Qiagen (QGEN) 4 May 232023 Q1 Earnings call transcript

Ladies and gentlemen, thank you for standing by. I am Katie, your call operator. Welcome, and thank you for joining QIAGEN’s First Quarter 2023 Earnings Conference Call and Webcast. At this time, all participants are in a listen-only mode. Please be advised that this call is being recorded at QIAGEN’s request and will be made available on their Internet site. be a will session. remarks prepared followed question-and-answer by The [Operator Instructions]

at I’d At Corporate your Relations ahead. like host, time, Communications Please John Investor of introduce Head to this go President, Gilardi, and QIAGEN. Vice

you, you joining of Thank to for and as us thank well operator, all today. you

webcast call Executive note the Officer. the us Also Chief Bernard, is call that will Investor at Sackers Investors A results, and being website. section of Roland Phoebe are copy quarterly Thierry the have is archived on this and On presentations live from Relations joining be Please the team. our this available and we Loh our our Officer; www.qiagen.com. press Chief on also Financial website release, of

have then remarks Roland some Q&A session. and Thierry move the first and from Today, into we’ll

cover as begin, and discussion views to This we me Before today let of Safe May of Harbor statement. reflect call our XXXX. your the management questions responses briefly X,

and to the statements future. making of be providing predictions that will your state beliefs, or responses We expectations intentions, questions

the constitute of and these may U.S. our indicated with purpose risks Safe filings uncertainties. include the results provisions under available are Securities These various statements forward-looking from with on website. and materially Reform a SEC statements those of as Securities result filed also the XXXX. and statements the Litigation These These Harbor Private involve our factors. Act Actual the by of for those discussed differ forward-looking in Exchange These Commission.

revise forward-looking or to obligation disclaims intention any any QIAGEN statements.

press to the comparable principles non-GAAP and reconciliation accordance the referring or financial financial diluted EPS. these our with accounting A release presentation. accepted available GAAP prepared EPS measures be not to certain in also will to in are directly to refer We GAAP. measures most All references of generally measures

I’d Thierry. that, turn to over call to the like now With

joining and welcome obviously John, Thank to a for you you of you, us. thank and warm very all

QIAGEN yesterday, solid from first you in our the As has release quarter. start very had seen have a

conditions groups and our XX% expected. even teams world Our product over great on the CER all a delivering our did amid uncertain growth non-COVID in better than job macro executing remain focused goals

Now, let top today. messages for the me get to

outlook by sales and sales First, in least business. growth our the base for strong the were and net at Net CER EPS outlook driven $XXX at our exceeded non-COVID adjusted exceeded for we first quarter $XXX million. million for sales

strong XXXX. the headwinds in the had On hand, XXXX quarter of due we expected other being exceptionally first COVID quarter as to in sales product sizable testing, QX an for COVID

result, a earnings at above $X.XX declined to CER the also sales were for million XX% CER. As least total $XXX actual per at Adjusted outlook $X.XX CER rates. share

our non-COVID second to consumable the sales CER across are message, our the upgrade double-digit pillars business of first, growth executing is five by report teams Our Tech, pleased Sample also This our instrument portfolio. we ongoing program. are supported In by in continuing growth driven strategy. on and strong

clinical QuantiFERON QIAstat while strength CER the panels gains QIAstat delivered testing and NeuMoDx, Diagnostics, and so transitioning to double-digit Europe. system in sales double-digit NeuMoDx across non-COVID all latent test example another of significant PCR TB made the delivered underlying quarter in regions. with Meningitis our for CER The sales growth progress Diagnostics both for good also use. growth GI

and CER PCR of uptake portfolio sales instruments with digital increasing the region. The of consumable application double-digit system an and all placement QIAcuity solid kit across growth delivered

maintaining third a good As we message, a of level are profitability.

or actively organically investments into our make while level cost a to non-organically with managing discipline. continue high of business We

XXXX. And year as a our reaffirming last are full we for message, outlook

We our mind developments. in remain goals the for data on agile are teams new proactive, Our addressing year. to deliver any

