QIAGEN: Solid Q2 print. FX impact in H2 does not cast doubt on strong underlying growth.
QIAGEN: (BUY, Fair Value EUR35 (+11%))Solid Q2 print. FX impact in H2 does not cast doubt on strong underlying growth. BUY
QIAGEN delivered a strong Q2 with sales up 6%CER, 50bp ahead of consensus. MDx drove growth supported by 1/ Q-TB for which we believe that the latest developments should have a positive short- and mid-term impact as well as 2/ revenue recognition from CDx. The Adj. Op. Inc. margin is up 200bp to 27%, out of which a 80bp contribution from the gross margin. EPS is 3% ahead of expectations at 0.33cts. Underlying guidance for Q3 falls in-line with consensus and FY2018 outlook is reiterated. FX impact higher than expectations in H2 2018 do not change our BUY thesis.
Qiagen is provider of Sample to Insight solutions to transform biological materials into valuable molecular insights. Co.'s sample technologies process DNA, RNA and proteins from blood, tissue and other materials. Assay technologies make these biomolecules visible and ready for analysis. Bioinformatics software interprets data. Automation solutions unite these together in molecular testing workflows. Co. provides these workflows to four classes: Molecular Diagnostics (human healthcare), Applied Testing (forensics, veterinary testing and food safety), Pharma (pharmaceutical and biotechnology companies) and Academia (life sciences research). Co. markets its products in more than 130 countries.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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