QIAGEN N.V. (QGEN - Free Report) stock dropped 3.4% yesterday to close at $48.79, following the company’s preliminary second-quarter 2021 release. The company also significantly trimmed its full-year earnings guidance as well as revenue outlook. The company apprehends that the rapid uptake of COVID-19 vaccination campaigns led to reduced demand for testing.
Q2 Preliminary Results
As per the preliminary update, second-quarter net sales improved 28% (up 24% at constant exchange rate or CER) to $567.3 million. This exceededthe company’s growth expectation of about 20% at CER. The current Zacks Consensus Estimate is pegged at $551.2 million, 2.9% below the preliminary figure.
According to QIAGEN, in the second quarter, currency movements had a positive impact of about four percentage points on sales at actual rates compared to the year-ago result.
For the first half of 2021, preliminary net sales are $1.14 million,signifying an improvement of 39% (increase of 35% at CER).
According to QIAGEN, stronger-than-expected growth trends were seen for non-COVID product groups in the second quarter. This group generated revenues of $407.6 million implying year-over-year improvement of 52% at CER and representing 72% of total sales.
COVID-19 product group’s preliminary sales however declined 17% at CER to $159.7 million on lower sales across all regions and product categories. This has been the result of reduced demand for testing due to the rapid uptake of COVID-19 vaccination campaigns.
Product group wise, Diagnostic solutions, PCR/Nucleic acid amplification and Genomics/ NGS preliminary sales improved 71%, 8% and 110%,respectively all at CER. Sample technologies preliminary sales however registered a 3% decline at CER.
As per the preliminary release, adjusted earnings per share (EPS) for the second quarter of 2021 are now expected in the range of 65-66 cents at CER, an improvement from the earlierprojection of 62-64 cents at CER. This also implies an increase of about 21% from 55 cents in the second quarter of 2020. The Zacks Consensus Estimate for Q2 is pegged at $62 cents.
Prelim 1H21 Figures
For the first half of 2021, preliminary non-COVID product group sales grew 37% (up 33% CER) to $771.6 million and represented 68% of total sales. COVID-19 product group’s preliminary sales for the first half were $363 million, a 38% year-over-year rise at CER.
For the first half of 2021, adjusted EPS is expected to be about $1.32-$1.33 ($1.30-$1.31 at CER) compared with 89 centsin the year-agoperiod.
Q3 View
For the third quarter, the company expects to report net sales of $483.8 million at CER. Adjusted EPS is expected to be about 52-53 cents at CER compared with 58 cents in the year-ago quarter. The Zacks Consensus Estimate for adjusted EPS is 57 cents on $561.2 million of revenues.
Full-Year Outlook Updated
Full-year net sales are now expected to grow at least 12% at CER (a significant decline from earlier outlook of CER growth of 18-20%). The Zacks Consensus Estimate of $2.27 billion implies 21.6% improvement from 2020. Adjusted EPS for 2021 is now expected to be minimum $2.42 at CER (prior outlook of about $2.42-2.46 at CER). The Zacks Consensus Estimate is pegged at $2.23.
ConsideringtheJun 30, 2021 exchange rate, currency movements against the U.S. dollar are still expected to create a positive impact of about 2-3 percentage points on net sales growth at actual rates for full-year 2021. Further 2-3 cents of positive impact are expected on adjusted EPS.
Share Price Performance
The stock has outperformed its industry over the past year. It has grown 5.2% against the industry’s 5.9% dip.
Zacks Rank and Key Picks
Currently, QIAGEN carries a Zacks Rank #5 (Strong Sell).
A few better-ranked stocks from the Medical-Products industry include PetIQ, Inc. (PETQ - Free Report) , National Vision Holdings, Inc. (EYE - Free Report) and Envista Holdings Corporation (NVST - Free Report) .
PetIQ, currently sporting a Zacks Rank #1 (Strong Buy), has a long-term earnings growth rate of 25.00%. You can see the complete list of today’s Zacks #1 Rank stocks here.
National Vision Holdings, which carries a Zacks Rank #1, has a long-term earnings growth rate of 23.00%.
