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N.V. QGEN is gaining from its strategic collaborations and impressive international performance. The company ended the second quarter of 2021 with better-than-expected results. Revenue growth in both of its operating segments buoys optimism for the stock. The QuantiFERON latent TB test drove sales in diagnostic solutions. However, competitive headwinds and foreign exchange woes remain.Over the past year, the Zacks Rank #3 (Hold) stock has gained 6.7% against the 1.6% decline of the industry and a 33% rise of the S&P 500.The renowned provider of sample to insight solutions has a market capitalization of $12.23 billion. Its earnings surpassed the Zacks Consensus Estimate by 1.5% in the second quarter of 2021.Over the past five years, the company registered earnings growth of 14.6% compared with the industry’s 14.4% rise and the S&P 500’s 2.8% increase. The company’s long-term projected growth of 11.5% compares with the industry’s growth projection of 18.9% and the S&P 500’s expectation of 11.3% rise.Image Source: Zacks Investment ResearchLet’s delve deeper.Factors At PlayQ2 Upsides: QIAGEN exited the second quarter of 2021 with better-than-expected revenues and earnings. The company registered revenue growth across all geographies and both its operating segments in the second quarter. Sales of non-COVID product groups drove the top line in the quarter. Meanwhile, sales of non-COVID consumables kits under sample technologies product group rose about 30% at constant exchange rate (CER) year over year. Diagnostic solutions sales improved 71% at CER, led by the QuantiFERON latent TB test.International Focus Drives Growth: We are upbeat about QIAGEN’s impressive international performance during the second quarter of 2021. Revenues from Europe, Middle East and Africa rose 23% on a reported basis and 15% at CER. Further, revenues from Asia-Pacific/ Japan increased 10% year over year on a reported basis and 4% at CER. The Americas region delivered strongest geographic growth of about 45% on a reported basis and 44% at CER (more than offsetting the lower sales in Brazil and Mexico) on high sales of the QuantiFERON-TB.Strategic Tie-Ups to Drive Growth: QIAGEN’s recent collaborations are consistent with its long-term business strategy that involves strategic alliances as well as marketing and distribution arrangements with academic, corporate and other partners relating to the development, commercialization, marketing and distribution of certain existing and potential products. In June 2021, the company partnered with Verogen to provide their customers with superior tools and comprehensive support for human identification (HID) workflows in their laboratories. In May 2021, the company collaborated with Mirati Therapeutics to accelerate the development of a tissue-based KRAS companion diagnostic. Further, QIAGEN’s 15-year strategic partnership with Illumina in NGS clinical decision-making raises optimism.DownsidesCompetitive Headwinds: QIAGEN faces stiff competition from firms that provide competitive pre-analytical solutions and other products used by its customers. Per the company, customers in the market for pre-analytical sample technologies as well as for assay technologies display significant loyalty to their initial supplier of a particular product. As a result, it may be difficult to convert customers who have purchased products from competitors.Foreign Exchange Uncertainties: QIAGEN is highly susceptible to the risk of foreign currency movements, as it derives more than 50% of its revenues from the international market. The situation may worsen with the strengthening of the domestic currency against high-focus nations.Estimate TrendQIAGEN has been witnessing a positive estimate revision trend for 2021. Over the past 60 days, the Zacks Consensus Estimate for its earnings has moved 0.4% north to $2.45.The Zacks Consensus Estimate for its third-quarter 2021 revenues is pegged at $490.6 million, suggesting a 1.4% rise from the year-ago reported number.Key PicksA few better-ranked stocks from the Medical- Biomedical and Genetics industry include Vertex Pharmaceuticals Incorporated VRTX, Moderna, Inc. MRNA and Horizon Therapeutics Public Limited Company HZNP.Vertex, sporting a Zacks Rank #1 (Strong Buy), has a long-term earnings growth rate of 9.8%. You can see the complete list of today’s Zacks #1 Rank stocks here.Moderna, with a Zacks Rank #2 (Buy), has a long-term earnings growth rate of 29.1%.Horizon Therapeutics, carrying a Zacks Rank #2, has a long-term earnings growth rate of 15.9%.Zacks Names "Single Best Pick to Double"From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.You know this company from its past glory days, but few would expect that it's poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks' Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Vertex Pharmaceuticals Incorporated (VRTX): Free Stock Analysis Report QIAGEN N.V. (QGEN): Free Stock Analysis Report Moderna, Inc. (MRNA): Free Stock Analysis Report Horizon Therapeutics Public Limited Company (HZNP): Free Stock Analysis Report To read this article on Zacks.com click here. 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