QIAGEN
Q1 2022 RESULTS CALL TRANSCRIPT
April 28, 2022
Sample to Insight
Q1 2022 RESULTS CALL TRANSCRIPT:
OPER: | Hello and thank you for standing by. Welcome to our call to |
discuss results for the first quarter of 2022. At this time, all | |
participants are in a listen-only mode. Please note that this call | |
is being recorded and will be made available on QIAGEN's | |
website. I'd like to introduce your host, John Gilardi, Vice | |
President of Corporate Communications and Investor Relations | |
at QIAGEN. Please go ahead. |
JOHN GILARDI: | Thank you, and welcome to our call. The speakers today are |
Thierry Bernard, our Chief Executive Officer, and Roland Sackers, | |
our Chief Financial Officer. Also joining us is Phoebe Loh from the | |
Investor Relations team. | |
Please note that this call is being webcast live and will be | |
archived on the investors section of our website at | |
www.qiagen.com. | |
Today we will first have some remarks from Thierry and Roland, | |
and then move into the Q&A session. | |
A presentation with details on our performance is available on | |
the IR section of our website, along with the quarterly release. | |
We will not be showing the slides during this call. | |
Before we begin, let me cover as usual our safe harbor | |
statement. This conference call discussion and responses to your | |
questions reflect the views of management as of today, April 28, | |
2022. | |
We will be making statements and providing responses to your | |
questions that state our intentions, beliefs, expectations or | |
predictions of the future. These constitute forward-looking | |
statements for the purpose of the safe harbor provisions under |
QIAGEN Q1 2022 RESULTS CALL SCRIPT | 2 |
the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially from those projected. QIAGEN disclaims any intention or obligation to revise any forward- looking statements.
For more information, please refer to our filings with the U.S. Securities and Exchange Commission, which are also available on our website.
We will also be referring to certain financial measures not prepared in accordance with generally accepted accounting principles or GAAP. All references to EPS refer to diluted EPS.
- reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measure is available in our first quarter press release as well as the presentation that are both available on our website.
I would like to now turn over the call to Thierry.
THIERRY BERNARD: | Thank you, John. |
Welcome to our conference call today and thank you to | |
everyone for joining. | |
We are pleased to report strong results in the first quarter of 2022 | |
which exceeded our outlook and reflects a solid performance | |
in our non-COVID products of 14% CER growth. In this current | |
environment, this demonstrates the resilience of the portfolios | |
and the strength of our company as well as the relevance of our | |
strategy. | |
Against the dynamic global situation, we have taken a | |
proactive approach to shoring up our business. |
QIAGEN Q1 2022 RESULTS CALL SCRIPT | 3 |
This has enabled us, up to this point, to effectively manage supply chains and keep production running to ensure delivery of our products.
As the beginning of the year brought further economic uncertainty on a macro scale our teams did an excellent job of staying focused.
Upon Russia's invasion into Ukraine QIAGENers banded together in support of Ukrainians as our teams all over the world donated funds, clothing and food - and even opened their homes to those in need.
During these unprecedented times we see the true culture of QIAGEN with a dedication to taking care of one another while remaining disciplined toward execution of our goals. For that I would like to thank all of our teams for their unwavering commitment.
Now onto our key messages for today.
First, we exceeded the outlook set for net sales growth and adjusted EPS for Q1 2022.
Net sales for the first quarter of 2022 grew 15% at constant exchange rates to 628 million dollars over the same period in 2021. This was well above the outlook for at least 7% CER.
Our non-COVID product sales continued to deliver solid growth at 14% CER, which was ahead of our expectations.
COVID-19 related product sales were also better than expected driven by surges of omicron outbreaks in Europe.
Adjusted earnings per share in the first quarter grew to 83 cents CER, which was above the outlook for at least 72 cents.
Second, we had strong profitability and increased cash flow in the first quarter which further reflects the strength of our business.
QIAGEN Q1 2022 RESULTS CALL SCRIPT | 4 |
Operating cash flow for the first quarter of 2022 rose 61% to 207 million dollars, while free cash flow increased more than doubled to 178 million dollars over the first quarter of 2021.
These results demonstrate our ability to support future growth through smart investments while managing a rapidly changing cost environment.
As a last message, we have increased our outlook for the full year 2022 as a result of our performance in the first quarter.
Although we are in a time of international economic uncertainty, we feel optimistic that our strategy is robust and execution by our teams is on track.
We now expect sales of at least 2.12 billion dollars for the full year 2022, to be driven by double-digit CER growth coming from our non-COVID portfolio. As for EPS, we now expect at least 2 dollars and 14 cents CER for adjusted EPS.
We remain focused on advancing our non-COVID product groups and are still taking a conservative view on COVID-19 testing demand for the year. Of course, as always we remain ready to support COVID testing as needed in case of any outbreaks in the future.
We will provide more details on the outlook later in this call, and
I would like to now hand over to Roland for a financial update.
ROLAND SACKERS: | Thank you, Thierry. |
Hello and thank you as well for joining this call. | |
As Thierry indicated we had a very good start to the year and | |
feel confident in delivering on the goals we have set for 2022. | |
Let me begin by walking you through our sales and the results in | |
more detail. |
QIAGEN Q1 2022 RESULTS CALL SCRIPT | 5 |
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Qiagen NV published this content on 27 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2022 14:36:03 UTC.