Qiagen Stock Drops After Trimming FY21 Earnings Forecast On Weaker COVID-19 Testing Trends

Qiagen NV QGEN has reported higher-than-expected second-quarter interim earnings but lowered its outlook on weaker demand for COVID-19 tests, sending its shares lower.
The company expects Q2 adjusted EPS of $0.65-$0.66 on a constant exchange rate (CER) versus the outlook for about $0.62-0.64 CER.
The company said second-quarter sales rose 24% at constant exchange rates to $567 million, above its outlook for 20% growth.
The COVID-19 vaccination campaigns have 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 FY2021 adjusted diluted EPS of at least $2.42, at the lower end of an earlier range of $2.42-$2.46, also at constant currencies.
For 3Q of 2021, net sales at CER are expected to be in line with sales in 3Q 2020 at around $483.8 million.
Adjusted diluted EPS is expected to be about $0.52-0.53 CER compared to $0.58 in the year-ago quarter.
The company also said it would buy back an additional $100 million in shares.
Price Action: QGEN shares are down 4.7% at $48.12 during the market session on the last check Monday.

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