QIAGEN N.V. [QGEN] Filings |
|
20-F | [2024-03-11] |
20-F | [2023-03-13] |
20-F | [2022-03-14] |
20-F | [2021-03-05] |
20-F | [2020-03-02] |
20-F | [2019-03-06] |
20-F | [2018-03-06] |
20-F | [2017-03-06] |
20-F | [2016-02-29] |
20-F | [2015-03-02] |
20-F | [2014-03-03] |
20-F | [2013-03-04] |
20-F | [2012-03-27] |
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report |
Title of class: | Trading Symbol | Name of each exchange on which registered: | ||
☒ | |
☐ | International Financial Reporting Standards as issued by the International Accounting Standards Board |
☐ | Other |
Table of Contents | |
QIAGEN N.V. | Financial Report 2023 | Page 6 | ||||||||||||||||||||
Overview |
2023 | ||
Year-end market capitalization (in $ million) | 9,911 | |
Year-end market capitalization (in € million) | 8,991 |
QIAGEN N.V. | Financial Report 2023 | Page 7 | ||||||||||||||||||||
Overview |
2023 | ||
Year-end price | $43.43 | |
High | $51.18 | |
Low | $34.74 | |
Average daily trading volume (in million shares) | 1.02 |
QIAGEN N.V. | Financial Report 2023 | Page 8 | ||||||||||||||||||||
Overview |
QIAGEN N.V. | Financial Report 2023 | Page 9 | ||||||||||||||||||||
Overview |
High ($) | Low ($) | |||
Annual: | ||||
2019 | 43.16 | 25.04 | ||
2020 | 55.27 | 32.97 | ||
2021 | 59.00 | 45.58 | ||
2022 | 55.12 | 40.38 | ||
2023 | 51.18 | 34.74 |
High ($) | Low ($) | |||
Quarterly 2022: | ||||
First Quarter | 55.12 | 41.32 | ||
Second Quarter | 50.38 | 42.44 | ||
Third Quarter | 50.51 | 40.49 | ||
Fourth Quarter | 51.05 | 40.38 | ||
Quarterly 2023: | ||||
First Quarter | 51.18 | 45.08 | ||
Second Quarter | 46.99 | 43.80 | ||
Third Quarter | 47.70 | 38.98 | ||
Fourth Quarter | 43.73 | 34.74 | ||
Quarterly 2024: | ||||
First Quarter (through March 7) | 45.87 | 42.17 |
High ($) | Low ($) | |||
Monthly: | ||||
October 2023 | 40.65 | 34.74 | ||
November 2023 | 41.48 | 37.14 | ||
December 2023 | 43.73 | 40.78 | ||
January 2024 | 45.87 | 42.73 | ||
February 2024 | 45.38 | 42.17 | ||
March 2024 (through March 7) | 44.65 | 42.60 |
2023 | ||
Year-end price | €39.40 | |
High | €48.36 | |
Low | €32.74 | |
Average daily trading volume (in million shares) | 0.51 |
QIAGEN N.V. | Financial Report 2023 | Page 10 | ||||||||||||||||||||
Overview |
QIAGEN N.V. | Financial Report 2023 | Page 11 | ||||||||||||||||||||
Overview |
High (€) | Low (€) | |||
Annual: | ||||
2019 | 39.19 | 22.54 | ||
2020 | 46.95 | 29.55 | ||
2021 | 51.56 | 37.38 | ||
2022 | 49.37 | 37.95 | ||
2023 | 48.36 | 32.74 |
High (€) | Low (€) | |||
Quarterly 2022: | ||||
First Quarter | 49.34 | 37.95 | ||
Second Quarter | 46.03 | 39.94 | ||
Third Quarter | 49.37 | 41.32 | ||
Fourth Quarter | 48.26 | 41.62 | ||
Quarterly 2023: | ||||
First Quarter | 48.36 | 41.57 | ||
Second Quarter | 43.47 | 39.62 | ||
Third Quarter | 43.39 | 36.73 | ||
Fourth Quarter | 40.07 | 32.74 | ||
Quarterly 2024: | ||||
First Quarter (through March 7) | 42.19 | 38.83 |
High (€) | Low (€) | |||
Monthly: | ||||
October 2023 | 38.64 | 32.74 | ||
November 2023 | 37.83 | 35.09 | ||
December 2023 | 40.07 | 37.46 | ||
January 2024 | 42.10 | 38.83 | ||
February 2024 | 42.19 | 39.07 | ||
March 2024 (through March 7) | 41.05 | 39.32 |
QIAGEN N.V. | Financial Report 2023 | Page 12 | ||||||||||||||||||||
Overview |
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Management Report |
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QIAGEN N.V. | Financial Report 2023 | Page 15 | ||||||||||||||||||||
Management Report |
Applications | |||||
Cloning | qPCR / dPCR | ||||
DNA amplification | Sequencing / NGS | ||||
Arrays | Liquid biopsy | ||||
Gene editing | Microbiome | ||||
Epigenetics | Gene silencing | ||||
Cellular analytics | Proteomics | ||||
Input demands | Processing | Target analytes |
Low / high-volume | Manual | Genomic DNA |
Low-quantity | Plasmid DNA | |
Tubes / plates | cfDNA | |
Input demands | ||
Low-quantity | Automated | mRNA, rRNA |
High-quantity | Low-to | miRNA |
Tubes / plates | High-throughput | Proteins Circ. Tumor cells |
Selected biological samples | |||||
Tissue | Stool | ||||
Cells | Saliva | ||||
Blood | Other body fluids | ||||
Serum | Bone | ||||
Plasma | Plants | ||||
Urine | Soil |
Sample technologies | Selected QIAGEN brands | |||
Primary Sample technology consumables | ||||
•Nucleic acid stabilization and purification kits designed for primary sample materials (DNA, RNA), manual and automated processing for genotyping, gene expression, viral and bacterial analysis •Mainly based on silica membrane and magnetic bead technologies | •QIAamp •PAXgene •AllPrep | •DNeasy •AdnaTest •QIAprep& | •RNeasy •MagAttract | |
Secondary Sample technology consumables | ||||
•Kits and components for purification of nucleic acids from secondary sample materials (e.g., gel, plasmid DNA) | •QIAprep •QIAGEN Plasmid •HiSpeed | •QIAquick •QIAfilter •EndoFree | •DyeEx | |
Sample technology instruments | ||||
•Instruments for nucleic acid purification, quality control and accessories | •QIAsymphony •EZ1 Advanced XL •TissueLyser III | •QIAcube Connect •EZ2 Connect MDx •QIAxpert | •QIAcube HT •QIAxcel Connect •QIAcube Connect MDx |
Diagnostic solutions | Selected QIAGEN brands | |||
Immune response consumables | ||||
•Interferon-Gamma Release Assay (IGRA) for latent TB testing •Assays for post-transplant testing, viral load monitoring, assessment of T-Cell response to COVID-19 | •QuantiFERON | |||
Oncology and Sexual & Reproductive health consumables | ||||
•Assays for analysis of genomic variants such as mutations, insertions, deletions and fusions •Assays for prenatal testing and detection of sexually transmitted diseases and HPV | •therascreen •AmniSure / PartoSure | •ipsogen | •digene HC2 | |
Sample to Insight instruments and dedicated assays | ||||
•One-step molecular analysis of hard-to-diagnose syndromes •Fully integrated PCR testing | •QIAstat-Dx •QIAstat-Dx Rise | •NeuMoDx |
QIAGEN N.V. | Financial Report 2023 | Page 16 | ||||||||||||||||||||
Management Report |
PCR/Nucleic acid amplification | Selected QIAGEN brands | |||
Research PCR consumables | ||||
•Different generations of PCR, quantitative PCR, reverse transcription and combinations (RT-PCR) kits for analysis of gene expression, genotyping and gene regulation, running on QIAGEN or third-party instruments and technologies | •QuantiTect •OneStep RT-PCR •Type-it •OmniScript | •QuantiFast •QIAGEN Multiplex •miRCURY LNA •miScript | •QuantiNova •HotStarTaq •TopTaq | |
Human ID / Forensics assay consumables | ||||
•STR assays for Human ID, additional assays for food contamination | •Investigator (human ID / forensics) | •mericon (food safety) | ||
PCR instruments | ||||
•Digital PCR solutions •qPCR solutions | •QIAcuity •Rotor-Gene Q | •QIAquant •QIAgility | ||
OEM consumables | ||||
•Custom-developed and configured enzymes and PCR solutions that are sold to OEM customers | •Provided on an individualized contract basis |
QIAGEN N.V. | Financial Report 2023 | Page 17 | ||||||||||||||||||||
Management Report |
Genomics / NGS | Selected QIAGEN brands | |||
Universal NGS consumables | ||||
•Predefined and custom NGS gene panels (DNA, RNA), library prep kits and components, whole genome amplification, etc. •Sequence-based assays for forensic genetic genealogy | •QIAseq | •REPLI-g Epitect | •ForenSeq Kintelligence | |
QIAGEN Digital Insights solutions | ||||
•Bioinformatics solutions analyze and interpret data to deliver actionable insights from NGS. This includes freestanding software or cloud-based solutions and is also integrated into many QIAGEN consumables and instruments | •QIAGEN Clinical Insight •QCI Interpret One •Ingenuity Variant Analysis | •CLC Genomics Workbench •OmicSoft •Ingenuity Pathway Analysis | •QIAGEN Knowledge Base •HGMD | |
Custom laboratory and genomic services | ||||
•Custom services such as DNA sequencing, whole genome amplification, and non-cGMP DNA production | •Provided on an individualized contract basis |
Net sales (in millions) | 2023 | 2022 | 2021 | |||
Molecular Diagnostics | $1,035.5 | $1,126.2 | $1,143.7 | |||
Life Sciences | 929.8 | 1,015.3 | 1,108.0 | |||
Total | $1,965.3 | $2,141.5 | $2,251.7 |
QIAGEN N.V. | Financial Report 2023 | Page 18 | ||||||||||||||||||||
Management Report |
Selected Molecular Diagnostics products | ||||||
Sample technologies | Assay technologies | Instruments | Bioinformatics | |||
For extraction from: •Tissue •Blood •Swabs, other | Indication areas •Oncology •Immune modulation •Infectious diseases Technologies: QuantiFERON, Polymerase Chain Reaction (PCR), Next-generation sequencing (NGS) | •QIAstat-Dx •NeuMoDx •QIAsymphony RGQ •QIAcube Connect MDx •EZ2 Connect MDx •QIAstat Rise | QIAGEN Clinical Insight (QCI) •Hereditary diseases •Somatic and germline cancers •All diseases |
QIAGEN N.V. | Financial Report 2023 | Page 19 | ||||||||||||||||||||
Management Report |
Selected Life Sciences products | ||||||
Sample technologies | Assay technologies | Instruments | Bioinformatics | |||
