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6-K 1 a2024q2prform6-k.htm 6-K Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

__________________________________

FORM 6-K
 
__________________________________
 
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 under
the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2024
Commission File Number 001-38332
 __________________________________
QIAGEN N.V.
(Translation of registrant’s name into English)
 __________________________________
Hulsterweg 82
5912 PL Venlo
The Netherlands
(Address of principal executive office)
 __________________________________
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F  ý            Form 40-F  o

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QIAGEN N.V.
Form 6-K

TABLE OF CONTENTS
 
Item Page
Other Information
Signatures
Exhibit Index

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OTHER INFORMATION
On July 31, 2024, QIAGEN N.V. (NYSE: QGEN; Frankfurt, Prime Standard: QIA) issued a press release announcing its unaudited financial results for the second quarter ended June 30, 2024. The press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein.
QIAGEN has regularly reported adjusted results, which are considered non-GAAP financial measures, to give additional insight into our financial performance as a supplement to understand, manage, and evaluate our business results and make operating decisions. We also use the adjusted results when comparing to our historical operating results, which have consistently been presented on an adjusted basis.
Adjusted results should be considered in addition to the reported results prepared in accordance with U.S. generally accepted accounting principles, but should not be considered as a substitute. Reconciliations of reported results to adjusted results are included in the tables accompanying the press release. We believe certain items should be excluded from adjusted results when they are outside of our ongoing core operations, vary significantly from period to period, or affect the comparability of results with the Company’s competitors and our own prior periods.
The non-GAAP financial measures used in this press release are non-GAAP net sales, gross profit, operating income, pre-tax income, net income, tax rate and diluted earnings per share. These adjusted results exclude costs related to business integration, acquisition and restructuring related items, long-lived asset impairments, amortization of acquired intangible assets, non-cash interest expense charges as well as other special income and expense items. Management views these costs as not indicative of the profitability or cash flows of our ongoing or future operations and therefore considers the adjusted results as a supplement, and to be viewed in conjunction with, the reported GAAP results.
We use a measure of free cash flow to estimate the cash flow remaining after purchases of property, plant and equipment as required to maintain or expand our business. This measure provides us with supplemental information to assess our liquidity needs. We calculate free cash flow as net cash from operating activities less purchases of property, plant and equipment.
We also consider results on a constant currency basis. Our functional currency is the U.S. dollar and our subsidiaries’ functional currencies are the local currency of the respective countries in which they are headquartered. A significant portion of our revenues and expenses is denominated in euros and currencies other than the United States dollar. Management believes that analysis of constant currency period-over-period changes is useful because changes in exchange rates can affect the growth rate of net sales and expenses, potentially to a significant degree. Constant currency figures are calculated by translating the local currency actual results in the current period using the average exchange rates from the previous year’s respective period instead of the current period.
We use non-GAAP and constant currency financial measures internally in our planning, forecasting and reporting, as well as to measure and compensate our employees. We do not reconcile forward-looking non-GAAP financial measures to the corresponding GAAP measures due to the high variability and difficulty in making accurate forecasts and projections that are impacted by future decisions and actions. Accordingly, reconciliations of these forward-looking non-GAAP financial measures to the corresponding GAAP measures are not available without unreasonable effort. However, the actual amounts of these excluded items will have a significant impact on QIAGEN’s GAAP results.




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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
QIAGEN N.V.
By: /s/ Roland Sackers
  Roland Sackers
  Chief Financial Officer

Date: August 1, 2024

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EXHIBIT INDEX
 
Exhibit
No.
    Exhibit
   Press Release dated July 31, 2024


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EX-99.1 2 exhibit9912024q2pressrelea.htm EX-99.1 Document
Exhibit 99.1
Media Release
qiagen_logoa.jpg


QIAGEN delivers solid performance and exceeds outlook for Q2 2024

•Q2 2024: Net sales of $496 million (+0% actual rates, +1% constant exchange rates, CER); net loss per share of $0.83 but adjusted diluted EPS of $0.55

◦Net sales at CER of $502 million ahead of outlook for at least $495 million CER and
adjusted diluted EPS of $0.55 CER ahead of $0.52 CER outlook

◦28.4% adj. operating income margin up 1 percentage point from 27.4% in Q2 2023

◦Q2 2024 free cash flow up 56% to $129 million vs. Q2 2023

•FY 2024 outlook updated after solid H1 2024 results ahead of outlook

◦Updated net sales outlook of at least $1.985 billion CER reflects solid core business
trends and NeuMoDx decision

◦Adj. diluted EPS outlook increased to at least $2.16 CER

Venlo, the Netherlands, July 31, 2024 - QIAGEN N.V. (NYSE: QGEN; Frankfurt Prime Standard: QIA) today announced results for the second quarter and first half of 2024.

