Qiagen N : First Quarter 2024 SEC Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 6-K

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Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2024

Commission File Number 001-38332

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QIAGEN N.V.

(Translation of registrant's name into English)

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Hulsterweg 82

5912 PL Venlo

The Netherlands

(Address of principal executive office)

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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-Fý

Form 40-Fo

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Table of Contents

	QIAGEN N.V.
	Form 6-K
	TABLE OF CONTENTS
Item	Page
Other Information	3
Signatures	4
Exhibit Index	5

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Table of Contents

OTHER INFORMATION

For the three months ended March 31, 2024, QIAGEN N.V. prepared its quarterly report under United States generally accepted accounting principles (U.S. GAAP). This quarterly report is furnished herewith as Exhibit 99.1 and incorporated by reference herein.

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Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

QIAGEN N.V.

By: /s/ Roland Sackers

Roland Sackers

Chief Financial Officer

Date: April 30, 2024

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Table of Contents

EXHIBIT INDEX

Exhibit	Exhibit
No.
99.1	U.S. GAAP Quarterly Report for the Period Ended March 31, 2024

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Exhibit 99.1

QIAGEN N.V. and Subsidiaries

U.S. GAAP Quarterly Report for the Period Ended March 31, 2024

Table of Contents

Condensed Consolidated Financial Statements

• Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023

• Condensed Consolidated Statements of Income (unaudited) for the three months ended March 31, 2024 and 2023

• Condensed Consolidated Statements of Comprehensive Income (unaudited) for the three months ended March 31, 2024 and 2023
  6 Condensed Consolidated Statements of Changes in Equity (unaudited) for the three months ended March 31, 2024 and 2023
  7 Condensed Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2024 and 2023
  9 Notes to the Condensed Consolidated Financial Statements (unaudited)

1. Operating and Financial Review and Prospects

1. Quantitative and Qualitative Disclosures About Market Risk
2. Recent Authoritative Pronouncements
3. Application of Critical Accounting Estimates

1. Off-BalanceSheet Arrangements

1. Legal Proceedings

1. Risk Factors

Condensed Consolidated Financial Statements

QIAGEN N.V. and Subsidiaries Condensed Consolidated Balance Sheets

				March 31,		December 31,
(in thousands)		Notes	2024	2023
				(unaudited)
Assets
Current assets:
Cash and cash equivalents				$513,670		$668,084
Short-term investments				379,463		389,698
Accounts receivable, net of allowance for credit losses of $16,315 and $17,296, respectively				343,892		381,877
Inventories, net		(5)		401,745		398,385
Prepaid expenses and other current assets		(9)		251,992		309,516
Total current assets			1,890,762	2,147,560
Long-term assets:
Property, plant and equipment, net of accumulated depreciation of $529,234 and $516,765, respectively				762,530		765,037
Goodwill		(6)		2,448,916		2,475,732
Intangible assets, net of accumulated amortization of $762,357 and $748,590, respectively		(6)		502,006		526,821
Fair value of derivative instruments - long-term		(9)		7,187		3,083
Other long-term assets		(7)		194,528		196,957
Total long-term assets				3,915,167		3,967,630
Total assets				$5,805,929		$6,115,190

The accompanying notes are an integral part of these condensed consolidated financial statements.

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QIAGEN N.V. and Subsidiaries Condensed Consolidated Balance Sheets

				March 31,		December 31,
(in thousands, except par value)		Notes	2024	2023
				(unaudited)
Liabilities and equity
Current liabilities:
Current portion of long-term debt		(8)		$590,523		$587,970
Accrued and other current liabilities		(4, 9, 10)		359,314		407,168
Accounts payable				75,329		84,155
Total current liabilities			1,025,166	1,079,293
Long-term liabilities:
Long-term debt, net of current portion		(8)		912,814		921,824
Fair value of derivative instruments - long-term		(9)		55,677		98,908
Other long-term liabilities				212,643		207,401
Total long-term liabilities				1,181,134		1,228,133
Commitments and contingencies	(15)
Equity:
Preference shares, 0.01 EUR par value, authorized-450,000 shares, no shares issued and outstanding				-		-
Financing preference shares, 0.01 EUR par value, authorized-40,000 shares, no shares issued and outstanding				-		-
Common shares, 0.01 EUR par value, authorized-410,000 shares, issued-223,904 and 230,829 shares, respectively		(13)		2,601		2,702
Additional paid-in capital		(13)		1,636,154		1,915,115
Retained earnings				2,486,139		2,456,800
Accumulated other comprehensive loss		(13)		(424,156)		(433,830)
Less treasury shares, at cost-2,057 and 2,627 shares, respectively				(101,109)		(133,023)
Total equity				3,599,629		3,807,764
Total liabilities and equity				$5,805,929		$6,115,190

The accompanying notes are an integral part of these condensed consolidated financial statements.

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QIAGEN N.V. and Subsidiaries Condensed Consolidated Statements of Income (Unaudited)

						Three Months Ended
						March 31,
(in thousands, except per share data)		Notes	2024	2023
Net sales	(4)	$458,796	$485,398
Cost of sales:
Cost of sales				151,734		161,906
Acquisition-related intangible amortization				16,073		16,016
Total cost of sales				167,807		177,922
Gross profit			290,989	307,476
Operating expenses:
Sales and marketing				111,121		114,641
Research and development				51,333		54,718
General and administrative				27,568		32,939
Acquisition-related intangible amortization				2,722		2,657
Restructuring, acquisition, integration and other, net				3,298		5,811
Total operating expenses				196,042		210,766
Income from operations			94,947	96,710
Other income (expense):
Interest income				17,758		18,008
Interest expense				(10,292)		(14,454)
Other (expense) income, net				(123)		8,523
Total other income, net				7,343		12,077
Income before income tax expense				102,290		108,787
Income tax expense		(11)		21,617		23,752
Net income				$80,673		$85,035
Basic earnings per common share				$0.36		$0.37
Diluted earnings per common share			$0.36	$0.37
Weighted-average common shares outstanding:
Basic				223,835		227,894
Diluted				226,572		230,602

The accompanying notes are an integral part of these condensed consolidated financial statements.

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QIAGEN N.V. and Subsidiaries Condensed Consolidated Statements of Comprehensive Income (Unaudited)

			Three Months Ended
			March 31,
(in thousands)	Notes	2024	2023

Net income

Other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods:

Gains (losses) on cash flow hedges, net of $12,212 tax expense and $511 tax benefit, respectively

Reclassification adjustments on cash flow hedges, net of $13,177 tax benefit and $2,063 tax expense, respectively

Cash flow hedges, net of tax

Net investment hedge

Foreign currency translation adjustments, net of $0 tax and $0 tax, respectively

Other comprehensive income

Comprehensive income

		$80,673		$85,035
(9)		35,122		(1,470)
(9)		(37,898)		5,933
		(2,776)		4,463
(9)		11,458		(10,015)
		992		13,382
		9,674		7,830
		$90,347		$92,865

The accompanying notes are an integral part of these condensed consolidated financial statements.

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