~300 different kit types for extraction and purification of DNA, RNA and proteins from tissue, blood, cells, stool, plants, soil, and other sample types | •Real-time PCR •Digital PCR •Next-generation sequencing | •QIAsymphony •QIAcube Connect •QIAcuity digital PCR | •Ingenuity Pathway Analysis (IPA) •Genomics Workbench/Server •Microbial Pro Suite/RNA-seq •Microbial Epigenetics |
Net sales (in millions) | 2023 | 2022 | 2021 | |||
Consumables and related revenues | $1,726.2 | $1,888.9 | $1,986.3 | |||
Instrumentation | 239.1 | 252.6 | 265.3 | |||
Total | $1,965.3 | $2,141.5 | $2,251.7 |
QIAGEN N.V. | Financial Report 2023 | Page 20 | ||||||||||||||||||||
Management Report |
Net sales (in millions) | 2023 | 2022 | 2021 | |||
United States | $935.3 | $909.6 | $909.7 | |||
Other Americas | 84.8 | 88.1 | 97.7 | |||
Total Americas | 1,020.1 | 997.8 | 1,007.4 | |||
Europe, Middle East and Africa | 624.6 | 733.5 | 814.4 | |||
Asia Pacific, Japan and Rest of World | 320.7 | 410.3 | 429.9 | |||
Total | $1,965.3 | $2,141.5 | $2,251.7 |
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QIAGEN N.V. | Financial Report 2023 | Page 24 | ||||||||||||||||||||
Management Report |
Facility location | Country | Purpose | Owned or leased | Square feet | ||||
Hilden | Germany | Manufacturing, warehousing, distribution, research and development and administration | Owned | 986,000 | ||||
Germantown, Maryland | U.S. | Manufacturing, warehousing, distribution and administration | Owned | 285,000 | ||||
Ann Arbor, Michigan | U.S. | Service Solutions, manufacturing, warehousing, distribution and administration | Leased | 109,000 | ||||
Shenzhen | China | Development, manufacturing, warehousing, distribution and administration | Leased | 107,200 | ||||
Manchester | U.K. | Development and Service Solutions | Leased | 96,300 | ||||
Frederick, Maryland | U.S. | Development, Service Solutions, manufacturing, warehousing and distribution | Leased | 76,500 | ||||
Wroclaw | Poland | Business service center | Leased | 65,100 | ||||
Beverly, Massachusetts | U.S. | Enzyme manufacturing | Leased | 44,000 | ||||
Barcelona | Spain | Development, manufacturing, warehousing, distribution, and administration | Leased | 31,900 | ||||
Manila | Philippines | Business service center | Leased | 29,300 | ||||
Shanghai | China | Service Solutions and administration | Leased | 28,400 | ||||
Gdańsk | Poland | Enzyme manufacturing, development, warehousing and administration | Leased | 27,100 | ||||
Germantown, Maryland | U.S. | Service Solutions and training center | Leased | 13,500 | ||||
Redwood City, California | U.S. | Bioinformatics | Leased | 12,700 | ||||
Gdynia | Poland | Enzyme manufacturing, development and warehousing | Leased | 11,200 |
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Management Report |
(in millions) | 2023 | 2022 | ||||||||
Product type | Net sales | % of net sales | Net sales | % of net sales | % change | |||||
Consumables and related revenues | $1,726.2 | 88% | $1,888.9 | 88% | -9% | |||||
Instruments | 239.1 | 12% | 252.6 | 12% | -5% | |||||
Net sales | $1,965.3 | $2,141.5 | -8% | |||||||
Customer class | ||||||||||
Molecular Diagnostics | $1,035.5 | 53% | $1,126.2 | 53% | -8% | |||||
Life Sciences | 929.8 | 47% | 1,015.3 | 47% | -8% | |||||
Net sales | $1,965.3 | $2,141.5 | -8% |
(in millions) | 2023 | 2022 | ||||||||
Product group | Net sales | % of net sales | Net sales | % of net sales | % change | |||||
Sample technologies | $663.0 | 34% | $796.9 | 37% | -17% | |||||
Diagnostic solutions | 697.6 | 35% | 660.9 | 31% | +6% | |||||
PCR / Nucleic acid amplification | 300.2 | 15% | 390.8 | 18% | -23% | |||||
Genomics / NGS | 238.9 | 12% | 224.8 | 10% | +6% | |||||
Other | 65.6 | 3% | 68.1 | 3% | -4% | |||||
Net sales | $1,965.3 | $2,141.5 | -8% |
QIAGEN N.V. | Financial Report 2023 | Page 27 | ||||||||||||||||||||
Management Report |
Geographic region (in millions) | 2023 | 2022 | % change | |||
Americas | $1,020.1 | $997.8 | +2% | |||
Europe, Middle East and Africa | 624.6 | 733.5 | -15% | |||
Asia Pacific, Japan and Rest of World | 320.7 | 410.3 | -22% | |||
Net sales | $1,965.3 | $2,141.5 | -8% |
(in millions) | 2023 | 2022 | % change | |||
Gross profit | $1,233.7 | $1,384.6 | -11% | |||
Gross margin | 62.8% | 64.7% |
QIAGEN N.V. | Financial Report 2023 | Page 28 | ||||||||||||||||||||
Management Report |
(in millions) | 2023 | 2022 | ||||||||
Expenses | % of net sales | Expenses | % of net sales | % change | ||||||
Sales and marketing | $459.9 | 23.4% | $474.2 | 22.1% | -3% | |||||
Research and development | 198.5 | 10.1% | 189.9 | 8.9% | +5% | |||||
General and administrative | 119.3 | 6.1% | 129.7 | 6.1% | -8% | |||||
Acquisition-related intangible amortization | 10.8 | 0.5% | 14.5 | 0.7% | -26% | |||||
Restructuring, acquisition, integration and other, net | 35.3 | 1.8% | 44.8 | 2.1% | -21.1% | |||||
Total operating expenses | $823.8 | 41.9% | $853.1 | 39.8% | ||||||
Income from operations | $409.9 | 20.9% | $531.5 | 24.8% |
QIAGEN N.V. | Financial Report 2023 | Page 29 | ||||||||||||||||||||
Management Report |
(in millions) | 2023 | 2022 | % change | |||
Interest income | $79.0 | $32.8 | +141% | |||
Interest expense | (53.4) | (58.4) | -8% | |||
Other (expense) income, net | (5.7) | 6.7 | -185% | |||
Total other income (expense), net | $19.9 | ($18.9) | -205% |
QIAGEN N.V. | Financial Report 2023 | Page 30 | ||||||||||||||||||||
Management Report |
(in millions) | 2023 | 2022 | % change | |||
Income before income taxes | $429.8 | $512.6 | -16% | |||
Income tax expense | 88.5 | 89.4 | -1% | |||
Net income | $341.3 | $423.2 | ||||
Effective tax rate | 20.6% | 17.4% |
(in millions) | 2023 | 2022 | ||
Cash and cash equivalents | $668.1 | $730.7 | ||
Short-term investments | 389.7 | 687.6 | ||
Total cash and cash equivalents and short-term investments | $1,057.8 | $1,418.3 | ||
Working capital | $1,068.3 | $1,419.4 |
QIAGEN N.V. | Financial Report 2023 | Page 31 | ||||||||||||||||||||
Management Report |
(in millions) | 2023 | 2022 | ||
Net cash provided by operating activities | $459.5 | $715.3 | ||
Net cash used in investing activities | (87.7) | (726.8) | ||
Net cash used in financing activities | (433.8) | (125.8) | ||
Effect of exchange rate changes on cash and cash equivalents | (0.6) | (12.5) | ||
Net decrease in cash and cash equivalents | ($62.6) | ($149.8) |
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Management Report |
Risk types | |
Base Business Risk | |
•Identification and monitoring of competitive business threats •Monitoring complexity of product portfolio •Monitoring dependence on key customers for single product groups •Reviewing dependence on individual production sites or suppliers •Evaluating purchasing initiatives, price controls and changes to reimbursements •Monitoring production risks, including contamination prevention and high-quality product assurance •Ensuring our ability to defend against intellectual property infringements and maintain competitive advantage after expiration | |
Business Growth Risk | |
•Managing the development and successful completion of key R&D projects •Managing successful integration of acquisitions to achieve anticipated benefits | |
Underlying Business Risk | |
•Evaluating financial risks, including global economic risks and currency rate fluctuations against the U.S. dollar (our reporting currency) •Evaluating and monitoring international hostilities •Monitoring financial reporting risks, including multi-jurisdiction tax compliance •Reviewing possible asset impairment events •Assessing cyber security, compliance and legal risks, including safety in operations and environmental hazard risks, compliance with various regulatory bodies and pending product approvals •Monitoring risks of FCPA (Foreign Corrupt Practices Act) or antitrust concerns arising from a network of subsidiaries and distributors in foreign countries |
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2023 | 2022 | |||||||||||||||
Employees by region | Female | Male | Total(1) | Percentage | Female | Male | Total | Percentage | ||||||||
EMEA | 1,800 | 1,652 | 3,453 | 57.9% | 1,863 | 1,695 | 3,558 | 57.6% | ||||||||
Americas | 609 | 720 | 1,329 | 22.3% | 610 | 760 | 1,370 | 22.2% | ||||||||
APAC | 595 | 590 | 1,185 | 19.9% | 632 | 618 | 1,250 | 20.2% | ||||||||
Total employees | 3,004 | 2,962 | 5,967 | 100.0% | 3,105 | 3,073 | 6,178 | 100.0% | ||||||||
50.3% | 49.6% | 50.3% | 49.7% |
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Management Report |
Employees by function | 2023 | 2022 | 2021 | |||
Production | 28% | 29% | 30% | |||
Research & Development | 18% | 17% | 16% | |||
Sales | 37% | 37% | 37% | |||
Marketing | 6% | 6% | 6% | |||
Administration | 11% | 11% | 11% | |||
Total | 100% | 100% | 100% |
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Corporate Governance |
General Meeting | ||||||||||||||||
•Each share carries one vote •Decisions on key topics (e.g. the appropriation of net income, the ratification of the acts of the Managing and Supervisory Boards and the appointment of independent auditors) | ||||||||||||||||