Net sales were stable at $496 million in Q2 2024 compared to Q2 2023, while results at constant exchanges rates (CER) of $502 million rose 1% and were above the outlook for at least $495 million CER. The adjusted operating income margin rose about one percentage point to 28.4% from Q2 2023 on efficiency gains while supporting targeted investments. Adjusted diluted earnings per share (EPS) were $0.55, and results at CER of $0.55 were above the outlook for at least $0.52 CER.

QIAGEN has updated its FY 2024 outlook based on the solid core business performance in the first half of the year, which was about $15 million CER above guidance, as well as the decision to phase out the NeuMoDx clinical PCR system. As a result, total net sales are expected to be at least $1.985 billion CER and includes a $30 million CER adjustment in expected NeuMoDx sales for 2024.

The outlook for adjusted diluted EPS has been increased to at least $2.16 CER, while the adjusted operating income margin target is for at least 28.5% compared to 26.9% in 2023.

“Our teams executed well in the second quarter, showing sequential growth from the first quarter as well as over the year-ago period as we accelerate our performance during 2024. We are on track to achieve our updated outlook that reflects the strong trends in our core business along with the decision on the NeuMoDx system," said Thierry Bernard, CEO of QIAGEN.

"We are strengthening our portfolio with new product launches, particularly for QIAstat-Dx with the FDA 510(k) clearances of the new gastrointestinal panel and the updated respiratory panel. As we head into the second half of 2024, we continue to expect solid growth trends in our core business and are well-positioned to deliver on our commitments for 2024," Bernard said.

“QIAGEN again delivered growth ahead of our outlook for the second quarter of 2024 that gives us renewed confidence in achieving the updated outlook for sales and adjusted earnings for 2024," said Roland Sackers, Chief Financial Officer of QIAGEN. “We are seeing the benefits of our initiatives to improve profitability, as we confirm our full-year target for an adjusted operating income margin of at least 28.5%, combined with higher free cash flow. These improvements put us on a trajectory to achieve the targets we have set for 2028 as part of our commitment to solid profitable growth." Please refer to accompanying tables in this release for full income statement information and a reconciliation of reported to adjusted figures.

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Key figures
In $ millions
(Except EPS and diluted shares)		 Q2 H1
2024 2023 Change 2024 2023 Change
Net sales 496  495  0  % 955  980  -3  %
Net sales - CER 502  1  % 964  -2  %
Operating (loss) income (228) 105  -317  % (133) 202  -166  %
Net (loss) income (183) 81  -327  % (103) 166  -162  %
(Net loss per share) / Diluted EPS (1)
 ($0.83) $0.35  -337  % ($0.46) $0.72  -164  %
Diluted shares (in millions) (1)
 224 231 225 231
Adjusted operating income 141  136  4  % 259  260  0  %
Adjusted net income 123  118  4  % 226  235  -4  %
Adjusted diluted EPS (1)
 $0.55  $0.51  8  % $1.00  $1.02  -2  %
Adjusted diluted EPS - CER (1)
 $0.55  8  % $1.02  0  %
(1) Reported diluted EPS for Q2 and H1 2024 based on basic shares of 222.0 million and 222.9 million, respectively. Weighted number of diluted shares (Q2 2024: 224.0 million, H1 2024: 225.3 million).
Tables may have rounding differences. Percentage changes are to prior-year periods.

•Sales: Q2 2024 results showed 1% CER sales growth, led by higher CER sales over Q2 2023 in the Sample technologies, Diagnostic solutions and PCR product groups. Excluding NeuMoDx, net sales rose 2% CER in Q2 2024 over the year-ago period while sales in the Diagnostics solutions product group grew 8% CER. QuantiFERON sales rose 11% CER, while QIAstat-Dx sales were up 12% CER and QIAGEN Digital Insights sales rose at a high-single-digit pace over Q2 2023. Consumables and related revenues grew 3% CER over Q2 2023, supported by improved sales trends in all regions. Instrument sales declined 10% amid ongoing cautious customer capital spending, and overshadowed good placement trends under multi-year reagent rental agreements.

•Operating income: For Q2 2024, operating activities resulted in a loss of $228 million due to pre-tax charges of $351 million in operating results, of which 80% involved non-cash charges primarily related to the NeuMoDx decision announced in June 2024. The adjusted operating income margin rose to 28.4% of sales from 27.4% in Q2 2023. In terms of components, the adjusted gross margin rose to 67.2% in Q2 2024 from 66.9% in Q2 2023 amid initiatives to improve production capacity utilization. R&D investments were 9.9% in Q2 2024 compared to 10.1% in Q2 2023, supporting new product development particularly for QIAcuity, QIAstat-Dx and QIAGEN Digital Insights. Sales and marketing expenses were 23.1% compared to 23.5% in Q2 2023, while General and administrative expenses were 5.8% of sales compared to 5.9% in Q2 2023.

