Qiagen cuts outlook on weaker COVID-19 testing trends, shares fall By Reuters

Qiagen cuts outlook on weaker COVID-19 testing trends, shares fall By Reuters

© Reuters. FILE PHOTO: A logo of a testing company Qiagen is seen as Economy Minister Andreas Pinkwart and Health Minister Karl-Josef Laumann of the German state Northrhine Westphalia visit Qiagen’s facility, in Hilden, Germany, September 8, 2020. REUTERS/Leon Kuege

BERLIN (Reuters) – U.S.-German genetic testing company Qiagen (NYSE:) 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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