Qiagen N.V 6-K, filed May 1, 2024

Qiagen N.V. (QGEN)

6-K 2024-05-01 For: 2024-03-31

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Added on July 04, 2026

About this 6-K

Qiagen N.V filed this 6-K on May 1, 2024.

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Item			Page
Other Information			3
Signatures			4
Exhibit Index			5



			QIAGEN N.V.

			By:			/s/ Roland Sackers
						Roland Sackers
						Chief Financial Officer



Exhibit No.						Exhibit
99.1						Press Release dated April 29, 2024


In $ millions (Except EPS and diluted shares)	Q1
	2024	2023	Change

Net sales	459	485	-5	%
Net sales - CER	462		-5	%
Operating income	95	97	-2	%
Net income	81	85	-5	%
Diluted EPS	$0.36	$0.37	-3	%
Diluted shares (in millions)	227	231

Adjusted operating income	118	124	-5	%
Adjusted net income	104	117	-11	%
Adjusted diluted EPS	$0.46	$0.51	-10	%
Adjusted diluted EPS - CER	$0.47		-8	%


In $ millions	Q1
	2024 sales	2023 sales	Change		CER change

Sample technologies	155	173	-11	%	-10	%
Diagnostic solutions	170	163	+5	%	+5	%
Of which QuantiFERON	101	92	+11	%	+11	%
Of which QIAstat-Dx	25	21	+19	%	+21	%
Of which NeuMoDx	9	13	-29	%	-30	%
Of which Other	35	37	-6	%	-5	%
PCR / Nucleic acid amplification	68	77	-12	%	-12	%
Genomics / NGS	55	55	-1	%	0	%
Other	11	17	-35	%	-31	%


(In $ millions)	Q1
	2024 sales	2023 sales	Change		CER change

Total net sales	459	485	-5	%	-5	%

By product group
Sample technologies	155	173	-11	%	-10	%
Diagnostic solutions	170	163	+5	%	+5	%
Of which QuantiFERON	101	92	+11	%	+11	%
Of which QIAstat-Dx	25	21	+19	%	+21	%
Of which NeuMoDx	9	13	-29	%	-30	%
Of which Other	35	37	-6	%	-5	%
PCR / Nucleic acid amplification	68	77	-12	%	-12	%
Genomics / NGS	55	55	-1	%	0	%
Other	11	17	-35	%	-31	%

By customer class
Molecular Diagnostics	244	250	-3	%	-2	%
Life Sciences	215	235	-8	%	-8	%

By product type
Consumables and related revenues	409	431	-5	%	-4	%
Instruments	50	55	-10	%	-9	%

By geographic region
Americas	234	247	-5	%	-5	%
Europe / Middle East / Africa	153	155	-2	%	-2	%
Asia-Pacific / Japan / Rest of World(1)	72	83	-13	%	-9	%


(In $ thousands, except per share data)	Three months
	ended March 31,
	2024	2023

Net sales	$458,796	$485,398
Cost of sales:


Cost of sales	151,734	161,906
Acquisition-related intangible amortization	16,073	16,016



Total cost of sales	167,807	177,922
Gross profit	290,989	307,476
Operating expenses:
Sales and marketing	111,121	114,641
Research and development	51,333	54,718

General and administrative	27,568	32,939
Acquisition-related intangible amortization	2,722	2,657


Restructuring, acquisition, integration and other, net	3,298	5,811
Total operating expenses	196,042	210,766
Income from operations	94,947	96,710
Other income (expense):
Interest income	17,758	18,008
Interest expense	(10,292)	(14,454)
Other (expense) income, net	(123)	8,523
Total other income, net	7,343	12,077
Income before income tax expense	102,290	108,787
Income tax expense	21,617	23,752


Net income	$80,673	$85,035

Diluted earnings per common share	$0.36	$0.37


Diluted earnings per common share (adjusted)	$0.46	$0.51
Shares used in computing diluted earnings per common share	226,572	230,602


Three months ended March 31, 2024	Net Sales	Gross Profit	Operating Income	Pre-tax Income	Income Tax	Tax Rate		Net Income	Diluted EPS*

Reported results	458.8	291.0	94.9	102.3	(21.6)	21	%	80.7	$0.36
Adjustments:
Business integration, acquisition and restructuring related items (a)	—	0.7	4.1	4.1	(1.0)			3.1	0.01
Purchased intangibles amortization	—	16.1	18.8	18.8	(4.6)			14.2	0.06

Non-cash interest expense charges (b)	—	—	—	4.7	—			4.7	0.02
Non-cash other income, net (c)	—	—	—	(0.1)	—			(0.1)	0.00
Certain income tax items (d)	—	—	—	—	1.0			1.0	0.00
Total adjustments	—	16.8	22.9	27.5	(4.6)			22.9	0.10
Adjusted results	458.8	307.8	117.8	129.8	(26.2)	20	%	103.6	$0.46