•EPS: For Q2 2024, a net loss per share of $0.83 included the after-tax restructuring charge of $1.27 per share. Adjusted diluted EPS for Q2 2024 were $0.55, while adjusted diluted EPS of $0.55 CER were above the outlook for at least $0.52 CER. The adjusted tax rate was 19% in Q2 2024 compared to 18% in the year-ago period. The number of diluted shares was 224.0 million for Q2 2024, in line with the outlook.

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Sales by product groups
In $ millions
 Q2 H1
2024
sales		 2023
sales
Change
CER change
 2024
sales		 2023
sales
Change
CER change
Sample technologies 164  165  -1  % +1  % 318  338  -6  % -5  %
Diagnostic solutions 185  177  +5  % +5  % 355  339  +5  % +5  %
Of which QuantiFERON 115  104  +10  % +11  % 217  196  +11  % +11  %
Of which QIAstat-Dx 24  21  +11  % +12  % 49  42  +15  % +17  %
Of which NeuMoDx 7  11  -33  % -32  % 16  24  -31  % -31  %
Of which Other 39  40  -4  % -3  % 73  77  -5  % -4  %
PCR / Nucleic acid amplification 76  74  +2  % +3  % 144  151  -5  % -5  %
Genomics / NGS 58  64  -9  % -8  % 113  119  -5  % -4  %
Other 14  15  -9  % -2  % 25  32  -23  % -18  %
Total net sales 496  495  0  % +1  % 955  980  -3  % -2  %

Tables may have rounding differences. Percentage changes are to prior-year periods.

•Sample technologies: Q2 2024 sales growth of +1% CER was driven by higher consumables sales that more than offset a decline in instrument sales. A key driver of the improving trend in consumables were solid gains in automated kits used on QIAGEN's instrument portfolio that is going through an upgrade cycle, including QIAcube Connect and EZ2 Connect.

•Diagnostic solutions: Q2 2024 sales grew 8% CER excluding NeuMoDx, led by high-single-digit CER gains in consumables sales, but lower instrument sales over the year-ago period. Among the key drivers, QuantiFERON TB test sales rose 11% CER and registered another consecutive quarter above $100 million, supported by solid demand in all regions from conversion gains against the tuberculin skin test. QIAstat-Dx system sales grew 12% CER on double-digit sales gains in consumables amid an ongoing solid placement pace. NeuMoDx results reflected the decision in Q2 2024 to discontinue and support customers during a transition period into 2025, and an updated 2024 sales goal for about $25 million CER (previously at least $55 million CER).

•PCR / Nucleic acid amplification: QIAcuity digital PCR sales showed solid consumables growth in Q2 2024 and a continued high level of instrument demand. Overall sales rose 3% CER on high-single-digit CER growth in consumables, but lower instrument sales compared to Q2 2023.

•Genomics / Next-generation sequencing (NGS): Sales in Q2 2024 declined 8% CER, as high-single-digit CER growth in the QIAGEN Digital Insights bioinformatics business in both the discovery and clinical software portfolio was more than offset by lower sales of universal NGS kits for use on any sequencer, but customer demand trends are expected to improve in H2 2024.


Key cash flow data
In $ millions
Q2
 H1
2024 2023 Change 2024 2023 Change
Net cash provided by operating activities 167  111  +49  % 300  183  +63  %
Purchases of property, plant and equipment (38) (29) +31  % (75) (62) +20  %
Free cash flow 129  82  +56  % 225  121  +86  %
Net cash used in investing activities (18) 156  NM (11) (278) NM
Net cash used in financing activities (127) (15) NM (419) (25) NM

Tables may have rounding differences. Percentage changes are to prior-year periods.

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•Net cash from operating activities was $300 million for H1 2024, rising 63% from $183 million in the year-ago period. Results for 2024 reflected an overall decrease in working capital requirements, particularly lower accounts receivables amid an increased focus on improving cash flow. Free cash flow rose 86% to $225 million in H1 2024, absorbing a slight increase in Property, Plant & Equipment investments.

