Benzinga | Jul 12, 2021 12:53PM EDT

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

* Qiagen NV (NYSE: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.