CER $X.XX for and expect we to $X.XX at least continue adjusted sales billion CER at least at XXXX, again. EPS of For of

this Of this in growth like to the did is outlook portfolio non-COVID goal in course, for just quarter. to full we double-digit the key sales CER first deliver our year

pre-pandemic also of sales then in products significant around are the those forecasting for $XXX of We redeployed for a those level sales testing. decline Remember XXXX sales. from COVID-XX million that to compare in were COVID that

worldwide We solid a knowledge have pipeline strong do and support solid to of the the portfolio, our instrument have a and customer we ambitions growth deliver. team to

look his success Chairman, we like diagnostic last Diagnostics. Steve long and valuable of Supervisory Rusckowski would CEO our his QIAGEN. President career a to to of in to and Steve indeed know tenures the Many you to contribution point, has again industry Board. the of I Steve at forward welcome As Quest once future from remarkable the

to would in a greater hand detail. our review over like results Roland for by I now to

Thank thank on as you for today you, and me everyone, joining Thierry. well call. this Hello, us

Let some results on me first the our for review and later quarter outlook. the provide perspectives

the were million. These down rates period net was a XXXX, to expected XXXX US$XXX COVID-XX sales XX% first revenues. quarter of of quarter exchange First compared results sizable at constant which as were

decline the groups were growth time, areas product The XX% that the Technologies latent Sample to the and was TB XX%. in non-COVID delivered CER actual million. At US$XXX at same strong outperformed portfolios. teams the the revenues the QuantiFERON our Among

reagent good The trends our than robust Instrument of lower business a sales Also, platforms. more on overall across we year-over-year basis. will rental was sales. placements capital saw most

and since approach visibility to multi-year are benefits purchases. are the to this for consumable commitments placements linked There

the product instrument to XX% gains. group Sample In let’s terms of and solid of start supported sales. represented growth one-third Sample sales product in total among from represents by XX continued applications Technologies. group sales product sales about with with the non-COVID technologies trend over also This groups, of four that

The on and one with TB driver represents regions. is QuantiFERON latent the solutions was CER all also main about group test sort product rising second in of sales XX% our Diagnostic sales. growth

from gold a the as based skin tuberculin blood continue We see to strong test to modern conversion standard. QuantiFERON

same testing. period. off mentioned Thierry same other also XXXX sales products year group, for the for syndromic first of higher The ago COVID-XX time, than the the this the was applications due as testing in in for other of quarter to case over Among sales system were QIAstat-Dx NeuMoDx. At the declined drop

product PCR rate, Nucleic group. the testing. PCR / amplification this product at in growing a in digital non-COVID groups rose acid further In the on double-digit instrumentation utilization. XX% significant The for by sales use QIAcuity but offset kits any to maintained QIAGEN decline the by first system and Moving than sales solid growth sales in was COVID-XX business. of CER Insight CER more sales a above single Sales growth supported over group, growth a over NGS Genomics sales, by quarter of These Digital XX% mid represents and product group / digit were at the CER product non-COVID sequencer in the rate total XXXX. rose of for bioinformatics universal NGS consumables which

all decline a geographic in first in three overall quarter regions sales. had on again the Looking due lower XXXX COVID-XX over of to and sales period at sales ago the the basis, year

across QuantiFERON trends and Americas United well The EMEA product solid the Kingdom, life a the Europe groups countries East customer in region, classes. QX Germany, benefited Americas this as and performing for in France the sales growth compared [indiscernible] both regions to However, and were / at pace science excluding Italy XXXX. Africa Middle / the top the from in COVID-XX double-digit CER

to decline largely sales XXXX. the a in compared Japan of / China to XX% due headwinds quarter of region first XXXX. COVID CER This first the unchanged over of quarter were non-COVID In from Asia-Pacific significant the reflected

We continue over in monitor see and the the year. closely China improvement non-COVID to groups to of course situation expect the in product trends the

least were XXXX Adjusted of for outlook, was same $X.XX Let income exchange me the Results first due of the was first $X.XXCER. constant and currency the it’s also line the quarter for above actual headwinds. rates statement. as small comment first for at XX%, on EPS rate the quarter our to rates at and quarter was tax which rest $X.XX is outlook of in at adverse XXXX. the the Adjusted the

at sales COVID Adjusted margin with of the reflected is sales along decline start XX.X% in came the for XX.X% first this sales. The at adjusted of operating cost the XXXX. to income operating result in adjusted an investments over good year. margin income and key significant quarter R&D was of Among higher the a factors, related

in XXXX, to likely XX.X% a the we full about level of range sales. year in of For are the XX% see to

in same of period the due built of transitioning up utilization address product and now the rose that XXXX pillars pandemic sales investments the to we the capacity of on is investments over and at R&D in to to the XX.X% part to growth. end This into were five other applications. high due