•As of June 30, 2024, cash, cash equivalents and short-term investments were $890.2 million compared to $1.1 billion as of December 31, 2023. Results for the 2024 period included the return of approximately $300 million through the synthetic share repurchase in January and the repayment in June of $101.5 million of German private placements. The leverage ratio was 0.7x (net debt to adjusted EBITDA) as of June 30, 2024 compared to 0.6x at December 31, 2023. QIAGEN has $500 million of convertible notes reaching maturity in the second half of 2024.

Portfolio update

QIAGEN is building momentum in its Sample to Insight portfolio with these recent developments:

Sample technologies

•QIAGEN launched the Investigator Quantiplex Pro FLX kit, which offers forensic laboratories a high level of sensitivity when processing forensics samples. These samples often contain low levels of DNA and inhibitors preventing amplification for use in resolving cases.

Diagnostic solutions

•The QIAstat-Dx Respiratory Panel Plus and the QIAstat-Dx Gastrointestinal Panel 2 both received 510(k) clearance from the U.S. Food and Drug Administration (FDA) during Q2 2024. The updated Respiratory Panel Plus is designed to diagnose upper respiratory infections and covers 21 viral and bacterial targets, including the SARS-CoV-2 virus. The gastrointestinal panel can detect up to 16 clinically relevant bacterial, viral and parasitic pathogens. The U.S. submission of a panel for detection of meningitis / encephalitis conditions, along with a "mini" respiratory panel and two "mini" gastrointestinal panels, are on track for completion in 2024.

•QIAGEN has welcomed new guidelines from the American Academy of Pediatrics (AAP) in the U.S. for screening at-risk children for latent tuberculosis (TB) infection. The update expands a previous recommendation for blood-based TB tests such as QuantiFERON-TB Gold Plus and now covers children of all ages, including infants and children age two and under.

•The therascreen KRAS RGQ PCR Kit was approved by the U.S. FDA as a companion diagnostic to help identify colorectal cancer patients eligible for treatment with Mirati’s KRAZATI® (adagrasib). This builds on an earlier approval for this kit in combination with KRAZATI for use in certain non-small cell lung cancer patients.

PCR / Nucleic Acid Amplification

•QIAGEN has partnered with the U.S. Federal Bureau of Investigation (FBI) to develop a novel test for its QIAcuity digital PCR systems. The dPCR assay will be designed to simultaneously quantify in absolute terms nuclear and mitochondrial DNA concentrations, male DNA, and include quality markers for degradation and inhibition. This will improve the quantification of DNA in human samples and thus boost forensics.

•The QIAcuity dPCR portfolio was expanded with the launch of 35 new wet-lab tested dPCR Microbial DNA Detection Assays. The assays are available on QIAGEN’s research platform GeneGlobe and target a wide range of pathogens causing tropical diseases, sexually transmitted infections and urinary tract infections. To enhance customization of dPCR assays on GeneGlobe, a new Custom Assay Design Tool for copy number variation analysis was launched.


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Genomics / NGS

•As the first NGS interpretation platform for both oncology and hereditary applications, QIAGEN Clinical Insights (QCI) Interpret was certified for diagnostic use under the European In Vitro Diagnostic Medical Device Regulation (IVDR). QCI Interpret is a universal solution that can be used for interpretation of data from any NGS sequencer, enabling access to clinical evidence improving decision-making in genetic testing.

•The QIAseq Multimodal DNA/RNA Library Kit was launched to enable a streamlined and rapid workflow to generate whole genome sequencing and whole transcriptome sequencing libraries from a single sample. This kit is designed to facilitate multiomic studies and Comprehensive Genetic Profiling (CGP), which are crucial for understanding complex diseases like cancer.

Outlook

For FY 2024, QIAGEN has updated its outlook based on the solid performance in H1 2024 and the decision to phase out the NeuMoDx clinical PCR system. Net sales are expected to be at least $1.985 billion CER (previously at least $2.0 billion CER), reflecting the solid H1 2024 sales results that were approximately $15 million CER above the outlook, as well as an adjustment of $30 million CER in NeuMoDx sales to $25 million CER (previously at least $55 million CER). Consumables and related revenues are expected to drive growth, while larger-scale instrument sales remain challenging. Adjusted diluted EPS are now expected to be at least $2.16 CER (previously $2.14 CER), and for an adjusted operating income margin of at least 28.5%, an increase of at least 1.6 percentage points from 26.9% in 2023.

Based on exchange rates as of July 30, 2024, currency movements against the U.S. dollar are expected to have a negative impact on full-year net sales of about one percentage point and an adverse impact of about $0.02 per share on adjusted EPS results.

For Q3 2024, net sales are expected to be at least $495 million CER compared to $476 million in Q3 2023. Adjusted diluted EPS are expected to be at least $0.55 CER per share compared to $0.50 in Q3 2023.