*Using 226.6 M diluted shares


Three months ended March 31, 2023	Net Sales	Gross Profit	Operating Income	Pre-tax Income	Income Tax	Tax Rate		Net Income	Diluted EPS*

Reported results	485.4	307.5	96.7	108.8	(23.8)	22	%	85.0	$0.37
Adjustments:
Business integration, acquisition and restructuring related items (a)	—	3.0	8.8	8.8	(2.2)			6.6	0.03
Purchased intangibles amortization	—	16.0	18.7	18.7	(4.6)			14.1	0.06

Non-cash interest expense charges (b)	—	—	—	8.3	—			8.3	0.04
Non-cash other income, net (c)	—	—	—	(0.4)	—			(0.4)	0.00
Certain income tax items (d)	—	—	—	—	3.3			3.3	0.01
Total adjustments	—	19.0	27.5	35.4	(3.5)			31.9	0.14
Adjusted results	485.4	326.5	124.2	144.2	(27.3)	19	%	116.9	$0.51

*Using 230.6 M diluted shares


(In $ thousands, except par value)	March 31, 2024	December 31, 2023

Assets	(unaudited)
Current assets:
Cash and cash equivalents	$513,670	$668,084

Short-term investments	379,463	389,698
Accounts receivable, net	343,892	381,877
Inventories, net	401,745	398,385
Prepaid expenses and other current assets	251,992	309,516
Total current assets	1,890,762	2,147,560
Long-term assets:
Property, plant and equipment, net	762,530	765,037
Goodwill	2,448,916	2,475,732
Intangible assets, net	502,006	526,821
Fair value of derivative instruments - long-term	7,187	3,083


Other long-term assets	194,528	196,957
Total long-term assets	3,915,167	3,967,630
Total assets	$5,805,929	$6,115,190
Liabilities and equity
Current liabilities:
Current portion of long-term debt	$590,523	$587,970

Accrued and other current liabilities	359,314	407,168
Accounts payable	75,329	84,155
Total current liabilities	1,025,166	1,079,293
Long-term liabilities:
Long-term debt, net of current portion	912,814	921,824
Fair value of derivative instruments - long-term	55,677	98,908


Other long-term liabilities	212,643	207,401
Total long-term liabilities	1,181,134	1,228,133
Equity:
Common shares, 0.01 EUR par value, authorized—410,000 shares, issued—223,904 and 230,829 shares, respectively	2,601	2,702
Additional paid-in capital	1,636,154	1,915,115
Retained earnings	2,486,139	2,456,800
Accumulated other comprehensive loss	(424,156)	(433,830)
Less treasury stock, at cost — 2,057 and 2,627 shares, respectively	(101,109)	(133,023)


Total equity	3,599,629	3,807,764
Total liabilities and equity	$5,805,929	$6,115,190


(In $ thousands)	Three Months Ended March 31,
	2024	2023

Cash flows from operating activities:
Net income	$80,673	$85,035
Adjustments to reconcile net income to net cash provided by operating activities, net of effects of businesses acquired:
Depreciation and amortization	54,330	52,061

Amortization of debt discount and issuance costs	5,055	8,537
Share-based compensation expense	13,831	14,148
Deferred tax benefit	(383)	(4,341)
Other items, net including fair value changes in derivatives	(2,089)	(9,362)
Change in operating assets, net	1,309	(15,278)
Change in operating liabilities, net	(19,648)	(58,874)
Net cash provided by operating activities	133,078	71,926
Cash flows from investing activities:
Purchases of property, plant and equipment	(36,541)	(33,220)
Purchases of intangible assets	(1,819)	(5,189)
Purchases of short-term investments	(184,027)	(534,488)
Proceeds from redemptions of short-term investments	192,631	295,816
Cash paid for acquisitions, net of cash acquired	—	(148,382)
Cash received (paid) for collateral asset	37,695	(6,980)
Purchases of investments, net	(1,508)	(1,404)

Net cash provided by (used in) investing activities	6,431	(433,847)
Cash flows from financing activities:
Capital repayment	(292,099)	—






Proceeds from issuance of common shares	—	75
Cash received (paid) for collateral liability	805	(9,903)


Other financing activities	(794)	—
Net cash used in financing activities	(292,088)	(9,828)
Effect of exchange rate changes on cash and cash equivalents	(1,835)	260
Net decrease in cash and cash equivalents	(154,414)	(371,489)
Cash and cash equivalents, beginning of period	668,084	730,669
Cash and cash equivalents, end of period	$513,670	$359,180

Reconciliation of free cash flow(1)
Net cash provided by operating activities	$133,078	$71,926
Purchases of property, plant and equipment	(36,541)	(33,220)
Free cash flow	$96,537	$38,706


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