Aug 1 (Reuters) -

Medical equipment maker Mettler-Toledo International ( MTD )

forecast third-quarter profit below estimates on Thursday, a

sign of a weaker-than-expected recovery in sales in its key

market China.

Lifesciences firms including lab equipment maker

Mettler-Toledo ( MTD ) have seen sluggish demand for their instruments

used in drug development as cash-strapped biotech clients try to

navigate a funding crunch amid high interest rates.

Slowing growth in China has further crimped demand for

Mettler. In its first-quarter earnings, the company had flagged

that it continued to see softness in China.

"As expected, market conditions in China remained weak,"

said CEO Patrick Kaltenbach.

The firm expects third-quarter adjusted profit to be in the

range of $9.90 to $10.05 per share, below estimates of $10.36

per share.

Its quarterly sales fell 4% to $946.8 million, above

analysts' average estimate of $929.1 million.

The Columbus, Ohio-based firm reported adjusted profit for

the quarter of $9.65 per share, versus analysts' expectations of

$9.03 per share.

Even though the company raised its 2024 adjusted profit to

be in the range of $40.20 to $40.50 per share, from its previous

range of $39.90 to $40.40 apiece, its midpoint came 5 cents

below estimates.

Analysts, on average, expect a profit of $40.40 per share,

for the year, according to LSEG data.

Peer Waters Corp ( WAT ) lowered its annual profit forecast

last week, as it anticipates reduced demand for its products and

services used in drug development and research.