Based on exchange rates as of July 30, 2024, currency movements against the U.S. dollar are expected to have a negative impact of about one percentage point on net sales, and a negative impact of about $0.01 per share on adjusted EPS results.

Investor presentation and conference call

A conference call is planned for Thursday, August 1, 2024 at 15:00 Frankfurt Time / 14:00 London Time / 9:00 New York Time. A live audio webcast will be made available in the investor relations section of the QIAGEN website, and a recording will also be made available after the event.
A presentation will be available before the conference call at https://corporate.qiagen.com/investor-relations/events-and-presentations/default.aspx

Use of adjusted results

QIAGEN reports adjusted results, as well as results on a constant exchange rate (CER) basis, and other non-U.S. GAAP figures (generally accepted accounting principles), to provide additional insight into its performance. These results include adjusted net sales, adjusted gross income, adjusted gross profit, adjusted operating income, adjusted operating expenses, adjusted operating income margin, adjusted net income, adjusted net income before taxes, adjusted diluted EPS, adjusted EBITDA, adjusted EPS, adjusted income taxes, adjusted tax rate, and free cash flow. Free cash flow is calculated by deducting capital expenditures for Property, Plant & Equipment from cash flow from operating activities. Adjusted results are non-GAAP financial measures that QIAGEN believes should be considered in addition to reported results prepared in accordance with GAAP but should not be considered as a substitute. QIAGEN believes certain items should be excluded from adjusted results when they are outside of ongoing core operations, vary significantly from period to period, or affect the comparability of results with competitors and its own prior periods.
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Furthermore, QIAGEN uses non-GAAP and constant currency financial measures internally in planning, forecasting and reporting, as well as to measure and compensate employees. QIAGEN also uses adjusted results when comparing current performance to historical operating results, which have consistently been presented on an adjusted basis.

About QIAGEN

QIAGEN N.V., a Netherlands-based holding company, is the leading global provider of Sample to Insight solutions that enable customers to gain valuable molecular insights from samples containing the building blocks of life. Our sample technologies isolate and process DNA, RNA and proteins from blood, tissue and other materials. Assay technologies make these biomolecules visible and ready for analysis. Bioinformatics software and knowledge bases interpret data to report relevant, actionable insights. Automation solutions tie these together in seamless and cost-effective workflows. QIAGEN provides solutions to more than 500,000 customers around the world in Molecular Diagnostics (human healthcare) and Life Sciences (academia, pharma R&D and industrial applications, primarily forensics). As of June 30, 2024, QIAGEN employed more than 5,900 people in over 35 locations worldwide. Further information can be found at https://www.qiagen.com.

Forward-Looking Statement

Certain statements contained in this press release may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. To the extent that any of the statements contained herein relating to QIAGEN's products, timing for launch and development, marketing and/or regulatory approvals, financial and operational outlook, growth and expansion, collaborations, markets, strategy or operating results, including without limitation its expected adjusted net sales and adjusted diluted earnings results, are forward-looking, such statements are based on current expectations and assumptions that involve a number of uncertainties and risks. Such uncertainties and risks include, but are not limited to, risks associated with management of growth and international operations (including the effects of currency fluctuations, regulatory processes and dependence on logistics), variability of operating results and allocations between customer classes, the commercial development of markets for our products to customers in academia, pharma, applied testing and molecular diagnostics; changing relationships with customers, suppliers and strategic partners; competition; rapid or unexpected changes in technologies; fluctuations in demand for QIAGEN's products (including fluctuations due to general economic conditions, the level and timing of customers' funding, budgets and other factors); our ability to obtain regulatory approval of our products; difficulties in successfully adapting QIAGEN's products to integrated solutions and producing such products; the ability of QIAGEN to identify and develop new products and to differentiate and protect our products from competitors' products; market acceptance of QIAGEN's new products and the integration of acquired technologies and businesses; actions of governments, global or regional economic developments, weather or transportation delays, natural disasters, political or public health crises, and its impact on the demand for our products and other aspects of our business, or other force majeure events; as well as the possibility that expected benefits related to recent or pending acquisitions may not materialize as expected; and the other factors discussed under the heading “Risk Factors” contained in our most recent Annual Report on Form 20-F. For further information, please refer to the discussions in reports that QIAGEN has filed with, or furnished to, the U.S. Securities and Exchange Commission.
Contacts
Investor Relations
Public Relations
John Gilardi
 +49 152 018 11711
Thomas Theuringer
 +49 2103 29 11826
Domenica Martorana
 +49 152 018 11244
Lisa Mannagottera
 +49 2013 29 14181
e-mail: ir@QIAGEN.com
e-mail: pr@QIAGEN.com

