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QIAGEN’s QGEN business is expected to get a boost from its growing molecular diagnostic market, expanded test menu and growth-driving strategic collaborations. Yet, a challenging macro environment and an intensely competitive market may dent its results of operations. The stock carries a Zacks Rank #3 (Hold) currently.
Factors Driving Growth for QGEN Stock
QIAGEN offers one of the broadest portfolios of molecular technologies for healthcare. Its range of assays for diseases and biomarkers speeds up and simplifies laboratory workflow and standardizes many lab procedures.
The company has established itself as a preferred partner to co-develop companion diagnostics paired with targeted drugs, together with a rich pipeline of molecular tests transforming the treatment of cancer and other diseases. QGEN has more than 30 master collaboration agreements with pharmaceutical industry customers, some with multiple co-development projects. The company noted the expansion of QIAstat into new applications with pharma partners for companion diagnostics. During the second quarter, QIAGEN entered into a new partnership with the U.S. Federal Bureau of Investigation (FBI) to develop a first-of-its-kind digital PCR, which boosts forensics analytics.
In the second quarter of 2024, the 8% CER growth in the Diagnostic Solutions product group underscored the strength and resilience of the company’s portfolio mix. The growth was led by high-single-digit CER gains in consumables sales. The QIAstat- Dx testing system achieved double-digit sales growth, driven by significant gains in consumables and an ongoing good level of instrument placement.
To support internal growth, QIAGEN heavily invests in research and development for the menu expansion of its key platforms.
QIAGEN N.V. Price
QIAGEN N.V. price | QIAGEN N.V. Quote
The second quarter of 2024 saw numerous developments, such as the launch of the Investigator Quantiplex Pro FLX kit, which offers forensic laboratories a high level of sensitivity when processing forensics samples. Within the digital PCR platform QIAcuity, the company launched 35 new wet-lab tested digital PCR Microbial DNA Detection Assays and a new digital PCR Custom Assay Design Tool for copy number variation analysis.
In terms of strategic collaborations, in the second quarter, the company collaborated with Myriad Genetics to develop a globally distributable kit-based test for analyzing the Homologous Recombination Deficiency status. In January, the company, in collaboration with Penn State University, helped shape research, education and outreach in microbiomes.
The stock has gained 11.4% in a year compared with the industry’s 0.7% rise. With the company strategically expanding through innovation and synergistic deals, as well as expanding its business footprint, we expect the stock to continue its upward movement in the coming days.
Factors Weighing on QIAGEN Stock
QIAGEN currently markets products in more than 100 countries. Its international operations are subject to a variety of risks arising from the economy, political outlook, language and cultural barriers in the countries it operates. In many of these emerging markets, QIAGEN faces several risks, which include economies that may be dependent on only a few products and are therefore subject to significant fluctuations, weak legal systems that may affect its ability to enforce contractual rights, exchange controls, unstable governments and privatization or other government actions affecting the flow of goods and currency.
In the quarter under review, the company’s sales in the Asia-Pacific Japan region declined at a low-single-digit CER rate. Sales in China declined at a single-digit CER rate, reflecting the macro challenges in this market that are likely to stay for a while. The industry-wide trend of logistical challenges, arising from growing geopolitical complexities in recent days as well as supply shortages of healthcare labor globally, might result in a deteriorated margin scenario for QIAGEN going forward.
Considering QIAGEN’s huge gamut of services, the company is also susceptible to competitive headwinds. The company is facing increasing competition from firms that provide competitive pre-analytical solutions and other products used by QIAGEN’s customers. The markets for some of the company’s products are very competitive and price-sensitive.
Other product suppliers may have significant advantages in terms of financial, operational, sales and marketing resources and experience in research and development. According to the company, customers in the market for pre-analytical sample technologies and assay technologies display significant loyalty to their initial supplier of a particular product. As a result, it may be not easy to convert customers who have purchased products from competitors.
Key Picks
Some better-ranked stocks in the broader medical space are Intuitive Surgical ISRG, TransMedics Group TMDX and Boston Scientific BSX. While Intuitive Surgical and TransMedics currently sport a Zacks Rank #1 (Strong Buy) each, Boston Scientific carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Intuitive Surgical’s shares have surged 64.8% in the past year. Estimates for the company’s earnings have remained constant at $1.67 per share for 2024 in the past 30 days.
ISRG’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 8.97%. In the last reported quarter, it posted an earnings surprise of 16.34%.
Estimates for TransMedics’ 2024 EPS have moved up 2.5% to $1.23 in the past 30 days. Shares of the company have soared 156.5% in the past year compared with the industry’s 17.5% growth.
TMDX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 287.50%. In the last reported quarter, it delivered an earnings surprise of 66.67%.
