May 2, 2018 / 9:06 PM / 3 months ago

Qiagen beats expectations for Q1 sales and profit growth

May 2 (Reuters) - Genetic testing specialist Qiagen NV beat expectations for quarterly sales and profit growth on Wednesday, buoyed by strong demand for its tuberculosis test and companion diagnostics, which match patients with the most effective drugs.

The company, which has its main operations in Germany but is headquartered in the Netherlands, said first-quarter sales rose 12 percent to $343.6 million, topping the highest forecast in a Reuters poll of analysts for $341 million.

Adjusted net income jumped 17 percent to $59.6 million, also beating the consensus forecast for $55.8 million.

Qiagen is benefiting from a shift in global healthcare towards personalized medicine where companion diagnostic tests are used to help identify cancer patients most likely to benefit from different treatments.

Sales in its molecular diagnostics business - which accounts for roughly half of sales - rose 9 percent, boosted by its test to detect latent tuberculosis and companion diagnostics.

The company is also banking on its automated platform for testing dozens of samples at the same time and its recent acquisition of STAT-Dx, which it hopes will help it capitalize on the shift to take tests out of the lab and onto the hospital floor.

Qiagen reaffirmed its 2018 guidance for net sales growth of 6-7 percent and adjusted diluted earnings per share of about $1.31-1.33, excluding the impact of currencies. (Reporting by Caroline Copley; Editing by Arun Koyyur)

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