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QIAGEN N.V.
SALES OVERVIEW

(In $ millions)
 Q2 H1
2024
sales		 2023
sales
Change
CER change
 2024
sales		 2023
sales
Change
CER change
Total net sales 496  495  0  % +1  % 955  980  -3  % -2  %
By product group
Sample technologies 164  165  -1  % +1  % $318  $338  -6  % -5  %
Diagnostic solutions 185  177  +5  % +5  % 355  339  +5  % +5  %
Of which QuantiFERON 115  104  +10  % +11  % 217  196  +11  % +11  %
Of which QIAstat-Dx 24  21  +11  % +12  % 49  42  +15  % +17  %
Of which NeuMoDx 7  11  -33  % -32  % 16  24  -31  % -31  %
Of which Other 39  40  -4  % -3  % 73  77  -5  % -4  %
PCR / Nucleic acid amplification 76  74  +2  % +3  % 144  151  -5  % -5  %
Genomics / NGS 58  64  -9  % -8  % 113  119  -5  % -4  %
Other 14  15  -9  % -2  % 25  32  -23  % -18  %
By customer class
Molecular Diagnostics 266  260  +3  % +4  % $510  $510  0  % +1  %
Life Sciences 230  235  -2  % -1  % 445  470  -5  % -4  %
By product type
Consumables and related revenues 442  434  +2  % +3  % $852  $865  -2  % -1  %
Instruments 54  60  -11  % -10  % 103  115  -10  % -9  %
By geographic region
Americas 262  263  0  % 0  % $496  $510  -3  % -3  %
Europe / Middle East / Africa 159  151  +5  % +7  % 312  306  +2  % +3  %
Asia-Pacific / Japan / Rest of World(1)
 76  81  -7  % -3  % 148  164  -10  % -6  %

(1) Rest of World represented less than 1% of sales.
Tables may have rounding differences. Percentage changes are to prior-year periods.



















7


QIAGEN N.V.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(In $ thousands, except per share data) Three months Six months
ended June 30, ended June 30,
2024 2023 2024 2023
Net sales $496,347  $494,857  $955,143  $980,255 
Cost of sales:
Cost of sales 446,371  166,637  598,105  328,543 
Acquisition-related intangible amortization 15,212  16,068  31,285  32,084 
Total cost of sales 461,583  182,705  629,390  360,627 
Gross profit 34,764  312,152  325,753  619,628 
Operating expenses:
Sales and marketing 114,686  116,331  225,807  230,972 
Research and development 49,103  49,893  100,436  104,611 
General and administrative 28,618  29,192  56,186  62,131 
Acquisition-related intangible amortization 2,714  2,702  5,436  5,359 
Restructuring, acquisition, integration and other, net 68,080  8,602  71,378  14,413 
Total operating expenses 263,201  206,720  459,243  417,486 
(Loss) income from operations (228,437) 105,432  (133,490) 202,142 
Other income (expense):
Interest income 16,912  21,343  34,670  39,351 
Interest expense (10,922) (13,497) (21,214) (27,951)
Other expense, net (1,004) (10,962) (1,127) (2,439)
Total other income (expense), net 4,986  (3,116) 12,329  8,961 
(Loss) income before income tax (benefit) expense (223,451) 102,316  (121,161) 211,103 
Income tax (benefit) expense (39,991) 21,530  (18,374) 45,282 
Net (loss) income ($183,460) $80,786  ($102,787) $165,821 
Diluted (loss) earnings per common share (1)
 ($0.83) $0.35  ($0.46) $0.72 
Diluted earnings per common share (adjusted) (1)
 $0.55  $0.51  $1.00  $1.02 
Diluted shares used in computing diluted earnings per common share 224,016  230,517  225,294  230,560 

(1) Reported diluted net loss per common share based on basic shares for Q2 2024 of 222.0 M. Adjusted diluted EPS calculated using
224.0 M diluted shares. Reported diluted net loss per common share based on basic shares for H1 2024 of 222.9 M. Adjusted diluted
EPS calculated using 225.3 M diluted shares.
8


QIAGEN N.V.
RECONCILIATION OF REPORTED TO ADJUSTED RESULTS
(In $ millions, except EPS data)
(unaudited)