The Managing Board is accountable for the actions and decisions by the Executive Committee | Reports to | Elects and ratifies | Reports to | Elects and ratifies | ||||||||||||
Close cooperation for the benefit of the company | ||||||||||||||||
Executive Committee | Managing Board | Supervisory Board | ||||||||||||||
•Comprised of eight members •Senior leaders representing Business Areas and key functions across QIAGEN | •Comprised of two members (CEO and CFO) •Top management body of QIAGEN N.V. | •Comprised of eight members (As of December 31, 2023) •Four committees –Audit –Compensation & Human Resources –Nomination & ESG –Science & Technology | ||||||||||||||
Informs and reports to | ||||||||||||||||
Advises, oversees, approves | ||||||||||||||||
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Corporate Governance |
Thierry Bernard | ||
Chief Executive Officer (1964, U.S./French) | ||
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Corporate Governance |
Roland Sackers | ||
Chief Financial Officer (1968, German) | ||
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Corporate Governance |
Lawrence A. Rosen | ||
Chair Committees: Audit, Nomination & ESG (Chair), Compensation & Human Resources (1957, U.S.) | ||
Dr. Metin Colpan | ||
Committees: Science & Technology (Chair), Nomination & ESG (1955, German) | ||
Dr. Toralf Haag | ||
Committee: Audit (Chair and Financial Expert) (1966, German) | ||
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Corporate Governance |
Prof. Dr. Ross L. Levine | ||
Committee: Science & Technology (1972, U.S.) | ||
Prof. Dr. Elaine Mardis | ||
Committees: Compensation & Human Resources, Science & Technology (1962, U.S.) | ||
Dr. Eva Pisa | ||
Committees: Compensation & Human Resources (1954, Swedish/Swiss) | ||
Stephen H. Rusckowski | ||
Committees: Compensation & Human Resources, Nomination & ESG (1957, U.S.) | ||
QIAGEN N.V. | Financial Report 2023 | Page 74 | ||||||||||||||||||||
Corporate Governance |
Elizabeth E. Tallett | ||
Committees: Audit, Compensation & Human Resources (Chair), Nomination & ESG (1949, U.S./British) | ||
QIAGEN N.V. | Financial Report 2023 | Page 75 | ||||||||||||||||||||
Corporate Governance |
Key competencies | Lawrence A. Rosen (Chair) | Dr. Metin Colpan | Dr. Toralf Haag | Prof. Dr. Ross L. Levine | Prof. Dr. Elaine Mardis | Dr. Eva Pisa | Stephen H. Rusckowski | Elizabeth E. Tallett | ||||||||
Year of Birth | 1957 | 1955 | 1966 | 1972 | 1962 | 1954 | 1957 | 1949 | ||||||||
Gender | Male | Male | Male | Male | Female | Female | Male | Female | ||||||||
Nationality | U.S. | German | German | U.S. | U.S. | Swedish / Swiss | U.S. | U.S. / British | ||||||||
Date of initial appointment* | 2013 | 2004 | 2021 | 2016 | 2014 | 2022 | 2023 | 2011 | ||||||||
Required competencies | ||||||||||||||||
Integrity | • | • | • | • | • | • | • | • | ||||||||
Ethics | • | • | • | • | • | • | • | • | ||||||||
Health | • | • | • | • | • | • | • | • | ||||||||
English language skills | • | • | • | • | • | • | • | • | ||||||||
Experience | • | • | • | • | • | • | • | • | ||||||||
Recommended competencies | ||||||||||||||||
Entrepreneur | • | • | • | • | ||||||||||||
Corporate management multinational | • | • | • | • | • | • | ||||||||||
Currently full-time employed / active | • | • | • | |||||||||||||
Public reputation | • | • | • | • | • | • | • | • | ||||||||
Academic research | • | • | • | |||||||||||||
Industrial research | • | |||||||||||||||
Diagnostics markets | • | • | • | • | • | |||||||||||
Capital markets | • | • | • | • | • | |||||||||||
Financial management | • | • | • | • | ||||||||||||
M&A, business development | • | • | • | • | • | • | ||||||||||
Commercial operations | • | • | • | • | • | |||||||||||
Public management (e.g., universities) | • | • | • | |||||||||||||
Regulatory / operations | • | • | • | • | • |
QIAGEN N.V. | Financial Report 2023 | Page 76 | ||||||||||||||||||||
Corporate Governance |
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Corporate Governance |
Meeting Attendance | ||||||||||
Supervisory Board | Audit Committee | Compensation & Human Resources Committee | Nomination & ESG Committee | Science & Technology Committee | ||||||
Lawrence A. Rosen | 6/6 | 7/7 | 4/4 | 4/4 (Chair) | ||||||
Dr. Metin Colpan | 6/6 | 4/4 | 4/4 (Chair) | |||||||
Thomas Ebeling(1) | 3/3 | 3/3 | ||||||||
Dr. Toralf Haag | 6/6 | 7/7 (Chair) | ||||||||
Prof. Dr. Ross L. Levine | 6/6 | 4/4 | ||||||||
Prof. Dr. Elaine Mardis | 6/6 | 6/6 | 4/4 | |||||||
Dr. Eva Pisa | 6/6 | 6/6 | ||||||||
Stephen H. Rusckowski(2) | 5/5 | 3/3 | ||||||||
Elizabeth E. Tallett | 6/6 | 7/7 | 6/6 (Chair) | 4/4 |
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Corporate Governance |
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Corporate Governance |
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Corporate Governance |
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Corporate Governance |
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Corporate Governance |
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Corporate Governance |
QIAGEN N.V. | Financial Report 2023 | Page 84 | ||||||||||||||||||||
Corporate Governance |
Name and country of residence | Shares beneficially owned | |||||
Number | Percent ownership(1) | |||||
BlackRock, Inc., United States and United Kingdom | 27,411,334 | (2) | 12.01% | |||
Massachusetts Financial Services Company, United States and Canada | 24,066,569 | (3) | 10.55% |
QIAGEN N.V. | Financial Report 2023 | Page 85 | ||||||||||||||||||||
Corporate Governance |
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Corporate Governance |
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Corporate Governance |
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Corporate Governance |
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Corporate Governance |
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Corporate Governance |
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Corporate Governance |
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Corporate Governance |
QIAGEN N.V. | Financial Report 2023 | Page 93 | ||||||||||||||||||||
Corporate Governance |
Annual compensation | Long-term compensation | |||||||||||
Managing board member | Fixed salary | Variable cash bonus | Other(1) | Total | Benefit plans | Performance stock units granted | ||||||
Thierry Bernard | $978,500 | 780,354 | 33,320 | $1,792,174 | $199,700 | 119,695 | ||||||
Roland Sackers | $588,000 | 319,730 | 40,270 | $948,000 | $117,270 | 67,723 |
QIAGEN N.V. | Financial Report 2023 | Page 94 | ||||||||||||||||||||
Corporate Governance |
Fee payable to the Chair of the Supervisory Board | $150,000 | |
Fee payable to each member of the Supervisory Board | $57,500 | |
Additional compensation payable to members holding the following positions: | ||
Chair of the Audit Committee | $25,000 | |
Member of the Audit Committee | $15,000 | |
Chair of the (i) Compensation & Human Resources Committee, (ii) the Nomination & ESG Committee, or (iii) the Science & Technology Committee | $18,000 | |
Member of the (i) Compensation & Human Resources Committee, (ii) the Nomination & ESG Committee, or (iii) the Science & Technology Committee | $11,000 | |
Chair of other committees | $12,000 | |
Member of other committees | $6,000 |
QIAGEN N.V. | Financial Report 2023 | Page 95 | ||||||||||||||||||||
Corporate Governance |
Supervisory board member | Fixed remuneration | Committee chair | Committee membership | Total(1) | Restricted stock units | |||||
Lawrence A. Rosen | $150,000 | 18,000 | 20,500 | $188,500 | 7,917 | |||||
Dr. Metin Colpan | $57,500 | 18,000 | 11,000 | $86,500 | 7,917 | |||||
Thomas Ebeling(2) | $28,750 | — | 5,500 | $34,250 | 7,917 | |||||
Dr. Toralf Haag | $57,500 | 25,000 | — | $82,500 | 7,917 | |||||
Dr. Ross L. Levine | $57,500 | — | 11,000 | $68,500 | 7,917 | |||||
Dr. Elaine Mardis | $57,500 | — | 22,000 | $79,500 | 7,917 | |||||
Dr. Eva Pisa | $57,500 | — | 11,000 | $68,500 | 7,917 | |||||
Stephen H. Rusckowski(3) | $40,570 | — | 5,500 | $46,070 | — | |||||
Elizabeth E. Tallett | $57,500 | 18,000 | 26,000 | $101,500 | 7,917 |
QIAGEN N.V. | Financial Report 2023 | Page 96 | ||||||||||||||||||||
Corporate Governance |
Name and country of residence | Shares beneficially owned(1) | |||||
Number(2) | Percent ownership | |||||
Thierry Bernard, United States | 182,662 | (3) | * | |||
Roland Sackers, Germany | 246,377 | (4) | * | |||
Dr. Metin Colpan, Germany | 410,886 | (5) | * | |||
Dr. Toralf Haag, Germany | 679 | (6) | * | |||
Dr. Ross L. Levine, United States | 12,793 | (7) | * | |||
Dr. Elaine Mardis, United States | — | (8) | * | |||
Dr. Eva Pisa, Switzerland | — | * | ||||
Lawrence A. Rosen, United States | 10,399 | (9) | * | |||
Stephen H. Rusckowski, United States | 25 | * | ||||
Elizabeth Tallett, United States | 44,011 | (10) | * |
QIAGEN N.V. | Financial Report 2023 | Page 97 | ||||||||||||||||||||
Corporate Governance |
Table of Contents | |||
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Consolidated Financial Statements |
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Consolidated Financial Statements |
