Qiagen has reported $500m net sales for the third quarter (Q3) of the year, representing a 7% decrease from $535m reported in the same quarter of previous year.
At constant exchange rates (CER), the company’s sales were $533m, which is ahead of the outlook for at least $510m CER.
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Sales for the company’s non-Covid-19 product group grew to $417m in the reported quarter, which was an 11%, or 18% CER, increase from $376m reported in the prior year.
Its Covid-19 products sales fell by 48% from $159m to $83m.
Adjusted diluted earnings per share (EPS) during the reported period were $0.53, representing a 9% decrease compared to $0.58 in the prior year.
Qiagen stated that it has raised its outlook for the full year 2022 due to strong results in the first nine months.
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By GlobalDataIt now expects net sales of $2.25bn, up from a previous outlook for at least $2.2bn CER, and has adjusted diluted EPS from the prior outlook for at least $2.30 CER to be nearly $2.40 CER.
The update also includes a reaffirmation of the company’s double-digit sales growth at CER from non-Covid product groups.
Qiagen CEO Thierry Bernard said: “Qiagen delivered another solid performance in the third quarter of 2022, led by ongoing double-digit sales growth in our non-Covid product portfolio, a high level of profitability and strong cash flow.
“We continue to see broad-based demand for QIAGEN’s solutions in both molecular research and clinical testing markets around the world.
“Our results demonstrate our focus on delivering against the targets we have set, in particular achieving another quarter of double-digit sales growth in our non-Covid portfolio.”
