Qiagen after the close of the market on Wednesday reported first-quarter net sales of $485 million, a decline of 23% from $628 million in Q1 2022.
For the quarter ended March 31, the Netherlands-based firm said consumables and related revenues was $431 million, down 23% year-over-year from $561 million, and instruments revenue was $55 million, a drop of 19% year-over-year compared to $67 million.
Of the total revenues, Q1 molecular diagnostics product revenue was $250 million, down 30% year-over-year compared to $357 million, and life sciences product revenue was $235 million, a drop of 14% year-over-year from $272 million.
Non-COVID-product group revenue was $434 million, an increase of 8% year-over-year from $400 million, while COVID-19 product group revenue was $52 million, down 77% year-over-year from $229 million.
Non-COVID product group sales rose due to underlying double-digit growth at constant exchange rates in consumables and related revenues, which more than offset a modest sales decline at constant exchange rates in instruments. Both the molecular diagnostics and life science customer classes delivered double-digit sales gains at constant exchange rates excluding COVID product groups over the prior-year period.
Net income for the recently completed quarter was $85 million, or $.51 per share, compared to $155 million, or $.67 per share, in the prior-year quarter. Q1 adjusted earnings per share (EPS) was $.51.
“We exceeded our outlook for net sales growth and adjusted EPS driven by strong sales in the non-COVID-based business,” Qiagen CEO Thierry Bernard said on a conference call to discuss the financial results. “Net sales at [constant exchange rates] for the first quarter were $502 million and exceeded our outlook for at least $490 million. On the other hand, due to Q1 2022 being an exceptionally strong quarter for COVID testing, we had sizable headwinds as expected in COVID product sales in the first quarter of 2023.”
At the end of the quarter, Qiagen had cash and cash equivalents of $359.2 million and short-term investments of $928.2 million.
For full-year 2023, the firm reaffirmed its outlook for net sales of at least $2.05 billion at constant exchange rates and adjusted EPS of at least $2.10 per share also at constant exchange rates. The outlook is based on expectations for double-digit sales growth at constant exchange rates on a full-year basis from the non-COVID product groups, but for a significant decline in COVID-19 sales compared to 2022.
For Q2 2023, net sales are expected to be at least $490 million at constant exchange rates, while adjusted EPS is expected to be at least $.50 per share, also at constant exchange rates.
Qiagen shares rose more than 2% to $46.13 in Thursday morning trading on the New York Stock Exchange.