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Consolidated Financial Statements |
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Consolidated Financial Statements |
QIAGEN N.V. | Financial Report 2023 | Page 102 | ||||||||||||||||||||
Consolidated Financial Statements |
QIAGEN N.V. | Financial Report 2023 | Page 103 | ||||||||||||||||||||
Consolidated Financial Statements |
(in thousands) | As of December 31, | |||||
Notes | 2023 | 2022 | ||||
Assets | ||||||
Current assets: | ||||||
Cash and cash equivalents | (3) | $ | $ | |||
Short-term investments | (7) | |||||
Accounts receivable, net of allowance for credit losses of $ | (3, 24) | |||||
Inventories, net | (3) | |||||
Prepaid expenses and other current assets (of which $ | (8, 24) | |||||
Total current assets | ||||||
Long-term assets: | ||||||
Property, plant and equipment, net of accumulated depreciation of $ | (9) | |||||
Goodwill | (11) | |||||
Intangible assets, net of accumulated amortization of $ | (11) | |||||
Fair value of derivative instruments - long-term | (14) | |||||
Other long-term assets | (10, 12, 17) | |||||
Total long-term assets | ||||||
Total assets | $ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 104 | ||||||||||||||||||||
(in thousands, except par value) | As of December 31, | |||||
Notes | 2023 | 2022 | ||||
Liabilities and equity | ||||||
Current liabilities: | ||||||
Current portion of long-term debt | (16) | $ | $ | |||
Accrued and other current liabilities | (13, 24) | |||||
Accounts payable | (24) | |||||
Total current liabilities | ||||||
Long-term liabilities: | ||||||
Long-term debt, net of current portion | (16) | |||||
Fair value of derivative instruments - long-term | (14) | |||||
Other long-term liabilities | (4, 12, 15,17) | |||||
Total long-term liabilities | ||||||
Commitments and contingencies | (20) | |||||
Equity: | ||||||
Preference shares, | ||||||
Financing preference shares, | ||||||
Common Shares, | ||||||
Additional paid-in capital | ||||||
Retained earnings | ||||||
Accumulated other comprehensive loss | (18) | ( | ( | |||
Less treasury shares, at cost— | (18) | ( | ( | |||
Total equity | ||||||
Total liabilities and equity | $ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 105 | ||||||||||||||||||||
(in thousands, except per share data) | Years ended December 31, | |||||||
Notes | 2023 | 2022 | 2021 | |||||
Net sales | (3, 4, 24) | $ | $ | $ | ||||
Cost of sales: | ||||||||
Cost of sales | ||||||||
Acquisition-related intangible amortization | (3) | |||||||
Total cost of sales | ||||||||
Gross profit | ||||||||
Operating expenses: | ||||||||
Sales and marketing | ||||||||
Research and development | (3) | |||||||
General and administrative | (3) | |||||||
Acquisition-related intangible amortization | (3) | |||||||
Restructuring, acquisition, integration and other, net | (1, 3, 6) | |||||||
Total operating expenses | ||||||||
Income from operations | ||||||||
Other income (expense): | ||||||||
Interest income | ||||||||
Interest expense | ( | ( | ( | |||||
Other (expense) income, net | (10, 14) | ( | ||||||
Total other income (expense), net | ( | ( | ||||||
Income before income tax expense | ||||||||
Income tax expense | (3, 17) | |||||||
Net income | $ | $ | $ | |||||
Basic earnings per common share | (19) | $ | $ | $ | ||||
Diluted earnings per common share | (19) | $ | $ | $ | ||||
Weighted-average common shares outstanding: | ||||||||
Basic | (19) | |||||||
Diluted | (19) |
QIAGEN N.V. | Financial Report 2023 | Page 106 | ||||||||||||||||||||
(in thousands) | Years ended December 31, | |||||||
Notes | 2023 | 2022 | 2021 | |||||
Net income | $ | $ | $ | |||||
Other comprehensive (loss) income to be reclassified to profit or loss in subsequent periods: | ||||||||
(Losses) gains on cash flow hedges (net of $ | (14) | ( | ( | |||||
Reclassification adjustments on cash flow hedges (net of $ | (14) | ( | ||||||
Cash flow hedges, net of tax | ( | ( | ( | |||||
Net investment hedge | (14) | ( | ( | |||||
Gain on pension (net of $ respectively) | ||||||||
Foreign currency translation adjustments (net of $ and 2021, respectively) | ( | ( | ( | |||||
Other comprehensive loss | ( | ( | ( | |||||
Comprehensive income | $ | $ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 107 | ||||||||||||||||||||
(in thousands) | Notes | Common shares | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Treasury shares | Total equity | |||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | ($ | ( | ($ | $ | |||||||||||
ASU 2020-06 impact of change in accounting policy | (2) | — | — | ( | — | — | — | ( | ||||||||||
Net income | — | — | — | — | — | — | ||||||||||||
Other comprehensive loss | — | — | — | — | ( | — | — | ( | ||||||||||
Purchase of treasury shares | (18) | — | — | — | — | — | ( | ( | ( | |||||||||
Issuance of common shares in connection with stock plan | (22) | — | — | — | ( | — | ||||||||||||
Tax withholding related to vesting of stock awards | (22) | — | — | — | — | — | ( | ( | ( | |||||||||
Share-based compensation | (22) | — | — | — | — | — | — | |||||||||||
Balance at December 31, 2021 | $ | $ | $ | ($ | ( | ($ | $ | |||||||||||
Net income | — | — | — | — | — | — | ||||||||||||
Other comprehensive loss | — | — | — | — | ( | — | — | ( | ||||||||||
Issuance of common shares in connection with stock plan | (22) | — | — | — | ( | — | ||||||||||||
Tax withholding related to vesting of stock awards | (22) | — | — | — | — | — | ( | ( | ( | |||||||||
Share-based compensation | (22) | — | — | — | — | — | — | |||||||||||
Balance at December 31, 2022 | $ | $ | $ | ($ | ( | ($ | $ | |||||||||||
Net income | — | — | — | — | — | — | ||||||||||||
Other comprehensive loss | — | — | — | — | ( | — | — | ( | ||||||||||
Issuance of common shares in connection with stock plan | (22) | — | — | — | ( | — | ||||||||||||
Tax withholding related to vesting of stock awards | (22) | — | — | — | — | — | ( | ( | ( | |||||||||
Share-based compensation | (22) | — | — | — | — | — | — | |||||||||||
Balance at December 31, 2023 | $ | $ | $ | ($ | ( | ($ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 108 | ||||||||||||||||||||
(in thousands) | Years ended December 31, | |||||||
Notes | 2023 | 2022 | 2021 | |||||
Cash flows from operating activities: | ||||||||
Net income | $ | $ | $ | |||||
Adjustments to reconcile net income to net cash provided by operating activities, net of effects of businesses acquired: | ||||||||
Depreciation and amortization | ||||||||
Non-cash impairments | (6, 10) | |||||||
Amortization of debt discount and issuance costs | ||||||||
Share-based compensation expense | (22) | |||||||
Deferred tax expense (benefit) | (17) | ( | ( | |||||
Loss on marketable securities | ||||||||
Gain on sale of investment | (10) | ( | ||||||
Other items, net including fair value changes in derivatives | ||||||||
Net changes in operating assets and liabilities: | ||||||||
Accounts receivable | (3) | ( | ( | |||||
Inventories | (3) | ( | ( | ( | ||||
Prepaid expenses and other current assets | (8) | |||||||
Other long-term assets | ( | |||||||
Accounts payable | ( | ( | ( | |||||
Accrued and other current liabilities | (13) | ( | ( | ( | ||||
Income taxes | (17) | ( | ( | ( | ||||
Other long-term liabilities | ( | ( | ||||||
Net cash provided by operating activities | ||||||||
Cash flows from investing activities: | ||||||||
Purchases of property, plant and equipment | ( | ( | ( | |||||
Purchases of intangible assets | (11) | ( | ( | ( | ||||
Purchases of short-term investments | (7) | ( | ( | ( | ||||
Proceeds from redemptions of short-term investments | (7) | |||||||
Cash paid for acquisitions, net of cash acquired | (5) | ( | ( | |||||
Cash (paid) received for collateral asset | (14) | ( | ( | |||||
Purchases of investments, net | (10) | ( | ( | ( | ||||
Other investing activities | ( | |||||||
Net cash used in investing activities | ( | ( | ( |
QIAGEN N.V. | Financial Report 2023 | Page 109 | ||||||||||||||||||||
(in thousands) | Years ended December 31, | |||||||
Notes | 2023 | 2022 | 2021 | |||||
Cash flows from financing activities: | ||||||||
Proceeds from long-term debt, net of issuance costs | (16) | |||||||
Repayment of long-term debt | (16) | ( | ( | ( | ||||
Proceeds from exercise of call options related to cash convertible notes | (16) | |||||||
Payment of intrinsic value of cash convertible notes | (16) | ( | ||||||
Tax withholding related to vesting of stock awards | ( | ( | ( | |||||
Cash (paid) received for collateral liability | ( | |||||||
Proceeds from issuance of common shares | ||||||||
Cash paid for contingent consideration | ( | |||||||
Purchase of treasury shares | (18) | ( | ||||||
Other financing activities | ( | |||||||
Net cash used in financing activities | ( | ( | ( | |||||
Effect of exchange rate changes on cash and cash equivalents | ( | ( | ( | |||||
Net (decrease) increase in cash and cash equivalents | ( | ( | ||||||
Cash and cash equivalents, beginning of period | ||||||||
Cash and cash equivalents, end of period | $ | $ | $ | |||||
