Earnings call: QIAGEN posts mixed Q1 results, reaffirms 2024 outlook

QIAGEN N. V. reported a 5% decline in net sales for the first quarter of 2024, totaling $462 million at constant exchange rates, compared to the same period last year. As the last point, we are reaffirming our full year 2024 outlook. The start of the year shows that we are building momentum to achieve our full year outlook for at least $2 billion of sales at CER. This represents at least 2% CER growth from the $1.97 billion in 2023 and also at least 3% CER growth in the non-COVID portfolio. We continue to expect growth in the QuantiFERON TB test of at least 10% CER while also expecting double-digit CER sales improvements from QIAcuity and QIAstat-Dx. Our QIAGEN Digital Insights business is also set to deliver growth at a double-digit CER pace for the year as well. As for currency movements and based on rates as of April 2026, we expect a neutral impact on full year net sales, but for an adverse impact of about $0.01 per share on adjusted EPS results. Our teams are committed to delivering on the full year adjusted operating income margin target of at least 28%. Efficiency initiatives are helping to create more flexibility and enhance our effectiveness across the QIAGEN organization. Can you just talk a little bit about going through each of those, what you're seeing? Are there different trends in China and just expectations as we work our way through the year there? Does it sound like you're overly optimistic on improvement, but I just want to talk through the outlook of the year there.