(Reuters) – Qiagen reported a rise in third-quarter revenue on Wednesday, owing to strong sales of its diagnostic devices.
The company’s third-quarter net sales rose 6% to $502 million at constant exchanges rates (CER), which was above its forecast of at least $495 million CER.
Diagnostics firm Qiagen said the sales growth was driven in part by its diagnostic testing devices QuantiFERON and QIAstat-Dx.
The company also said it is reaffirming its 2024 sales forecast of at least $1.99 billion CER, “based on the solid core business performance in the first nine months of the year.”
It also raised its annual adjusted profit forecast to at least $2.19 CER from $2.10 CER.
“We are implementing initiatives to simplify Qiagen and increase efficiency, and these initiatives are putting us on track to increase our adjusted operating income margin above 31% by the end of 2028, reaffirming our commitment to solid profitable growth,” CFO Roland Sackers said in a statement.
In June, Qiagen issued a goal for adjusted operating income margin of at least 31% in 2028, up from 26.9% in 2023, by winding down unprofitable products and simplifying the organization.
On an adjusted basis, Qiagen reported third-quarter profit of 58 cents per share at CER.
(Reporting by Sneha S K in Bengaluru; editing by Alan Barona)