Supplemental cash flow disclosures: | ||||||||
Cash paid for interest | $ | $ | $ | |||||
Cash paid for income taxes, net of refunds | $ | $ | $ | |||||
Supplemental disclosure of non-cash investing activities: | ||||||||
Equity securities acquired in non-monetary exchange | (10) | $ | $ | $ | ||||
Intangible asset received in exchange for note receivable | $ | $ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 110 | ||||||||||||||||||||
QIAGEN N.V. | Financial Report 2023 | Page 111 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements | |||||||||||||||||||||
December 31, 2023 |
QIAGEN N.V. | Financial Report 2023 | Page 112 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
QIAGEN N.V. | Financial Report 2023 | Page 113 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
QIAGEN N.V. | Financial Report 2023 | Page 114 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(USD equivalent for one) | Closing rate at December 31, | Annual average rate | ||||||||
2023 | 2022 | 2023 | 2022 | 2021 | ||||||
Euro (EUR) | ||||||||||
Pound Sterling (GBP) | ||||||||||
Swiss Franc (CHF) | ||||||||||
Japanese Yen (JPY) | ||||||||||
Chinese Yuan (CNY) |
QIAGEN N.V. | Financial Report 2023 | Page 115 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
QIAGEN N.V. | Financial Report 2023 | Page 116 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
QIAGEN N.V. | Financial Report 2023 | Page 117 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
QIAGEN N.V. | Financial Report 2023 | Page 118 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands) | 2023 | 2022 | ||
Cash at bank and on hand | $ | $ | ||
Money market funds | ||||
Commercial paper | ||||
Short-term bank deposits | ||||
Cash and cash equivalents | $ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 119 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands) | Accounts receivable | Loans and other receivables | ||||||||||
2023 | 2022 | 2021 | 2023 | 2022 | 2021 | |||||||
Balance at beginning of year | $ | $ | $ | $ | $ | $ | ||||||
Provisions for expected credit losses | ( | |||||||||||
Deductions from allowance | ( | ( | ( | ( | ( | |||||||
Recoveries collected | ||||||||||||
Currency translation adjustments and other | ( | ( | ( | ( | ( | |||||||
Balance at end of year | $ | $ | $ | $ | $ | $ |
(in thousands) | 2023 | 2022 | ||
Raw materials | $ | $ | ||
Work in process | ||||
Finished goods | ||||
Total inventories, net | $ | $ |
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Notes to the Consolidated Financial Statements |
QIAGEN N.V. | Financial Report 2023 | Page 121 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
QIAGEN N.V. | Financial Report 2023 | Page 122 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
QIAGEN N.V. | Financial Report 2023 | Page 123 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
QIAGEN N.V. | Financial Report 2023 | Page 124 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
QIAGEN N.V. | Financial Report 2023 | Page 125 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
QIAGEN N.V. | Financial Report 2023 | Page 126 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
QIAGEN N.V. | Financial Report 2023 | Page 127 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
QIAGEN N.V. | Financial Report 2023 | Page 128 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands) | 2023 | 2022 | 2021 | |||
Consumables and related revenues | $ | $ | $ | |||
Instruments | ||||||
Molecular Diagnostics | ||||||
Consumables and related revenues | ||||||
Instruments | ||||||
Life Sciences | ||||||
Total net sales | $ | $ | $ |
(in thousands) | 2023 | 2022 | 2021 | |||
Sample technologies | $ | $ | $ | |||
Diagnostic solutions | ||||||
PCR / Nucleic acid amplification | ||||||
Genomics / NGS | ||||||
Other | ||||||
Total net sales | $ | $ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 129 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
QIAGEN N.V. | Financial Report 2023 | Page 130 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands) | 2023 | 2022 | ||
Cost of sales | $ | $ | ||
Restructuring, acquisition, integration and other, net | ||||
Total restructuring charges | $ | $ |
(in thousands) | Personnel related | Contract and other costs | Total | |||
Liability at December 31, 2021 | $ | $ | $ | |||
Cost incurred in 2022 | ||||||
Foreign currency translation adjustment | ||||||
Liability at December 31, 2022 | $ | $ | $ | |||
Costs incurred in 2023 | ||||||
Release of accruals | ( | ( | ( | |||
Payments | ( | ( | ( | |||
Foreign currency translation adjustment | ||||||
Liability at December 31, 2023 | $ | $ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 131 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands) | 2023 | 2022 | ||
Commercial paper | $ | $ | ||
Money market deposits | ||||
Total short-term investments | $ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 132 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands) | Notes | 2023 | 2022 | |||
Cash collateral | (14) | $ | $ | |||
Income taxes receivable | (17) | |||||
Prepaid expenses | ||||||
Fair value of derivative instruments | (14) | |||||
Other receivables | ||||||
Value added tax | ||||||
Contract assets | (4) | |||||
Total prepaid expenses and other current assets | $ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 133 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands) | Estimated useful lives (in years) | 2023 | 2022 | |||
Land | $ | $ | ||||
Buildings and improvements | up to | |||||
Machinery and equipment | ||||||
Computer software | ||||||
Furniture and office equipment | ||||||
Construction in progress | ||||||
Total property, plant and equipment | ||||||
Less: Accumulated depreciation and amortization | ( | ( | ||||
Total property, plant and equipment, net | $ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 134 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands) | Ownership percentage | Equity investments as of December 31, | Share of income (loss) for the years ended December 31, | |||||||||
2023 | 2022 | 2023 | 2022 | 2021 | ||||||||
PreAnalytiX GmbH | $ | $ | $ | $ | $ | |||||||
Apis Assay Technologies Ltd | ( | |||||||||||
TVM Life Science Ventures III | ( | ( | ||||||||||
Suzhou Fuda Business Management and Consulting Partnership | ||||||||||||
Actome GmbH | ( | ( | ( | |||||||||
Hombrechtikon Systems Engineering AG | ( | ( | ||||||||||
Total | $ | $ | $ | $ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 135 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands) | 2023 | 2022 | ||
Balance at beginning of year | $ | $ | ||
Impairments | ( | |||
Cash investments in equity securities, net | ||||
Shares received in exchange for services performed | ||||
Foreign currency translation adjustments | ( | |||
Balance at end of year | $ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 136 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands, except shares) | Invitae Corporation (Invitae) | OncoCyte Corporation (OncoCyte) | Oncimmune Holdings plc (Oncimmune) | HTG Molecular Diagnostics, Inc (HTGM) | ||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | ||||||||||||
Shares received upon milestone achievement | ||||||||||||||||
(Loss) gain on change in fair value | — | ( | — | — | — | |||||||||||
Sale of investment | ( | ( | ( | ( | ( | ( | ( | ( | ||||||||
Balance at December 31, 2021 | $ | $ | $ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 137 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands) | Weighted average life (in years) | 2023 | 2022 | |||||||
Gross carrying amount | Accumulated amortization | Gross carrying amount | Accumulated amortization | |||||||
Amortized intangible assets: | ||||||||||
Patent and license rights | $ | ($ | $ | ($ | ||||||
Developed technology | ( | ( | ||||||||
Customer base, trademarks, and non-compete agreements | ( | ( | ||||||||
Total amortized intangible assets | $ | ($ | $ | ($ | ||||||
Unamortized intangible assets: | ||||||||||
In-process research and development | $ | $ | ||||||||
Goodwill | ||||||||||
Total unamortized intangible assets | $ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 138 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands) | 2023 | 2022 | ||
Balance at beginning of year | $ | $ | ||
Additions | ||||
Additions from acquisitions | ||||
Amortization | ( | ( | ||
Disposals | ( | |||
Impairments | ( | |||
Foreign currency translation adjustments | ( | |||
Balance at end of year | $ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 139 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands) | ||
2024 | $ | |
2025 | $ | |
2026 | $ | |
2027 | $ | |
2028 | $ |
(in thousands) | 2023 | 2022 | ||
Balance at beginning of year | $ | $ | ||
Business combinations | ||||
Purchase adjustments | ( | ( | ||
Foreign currency translation adjustments | ( | |||
Balance at end of year | $ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 140 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands, except lease term and discount rate) | Location in consolidated balance sheet | 2023 | 2022 | |||
