Company Reports

Qiagen's first-quarter results mildly exceeded expectations, and our assumptions for 2024 remain within management's maintained guidance ranges for the full year. At first glance, we are maintaining our fair value estimate. Also, while our no-moat rating is intact, we recognize that Qiagen's operations have improved substantially in recent years, even when excluding pandemic-related demand, and we expect Qiagen to remain economically profitable throughout our five-year forecast period.

Qiagen's fourth-quarter results mildly exceeded expectations, even when considering the significant COVID-19-related declines versus a tough comparable period in 2022. At first glance, we plan to revert to our previous fair value estimates ($52/EUR 48 per share), despite the recent $300 million synthetic share repurchase that automatically boosted our fair value estimates last week. This mild decrease relates primarily to the firm's weak outlook for 2024, which was below our previous expectation for the year, although we still expect trends to reverse eventually for Qiagen and the rest of the life science and diagnostic industries. Also, while our moat rating remains none, we recognize that Qiagen's operations have improved substantially in recent years even when excluding COVID-19-related demand, and we expect Qiagen to remain economically profitable throughout our five-year forecast period.

Qiagen aims to help scientists and caregivers use biological samples to identify and solve problems related to DNA, RNA, and proteins, which should remain in demand even as the pandemic transitions into an endemic situation, albeit probably at a moderately lower rate. Qiagen's roots are in products that help scientists prepare biological samples for various experiments, and sample preparation products still account for about 35% of sales. Qiagen remains a key leader in this niche, and we expect Qiagen to continue to invest to maintain or improve in that business in the long run.

Qiagen's third-quarter results mildly exceeded expectations, even when considering the significant COVID-19-related declines versus a tough comparable period in 2022. Positively, management maintained its 2023 guidance, despite headwinds faced by the life science and diagnostic industry. At first glance, we do not anticipate changing our fair value estimate, which remains moderately above recent trades. Also, while our moat rating remains none, we recognize that Qiagen's operations have improved substantially in recent years even when excluding COVID-19-related demand, and we expect Qiagen to remain economically profitable throughout our five-year forecast period.

Qiagen aims to help scientists and caregivers use biological samples to identify and solve problems related to DNA, RNA, and proteins, which should remain in demand even as the pandemic transitions into an endemic situation, albeit probably at a moderately lower rate. Qiagen's roots are in products that help scientists prepare biological samples for various experiments, and sample preparation products still account for about 35% of sales. Qiagen remains a key leader in this niche, and we expect Qiagen to continue to invest to maintain or improve in that business in the long run.

Qiagen's second-quarter results mildly exceeded expectations, even when considering the significant COVID-19-related declines versus a tough comparable period in 2022. However, management trimmed its 2023 guidance due to more severe retrenching activities at some customers, similar to recent trends we have seen at other life science toolmakers. After adjusting our near-term assumptions a bit, we do not anticipate changing our fair value estimate for Qiagen at first glance. Also, while our moat rating remains none, we recognize that Qiagen's operations have improved substantially in recent years even when excluding COVID-19-related demand, and we expect the company to remain economically profitable throughout our five-year forecast period.

Qiagen's first-quarter results mildly exceeded expectations, even when considering the significant COVID-19-related declines relative to a tough comparable period in 2022, when the omicron variant was surging. Management retained its 2023 guidance, which looks roughly in line with our expectations, and we are maintaining our $52/EUR 48 fair value estimate. We view the shares as moderately undervalued. While our moat rating remains none, we recognize that Qiagen's operations have improved substantially in recent years even when excluding the COVID-related demand, and we expect the company to remain economically profitable throughout our five-year forecast period.

No-moat Qiagen turned in better-than-anticipated fourth-quarter results that allowed it to mildly exceed our revenue and adjusted EPS expectations in 2022. The company's 2023 guidance also looks in line with our expectations. To reflect recently generated cash flow, we have mildly increased our U.S.-denominated fair value estimate, but with the recent strengthening of the euro relative to the U.S. dollar, we have slightly trimmed our EUR-denominated fair value estimate. Even after those changes, Qiagen shares still appear fairly valued.

Qiagen aims to help scientists and caregivers use biological samples to identify and solve problems related to DNA, RNA, and proteins, which should remain in demand even as the pandemic transitions into an endemic situation, albeit probably at a lower rate. Qiagen's roots are in products that help scientists prepare biological samples for various experiments, and sample preparation products still accounted for 38% of sales in 2021, although inflated as a percentage of sales due to the COVID-19 health crisis. Qiagen remains a key leader in this niche, and we expect Qiagen to continue to invest to maintain or improve in that business in the long run.

