Qiagen cuts outlook on weaker COVID-19 testing trends, shares fall
Reuters
Published Jul 12, 2021 12:17PM ET
BERLIN (Reuters) - U.S.-German genetic testing company Qiagen (NYSE:QGEN) NV reported higher-than-expected second-quarter earnings on Monday but lowered its outlook on weaker demand for COVID-19 tests, sending its shares lower in New York.
The success of COVID-19 vaccination campaigns has led to a reduction in testing trends, Qiagen said in a statement, as it cut its forecast for revenue growth this year to 12%, at constant exchange rates, from 18%-20% previously.
Qiagen forecast adjusted diluted earnings per share of at least $2.42, at the lower end of an earlier range of $2.42-$2.46, also at constant currencies.
Qiagen shares were suspended in New York before the announcement and fell by 3.8% after trading resumed.
The company, also listed in Frankfurt, said second-quarter sales rose 24% at constant exchange rates to $567 million, above its outlook for 20% growth. Adjusted quarterly earnings per share are expected at $0.65-$0.66 at constant currency, against an outlook of $0.62-$0.64.
Qiagen also said it would buy back an additional $100 million in shares.
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Written By: Reuters
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