFERON sales grew 5% at CER in Q4 and 10% for the full year, supported by ongoing conversion in the latent TB testing market [8][16] - QIAstat-Dx grew 15% at CER in Q4 and 24% for the full year, aided by menu expansion and a growing install base [8][16] - The PCR product group saw a decline of 9% at CER in Q4, while the genomics and NGS product group grew 2% at CER, driven by QIAGEN Digital Insights [17] Market Data and Key Metrics Changes - Sales in the Europe, Middle East, and Africa region increased by 5% at CER in Q4, with Belgium, the Netherlands, Spain, and the UK as top performers [18] - In the Americas, sales declined 1% at CER, with the U.S. being flat, partly due to the government shutdown [18] - Asia-Pacific-Japan sales were flat, with a low-teens decline in China, which represents only about 4% of total sales [18] Company Strategy and Development Direction - QIAGEN aims for at least $2 billion in combined sales from its growth pillars by 2028, reflecting continued demand and long-term investment strategies [7][10] - The company is focused on disciplined execution, cost management, and investment in growth pillars, including the recent acquisition of Parse Biosciences to enhance its Sample technologies portfolio [10][22] - New product launches and expansions in automation are expected to drive future growth, with a target of $720 million in Sample technologies sales for 2026 [36][70] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging macroeconomic environment and cautious capital spending but expressed confidence in achieving growth targets [35][36] - For 2026, QIAGEN anticipates sales growth of at least 5% at CER and adjusted EPS of at least $2.50 at CER, with expectations for improved funding conditions over the year [29][33] - The company is preparing for new product launches and expects to see gradual improvements in the funding environment for research and academia [69] Other Important Information - QIAGEN returned over $1.1 billion to shareholders since 2024 and introduced an annual dividend payment while pursuing selective acquisitions [10][20] - The company is reviewing its adjusted operating income margin target of at least 31% for 2028, with expectations for continued margin improvement [19][33] Q&A Session Summary Question: Insights on new product launches and growth expectations - Management highlighted that new product launches, including QIAcuity and QIAstat, are expected to open new markets and contribute to growth, with confidence in achieving targets despite previous delays [40][42] Question: Comments on potential acquisition rumors - Management stated that while the market is undergoing consolidation, QIAGEN remains focused on its growth plan and does not comment on rumors, but is open to discussions that could create shareholder value [48] Question: Update on CEO succession search - The search for a new CEO is ongoing, with both internal and external candidates being considered, and management is committed to finding the best fit for the role [50] Question: Clarification on margin expansion and operating leverage - Management expects significant margin improvement in 2026, despite headwinds from acquisitions and tariffs, driven by gross margin improvements and operational efficiency programs [53][55] Question: Outlook for China and exposure to VBP - Management confirmed limited exposure to China, with expectations for low single-digit to negative growth, and stated that the impact of VBP has been factored into their guidance [58][60] Question: Expectations for QIAstat-Dx placements and growth - Management expressed confidence in achieving growth targets for QIAstat-Dx, with a focus on executing product launches and market penetration [62][64]

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]