Qiagen aims to help scientists and caregivers use biological samples to identify and solve problems related to DNA, RNA, and proteins, which should remain in demand even as the pandemic transitions into an endemic situation, albeit probably at a lower rate. Qiagen's roots are in products that help scientists prepare biological samples for various experiments, and sample preparation products still accounted for 38% of sales in 2021, although inflated as a percentage of sales due to the COVID-19 health crisis. Qiagen remains a key leader in this niche, and we expect Qiagen to continue to invest to maintain or improve in that business in the long run.

No-moat Qiagen turned in better-than-anticipated third-quarter results and increased its guidance for the full year on a constant currency basis. However, even after incorporating those strong trends, our expectations for Qiagen have not changed much when considering foreign currency headwinds on an absolute basis. Qiagen shares still appear mildly undervalued to us.

Qiagen aims to help scientists and caregivers use biological samples to identify and solve problems related to DNA, RNA, and proteins, and these tools remain in high demand as the COVID-19 pandemic grinds on further. Qiagen's roots are in products that help scientists prepare biological samples for various experiments, and sample preparation products still accounted for 38% of sales in 2021, although slightly inflated as a percentage of sales due to the COVID-19 health crisis. Qiagen remains a key leader in this niche, and we expect Qiagen to continue to invest to maintain that position, despite that end market's ongoing growth prospects in the low single digits.

Qiagen aims to help scientists and caregivers use biological samples to identify and solve problems related to DNA, RNA, and proteins, and these tools remain in high demand as the COVID-19 pandemic grinds on further. Qiagen's roots are in products that help scientists prepare biological samples for various experiments, and sample preparation products still accounted for 38% of sales in 2021, although slightly inflated as a percentage of sales due to the COVID-19 health crisis. Qiagen remains the undisputed leader in this niche, and we expect Qiagen to continue to invest to maintain that position, despite that end market's ongoing growth prospects in the low single digits.

Previous COVID-19 tailwinds started turning into headwinds for no-moat Qiagen in the second quarter but at a slower pace than previously anticipated. With the company's results tracking above our 2022 assumptions, we have increased our near-term expectations for Qiagen somewhat and mildly increased our fair value estimate, as well. However, we continue to view Qiagen shares as about fairly valued.

Qiagen aims to help scientists and caregivers use biological samples to identify and solve problems related to DNA, RNA, and proteins, and these tools remain in high demand as the COVID-19 pandemic grinds on further. Qiagen's roots are in products that help scientists prepare biological samples for various experiments, and sample preparation products still accounted for 38% of sales in 2021, although slightly inflated as a percentage of sales due to the COVID-19 health crisis. Qiagen remains the undisputed leader in this niche, and we expect Qiagen to continue to invest to maintain that position, despite that end market's ongoing growth prospects in the low single digits.

No-moat Qiagen turned in strong results in the first quarter, helped by the omicron variant surge, and the company raised its guidance for 2022. However, we have not materially changed our underlying cash flow assumptions as our 2022 estimates were already in line with management's new outlook. We are maintaining our $48 fair value estimate for shares that trade in the U.S. and raising our fair value estimate for Qiagen shares on the German exchange to EUR 45 from EUR 42 previously as a result of recent currency exchange rate changes.

Qiagen aims to help scientists and caregivers use biological samples to identify and solve problems related to DNA, RNA, and proteins, and these tools remain in high demand as the COVID-19 pandemic grinds on further. Qiagen's roots are in products that help scientists prepare biological samples for various experiments, and sample preparation products still accounted for 38% of sales in 2021, although slightly inflated as a percentage of sales in the health crisis. Qiagen remains the undisputed leader in this niche, and we expect Qiagen to continue to invest to maintain that position, despite that end market's ongoing growth prospects in the low single digits.

No-moat Qiagen turned in fourth-quarter operating results that helped the firm significantly exceed our expectations for 2021. We are raising our fair value estimate by a high-single digit percentage basis on these strong recent results. However, we would note that COVID tailwinds appear to be turning into headwinds for Qiagen and look likely to produce a reduction in 2022 profits.

Qiagen aims to help scientists and caregivers use biological samples to identify and solve problems related to DNA, RNA, and proteins, and these tools remain in high demand as the COVID-19 pandemic grinds on further. Qiagen's roots are in products that help scientists prepare biological samples for various experiments, and sample preparation products still accounted for 38% of sales in 2021, although slightly inflated as a percentage of sales in the health crisis. Qiagen remains the undisputed leader in this niche, and we expect Qiagen to continue to invest to maintain that position, despite that end market's ongoing growth prospects in the low single digits.

Qiagen aims to help scientists and caregivers use biological samples to identify and solve problems related to DNA, RNA, and proteins, and these tools remain in high demand as the COVID-19 pandemic grinds on further. Qiagen's roots are in products that help scientists prepare biological samples for various experiments, and sample preparation products still accounted for over 40% of sales in 2020, although slightly inflated as a percentage of sales in the health crisis. Qiagen remains the undisputed leader in this niche, and we expect Qiagen to continue to invest to maintain that position, despite that end market's ongoing growth prospects in the low single digits.