about XX% of level sales. year of full a expect we Here,

engagement. system teams, marketing scalable hand, we’re at sales, Sales is categories. digital of the efficiencies as our while investments upgrade X.X% including increased expenses and represented and security. and mix XXXX gaining were our was General XX.X% other of also QX of This lowest other and IT administrative expenses than in into into we On an through of customer of lower SAP cyber a sales. making a systems, levels

lower Turning level the of for the compared March At in regions time, particular capital Results working and also first of the to requirements, lower for the XXXX Results levels increase an of cash sales quarter first included reflected XXXX. profit flow. the period XXXX quarter same higher of for with about than inventories first outstanding across to in a availability. to of accounts all days receivables from about XX days product of the in were ensure year same XXXX sales XXXX. XX in

as balance at of our million of XX, net debt sheet, consolidated end million March terms XXXX compared XXXX. at the US$XXX.X US$XXX.X stood of In to total

this at December Our first of the the and as liquidity $X.X compares $X.X position quarter was XX, end of XXXX. billion billion to

to at the X.X our compared XXXX. result, ratio times, adjusted to a was times leverage end X.X net As EBITDA of debt

the of Also, have US$XXX keep maturity quarter this approximately in reaching of in mind year. debt that million we short

M&A. identification sequencing through our using top of offering products. our build is forensics Verogen the strengthen are healthy example up and A sheet and to a balance with recent expand human investments to targeted acquisition business the business and related We

prices. on fit We with in opportunities a of discipline and continue acquisition additional financial to terms keen focus strategic review

like would I now hand back to Thierry.

a Thanks Roland. lot

allow please the on few the give teams a details progress by of last to our in Now, made me some portfolio you quarter.

in our XXX the more of where for QIAstat panel. being diseases are in diagnostic been First, solutions, our entry their This used platform has launched Japan in diagnostic to instruments syndromic with already settings. various diagnostic than into the QIAstat starting respiratory patient testing countries Japan, adds diagnostic other

QIAstat other for the now systems of with and we end strong key and respiratory, in worldwide. placement meningitis At quarter, X,XXX over driver panel. the new GI, first placed Europe offering had gastrointestinal in includes The countries the the many

in to expanding demands continue good U.S., teams also where the We menu. our the work on

in an of year. this As middle meningitis expect this and an on the panel submit FDA we second to gastrointestinal also of we half panel the the expect decision the example, year in

infections, blood pneumonia on we developing complex solutions, infections. are that good Diagnostics these new have in test urinary we gained certification IVDR. [ph]. made tract integrated applications and this panels, in under and QuantiFERON-TB the for certification In Now Medical Devices have the important TB-Plus has related IVDR as Europe such Also successfully of progress clinical new three the group already status, assets revised NeuMoDx a Regulation, The systems Vitro QuantiFERON joins that means other received QIAGEN Diagnostic panels products that including PCR upgraded new

We physicians Task also Services Preventive positive latent continues week reaffirmation by without the in be screening U.S. screening recommendation the of co-payments. this that it available primary welcome B is means adult care important TB Force populations. very because This for to certain by the

our validate portfolio, and and TIBSOVO that companion can agreement PCR developing global we pharmaceutical be for indeed a diagnostic this Together IDHX a a myeloid Servier, agreement, revenues gene codevelopment product Under portfolio leukemia. companion in is of patients whole as are will the we treatment group. QIAGEN are blood also aspirates. an acute our a bone marrow to used This leukemia Our myeloid in test this area important partners company. detect through Servier, added in to and and develop acute with new with diagnostics of list for pharma mutations

QIAGEN PCR, digital than QIAGEN And generation probably pharma company PCR NGS reminder, developments for NGS product Genomics samples liquid to as offering use universal the a and a more group, our biotech in we In hours. As master is next libraries sequencer. a collaboration less customers These of reminder, QIAGEN recent group key of These and diseases biopsy sequencing XX in global provider than strengthen Panels today also as any QIAseq the diagnostic new and companies. panels cancer other DNA Targeted companion kits of has among launched as Ultra researching on ready the sequencing into further turn a agreements with and consumables. for format. eight allow position only cellfree of

world the value of can advancements. empowered to that see portfolio therefore You additional hard our build teams all are working through

such applications have year QIAstat as for As expansions on more and we and QIAcuity diagnostic PCR planned, for we use some additional on submissions digital the NeuMoDx. tests key through move

Roland details to for outlook on our back more Now QX XXXX.

