Strong core growth offsets dwindling COVID-19 demand for Qiagen

BERLIN (Reuters) - Medical diagnostics company Qiagen offset a sharp fall in demand for COVID-19 products at the end of the year with a strong performance in its core businesses, the company said, announcing its full-year and fourth quarter results on Tuesday.

Fourth quarter revenues came in at $498 million, a 14% fall compared with the same period last year. Revenues from COVID products fell 64% to $66 million, but this was offset by strong growth in non-COVID products, where revenues rose 8% to $432 million.

For 2023, the molecular diagnostics test maker expects revenues of $2.05 billion, compared with $2.14 billion for 2022, and an adjusted profit per share of $2.10.

"We have positioned Qiagen well to successfully navigate 2023's volatile macroeconomic environment," said Chief Executive Thierry Bernard.

(Reporting by Thomas Escritt and Patricia Weiss; editing by Jonathan Oatis)