Envista Holdings, which carries a Zacks Rank #2 (Buy), has a long-term earnings growth rate of 26.40%.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
QIAGEN N.V. (QGEN - Free Report) stock dropped 3.4% yesterday to close at $48.79, following the company’s preliminary second-quarter 2021 release. The company also significantly trimmed its full-year earnings guidance as well as revenue outlook. The company apprehends that the rapid uptake of COVID-19 vaccination campaigns led to reduced demand for testing.
Q2 Preliminary Results
As per the preliminary update, second-quarter net sales improved 28% (up 24% at constant exchange rate or CER) to $567.3 million. This exceededthe company’s growth expectation of about 20% at CER. The current Zacks Consensus Estimate is pegged at $551.2 million, 2.9% below the preliminary figure.
According to QIAGEN, in the second quarter, currency movements had a positive impact of about four percentage points on sales at actual rates compared to the year-ago result.
For the first half of 2021, preliminary net sales are $1.14 million,signifying an improvement of 39% (increase of 35% at CER).
According to QIAGEN, stronger-than-expected growth trends were seen for non-COVID product groups in the second quarter. This group generated revenues of $407.6 million implying year-over-year improvement of 52% at CER and representing 72% of total sales.
COVID-19 product group’s preliminary sales however declined 17% at CER to $159.7 million on lower sales across all regions and product categories. This has been the result of reduced demand for testing due to the rapid uptake of COVID-19 vaccination campaigns.
Product group wise, Diagnostic solutions, PCR/Nucleic acid amplification and Genomics/ NGS preliminary sales improved 71%, 8% and 110%,respectively all at CER. Sample technologies preliminary sales however registered a 3% decline at CER.
As per the preliminary release, adjusted earnings per share (EPS) for the second quarter of 2021 are now expected in the range of 65-66 cents at CER, an improvement from the earlierprojection of 62-64 cents at CER. This also implies an increase of about 21% from 55 cents in the second quarter of 2020. The Zacks Consensus Estimate for Q2 is pegged at $62 cents.
Prelim 1H21 Figures
For the first half of 2021, preliminary non-COVID product group sales grew 37% (up 33% CER) to $771.6 million and represented 68% of total sales. COVID-19 product group’s preliminary sales for the first half were $363 million, a 38% year-over-year rise at CER.
For the first half of 2021, adjusted EPS is expected to be about $1.32-$1.33 ($1.30-$1.31 at CER) compared with 89 centsin the year-agoperiod.
Q3 View
For the third quarter, the company expects to report net sales of $483.8 million at CER. Adjusted EPS is expected to be about 52-53 cents at CER compared with 58 cents in the year-ago quarter. The Zacks Consensus Estimate for adjusted EPS is 57 cents on $561.2 million of revenues.
Full-Year Outlook Updated
Full-year net sales are now expected to grow at least 12% at CER (a significant decline from earlier outlook of CER growth of 18-20%). The Zacks Consensus Estimate of $2.27 billion implies 21.6% improvement from 2020. Adjusted EPS for 2021 is now expected to be minimum $2.42 at CER (prior outlook of about $2.42-2.46 at CER). The Zacks Consensus Estimate is pegged at $2.23.
ConsideringtheJun 30, 2021 exchange rate, currency movements against the U.S. dollar are still expected to create a positive impact of about 2-3 percentage points on net sales growth at actual rates for full-year 2021. Further 2-3 cents of positive impact are expected on adjusted EPS.
Share Price Performance
The stock has outperformed its industry over the past year. It has grown 5.2% against the industry’s 5.9% dip.
Zacks Rank and Key Picks
Currently, QIAGEN carries a Zacks Rank #5 (Strong Sell).
A few better-ranked stocks from the Medical-Products industry include PetIQ, Inc. (PETQ - Free Report) , National Vision Holdings, Inc. (EYE - Free Report) and Envista Holdings Corporation (NVST - Free Report) .
PetIQ, currently sporting a Zacks Rank #1 (Strong Buy), has a long-term earnings growth rate of 25.00%. You can see the complete list of today’s Zacks #1 Rank stocks here.
National Vision Holdings, which carries a Zacks Rank #1, has a long-term earnings growth rate of 23.00%.
Envista Holdings, which carries a Zacks Rank #2 (Buy), has a long-term earnings growth rate of 26.40%.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Get the latest research report on QGEN - FREE
Get the latest research report on PETQ - FREE
Get the latest research report on EYE - FREE
Get the latest research report on NVST - FREE