Operating lease right-of-use assets | Other long-term assets | $ | $ | |||
Current operating lease liabilities | Accrued and other current liabilities | $ | $ | |||
Long-term operating lease liabilities | Other long-term liabilities | $ | $ | |||
Weighted average remaining lease term | ||||||
Weighted average discount rate |
(in thousands) | 2023 | 2022 | ||
Cash paid for operating leases included in cash flows from operating activities | $ | $ | ||
Operating lease right-of-use assets obtained in exchange for lease obligations | $ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 141 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
Years ending December 31, (in thousands) | ||
2024 | $ | |
2025 | ||
2026 | ||
2027 | ||
2028 | ||
Thereafter | ||
Total lease payments | ||
Less: Imputed interest | ( | |
Total | $ |
QIAGEN N.V. | Financial Report 2023 | Page 142 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands) | Notes | 2023 | 2022 | |||
Payroll and related accruals | $ | $ | ||||
Accrued expenses | ||||||
Deferred revenue | (4) | |||||
Other liabilities | (6) | |||||
Fair value of derivative instruments | (14) | |||||
Operating lease liabilities | (12) | |||||
Accrued contingent consideration and milestone payments | (15) | |||||
Income taxes payable | (17) | |||||
Accrued royalties | (20) | |||||
Accrued interest on long-term debt | (16) | |||||
Cash collateral | (14) | |||||
Total accrued and other current liabilities | $ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 143 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
QIAGEN N.V. | Financial Report 2023 | Page 144 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
QIAGEN N.V. | Financial Report 2023 | Page 145 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
QIAGEN N.V. | Financial Report 2023 | Page 146 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands) | 2023 | 2022 | ||||||
Current asset | Long-term asset | Current asset | Long-term asset | |||||
Assets: | ||||||||
Derivative instruments designated as hedges | ||||||||
Interest rate contracts - cash flow hedge(1) | $ | $ | $ | $ | ||||
Total derivative instruments designated as hedges | ||||||||
Undesignated derivative instruments | ||||||||
Equity options | ||||||||
Foreign exchange forwards and options | ||||||||
Total undesignated derivative instruments | ||||||||
Total derivative assets | $ | $ | $ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 147 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands) | 2023 | 2022 | ||||||
Current liability | Long-term liability | Current liability | Long-term liability | |||||
Liabilities: | ||||||||
Derivative instruments designated as hedges | ||||||||
Interest rate contracts - cash flow hedge(1) | $ | ($ | $ | ($ | ||||
Total derivative instruments designated as hedges | ( | ( | ||||||
Undesignated derivative instruments | ||||||||
Cash convertible notes embedded conversion option | ( | ( | ( | |||||
Foreign exchange forwards and options | ( | ( | ||||||
Total undesignated derivative instruments | ( | ( | ( | |||||
Total derivative liabilities | ($ | ($ | ($ | ($ |
QIAGEN N.V. | Financial Report 2023 | Page 148 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands) | 2023 | 2022 | 2021 | |||
Other (expense) income, net | Other (expense) income, net | Other (expense) income, net | ||||
Total amounts presented in the Consolidated Statements of Income in which the effects of cash flow and fair value hedges are recorded | ($ | $ | $ | |||
Gains (losses) on derivatives in cash flow hedges: | ||||||
Interest rate contracts | ||||||
Amount of gain (loss) reclassified from accumulated other comprehensive loss | $ | $ | ($ | |||
Amounts excluded from effectiveness testing | ||||||
Gains (losses) on derivatives in fair value hedges: | ||||||
Interest rate contracts | ||||||
Hedged item | ||||||
Derivatives designated as hedging instruments | ( | ( | ||||
Gains (losses) on derivatives not designated as hedging instruments: | ||||||
Equity options | ( | ( | ( | |||
Cash convertible notes embedded cash conversion option | ||||||
Foreign exchange forwards and options | ( | |||||
Total gains (losses) on derivative instruments | $ | $ | ($ |
QIAGEN N.V. | Financial Report 2023 | Page 149 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands) | 2023 | 2022 | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||
Assets: | ||||||||||||||||
Cash equivalents | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||
Short-term investments | ||||||||||||||||
Non-marketable equity securities | ||||||||||||||||
Equity options | ||||||||||||||||
Foreign exchange forwards and options | ||||||||||||||||
Interest rate contracts - cash flow hedge | ||||||||||||||||
Total financial assets | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||
Liabilities: | ||||||||||||||||
Cash convertible notes embedded conversion option | $ | ($ | $ | ($ | $ | ($ | $ | ($ | ||||||||
Foreign exchange forwards and options | ( | ( | ( | ( | ||||||||||||
Interest rate contracts - cash flow hedge | ( | ( | ( | ( | ||||||||||||
Contingent consideration | ( | ( | ( | ( | ||||||||||||
Total financial liabilities | $ | ($ | ($ | ($ | $ | ($ | ($ | ($ |
QIAGEN N.V. | Financial Report 2023 | Page 150 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
QIAGEN N.V. | Financial Report 2023 | Page 151 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands) | 2023 | 2022 | ||
Balance at beginning of year | ($ | ($ | ||
Changes in fair value | ( | |||
Payments | ||||
Balance at end of year | ($ | ($ |
QIAGEN N.V. | Financial Report 2023 | Page 152 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands) | 2023 | 2022 | ||
$ | $ | |||
German Private Placement (2017 Schuldschein) | ||||
German Private Placement (2022 Schuldschein) | ||||
Total long-term debt | ||||
Less: Current portion | ||||
Long-term portion | $ | $ |
(in thousands) | 2023 | 2022 | 2021 | |||
German Private Placement (2017 Schuldschein) | $ | $ | $ | |||
Total repayment of long-term debt | $ | $ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 153 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands) | 2023 | |||||||||
Principal amount | Unamortized debt discount and issuance costs | Carrying amount | Fair value | |||||||
Amount | Leveling | |||||||||
Cash Convertible Notes due 2024 | $ | ($ | $ | $ | Level 1 | |||||
Convertible Notes due 2027 | ( | Level 1 | ||||||||
German Private Placement (2017 Schuldschein) | ( | Level 2 | ||||||||
German Private Placement (2022 Schuldschein) | ( | Level 2 | ||||||||
$ | ($ | $ | $ |
(in thousands) | 2022 | |||||||||
Principal amount | Unamortized debt discount and issuance costs | Carrying amount | Fair value | |||||||
Amount | Leveling | |||||||||
Cash Convertible Notes due 2023 | $ | ($ | $ | $ | Level 1 | |||||
Cash Convertible Notes due 2024 | ( | Level 1 | ||||||||
Convertible Notes due 2027 | ( | Level 1 | ||||||||
German Private Placement (2017 Schuldschein) | ( | Level 2 | ||||||||
German Private Placement (2022 Schuldschein) | ( | Level 2 | ||||||||
$ | ($ | $ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 154 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
Years ending December 31, (in thousands) | ||
2024 | $ | |
2025 | ||
2026 | ||
2027 | ||
2028 | ||
Thereafter | ||
$ |
(in thousands) | 2023 | 2022 | ||
Coupon interest | $ | $ | ||
Amortization of original issuance discount | ||||
Amortization of debt issuance costs | ||||
Total interest expense related to the convertible notes | $ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 155 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
QIAGEN N.V. | Financial Report 2023 | Page 156 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
Cash convertible notes | Annual interest rate | Date of interest payments | Maturity date | Contingent conversion period | Conversion rate per $200,000 principal amount(1) | |||||
2024 Notes | May 13 and November 13 | November 13, 2024 | From December 24, 2018 to August 2, 2024 | 4,360.3098 |
QIAGEN N.V. | Financial Report 2023 | Page 157 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
QIAGEN N.V. | Financial Report 2023 | Page 158 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
QIAGEN N.V. | Financial Report 2023 | Page 159 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
QIAGEN N.V. | Financial Report 2023 | Page 160 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
Carrying value (in thousands) as of December 31, | ||||||||||
Currency | Notional amount | Interest rate | Maturity | 2023 | 2022 | |||||
EUR | € | Fixed | June 2024 | $ | $ | |||||
EUR | € | Floating EURIBOR + | June 2024 | |||||||
EUR | € | Fixed | June 2027 | |||||||
$ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 161 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
Carrying value (in thousands) as of December 31, | ||||||||||
Currency | Notional amount | Interest rate | Maturity | 2023 | 2022 | |||||
EUR | € | Floating 6M EURIBOR + | July 2025 | $ | $ | |||||
EUR | € | Fixed | July 2027 | |||||||