Thierry. you, thank Yes,

me our and XXXX for provide Let perspectives quarter. on for also outlook the more second

U.S. As of and we reaffirmed clearly the share sales mentioned through least full-year in at sales for double-digit groups. product $X.XX have headwinds. CER growing work rates at products non-COVID non-COVID billion pandemic is earlier, the outlook constant for exchange from The as growth we sales the

of our from portfolio strengths of is XX% total with consumables, One of over sales. share revenues which high our represent a recurring

clearly the terms time, heard level have to have also our new are that you we groups from other among interest. due proposition At seeing This trends customer we of is instrument the seeing are positive As value caution and various in same in companies, offer. platforms some to customer placements the of purchases.

regions, keeping trends year. in the are and eye an they terms on how develop In we of during China

Another watching in orders area can this a involves be the OEM from past, our we is business. is are This industry closely volatile. where have we ordering seen and larger as business suppliers, other

$X.XX of $X.XX acquisition. about profitability, reaffirmed the also constant at exchanges for of the outlook terms This In Verogen at EPS the rates. adjusted dilution have for we includes

we Moving also at at set net share per outlook sales the the earnings to to be least second rates. healthy seen restrictions of U.S. results customer XXXX, quarter, least million have at $XXX eased. to Adjusted expected are constant for the increased XXXX $X.XX which was same has quarter be for per outlook of the in exchange at share, against demand were This of rate. non-COVID marked by period after exchange constant pandemic second an

movements, and both rates XXXX. quarter as based for EPS year and impact for of second currency net expect sales for on and neutral As X, May both on we adjusted the full a

to like back to hand would I Thierry. Now

the Roland lot a of end we preliminary are And our Thanks again. once comments. back coming to

you provide move me we recap let of session. into before So with key messages quick the Q&A our a

start We non-COVID for our sales, the solid a exceeded of results double-digit First, the in gains by CER show driven the for base first quarter the business. outlook year.

reminder, delivered non-COVID row double-digit quarter our in have a growth the Xth is a groups. we CER this product As in

exceeded business. to also for of We outlook course per in earnings share while continuing areas our our invest adjusted of key

committed teams on our our are to focused and on Second, delivering execution goals.

portfolio our of for for number a have ahead We important developments XXXX. products across our

maintaining Third, healthy our we sheet business. profitability balance a strengthen using strong our profile and to are

also Our in shareholders. its disciplined capital and targeted allocation policy to has proven M&A returns value supporting internal investments, well increasing

are we for our lastly, And full year outlook XXXX. reaffirming

CER to continue portfolio against group significant non-COVID full sales. We COVID-XX the year decline in product a expect in double-digit sales growth

our management start closing, with trends in as In year a are while usual and discipline uncertain this eye to off macro strong a we cost on sharp investments. addressing

growth Our this solid the mid-term teams determination on see the a QIAGEN trajectory. for with on are following course We through deliver. year agility progress goals important to setting to as for and

like with Thanks lot the to your hand and attention. a John for to Q&A that, And back session. I the would operator for now

Thank [Operator question from first comes with The William you. Blair. Brackmann Instructions] Andrew

start afternoon just questions. Hi, Good here. the commentary. appreciate for guidance you. guys. Maybe on to all Thanks taking the I to

assisting there? you and that maybe But much the I that I quantify durability think on tech, low real left we instrument But about you of help should Thanks. process the of how nice think upgrades no if think are upgrade double-digit, runway we just how some non-COVID it’s there. and called maybe I But straightforward as growth quarter. growth? out is surprises. in of where can obviously, sort ask in could Sample

what to as comment, we say a year. have And for saying Andrew. would reason I have been change very no lot a we quick Thanks

Sample and First XXXX, gain shares. of strengthened our which we Why? in to a for our portfolio leadership of has First tech what digit This this us is automated DNA. also growth is was COVID-XX perfectly where because expecting part leadership and solutions. on manual mid-single still we our have all, of target. helped all, is said therefore, clear on back And market

systematically Second, instrument where for so. four only the our we in years, do will because and continue company the have we offer are we to upgraded domain this probably last

every Is As it features Connect. became customers. two? reminder, our QIAcube differentiated it And a QIAcube time is became, for we one

for as an have version launch flagship us And have protocols. will well. revolutionary to we third, our continued upgraded launch for QIAsymphony to innovation, We example, gave instrument opportunity because a completely COVID, the liquid-based

soil for Sample biopsy, liquid We plant example. continue analysis, analysis. very to microbiome, application, useful for invest research in tech

this was for in have digit believe we this I COVID-XX overall, believe So mid-single strengthened with tech post-COVID-XX, to growth portfolio. Sample a we our continue and dominance

Morgan next our from you. take We’ll Thank with question Noor Aisyah Stanley.

