05:34 PM EDT, 06/06/2024 (MT Newswires) -- Qiagen ( QGEN ) said late Thursday it has decided to discontinue the development of its NeuMoDx 96 and 288 molecular systems due to changing customer needs following the COVID-19 pandemic and raised its full-year adjusted earnings guidance.

The company said the decision will allow it to refocus resources on commercializing other items in its product portfolio, including the QIAstat-Dx system for syndromic testing.

Qiagen ( QGEN ) said it expects to incur a pre-tax restructuring charge of about $400 million, mostly during Q2.

The company said it now expects 2024 adjusted diluted EPS of at least $2.14, compared with its prior estimate of at least $2.10. Analysts surveyed by Capital IQ are expecting $2.10.

Qiagen ( QGEN ) reaffirmed its Q2 guidance of $0.52 in adjusted EPS and at least $495 million in net sales. Analysts surveyed by Capital IQ are expecting adjusted EPS of $0.51 and sales of $496.2 million.

Shares of the company fell 1.1% in after-hours trading.

Price: 44.43, Change: -0.50, Percent Change: -1.11