EUR | € | Floating 6M EURIBOR + | July 2027 | |||||||
EUR | € | Fixed | July 2029 | |||||||
EUR | € | Floating 6M EURIBOR + | July 2029 | |||||||
EUR | € | Fixed | July 2032 | |||||||
EUR | € | Floating 6M EURIBOR + | July 2032 | |||||||
EUR | € | Fixed | August 2035 | |||||||
$ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 162 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands) | 2023 | 2022 | 2021 | |||
Pretax income in the Netherlands | $ | $ | $ | |||
Pretax income from foreign operations | ||||||
Total income before income tax expense | $ | $ | $ |
(in thousands) | 2023 | 2022 | 2021 | |||
Current: | ||||||
The Netherlands | $ | $ | $ | |||
Foreign | ||||||
Deferred: | ||||||
The Netherlands | ( | ( | ( | |||
Foreign | ( | ( | ||||
( | ( | |||||
Total income tax expense | $ | $ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 163 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
2023 | 2022 | 2021 | ||||
The Netherlands' statutory income tax rate | ||||||
Taxation of foreign operations, net(1) | ( | ( | ( | |||
Unrecognized tax benefits(2) | ||||||
Excess tax benefit related to share-based compensation | ( | ( | ( | |||
Prior year taxes | ( | |||||
Government incentives(3) | ( | ( | ( | |||
Changes in tax laws and rates | ( | ( | ||||
Tax impact from nondeductible (deductible) items | ( | |||||
Valuation allowance | ( | ( | ||||
Other items, net | ( | |||||
Effective tax rate |
QIAGEN N.V. | Financial Report 2023 | Page 164 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands) | 2023 | 2022 | 2021 | |||
Balance at beginning of year | $ | $ | $ | |||
Additions based on tax positions related to the current year | ||||||
Additions for tax positions of prior years | ||||||
Decrease for tax position of prior years | ( | ( | ( | |||
Decrease related to settlements | ( | ( | ||||
Decrease due to lapse of statute of limitations | ( | ( | ||||
Increase (decrease) from currency translation | ( | ( | ||||
Balance at end of year | $ | $ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 165 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands) | 2023 | 2022 | ||
Deferred tax assets: | ||||
Net operating loss and tax credit carryforwards | $ | $ | ||
Intangible assets | ||||
Accrued and other liabilities | ||||
Share-based compensation | ||||
Property, plant and equipment | ||||
Convertible notes | ||||
Inventories | ||||
Disallowed interest carryforwards | ||||
Other | ||||
Total deferred tax assets before valuation allowance | ||||
Valuation allowance | ( | ( | ||
Total deferred tax assets, after valuation allowance | $ | $ | ||
Deferred tax liabilities: | ||||
Intangible assets | ($ | ($ | ||
Property, plant and equipment | ( | ( | ||
Inventories | ( | ( | ||
Other | ( | ( | ||
Total deferred tax liabilities | ($ | ($ | ||
Deferred tax assets, net | $ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 166 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands) | 2023 | 2022 | 2021 | |||
Balance at beginning of year | ($ | ($ | ($ | |||
Additions charged to income tax expense | ( | ( | ( | |||
Deductions charged to income tax expense | ||||||
Additions charged to additional paid-in capital | ( | |||||
Currency translation | ||||||
Balance at end of year | ($ | ($ | ($ |
QIAGEN N.V. | Financial Report 2023 | Page 167 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
QIAGEN N.V. | Financial Report 2023 | Page 168 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
Cash convertible notes | Issued on | Number of share warrants issued (in millions) | Weighted average exercise price per share | Proceeds from issuance of warrants, net of issuance costs (in millions) | Warrants expire over a period of 50 trading days beginning on | |||||
2023 Notes | September 13, 2017 | $ | $ | June 26, 2023 | ||||||
2024 Notes | November 13, 2018 | $ | $ | August 27, 2024 |
(in thousands) | 2023 | 2022 | ||
Net unrealized loss on hedging contracts, net of tax | ($ | ($ | ||
Net unrealized gain on pension, net of tax | ||||
Foreign currency effects from intercompany long-term investment transactions, net of tax benefits of $ | ( | ( | ||
Foreign currency translation adjustments | ( | ( | ||
Accumulated other comprehensive loss | ($ | ($ |
QIAGEN N.V. | Financial Report 2023 | Page 169 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands, except per share data) | 2023 | 2022 | 2021 | |||
Net income | $ | $ | $ | |||
Weighted average number of common shares used to compute basic earnings per common share | ||||||
Dilutive effect of outstanding stock options and restricted stock units | ||||||
Dilutive effect of outstanding warrants | ||||||
Weighted average number of common shares used to compute diluted earnings per common share | ||||||
Outstanding stock options and awards having no dilutive effect, not included in above calculation | ||||||
Outstanding warrants having no dilutive effect, not included in above calculation | ||||||
Basic earnings per common share | $ | $ | $ | |||
Diluted earnings per common share | $ | $ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 170 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
Years ending December 31, (in thousands) | Purchase commitments | License & royalty commitments | ||
2024 | $ | $ | ||
2025 | ||||
2026 | ||||
2027 | ||||
2028 | ||||
Thereafter | ||||
$ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 171 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands) | 2023 | 2022 | ||
Balance at beginning of year | $ | $ | ||
Provision charged to cost of sales | ||||
Usage | ( | ( | ||
Adjustments to previously provided warranties, net | ( | ( | ||
Currency translation | ( | |||
Balance at end of year | $ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 172 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
QIAGEN N.V. | Financial Report 2023 | Page 173 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands) | 2023 | 2022 | 2021 | |||
Americas: | ||||||
United States | $ | $ | $ | |||
Other Americas | ||||||
Total Americas | ||||||
Europe, Middle East and Africa | ||||||
Asia Pacific, Japan and Rest of World | ||||||
Total net sales | $ | $ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 174 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands) | 2023 | 2022 | ||
Americas: | ||||
United States | $ | $ | ||
Other Americas | ||||
Total Americas | ||||
Europe, Middle East and Africa: | ||||
Germany | ||||
Other Europe, Middle East and Africa | ||||
Total Europe, Middle East and Africa | ||||
Asia Pacific, Japan and Rest of World | ||||
Total long-lived assets | $ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 175 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
Stock units | Number of stock units (in thousands) | Weighted average contractual term (in years) | Aggregate intrinsic value (in thousands) | |||
Outstanding at January 1, 2023 | ||||||
Granted | ||||||
Vested | ( | |||||
Forfeited | ( | |||||
Outstanding at December 31, 2023 | $ | |||||
Vested and expected to vest at December 31, 2023 | $ |
QIAGEN N.V. | Financial Report 2023 | Page 176 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
Stock options | Number of shares (in thousands) | Weighted average exercise price | ||
Outstanding at January 1, 2023 | $ | |||
Exercised | ( | $ | ||
Outstanding at December 31, 2023 | $ |
QIAGEN N.V. | Financial Report 2023 | Page 177 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands) | 2023 | 2022 | 2021 | |||
Cost of sales | $ | $ | $ | |||
Research and development | ||||||
Sales and marketing | ||||||
General and administrative | ||||||
Share-based compensation expense | ||||||
Less: Income tax benefit(1) | ||||||
Share-based compensation expense, after tax | $ | $ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 178 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
(in thousands) | 2023 | 2022 | 2021 | |||
Net sales | $ | $ | $ |
(in thousands) | 2023 | 2022 | ||
Accounts receivable | $ | $ | ||
Prepaid expenses and other current assets | $ | $ | ||
Accounts payable | $ | $ | ||
Accrued and other current liabilities | $ | $ |
QIAGEN N.V. | Financial Report 2023 | Page 179 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
QIAGEN N.V. | Financial Report 2023 | Page 180 | ||||||||||||||||||||
Notes to the Consolidated Financial Statements |
QIAGEN N.V. | Financial Report 2023 | Page 181 | ||||||||||||||||||||
Appendices |
QIAGEN N.V. | Financial Report 2023 | Page 182 | ||||||||||||||||||||
Appendices |
QIAGEN N.V. | Financial Report 2023 | Page 183 | ||||||||||||||||||||
Appendices |
QIAGEN N.V. | Financial Report 2023 | Page 184 | ||||||||||||||||||||
Appendices |
QIAGEN N.V. | Financial Report 2023 | Page 185 | ||||||||||||||||||||
Appendices |
QIAGEN N.V. | Financial Report 2023 | Page 186 | ||||||||||||||||||||
Appendices |
QIAGEN N.V. | Financial Report 2023 | Page 187 | ||||||||||||||||||||
Appendices |
QIAGEN N.V. | Financial Report 2023 | Page 188 | ||||||||||||||||||||
Appendices |
QIAGEN N.V. | Financial Report 2023 | Page 189 | ||||||||||||||||||||
Appendices |