Three months ended June 30, 2024
Net
Sales		 Gross
Profit		 Operating
Income		 Pre-tax
Income		 Income
Tax		 Tax
Rate		 Net
Income		 Diluted EPS*
Reported results 496.3  34.8  (228.4) (223.5) 40.0  18  % (183.5) ($0.83)
Adjustments:
Business integration, acquisition and restructuring related items (a) —  283.3  351.4  351.4  (64.2) 287.2  1.28 
Purchased intangibles amortization
 —  15.2  17.9  17.9  (4.4) 13.5  0.06 
Non-cash interest expense charges (b)
 —  —  —  4.9  —  4.9  0.02 
Non-cash other income, net (c)
 —  —  —  0.6  —  0.6  0.00 
Certain income tax items (d)
 —  —  —  —  —  —  0.00 
Total adjustments —  298.5  369.3  374.9  (68.7) 306.2  1.37 
Adjusted results 496.3  333.3  140.9  151.4  (28.7) 19  % 122.7  $0.55 
*Reported Diluted EPS does not consider dilutive shares in the three months ended June 30, 2024 as those shares would be antidilutive. Basic shares for Q2 2024 were 222.0 M. Impact of adjustments and Adjusted Diluted EPS were calculated using 224.0 M diluted shares.


Three months ended June 30, 2023
Net
Sales		 Gross
Profit		 Operating
Income		 Pre-tax
Income		 Income
Tax		 Tax
Rate		 Net
Income		 Diluted EPS*
Reported results 494.9  312.1  105.4  102.3  (21.5) 21  % 80.8  $0.35 
Adjustments:
Business integration, acquisition and restructuring related items (a) —  2.8  11.4  11.4  (2.7) 8.7  0.04 
Purchased intangibles amortization
 —  16.1  18.7  18.7  (4.6) 14.1  0.06 
Non-cash interest expense charges (b)
 —  —  —  8.4  —  8.4  0.03 
Non-cash other income, net (c)
 —  —  —  3.1  —  3.1  0.01 
Certain income tax items (d)
 —  —  —  —  2.5  2.5  0.02 
Total adjustments —  18.9  30.2  41.6  (4.8) 36.8  0.16 
Adjusted results 494.9  331.0  135.6  143.9  (26.3) 18  % 117.6  $0.51 
*Using 230.5 M diluted shares

Please see footnotes for these tables on the following page.

9

.
QIAGEN N.V.
RECONCILIATION OF REPORTED TO ADJUSTED RESULTS
(In $ millions, except EPS data)
(unaudited)

Six months ended June 30, 2024
 Net
Sales		 Gross
Profit		 Operating
Income		 Pre-tax
Income		 Income
Tax		 Tax
Rate		 Net
Income		 Diluted EPS*
Reported results 955.1  325.8  (133.5) (121.2) 18.4  15  % (102.8) ($0.46)
Adjustments:
Business integration, acquisition and restructuring related items (a) —  284.0  355.5  355.5  (65.2) 290.3  1.29 
Purchased intangibles amortization
 —  31.3  36.7  36.7  (9.0) 27.7  0.12 
Non-cash interest expense charges (b)
 —  —  —  9.7  —  9.7  0.04 
Non-cash other income, net (c)
 —  —  —  0.5  —  0.5  0.00 
Certain income tax items (d)
 —  —  —  —  1.0  1.0  0.00 
Total adjustments —  315.3  392.2  402.4  (73.3) 329.1  1.46 
Adjusted results 955.1  641.1  258.7  281.2  (54.9) 20  % 226.3  $1.00 
*Reported Diluted EPS does not consider dilutive shares in the six months ended June 30, 2024 as those shares would be antidilutive. Basic shares for H1 2024 were 222.9 M. Impact of adjustments and Adjusted Diluted EPS were calculated using 225.3 M diluted shares.


Six months ended June 30, 2023
Net
Sales		 Gross
Profit		 Operating
Income		 Pre-tax
Income		 Income
Tax		 Tax
Rate		 Net
Income		 Diluted EPS*
Reported results 980.3  619.6  202.1  211.1  (45.3) 21  % 165.8  $0.72 
Adjustments:
Business integration, acquisition and restructuring related items (a) —  5.8  20.2  20.2  (4.9) 15.3  0.07 
Purchased intangible amortization
 —  32.1  37.4  37.4  (9.2) 28.2  0.12 
Non-cash interest expense charges (b)
 —  —  —  16.7  —  16.7  0.07 
Non-cash other income, net (c)
 —  —  —  2.7  —  2.7  0.01 
Certain income tax items (d)
 —  —  —  —  5.8  5.8  0.03 
Total adjustments —  37.9  57.7  77.1  (8.3) 68.8  0.30 
Adjusted results 980.3  657.5  259.8  288.2  (53.6) 19  % 234.6  $1.02 
*Using 230.6 M diluted shares
(a) Results for 2024 include charges for the restructuring program initiated in Q2 2024, as well as acquisition projects, including the continued integration of Verogen Inc. Results for 2023 include acquisition projects including integration activities at BLIRT S.A. and the Q1 2023 acquisition of Verogen.
(b) Cash Convertible Notes were recorded at an original issue discount that is recognized as incremental non-cash interest expense over the expected life of the notes.
(c) Adjustment includes the net impact of changes in fair value of the Call Options and the Embedded Cash Conversion Options related to the Cash Convertible Notes.
(d) Includes the impact of the estimated annual effective tax rate applied to the pretax amount in order to calculate the non-GAAP provision for income taxes. Additionally, certain income tax items were excluded from adjusted results that represent updates in QIAGEN's assessment of ongoing examinations or other tax items that are not indicative of the Company's normal future income tax expense.