Good afternoon. the taking question. for Thanks

pricing. been in April, quarter? through in you comment on what Just able you. you launch of the are kind Japan? for in separately the to And expecting in you’ve on Could since levels the one pricing pricing QIAstat Japan Thank put

Aisyah. question, the for Thanks

exceptional So highlighting November, in on every January all, a year it’s it’s the tradition year because Last much year pricing, price year. in It again and price that to first year. in the an July, we also price a January X.XX% context. around every to communicated had increase another December, X% increase higher increase customers QIAGEN to traditional passed each we and we at passed was preparation worth starts on bit specific June, X%. inflationary is last around addition around of that passed Therefore,

X.X% this off. And of a around to And price in this new we January is normalized more X%. paying passed year, increase over

objective. quality. Japan, innovations price for on a sells talking our in and our this the I’m monitor XXXX. To in on your against guidance for is guidance every clear obviously factored year. And objective QIAGEN fully progresses we numbers have week. the in question We number This

of you automation has for of yes deliver testing level respiratory value, an CT the ability values know, syndromic just no panel for lot as compared to syndromic to unprecedented and answer. a Our

no would in per be will there global for price, and decrease in is between price €XX respiratory panel we a to basically panel. basically the Japan Japan So which reason price $XXX know, as the you of a the is, in the framework

take our We’ll Dan next with from Arias question Stifel.

the Yes, to use. the obviously from this COVID Roland like hi sound does some COVID is middle that’s it guys. the the non-COVID of with NeuMoDx, a Thierry adoption. in Thanks use But heavy questions. lower transition progress or on platform making you’re for

utilization about things but to it is levels the to end able know pull really be Thanks don’t so that think and today that peak? be looks the compared through, to year on what up I just in for you some terms just of you saw context usage you annualized basis We would a would you the So can relative you put backup where for understand or talk at much. a trajectory helpful. platform? like where COVID

mid Thanks supposed laboratories to per a back all, NeuMoDx one, of throughput as in the to obviously And reminder, of NeuMoDx is the I’ll lot high meaningful to system. quick addresses diseases PCR bring come that. first pull mainly, which means volume utilization Dan. infectious a number that through system in full

a In already viruses, very of usage This geographies, the C, are hepatitis diseases the B, by especially in we U.S. situation in less during are COVID on already we COVID. performance which said Second, It up to in where we XXXX, infectious every see speak. one in application. we hepatitis submissions is [ph] moment, is year, sexually some in XX%, continue why HIV, Europe. transmitted U.S., COVID was utilization blood-borne to non-COVID by driven pleased positive have menu at obviously, diseases, menu, XX% which years progression, the the already of for is Europe includes where It the have the to XXXX. that the available true NeuMoDx. up we U.S. in we largest more the the forecast of example, we NeuMoDx for as the as for also than that in in NeuMoDx and a CTNG was bit obviously driven disclosed by two But much very is last we

of on But NeuMoDx, the U.S., where laboratory customers the regulated also randomly that be market fantastic at feature either for the platform forget moment for which in can is to developed use only the tests. can system do assays the the not we or leverage

success the we that’s the strength obviously continue FDA. key to the want every to and So to factor for That’s year NeuMoDx. submit

and But volume, Europe, of in in an complete year of the which two Now, configuration around question, be precisely to system platform NeuMoDx, a when starts need that we a not plus on higher your mid utilization the have full mind. flu still to full volume. per is you in XXX understand expecting in XX case once normal a system, to the and average $XXX,XXX the system of menu, again the case have the U.S., the is what should it’s we

question take We’ll of from America. next Derik our De Thank Bruin Bank you. with

your for there we could terms Hi, you this great? the still the you to given operating margin wanted on your seeing And you’re headwind compared the how this any XXXX? into update John if would you. that that going on And of course. of be region, rest I And is in expectations? for in should How outlook this is are Thank quarter the of reinvesting have year? you China, ask to progression, expectations for on think Derik. about us and that margin

on Roland, like Thank would margin and you take I can you., chime propose, then I to in Derik. question What the on China?

clearly we is leverage is the we clearly course to so. side. in pillars [ph], into Hi, I do the on we the to quite or John. healthy less a happy year. more expect do of Yes, obvious do five our general invest sequentially that of over operational that no, think have actually us continue growth. Yes, improvements it’s margin what said before for there R&D opportunities

