Benzinga | May 4, 2021 07:10AM EDT

Qiagen Q1 Earnings Tops Estimates As Growth In Non-COVID-19 Products Boost Revenues

* Qiagen NV (NYSE: QGEN) on Monday after-hours reported first-quarter revenue growth of 52% Y/Y to $567.2 million, exceeding prior guidance and beating analyst consensus by $9.68 million.

* Adjusted EPS $0.65 beat analyst consensus of $0.63 and exceeded prior company guidance of $0.60 - $0.62.

* Q1 revenues grew 48% Y/Y at constant exchange rates, faster than previously guided for at least 45%.

* By product category, consumables and related revenues grew 53% to $498 million, while instrument sales rose 49% to $69 million.

* By customer class, molecular diagnostics revenues increased 59% to $279 million, while life sciences revenues spiked 47% to $288 million.

* Qiagen CEO Thierry Bernard noted that the company achieved 16% CER growth in sales of non-COVID-19-related products that represented 64% of total Q1 sales, or $364 million.

* Demand for products used in COVID-19 testing, which had $203 million in sales, was similar to the fourth quarter of 2020.

* "We are pleased with trends showing that research laboratories around the world are increasingly returning to work, and clinical labs are moving beyond COVID testing," Bernard said.

* The company exited Q1 with $787.8 million in cash and equivalents and generated $128.6 million in operating cash flow.

* Guidance: Qiagen confirmed the FY21 forecast for adjusted earnings per share of $2.42 to $2.46 and net sales growth of 18% to 20% at constant exchange rates.

* Price Action: QGEN shares are trading higher by 0.42% at $47.82 in the premarket session on the last check Tuesday.