Qiagen Q3 Preliminary Adj. EPS Up 61% At CER

Qiagen N.V. (QGEN) reported that preliminary adjusted earnings per share for the third quarter of 2020 were about $0.58 at constant exchange rates, a 61% increase from adjusted earnings per share of $0.36 in the third quarter of 2019 and at the high end of the outlook for about $0.52-$0.58 at CER.

Net sales for the quarter grew 26% at actual rates, and also rose 26% at constant exchange rates, to $481.3 million from $382.7 million in the same period of 2019, a higher rate than the outlook for the third quarter of 2020 for 16-21% CER sales growth.

The company noted that the better-than-expected results reflect both ongoing significant demand for solutions used in COVID-19 testing, as well as significantly improved customer demand trends in other areas of the portfolio from the second quarter of 2020, with non-COVID 19 product sales declining at a mid-single-digit CER rate compared to the third quarter of 2019.

The company expects currency movements against the U.S. dollar to have a positive impact on results for the third quarter of 2020 of less than one percentage point on net sales at actual rates and less than $0.01 on adjusted earnings per share.

The company will publish its third quarter financial results on November 4.

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