July 30, 2013 / 8:37 PM / 4 years ago

Qiagen second-quarter profit beat estimates

July 30 (Reuters) - German genetic testing specialist Qiagen NV reported a second-quarter profit that beat analysts’ estimates, helped by higher sales in its molecular diagnostics business.

Adjusted net income rose 6 percent to $64.2 million, topping analysts’ estimates of $60 million in a Reuters poll.

Sales rose 3 percent to $316.4 million.

Qiagen stood by its 2013 earnings forecast of $1.13 per share.

“Qiagen delivered growth across all regions in the second quarter of 2013 despite challenging economic conditions, particularly given the funding concerns for life sciences research in the United States and Europe,” Chief Executive Peer Shatz said in a statement.

Qiagen also said it would conduct a $100 million share repurchase program, scheduled to begin on Aug. 1 and to be completed by Dec. 26, 2014.

The company said sales of its human papillomavirus (HPV) tests continued to fall during the quarter, due to lower prices. Qiagen said sales of products related to HPV screening will represent less than 10 percent of total adjusted net sales for 2013.

The molecular diagnostics business, which accounted for 49 percent of the company’s sales, increased 4 percent at constant exchange rates in the second quarter.

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