Qiagen first-quarter profit tops expectations on growth in non-COVID-19 products

imageStock Markets38 minutes ago (May 03, 2021 05:16PM ET)

(C) Reuters. Economy Minister Andreas Pinkwart and Health Minister Karl-Josef Laumann of the German state Northrhine Westphalia visit a testing company Qiagen, in Hilden

(Reuters) – U.S.-German genetic testing company Qiagen (NYSE:QGEN) NV reported slightly better-than-expected quarterly earnings on Monday as sales growth in its non-coronavirus products added to high demand for COVID-19 tests.

Qiagen’s products include several types of COVID-19 tests that helped it to boost sales over the past year and recover from a difficult 2019 that included profit warnings, a slump in China business and a CEO departure.

The company said it plans to keep growing sales even after the pandemic by broadening its portfolio and making sure each coronavirus-related test has other applications as well.

“We have made multiple product expansions to our non-COVID related portfolio, including the launch of a Lyme disease test,” Qiagen’s Chief Executive Thierry Bernard said in a statement.

The company said first-quarter adjusted earnings rose to 65 cents per share on a currency-adjusted basis, beating the 63 cents on average forecast by analysts in a Vara Research poll, as research laboratories around the world have returned to work and clinical labs moved beyond COVID-19 testing.

“This performance was particularly driven by 16% constant currency growth in sales of non-COVID product groups that represented 64% of our sales,” Bernard said.

Qiagen also confirmed its 2021 forecast for adjusted earnings of $2.42 to $2.46 per share and net sales growth of 18% to 20% at constant exchange rates.

($1 = 0.8262 euros)

Qiagen first-quarter profit tops expectations on growth in non-COVID-19 products

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.