QIAGEN N.V. | Financial Report 2023 | Page 190 | ||||||||||||||||||||
Appendices |
QIAGEN N.V. | Financial Report 2023 | Page 191 | ||||||||||||||||||||
Appendices |
QIAGEN N.V. | Financial Report 2023 | Page 192 | ||||||||||||||||||||
Appendices |
(in millions) | 2023 | 2022 | ||
Audit fees | $2.9 | $2.8 | ||
Consolidated financial statements | 2.4 | 2.1 | ||
Statutory financial statements | 0.5 | 0.7 | ||
Audit-related fees | — | — | ||
Tax fees | 0.2 | 0.3 | ||
All other fees | — | — | ||
Total | $3.1 | $3.1 |
QIAGEN N.V. | Financial Report 2023 | Page 193 | ||||||||||||||||||||
Appendices |
QIAGEN N.V. | Financial Report 2023 | Page 194 | ||||||||||||||||||||
Appendices |
QIAGEN N.V. | Financial Report 2023 | Page 195 | ||||||||||||||||||||
Appendices |
QIAGEN N.V. | Financial Report 2023 | Page 196 | ||||||||||||||||||||
Appendices |
QIAGEN N.V. | Financial Report 2023 | Page 197 | ||||||||||||||||||||
Appendices |
QIAGEN N.V. | Financial Report 2023 | Page 198 | ||||||||||||||||||||
Appendices |
QIAGEN N.V. | Financial Report 2023 | Page 199 | ||||||||||||||||||||
Appendices |
QIAGEN N.V. | Financial Report 2023 | Page 200 | ||||||||||||||||||||
Appendices |
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Appendices |
Item | Form 20-F caption | Location in this document | Page | Item | Form 20-F caption | Location in this document | Page | |||||||
Part I | ||||||||||||||
Item 1. | Identity of Directors, Senior Management and Advisers | Not applicable. | Item 4. | C. Organizational Structure | ||||||||||
Item 2. | Offer Statistics and Expected Timetable | Not applicable. | D. Property, Plants and Equipment | |||||||||||
Item 3. | Key Information | Item 4A. | Unresolved Staff Comments | Not applicable. | ||||||||||
B. Capitalization and Indebtedness | Not applicable. | Item 5. | Operating and Financial Review and Prospects | |||||||||||
C. Reasons for the Offer and Use of Proceeds | Not applicable. | A. Operating Results | ||||||||||||
D. Risk Factors | B. Liquidity and Capital Resources | |||||||||||||
Item 4. | Information on the Company | C. Research and Development, Patents and Licenses, etc. | ||||||||||||
A. History and Development of the Company | ||||||||||||||
B. Business Overview | ||||||||||||||
D. Trend Information | ||||||||||||||
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Item | Form 20-F caption | Location in this document | Page | Item | Form 20-F caption | Location in this document | Page | |||||||
Part I | ||||||||||||||
Item 5. | E. Critical Accounting Estimates | Item 7. | B. Related Party Transactions | |||||||||||
Item 6. | Directors, Senior Management and Employees | C. Interests of Experts & Counsel | Not applicable. | |||||||||||
A. Directors and Senior Management | Item 8. | Financial Information | ||||||||||||
B. Compensation | A. Consolidated Statements and Other Financial Information | |||||||||||||
C. Board Practices | ||||||||||||||
D. Employees | ||||||||||||||
E. Share Ownership | B. Significant Changes | |||||||||||||
F. Disclosure of a registrant’s action to recover erroneously awarded compensation | Not applicable. | Item 9. | The Offer and Listing | |||||||||||
Item 7. | Major Shareholders and Related Party Transactions | A. Offer and Listing Details | ||||||||||||
A. Major Shareholders | B. Plan of Distribution | Not applicable. |
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Appendices |
Item | Form 20-F caption | Location in this document | Page | Item | Form 20-F caption | Location in this document | Page | |||||||
Part I | ||||||||||||||
Item 9. | C. Markets | Item 10. | J. Annual Report to Security Holders | Not applicable. | ||||||||||
D. Selling Shareholders | Not applicable. | Item 11. | Quantitative and Qualitative Disclosures about Market Risk | |||||||||||
E. Dilution | Not applicable. | Item 12. | Description of Securities Other than Equity Securities | Not applicable. | ||||||||||
F. Expenses of the Issue | Not applicable. | |||||||||||||
Item 10. | Additional Information | Part II | ||||||||||||
A. Share Capital | Not applicable. | Item 13. | Defaults, Dividend Arrearages and Delinquencies | Not applicable. | ||||||||||
B. Memorandum and Articles of Association | Item 14. | Material Modifications to the Rights of Security Holders and Use of Proceeds | Not applicable. | |||||||||||
C. Material Contracts | Not applicable. | Item 15. | Controls and Procedures | |||||||||||
D. Exchange Controls | Item 16A. | Audit Committee Financial Expert | ||||||||||||
E. Taxation | Item 16B. | Code of Ethics | ||||||||||||
F. Dividends and paying agents | Not applicable. | Item 16C. | Principal Accountant Fees and Services | |||||||||||
G. Statement by Experts | Not applicable. | Item 16D. | Exemptions from the Listing Standards for Audit Committees | Not applicable. | ||||||||||
H. Documents on Display | Item 16E. | Purchases of Equity Securities by the Issuer and Affiliated Purchasers | Not applicable. | |||||||||||
I. Subsidiary Information | Not applicable. | Item 16F. | Change in Registrant’s Certifying Accountant | Not applicable. |
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Appendices |
Item | Form 20-F caption | Location in this document | Page | |||||||||||
Part II | ||||||||||||||
Item 16G. | Corporate Governance | This document contains information required for the Annual Report on Form 20-F for the year ended December 31, 2023 of QIAGEN N.V. Reference is made to the Form 20-F cross reference table above. Only the information in this document that is referenced in the Form 20- F cross reference table and this paragraph, this cross-reference table itself, the section entitled "Note Regarding Forward-Looking Statements and Risk Factors" shall be deemed to be filed with the Securities and Exchange Commission for any purpose. Any additional information in this document which is not referenced in the Form 20-F cross reference table, or the Exhibits themselves, shall not be deemed to be incorporated by reference, shall not be part of the 2023 Annual Report on Form 20-F and is furnished to the Securities and Exchange Commission for information only. This document also includes references to certain information contained on QIAGEN's website. The information contained on QIAGEN's website is not incorporated by reference and does not form part of this document. | ||||||||||||
Item 16H. | Mine Safety Disclosure | Not applicable. | ||||||||||||
Item 16I. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | Not applicable. | ||||||||||||
Item 16J. | Insider Trading Policies | |||||||||||||
Item 16K. | Cybersecurity | |||||||||||||
Part III | ||||||||||||||
Item 17. | Financial Statements | See Item 18. | ||||||||||||
Item 18. | Financial Statements | |||||||||||||
Item 19. | Exhibits | |||||||||||||
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Appendices |
Exhibit No. | Description | Exhibit No. | Description | |||
*1.1 | Articles of Association as confirmed by notarial deed as of January 29, 2024 (English translation) | QIAGEN N.V. 2014 Stock Plan (Filed as Exhibit 99.1)(7) | ||||
Schuldscheindarlehensvertrag Form of Loan Agreement dated as of June 19, 2017 (Filed as Exhibit 2.11)(1) | QIAGEN N.V. 2023 Stock Plan | |||||
2024 Bonds Indenture dated November 13, 2018 (Filed as Exhibit 2.17)(2) | List of Subsidiaries | |||||
2024 Form of Warrant Confirmation dated November 6, 2018 (Filed as Exhibit 2.18)(2) | *11.1 | QIAGEN N.V. Insider Trading Policy | ||||
2024 Form of Bond Hedge Confirmation dated November 6, 2018 (Filed as Exhibit 2.19)(2) | Certification under Section 302; Thierry Bernard, Managing Director and Chief Executive Officer | |||||
Global Bearer Bond Representing Convertible Bonds due 2027 dated as of December 17, 2020 (Filed as Exhibit 2.12)(3) | Certification under Section 302; Roland Sackers, Managing Director and Chief Financial Officer | |||||
Purchase Agent Agreement dated as of December 10, 2020 (Filed as Exhibit 2.13)(3) | Certifications under Section 906; Thierry Bernard, Managing Director and Chief Executive Officer and Roland Sackers, Managing Director and Chief Financial Officer | |||||
Subscription Agreement dated as of December 10, 2020 (Filed as Exhibit 2.14)(3) | Consent of Independent Registered Public Accounting Firm | |||||
Schuldscheindarlehensvertrag Form of Loan Agreement dated as of July 13, 2022 (Filed as Exhibit 2.13)(4) | QIAGEN N.V. Clawback Policy | |||||
Namensschuldverschreibungen Agreement dated as of August 16, 2022 (Filed as Exhibit 2.14)(4) | *101 | Inline XBRL Interactive Data File | ||||
Description of Securities (Filed as Exhibit 2.12)(5) | *104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | ||||
QIAGEN N.V. Amended and Restated 2005 Stock Plan (Filed as Exhibit 99.1)(6) |
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Exhibit Index |
QIAGEN N.V. | ||||
Dated: | March 8, 2024 | |||
By: | /s/ Thierry Bernard | |||
Thierry Bernard, Chief Executive Officer | ||||
/s/ Roland Sackers | ||||
Roland Sackers, Chief Financial Officer |
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Signatures |