Q2 2025 Earnings Summary
- Strong QIAstat Performance: The company’s QIAstat platform delivered 41% growth, driven primarily by robust respiratory demand and successful instrument placements that exceeded quarterly targets (150 systems) across multiple geographies, underscoring strong market traction and reinforcing a bull case for sustained revenue growth.
- Improving Profitability and Margins: QGEN is benefiting from ongoing efficiency initiatives that have improved operating margins (targeting around 30%) and supported a solid adjusted EPS outlook (approximately $2.35 at CER), demonstrating disciplined cost management and operational leverage despite macroeconomic headwinds.
- Robust Product and M&A Pipeline: The company’s strategic focus on launching new Sample Technologies instruments and leveraging bolt-on acquisitions, along with a robust pipeline in digital and automation initiatives, positions QGEN well for future growth, further expanding its market share and value creation opportunities.
- Tariff and FX uncertainties: Management highlighted that tariffs remain unresolved and continue to pose a negative impact on margins, noting approximately a 90 basis point headwind, which adds uncertainty to future profitability.
- Weak performance in China: Executives reiterated that the Chinese market remains depressed with no expected rebound before 2026, which could weigh on overall revenue growth as this region contributes a meaningful portion of sales.
- Adverse impact from discontinued products: The discontinuation of products such as NeuMoDx and Dialynox resulted in a $20 million headwind on sales, suggesting potential challenges in maintaining core growth, especially heading into Q4.
| Metric | Period | Previous Guidance | Current Guidance | Change |
|---|---|---|---|---|
Net Sales Growth (Total) | FY 2025 | Approximately 4% at CER | 4% to 5% at CER | raised |
Core Portfolio Sales | FY 2025 | Approximately 5% at CER | 5% to 6% at CER | raised |
Adjusted EPS | FY 2025 | Approximately $2.35 at CER | Approximately $2.35 at CER | no change |
Currency Impact – Net Sales | FY 2025 | Neutral on net sales | Positive impact of about 1 percentage point on net sales | raised |
Currency Impact – EPS | FY 2025 | Negative impact of about $0.01 to $0.02 on EPS | Adverse impact of about $0.02 on EPS | no change |
Operational Margin Target | FY 2025 | At least 31% | About 30% | lowered |
Tariff Impact | FY 2025 | no prior guidance | About 90 basis points headwind on adjusted gross margin | no prior guidance |
Convertible Notes Redemption | FY 2025 | no prior guidance | $500 million payout in H2 2025 | no prior guidance |
Net Sales Growth (Total) | Q3 2025 | no prior guidance | At least 4% CER | no prior guidance |
Core Portfolio Sales | Q3 2025 | no prior guidance | At least 5% CER | no prior guidance |
Adjusted EPS | Q3 2025 | no prior guidance | At least $0.58 | no prior guidance |
Currency Impact – Net Sales | Q3 2025 | no prior guidance | Positive impact of up to 1 percentage point | no prior guidance |
Currency Impact – EPS | Q3 2025 | no prior guidance | Neutral on adjusted EPS | no prior guidance |
| Topic | Previous Mentions | Current Period | Trend |
|---|---|---|---|
QIAstat platform | In Q4 2024 the platform grew 25% CER with an expanding menu (respiratory, GI, meningitis) and in Q3 2024 it showed 40% CER growth with over 150 placements and menu expansion. | Q2 2025 saw 41% CER growth driven by strong respiratory demand, significant instrument placements (especially in North America) and expansion into GI and meningitis testing. | Recurring strong performance with enhanced growth |
QIAcuity digital PCR platform | In Q3 2024, QIAcuity expanded its assay portfolio and launched a clinical version with strong consumable growth and in Q4 2024 it improved multiplexing capabilities with ambitions toward a $250M revenue target by 2028. | Q2 2025 reported double-digit CER growth in consumables, strategic partnerships for oncology assays, and recognized differentiation despite cautious instrument placements due to customer spending trends. | Recurring robust expansion with slight caution on instrument sales |
