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Qiagen Q3 Results Top Estimates; Lifts 2020 Outlook

Qiagen N.V. (QGEN) reported that its third-quarter net income was $16.91 million or $0.07 per share compared to a loss of $160.64 million or $0.71 per share in the previous year.

Adjusted earnings per share were $0.58, compared to $0.36 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.56 per share. Analysts' estimates typically exclude special items.

Sales for the third quarter of 2020 rose 26% at actual rates, and also rose 26% at constant exchange rates, to $483.8 million from $382.7 million in the same period of 2019. Analysts expected revenue of $462.79 million for the quarter.

For the fourth-quarter, the company expects net sales growth of about 24-27% CER and for adjusted earnings per share to reach $0.58-$0.60 CER. Analysts project fourth-quarter earnings of $0.66 per share.

For full-year 2020, the company now expects adjusted earnings per share to grow about 45% CER to at about $2.07- $2.09 CER from $1.43 in 2019. Previously, it expected at least 40% growth in adjusted earnings per share to at least $2.00 CER. Analysts expect annual earnings of $2.06 per share.

The company now expects annual sales growth of about 20% at constant exchange rates from the 2019 level of $1.53 billion. Previously, it expected annual sales growth of 15%-18% at constant exchange rates.

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