Home 5 Articles 5 Non-COVID Products Help Drive QIAGEN Q1 2022 Growth

Non-COVID Products Help Drive QIAGEN Q1 2022 Growth

by | Apr 27, 2022 | Articles, News, Open Content

Assay tech company shares that its Q1 2022 results were better than expected in spite of declines in COVID-19 product sales.

In key developments involving the big players the lab industry last week, QIAGEN revealed positive results for the first quarter of 2022, with growth driven not only by COVID-19-related products. Here’s a summary of the key points from the company’s April 26 announcement on those Q1 2022 results, which it says were better than expected:

  • Net sales rose 11% compared to Q1 2021 to reach $628.4 million, beating the at least 7% constant exchange rate (CER) growth the company expected
  • That growth was driven by an 18% CER increase in sales of COVID-19 related products as well as 14% CER growth in non-COVID-19 products
  • The company increased its full-year 2022 net sales outlook to at least $2.12 billion CER and for adjusted diluted earnings per share of at least $2.14 CER due to its strong Q1 performance

The company states that its revised outlook takes into account declines in COVID-19 product sales and ever-changing pandemic trends, as well as sales lost in the Belarus, Ukraine, and Russia markets due to the current war in Ukraine, a market representing one percent of QIAGEN’s total 2021 sales.

Other key business announcements made over the past week include Bruker revealing that it will announce its Q1 2022 results before the stock market opens on May 4, and Agilent Technologies planning to release its Q2 2022 results after the stock market closes on May 24.

Collaboration News

Several key collaborations were announced last week as well, with two coming from testing giant Labcorp. On April 19, the company announced a strategic partnership with cell and gene therapy company Xcell Biosciences to help bring such treatments to market. Labcorp also announced on April 22 that it is partnering with Getlabs to launch Getlabs for Labcorp, a health care service that combines Getlabs’ phlebotomy service with Labcorp’s diagnostic tests so clients can be tested in their own homes.

Thermo Fisher Scientific also made a collaboration-related announcement on April 19, revealing that it is partnering with Matrix Clinical Trials to bring clinical trials to patients through Matrix’s mobile research sites.

Get more insight on these and other key lab industry updates in Laboratory Industry Report.