QuantiFERON TB test | In Q3 2024, QuantiFERON was noted for six consecutive quarters above $100M with successful conversion from skin tests and in Q4 2024 it delivered 14% CER sales growth with global advances. | Q2 2025 reported 11% CER growth, highlighted strong global market leadership and continued conversion from skin tests, bolstered by automation and new product enhancements. | Consistently strong market leadership and growth |
Instrument sales performance | Q3 2024 experienced a 9% CER decline with mixed performance across products, while Q4 2024 indicated weaker instrument sales in Sample Technologies but strong placements for QIAstat-Dx and over 200 digital PCR systems placed. | Q2 2025 showed a mixed outlook: solid performance for QIAstat placements exceeding quarterly goals, while digital PCR instrument sales were soft due to cautious capital spending. | Recurring mixed performance with product‐specific improvements |
Margin improvement & operational efficiency | Q3 2024 saw a 3 p.p. increase in operating margin to 29.6% (with NeuMoDx discontinuation benefits) and Q4 2024 improved margins by 2.6 p.p. to 30.6% along with efficiency gains through site rationalization and cost management. | Q2 2025 reported further margin improvements to 29.9% (30.8% CER) along with operational efficiencies via cost discipline, digital initiatives and favorable working capital trends despite tariff/FX headwinds. | Recurring and sustained improvement in margins through efficiency initiatives |
Tariff, FX & regulatory uncertainty | In Q3 2024 tariffs were discussed as uncertain with FX expected to reduce net sales by 1 percentage point, and in Q4 2024 a potential FX adverse impact was noted ($0.02–$0.03 on EPS) amid unclear tariff policies. | Q2 2025 highlighted that tariffs imposed a headwind of about 90 bps on gross margin and that FX had mixed effects (positive on net sales, minor EPS headwind), with continued caution over regulatory uncertainties in key markets. | Recurring external challenges with ongoing mitigation measures |
Product discontinuation effects | In Q3 2024, discontinuing NeuMoDx was projected to cause a 1% revenue headwind with margin benefits to roll out in 2025, while Q4 2024 noted NeuMoDx exit improved operating margins despite some revenue drag. | Q2 2025 reported that discontinuation of NeuMoDx (and DynaLunox) led to a roughly $20M revenue headwind while contributing to improved efficiency and higher operating margins. | Recurring strategic trade-off: revenue headwinds offset by margin benefits |
Robust product & M&A pipeline with digital & automation initiatives | In Q3 2024, new product launches (e.g., QIAstat FDA clearances and precision medicine collaborations) and active M&A pursuits were highlighted , while Q4 2024 emphasized new sample prep platforms and digital channel advances. | Q2 2025 announced forthcoming automation innovations (QIA Symphony Connect, QIA Mini, QIA Sprint Connect) and a robust M&A pipeline aligned with growth priorities. | Recurring focus on innovation and strategic M&A as growth drivers |
Capital expenditure recovery uncertainty | Q4 2024 acknowledged a softer capital expense environment in labs, especially in digital PCR, affecting growth targets. Q3 2024 did not highlight this topic. | Q2 2025 reiterated cautious capital spending (notably in research and academia) affecting instrument placements while emphasizing consumables growth and efficiency initiatives. | Recurring concern reappearing after a brief absence, with cautious outlook |
Stagnant growth in Sample Technologies/Sample Prep | In Q3 2024, Sample Technologies grew modestly at about 1% CER driven by consumable demand, with plans to launch new automation solutions, and Q4 2024 noted stagnant manual sample tech but growing automated segments. | Q2 2025 showed overall flat sales in Sample Technologies with mid-single-digit growth in automated consumables and new automation system development underway. | Recurring stagnation in overall sales with optimism from upcoming automation investments |
Weak performance in China | In Q3 2024, China experienced high single-digit CER declines with China representing about 5% of sales, and in Q4 2024 sales in China declined in the low teens CER with expectations below 5% of total sales. | Q2 2025 continued to show weakness: China now accounts for less than 4% of revenues, with a negative outlook through 2025 and expectations for only mid-single-digit growth when recovery occurs post-2026. | Recurring weak performance with consistently cautious sentiment |
Research analysts covering QIAGEN.