Estimates for Boston Scientific’s 2024 EPS have increased 3.4% to $2.40 in the past 60 days. In the past year, shares of BSX have risen 57.6% compared with the industry’s 19.5% growth.
In the last reported quarter, BSX delivered an earnings surprise of 6.90%. Its earnings surpassed estimates in each of the trailing four quarters, the average surprise being 7.18%.
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QIAGEN N.V. QGEN announced the expansion of its strategic partnership with Bio-Manguinhos/Fiocruz, a leading vaccines and diagnostics supplier to the Brazilian Ministry of Health. Initiated in 2009, the expanded collaboration allows Bio-Manguinhos to launch an advanced PCR (Polymerase Chain Reaction)-based molecular screening platform to detect malaria alongside HIV, hepatitis B and C virus, a capability previously unavailable in Brazil’s blood donation program. The recent development will also support epidemiological surveillance of Brazil’s ongoing dengue epidemic by composing dengue molecular kits based on unique collaborative chemistry.
Following the news, shares of QGEN declined 0.6% to $45.57 at yesterday’s close. However, the company is accelerating the introduction of cutting-edge products and capabilities to the market through tailored OEM (Original Equipment Manufacturer) offerings and extensive support for companies in the life sciences research, biotechnology and diagnostics sectors. Hence, we expect the market sentiment to remain positive around this news.
More on QIAGEN’s Expanded Collaboration
Brazil’s national blood screening program was launched in 2010, the largest blood donation safety initiative in its history. The advanced Brazilian Nucleic Acid Test (NAT Plus) platform, which utilizes QIAGEN’s PCR reagents, was recently rolled out as part of the program. The latest advancement improves transfusional safety by detecting malaria and closing the “diagnostic window” between the time of infection and laboratory diagnosis. Since 2009, QIAGEN and Bio-Manguinhos have been partnering to equip the national blood screening program with advanced molecular testing solutions.
Presently, the NAT Plus platform is operational in 30 laboratories and is critical to safeguarding blood supplies in regions where these diseases are not endemic. It supports health surveillance within the blood transfusion system, engaging over 300 trained professionals across 14 chemotherapy centers and processing 3.5 million samples annually. QIAGEN will supply critical molecular biology technologies, custom solutions and comprehensive training to facilitate Brazil’s public health initiative. Under the terms of this agreement, the company’s solutions will be included in the screening kits and private labeled under the Bio-Manguinhos’ brand.
The collaboration also emphasizes the pivotal role of QIAGEN’s Strategic Partnerships and OEM Division, supporting more than 400 partners globally.
Industry Prospects Favoring QGEN
A report from the SkyQuest Technology Group valued the global PCR molecular diagnostics market at $17.8 billion in 2021, forecasted to witness a compound annual growth rate of 12.8% through 2030. The market is a fast-growing sector, driven by the need for accurate and timely diagnostic testing. The rising incidences of infectious diseases, genetic disorders and cancer create a substantial market opportunity for PCR molecular diagnostics. Furthermore, the growing awareness and adoption of precision medicine approaches further contribute to the market's potential for targeted therapies and personalized treatment regimens.
QIAGEN’s Recent Developments
Last week, QIAGEN teamed up with Eli Lilly and Company to support the development of a QIAstat-Dx in-vitro diagnostic to detect APOE (apolipoprotein E) genotypes in the diagnosis of Alzheimer’s disease. The panel will be integrated with QIAGEN's multiplex testing platform QIAstat-Dx, marking the first publicly disclosed collaboration for a clinical application of the system in neurodegenerative diseases and adding to two more collaborations for diagnostics development programs with other companies.
QGEN's Price Performance
In the past year, QGEN shares have gained 6% against the industry’s 2.2% fall.
QGEN’s Zacks Rank and Key Picks
QIAGEN currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Boston Scientific BSX, AxoGen AXGN and SiBone SIBN, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Boston Scientific’s shares have gained 58.4% in the past year. Estimates for the company’s earnings per share have remained constant at $2.40 in 2024 and $2.71 in 2025 in the past 30 days. BSX’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 7.2%. In the last reported quarter, it posted an earnings surprise of 6.9%.
Estimates for AxoGen’s 2024 loss per share have remained constant at 1 cent in the past 30 days. Shares of the company have surged 145% in the past year compared with the industry’s growth of 15.5%. AXGN’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 96.5%. In the last reported quarter, it delivered an earnings surprise of 200%.
Estimates for SiBone’s 2024 loss per share have remained constant at 89 cents in the past 30 days. Shares of the company have dropped 30.4% in the past year against the industry’s 15.5% growth. SIBN’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 13.4%. In the last reported quarter, it delivered an earnings surprise of 15.4%.
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