QX of the what for probably Nevertheless expect also normal be bit you course higher than to should year. a was here the

the going that think XX% is say revenues. of I to around let’s normalize So

SG&A. to benefits around We operational continue will see

general have will digitalization for course, will Our still some strategy be is And us. go has an of to in important impact. scale way and lean

expect course but XXXX. not of margin progression clearly over clearly outs XXXX the into moving we only So

Thank you, Roland.

to China, is X% which our some of remind mean need all, than peers. exposure around that we I limited X% first our everybody more Regarding to our is probably to of of China, global sales

However, very do authorities size, under is the specific It’s localizing world in second it’s an China. activities market. market. the pressure as significant make China important but a the to sure that we which from consider people probably market It’s in a market are in

So it’s about China, and research in selling more China. and it’s not about to even manufacturing doing development

we QIAGEN? How do that our address portfolio. we First we site do have so a manufacturing, Zhangjiang in of of at are all, localize for local part and R&D to equipped

which fully sales and more and the we products. It’s probably brand Second, marketing standpoint specific and China brand, from have in which revenues, in a also is is from China independently made QIAGEN a China. China global is but second bit original second differentiated, completely our selling consolidated in behaving in which a

XXXX back in but in So sales had QX we We science to down. of to quite come life COVID very in QX, impact from first have diagnostic, has some gone China. all, also base of in This some much effect. a

If you at QX, sales slightly it’s compensate China, but base effect obviously for doesn’t the positive the it in non-COVID look of non-COVID. the

remain improve for quarter-after-quarter sequentially we the activities reasons. should positive that non-COVID However, two

improve economy because overall locally, the believe our second, all, quarter-after-quarter. the Chinese strength secondary of and nature of because and will also of First we portfolio that

summarize. attention, to ups market. and specificities to I So and down would This local of how little adjustment exposure is the

take with from our question Berenberg. next Odysseas Manesiotis We’ll you. Thank

that platform color got Tech it for Could been Sample the On help lot taking the high-single a platforms timelines you at next other Hi, your please. on thanks your Sample here. that key well. years could trajectory sensible be QIAsymphony couple Would please other be of my with to Boost, quite think I’ve a that upgrading? received for the a digital have and bit And for for specifications you’ll Tech? taking three, more seeing questions. growth a few upgrades your this share digits

couple a quick then Roland. ones for And of

essentially, you dynamics be year, in quarters? dynamics, full have give between but COVID-related million on pronounced do sales you’re description you. guiding $XX for been resilient groups and your sales So around what lastly, more this the divisions quarter, product not us expect And split are the to interest Thank please the understand could these for others? rough how as following you COVID-related of a which than

you. Roland, the to interest Sample COVID move split? on like Thank would you QIAsymphony And take to the I’ll and Tech. then

so. also, hello And to happy from side. Yes. my do Yes,

as done past in I COVID think I said, the as On the we split, haven’t well. so

We’re even to not is down. the rather we confusion others. stop to going that that it looking this forward later talking break or rather about end stop because year COVID We can’t of have we more about than that sometimes

So again total really be you’ve want and you’ll I don’t it released further. think seen the COVID are break numbers to down

the said, full the also a out. that think as refinance what most we have and right clearly run income, cash QIAGEN probably expectation as well. seen there the likely I interest year that are now to a an developments said have as you million so to On you I clearly But have to seen well, repayment here for it’s script think recent I we third quarter in as in where planning $XXX well a not in you it, have the mind is performance QX

get So I think to numbers. probably that explains how our we

Thank you, the for two really the is Sample thank to accepting Roland. value of precedent Boost Tech, And coming all, QIAcube market of [indiscernible] back QIAsymphony The Connect first acknowledging and yes, indeed. so upgrades comments, the and you

solution platform. QIAsymphony, is a a half to platform new the the of a by first per let’s that want having upgrade remarkable of Boost, us leading market we is the of And it, still leading number current healthy highlight for launching of QIAsymphony all, year, Regarding placement probably the which XXXX. second which is

features, mind, and liquid volume going around an today, without for be is application be which of even system much invest one higher being disclosing company. I’m higher biopsy. sorry, of for throughput believe input, our is our We have for one which which In – to too key extremely to different option could continuing in we that

