UPDATE 1-Qiagen hurt as fewer women can afford cancer tests

* Sees adj FY EPS at $0.91-0.92, down from $0.93 in 2009

* Q3 net income slides to $36.5 mln vs $34.4 mln poll avg
(Adds details, background)

FRANKFURT, Nov 8 (BestGrowthStock) – Genetic-testing specialist
Qiagen (QGEN.DE: ) (QGEN.O: ) expects full-year earnings at the
lower end of its previous target range as fewer U.S. women are
getting tested for the virus that causes cervical cancer.

Qiagen — based in the Netherlands but with its main
operations in Germany — said that 2010 earnings per share,
adjusted for special items, should come in between $0.91 and
$0.92 in 2010, compared to $0.93 last year.

Its previous goal had been for a range from $0.90 to $0.96
per share.

“Due to rising unemployment and uncertainty about the U.S.
healthcare reform, the number of visits to doctors paid out of
pocket has declined considerably. That is something nobody
could have predicted a year ago,” Chief Executive Peer Schatz
told Reuters.

As many Americans lost their health insurance along with
their jobs, some refrained from getting screened for the human
papilloma virus (HPV), which causes cervical cancer. The
testing kit is one of Qiagen’s main products.

Qiagen — set up in 1984 by University of Duesseldorf
researchers — aims to grow faster than the overall market for
genetic testing equipment in 2011, Schatz added.

Third-quarter net income slipped 3.2 percent to $36.5
million, still above the $34.4 million average estimate in a
Reuters poll. [ID:nLDE6A21KL]

In addition, the year-earlier results were shored up by
sales of test kits for the swine flu virus, an effect that did
not repeat this year.

U.S. peer Gen-Probe Inc (GPRO.O: ) last month said that it
expects sales at blood screening and clinical diagnostics
segments to decline in the fourth quarter and cut its full-year
outlook, sending its shares down 9 percent. [ID:nSGE69R0MP]

Qiagen’s products are also used in tumour diagnostics,
paternity disputes and drugs development. It makes tests that
identify those bowel-cancer patients who are most likely to
benefit from Merck KGaA’s (MRCG.DE: ) anti-tumor drug Erbitux or
from Amgen’s (AMGN.O: ) Vectibix.
(Reporting by Ludwig Burger and Andreas Kroener)

UPDATE 1-Qiagen hurt as fewer women can afford cancer tests