Benzinga | Nov 4, 2021 07:24AM EDT

Qiagen Clocks 17% Increase In Non-COVID Product Sales; Raises FY21 Guidance

* Qiagen N.V.'s (NYSE:QGEN) Q3 revenues grew 11% Y/Y to $535 million (+10% at constant exchange rates), well above the consensus of $434.97 million.

* Non-COVID product group sales grew 17% CER to $376 million, cushioning the COVID-19 product group sales decline 4% CER to $159 million.

* Consumables and related revenues grew 13% to $473 million, while instruments fell 3% to $62 million.

* By end market, molecular diagnostics revenues jumped 18 percent to $279 million, while life sciences revenues grew 4 percent to $256 million.

* Adjusted EPS reached $0.58, surpassing the consensus of $0.47.

* Qiagen finished the quarter with cash and cash equivalents of $617.5 million and short-term investments totaling $339.8 million.

* Guidance: Qiagen upgraded its FY21 outlook and now expects sales to grow at least 15% at CER compared to previous guidance of 12%.

* It forecasts adjusted EPS to be at least $2.48 compared to previous guidance of at least $2.42.

* Q4 revenues are expected to decline approximately 9% at CER, and adjusted EPS is expected to be at least $0.60 at CER.

* Related: Qiagen's COVID-19 Antigen Test Gets FDA Emergency Use Approval.

* Price Action: QGEN shares are up 0.69% at $55.73 during the premarket session on the last check Thursday.