Tables may contain rounding differences.
10


QIAGEN N.V.
CONDENSED CONSOLIDATED BALANCE SHEETS

(In $ thousands, except par value) June 30, 2024 December 31, 2023
Assets (unaudited)
Current assets:
Cash and cash equivalents $533,644  $668,084 
Short-term investments 356,596  389,698 
Accounts receivable, net 355,300  381,877 
Inventories, net 321,750  398,385 
Prepaid expenses and other current assets 262,489  309,516 
Total current assets 1,829,779  2,147,560 
Long-term assets:
Property, plant and equipment, net 717,765  765,037 
Goodwill 2,449,413  2,475,732 
Intangible assets, net 345,456  526,821 
Fair value of derivative instruments - long-term 8,846  3,083 
Other long-term assets 233,381  196,957 
Total long-term assets 3,754,861  3,967,630 
Total assets $5,584,640  $6,115,190 
Liabilities and equity
Current liabilities:
Current portion of long-term debt $492,699  $587,970 
Accrued and other current liabilities 466,152  407,168 
Accounts payable 76,061  84,155 
Total current liabilities 1,034,912  1,079,293 
Long-term liabilities:
Long-term debt, net of current portion 908,920  921,824 
Fair value of derivative instruments - long-term —  98,908 
Other long-term liabilities 235,545  207,401 
Total long-term liabilities 1,144,465  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 1,646,189  1,915,115 
Retained earnings 2,265,463  2,456,800 
Accumulated other comprehensive loss (431,546) (433,830)
Less treasury stock, at cost — 1,660 and 2,627 shares, respectively
 (77,444) (133,023)
Total equity 3,405,263  3,807,764 
Total liabilities and equity $5,584,640  $6,115,190 
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QIAGEN N.V.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)

(In $ thousands) Six Months Ended June 30,
2024 2023
Cash flows from operating activities:
Net (loss) income ($102,787) $165,821 
Adjustments to reconcile net (loss) income to net cash provided by operating activities, net of effects of businesses acquired:
Depreciation and amortization 107,723  103,197 
Non-cash impairments 194,011  — 
Amortization of debt discount and issuance costs 10,172  17,161 
Share-based compensation expense 23,943  22,008 
Deferred tax benefit (24,643) (7,171)
Other items, net including fair value changes in derivatives 3,959  40 
Change in operating assets, net 56,617  (47,280)
Change in operating liabilities, net 30,700  (70,373)
Net cash provided by operating activities 299,695  183,403 
Cash flows from investing activities:
Purchases of property, plant and equipment (74,774) (62,319)
Purchases of intangible assets (2,496) (7,218)
Purchases of short-term investments (257,148) (714,149)
Proceeds from redemptions of short-term investments 287,852  678,978 
Cash paid for acquisitions, net of cash acquired —  (149,532)
Cash received (paid) for collateral asset 36,692  (21,866)
Purchases of investments, net (1,532) (1,464)
Net cash used in investing activities (11,406) (277,570)
Cash flows from financing activities:
Capital repayment (292,099) — 
Repayment of long-term debt (101,536) — 
Tax withholding related to vesting of stock awards (27,014) (12,524)
Proceeds from issuance of common shares —  163 
Cash received (paid) for collateral liability 2,050  (12,939)
Other financing activities (871) — 
Net cash used in financing activities (419,470) (25,300)
Effect of exchange rate changes on cash and cash equivalents (3,259) (1,653)
Net decrease in cash and cash equivalents (134,440) (121,120)
Cash and cash equivalents, beginning of period 668,084  730,669 
Cash and cash equivalents, end of period $533,644  $609,549 
Reconciliation of free cash flow(1)
Net cash provided by operating activities $299,695  $183,403 
Purchases of property, plant and equipment (74,774) (62,319)
Free cash flow $224,921  $121,084 

(1) Free cash flow is a non-GAAP financial measure and is calculated from net cash provided by operating activities reduced by purchases of property, plant and equipment.
12