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QIAGEN's (QGEN) Kits Hit New Milestone for Sample Preparation

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QIAGEN N.V. (QGEN - Free Report) recently announced that its consumables kits have been used to process more than 3 billion biological samples. This milestone underlines QIAGEN’s leading position in sample preparation, which is the most crucial stage of molecular testing. Notably, QIAGEN’s sample prep kits have become the yardstick when it comes to sample extraction, while gaining more than 200,000 references in academic studies.

Per management, the recent 3-billion milestone for sample preparation demonstrates QIAGEN’s leadership in molecular testing.

This milestone is likely to strengthen QIAGEN’s market position in molecular diagnostics, further enhanced by continuous innovation in this space.

Recent Strides in Sample Technology

QIAGEN’s five pillars of growth include sample technology, QuantiFERON immune-response technology, the NeuMoDx integrated PCR system, the QIAstat-Dx syndromic testing solution, and the QIAcuity digital PCR portfolio. This long-term growth strategy, which was announced in August 2020, aims to establish QIAGEN as one of the top-three players in each of the abovementioned fields.

 

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QIAGEN’s line of sample preparation products include more than 500 consumable kits and automated systems, such as QIAsymphony, QIAcube Connect, QIAcube HT and EZ1. The company also has numerous new products in development which include kits for liquid biopsy and microbiome research. The company also intends to launch the EZ2 Connect for research, human identification and molecular diagnostics applications as well as other new instruments to continue driving automation in the field of sample preparation.

Another Milestone With NGS Assays

QIAGEN also noted that its Next-Generation Sequencing (NGS) panels have been utilized to process more than one million samples since entering the market for universal NGS consumables in 2015. The company’s strong market position in this space is driven by its ability to provide custom-made NGS assays.

QIAGEN’s Enterprise Genomics Services Unit supports the leading cancer-testing institutions to design tailored cancer panels based on individual customer needs and ever-evolving scientific discoveries. The company’s clinical decisions support platform, QIAGEN Clinical Insight (QCI), has been utilized to interpret more than 2 million NGS patient tests.

Industry Prospects

Per a report published in Acumen Research And Consulting, the global sample preparation market is expected to witness a CAGR of 5.2% over 2019-2026. Factors such as shift from manual to automated sample preparation method, growing research in the field of genomics and proteomics, rise in laboratory R&D spending, and alliances among various research institutes across the globe to boost drug development are expected to drive market growth. Again, increasing demand for food analysis owing to safety concerns and growing adoption of modern extraction techniques are expected to propel market growth further.

Given the market potential, the recent 3-billion milestone for QIAGEN’s sample preparation kits looks promising.

Notable Developments

QIAGEN engaged in a number of significant developments in August 2021.

The company partnered with GT Molecular to offer a complete wastewater workflow solution created to enable surveillance of COVID-19 outbreaks by laboratories in United States and Canada, with future provisions to expand to other countries. This collaboration combines QIAGEN’s QIAcuity digital PCR system and sample preparation experience with GT Molecular’s digital SARS-COV-2 Wastewater Surveillance Assay. The assay was developed in compliance with the Centers for Disease Control and Prevention guidelines for the United States National Wastewater Surveillance System.

QIAGEN received emergency use authorization (EUA) from the FDA for its QIAreach SARS CoV-2 Antigen Test. The QIAreach SARS CoV-2 Antigen Test can detect SARS CoV-2 antigen in people with active infections in 2-15 minutes and can process an average of 30 swab samples per hour. It is a rapid portable test which is designed to address the high-volume testing needs for SARS-CoV-2 antigens.

Share Price Performance

The stock has outperformed its industry over the past year. It has gained 4.2% against the industry’s 0.2% growth.

Zacks Rank and Key Picks

Currently, QIAGEN carries a Zacks Rank #4 (Sell).

A few better-ranked stocks from the Medical-Biomedical and Genetics industry include Horizon Therapeutics Public Limited Company (HZNP - Free Report) , Vertex Pharmaceuticals Incorporated (VRTX - Free Report) and BioTechne Corp (TECH - Free Report) .

Horizon Therapeutics, which carries a Zacks Rank #1 (Strong Buy), has a long-term earnings growth rate of 15.9%. You can see the complete list of today’s Zacks #1 Rank stocks here.

Vertex Pharmaceuticals, which carries a Zacks Rank #2 (Buy), has a long-term earnings growth rate of 9.8%.

BioTechne, which carries a Zacks Rank #2, has a long-term earnings growth rate of 21%.