TD Cowen. with our take Dan We’ll Brennan you. next Thank question from

you. Thank a Maybe Thanks two-parter. the Great. question. just for taking

just clinical kind there’s excitement new last been First instruments here on of a of obviously back you like launched in focus being but one, side, sequencing, obviously the the a just been lot with of year, just envision MRD. of kind informatics, lot I’m just volatile flavor some of give the growth positioning, of half trends on a there’s the strategic wondering that there. from sample QIAGEN, for your and for us type prep

wondering for with as the plan And balance you’ve question a prudent kind deployment levered, on you. the of just of capital under very then we out. modest pretty had been what’s secondly tuck-in sheet, kind look Thank just deals,

Roland, on and one and to sheet Roland? yes, capital take we’ll clearly, on to sequencing want and but then move go then on UNGS. – to they’re delivered, we’ll the and deployment, you balance and the strategy

since significant to our continue happy serving performance I’m would allocation cash us more with. clearly actually policy, – Dan. do think a No, I one still also quite course, QIAGEN have less same so. had stretch that we is is comment capital that believe say or the at I which it’s Yes, and a hi, fair And to generating of XXXX of we flows. an At the we exciting a actual well, want also time

by they and combination a it’ll for reviewing last added but a business again share will next opportunity example if the also less larger a also And as asking bolt-on going mainly be also be giving for the is to on buyback share more him example of buyback do for AGM, there’ll least, for well. forward or So our targeted review will investment organically, not opportunities acquisitions. also now you documents

fast so I So to do with the we us and that. mix continue soft quite want well think

sequencing, UNGS I’d first, we the on in of platform believe that like XXXX, question chemistry, not bioinformatics when decided fully where to decision. also the I agnostic, to end really the to and coming already that but remind at only took So we become right for agnostic, we were platform

proving value, market as that Illumina, you cannot in go to number different I if is with is or we can well market. established chemistry, QIAGEN the you as do three invest what single this BGI, solutions. midcap, And X we everywhere to us take in mean, the leadership the exactly all to the NGS. number all they try bioinformatic anywhere will Again, position talk we the been have obviously to a element, platform, pack they one universal the on and the and doing level as need one, between wrong. we work tell And newcomers the

for QIAGEN. collaboration, If or you were presentation element pack standpoint a at chemistry satisfaction their the JPMorgan, example, especially value probably you with again, saw with from highlighting their of

it. right to the market So take I it think was the is and decision confirming

QIAGEN, a I as at As a grow overall bioinformatic solution a again, chemistry is which not mix solution. see double-digit. portfolio and reminder, to continue UNGS we result, don’t of for the at should why

digit should we new one number expecting growth invest to And solution. a have We as I new to today know, grow the even think double to and is at to why bioinformatic that This explained we in solution we chemistry as activity you is what a mind. moment in continue in want continue the clearly are means give faster. we that

Thank from you. Woodring next Casey our We’ll take with question JPMorgan.

for thanks my questions. Hi, taking

on Curious given there? cautious macro. towards from from what in instruments you would customers customers you impact the just this Thanks. can mentioned what talk seeing particularly from hear the book you’re to particular in your seeing feel order instruments. specific cautiousness And So then maybe trends spending you’re and some Europe

reagent you from than rental. in be post-COVID hint, And invest, been part feel of when slowdown significant it least in that we for always rentals. to Roland was but to the Thank do you obviously you a that might asked, last We reagent sales? placement think I that have favored as platforms of reagent Roland. or chime do free will a say much there is at sales. were and is half Casey. a very are now will believe but year pure we renew favor the that the clear to That continue which instrument more way no, a and But capital QIAGEN to here, a the saying we quick said, want whenever market rentals change first bit in used company

We many have years. been doing that for

gives pre-annual on pull the consumption will on do clear Roland as and to expected through a explained We the normally basis. continue It visibility today. so

every where here key success site, a the monitor is place. clearly And reagent you key success the obviously – factor have in rental

for they to be is still it’ll case, clearly is are coming a movement – the not year is customers diagnostic. which and but is always still primarily think continue a which This going buying. probably a to In I’m buying. year saying of are I half. comment movement the is clinical that primarily that in this true science, life most

across I you of of sales, the placement lines, as healthy and situation one it’s performance capital instruments at is Tech, QIAstat, today. healthy, the And in healthy so progression whether when look a quarter, or it’s a think This Sample QIAcuity. it’s the the

take Patrick with our you. Citi. Donnelly We’ll from question next Thank

Hey about questions. conversion in mean, there. another you market? on but been what it obviously taking the one thank you’re seems I for Thierry, seeing anything. strong Can just the stronger, getting QuantiFERON, for years, talk maybe be guys, has quarter the going really on if to you

and there then maybe forward. maybe change, about really if on just just and any seeing core the going thinking saw what the you one how competitive market dynamics, that to it quick you’re So durability strength a just but you’re the and

