This suggests a decrease of 4.7% from the year-ago reported number. The Zacks Consensus Estimate for the company’s 2023 revenues is pegged at $2.04 billion. In the past 30 days, the Zacks Consensus Estimate for QIAGEN’s 2023 earnings per share has remained constant at $2.12. This indicated a significant decline of more than 30% CER in China due to COVID headwinds from the first quarter of 2022. In the first quarter of 2023, the Asia-Pacific / Japan region non-COVID sales were largely unchanged compared with the prior-year quarter’s figure. International Sales Discouraging: QIAGEN currently markets products in more than 100 countries. Stiff competition from firms offering pre-analytical solutions and other products used by QIAGEN’s customers continues to persist. QIAGEN’s first-quarter adjusted operating income reflected a significant decline in COVID-19-related sales and higher R&D investments compared with the prior-year period. Mounting Expenses Put Pressure: The company’s year-over-year decline in the top and bottom lines raises apprehension. The company’s bioinformatics business introduced an enhanced QIAGEN CLC Genomics Workbench Premium, incorporating Lightspeed’s ground-breaking technology. In January 2023, QIAGEN launched EZ2 Connect MDx for use in diagnostic laboratories. QIAGEN expanded its high-quality enzymes offering as individual products, allowing researchers worldwide to customize their assays and workflows. This follows the recent granting of IVD (in-vitro diagnostic) approval for the test, and is subject to decisions on reimbursement levels.įurther, the company’s QIAxcel Connect marks the fourth QIAGEN instrument to have received the prestigious Red Dot award. Progress With Test Menu Expansion: In April 2023, QIAGEN announced that QIAstat-Dx SARS-CoV-2 Respiratory Panel is expected to be available in mid-2023 for use in Japan. The QIAcuity portfolio of digital PCR system and application kit witnessed solid instruments placement and an increasing uptake of consumables across the region. QIAstat Diagnostics experienced strong sales growth in GI (gastrointestinal) and Meningitis panels in Europe. QIAGEN’s PCR clinical testing systems - QIAstat Diagnostics and NeuMoDx - made good progress in transitioning to non-COVID use during the first quarter. Huge Potential in Molecular Diagnostics: Within the group, the QuantiFERON latent TB test continued its double-digit CER growth with strength across all the regions. The first partnership with SOPHiA GENETICS will bring together QIAGEN’s QIAseq reagent technology with SOPHiA DDM digital analytics platform to expand compatibility with data-driven medicine. In addition, the company launched the QIAseq Platform Partnership program in March 2023. QIAGEN recently expanded its QIAseq Targeted DNA product portfolio with the addition of cell-free DNA NGS kits. Solid NGS Platform Prospects: In the last reported quarter, Genomics/NGS portfolio reported solid CER growth in the universal NGS kits for use in any sequencer and in the QIAGEN Digital Insights bioinformatics business. QGEN’s earnings surpassed estimates in all the trailing four quarters, delivering an average surprise of 13.1%. QIAGEN has an earnings yield of 4.70% compared with the industry’s -31.47%. The renowned global provider of sample and assay technologies has a market capitalization of $10.27 billion. The S&P 500 composite has witnessed a 15.8% rise in the said time frame. In the past year, this Zacks Rank #3 (Hold) stock has declined 2.5% compared with a 12% decline of the industry. Escalating expenses are an added concern. Meanwhile, COVID’s headwinds in China impacted the company’s international revenues. QIAGEN is also progressing well with its testing menu expansion strategy.
The company’s next-generation sequencing (NGS) portfolio has been witnessing double-digit revenue growth over the past few quarters.
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( QGEN Quick Quote QGEN - Free Report) is well-poised for growth in the coming quarters, backed by the broad-based organic sales growth from its non-COVID product groups.
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