BERLIN, (Reuters) – U.S. and German medical device manufacturer Siemens Healthineers raised its 2022 targets due to an increase in demand for quick COVID-19 tests. They also reported a rise of first-quarter earnings and revenue.

It stated that its diagnostics division now anticipates generating around 1.3billion euros ($1.37billion) of revenue, up from the 700 million euro it had previously.

Accordingly, the company expected comparable revenue growth, between 5.5%-7%, up from 3%-5% earlier, and adjusted earnings per share between 2.25 and 2.35 Euros, up slightly from 2.18 to 2.30 euro previously.

“Our company continues to demonstrate great resilience in the face unprecedented challenges. Based on these foundations, and due to high demand, we are increasing our outlook in the current financial year,” Bernd Montag, CEO said.

($1 = 0.9510 euros)