Patrick. is matter question, Yes. for thanks So the of satisfaction. obviously a QuantiFERON

and volume. partnership moment it, of countries, geographies. traditional price, QuantiFERON an time do LIAISON. one, normal second, is Anytime most a customer across So it on convert is the example, to automation increase we with global? really a for main we one, translates XG, what developed premium We of the into do working. the at America, very the North the see In the DiaSorin with lesson across It’s Europe,

that main the has cumbersome to patient represent on just competition, number Because your launched system have know need VIDAS. Second, But question skin the the we twice a the PerkinElmer. rumored. for I know still antiquated that the potential there technologies, you the a on to good that remind by the to to been all a acquired segue way. has by world. skin yes, And Oxford potential. conversion clinician, fact We bioMérieux Immunotec over test. of a been tests that’s technologies still that for go We And competitor you, of convert here significant is

to around skin million world, XX six-zero. test all estimate be this over number we And the

XX, take of X-X million geography the things. Geographically, of in is Europe If skin a we we continue you And here North North it’s skin performance test. clearly mature America part to like and because in leverage test. progress already less make America, two the of countries, conversion

product the no There with level the of QuantiFERON. around of value level that publication. of is One, unprecedented other publication

years guidelines. Second, into, works. education, for for this medical medical of investment pushing example, And

You have in continue countries. see for that extending in published Brazil we your us that for have you low $XXX say, end Not All we seen, that a can on to, example, still what double doubled growth other bet profile million, to this of we to performance. and makes it’s for – a let’s for at digit reach when growth the $XXX believe many double already QuantiFERON. guidelines activity we workers. we continue more, this healthcare example, reason. that just year grow a continue digit becoming pessimistic, million are digit, Obviously, We it’s the one target for we

Sourbeer question take Thank you. UBS. with our last from John We’ll

taking thanks question. the Hi, for

to on potential here as continue a Just bit across and And with well? digital pharma others expansion few the Thanks. into the talk sales digging there. market customer just clinical then PCR on you there? a any entering QIAcuity little a research, menu be the on strong thoughts digital PCR platform, mix landscape Can competitive couple and

be very half Thanks, growth it’s And John. the dynamics. question, market. total this moment. But what is I the your market probably second million of the at is the that is important continue around $XXX market with starting coming market to beyond that And believe confirm this of that the clearly the a value market. this already for I years, growth. at And this we really believe go in if total is a around $X years, billion. around will billion you see we three three dynamic that $X

a share a now to and including at we life this portfolio. really very One, QIAcuity When QIAcuity leadership. dynamic our you reminder, the science take it’s for mix moment, refer on product first can of So one. customers, is market significant

you our one of kind system. customers, and targeting we So placement plate mainly are research, where will plate academia, three what see we four mainly call of

system. And since here the obviously eight the plate of year pharma menu, throughput sales we the biopharma of our market, second be higher half with the launch and targeting of where will our last

clinical In as As regulated platform it preparing a we market make well. to market, perfectly track. disclosed to word, of we we are launch have are the we other the the and on to QIAcuity want

have by be we strategy XXXX At able that’s said the we the oncology. moment, and biggest in platform as believe J.P. will QX the we submit believe there We FDA IVDR this most Morgan, that our to to quickly market application with addressable and that start of to the is at in moment, QIAcuity the clinical.

basically be blood-based be bone The the that based will this cancers. albeit, for will year platform blood liquid first launched assay QIAcuity or regulated – on

of application, for option moment, different at There We are interesting neurologic so are including we of contribution for little with there this little far, moving well. in part partnership. step. the or opportunities we have neuro message to diseases biopharma year, strategic – also XXXX QX starting last launched – menu completely oncology life by might solutions because also The first of open well as key be pharma clinical even priority a to science aware that example, disease the as infectious growing first

the Thierry. and I’d you, Thank support to end for your Okay. that, QIAGEN. appreciate And with call like here

you please Bye-Bye. any If again. up me. not topics, to hesitate Thank have follow questions you, do and TB or contact

call. joining for Ladies concludes Goodbye. Thank have and pleasant conference gentlemen, the a this you and day.