UPDATE 1-Qiagen profit beats estimate on demand for tests

* Q4 adj EBIT up 25 pct at $83.4 mln, above poll of $79mln

* Sees 11-16 pct gain in forex-adjusted sales in 2010
(Adds details, background)

FRANKFURT, Feb 8 (BestGrowthStock) – Qiagen (QGEN.DE: ) (QGEN.O: )
posted forecast-beating quarterly results and predicted
continued growth this year as more doctors used its testing
kits for the cervical cancer virus and for other cancer
diagnosis.

The German genetic-testing specialist said on Monday that
adjusted earnings before interest and taxes (EBIT) gained 25
percent to $83.4 million in the fourth quarter, better than the
$79 million expected on average by analysts in a Reuters poll.

Net income rose to $44.5 million, above the $34 million
predicted by analysts.

Qiagen — listed in the Netherlands but with its main
operations in Germany — derives more than a quarter of total
sales from genetic tests for the virus that causes cervical
cancer.

Qiagen was also helped by higher demand for 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.

Chief Executive Peer Schatz said sales should gain 11-16
percent this year, excluding the effect of currency swings.

Earnings per share, adjusted for special items, should come
in between $0.90 and $0.96 in 2010, compared to $0.93 in 2009,
he said in a statement.

Earnings per share would be diluted by $0.02 due to a
capital increase to fund the takeover of peer DxS Ltd last
year, the company added.

Investing Basics

(Reporting by Ludwig Burger)

UPDATE 1-Qiagen profit beats estimate on demand for tests