Feb 4 (Reuters) - Genetic testing specialist Qiagen beat analysts’ expectations for quarterly sales and profit growth on Tuesday, citing positive outcomes after its decision to stop developing new next-generation sequence (NGS) instruments.
“We have reallocated resources to support business expansion, while also enabling us to set an outlook for adjusted earnings per share to grow at a significantly faster rate than sales growth,” Chief Financial Officer Roland Sackers said.
Taking into account reduced sales expectations for China as well as lower revenues from NGS projects, Qiagen expects its 2020 net sales growth to reach between 3% and 4% at comparable exchange rates and adjusted diluted earnings per share of $1.52-$1.54 in 2020, it said.
The company, which has its main operations in Germany but is headquartered in the Netherlands, said fourth-quarter net sales rose 4% to $413.5 million on a currency-adjusted basis, beating the 3.2% expected on average by analysts in a company-compiled consensus. (Reporting by Zuzanna Szymanska in Gdansk; Editing by Cynthia Osterman)