Qiagen (QGEN) Tops Q3 EPS by 1c, Offers Outlook

November 2, 2016 4:05 PM EDT
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Qiagen (NASDAQ: QGEN) reported Q3 EPS of $0.29, $0.01 better than the analyst estimate of $0.28. Revenue for the quarter came in at $338.7 million versus the consensus estimate of $336.04 million.

2016 outlook For the full-year 2016, QIAGEN continues to expect sales growth of about 6-7% CER, which is based on achieving the prior guidance (January 2016) for about 6% CER growth and the addition of about $10 million of first-time sales during the second half of the year from the Exiqon acquisition. About one percentage point of total CER growth is expected from the MO BIO acquisition (December 2015) and about five percentage points of organic growth (including about one percentage point of headwind from reduced U.S. HPV test sales). For the full-year 2016, QIAGEN expects to achieve its previously announced guidance for adjusted diluted EPS of about $1.10-1.11 CER on an underlying basis, but for adjusted results to be approximately $0.87-0.88 CER per share when including the expected restructuring charge of about $0.22-0.23 per share to be recorded in the fourth quarter. Based on exchange rates as of October 1, 2016, currency movements against the U.S. dollar are expected to have an adverse impact on results of about one to two percentage points on full-year 2016 net sales, and about $0.01-0.02 per share on adjusted diluted EPS. These expectations do not take into account any further acquisitions that could be completed in 2016. For the fourth quarter of 2016, net sales are expected to rise approximately 8% CER, which is based on solid growth from the current portfolio (including one percentage point of headwind from reduced U.S. HPV sales, offset by about one percentage point of sales growth from the MO BIO acquisition) and about $5 million of contributions from the Exiqon acquisition. Adjusted diluted EPS is expected to be about $0.38 CER on an underlying basis, and about $0.15-0.16 CER including the expected restructuring charge. Based on exchange rates as of October 1, 2016, QIAGEN expects currency movements to have no meaningful impact on results for the fourth quarter. Initial 2017 outlook For full-year 2017, QIAGEN is providing initial guidance for net sales growth of approximately 6-7% CER, with expectations for accelerating organic growth, and for adjusted diluted EPS of approximately $1.25-1.27 CER per share. This outlook for adjusted EPS is based on operating and financial leverage that include anticipated benefits from completion of the planned $300 million share repurchases in 2017 and efficiency actions in 2016, but excludes the expected $0.03 per share of restructuring costs to be taken in 2017. QIAGEN intends to provide further details at its Analyst & Investor Day on November 15 in New York (live webcast and replay available at www.qiagen.com).

For earnings history and earnings-related data on Qiagen (QGEN) click here.

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