CINCINNATI, April 7, 2022 /PRNewswire/ — Meridian Bioscience, Inc. (NASDAQ: VIVO), a leading global provider of diagnostic testing solutions and raw materials for the life sciences, today released preliminary results from its net revenue for its second quarter of fiscal 2022.
Preliminary unaudited net revenue for the second quarter of fiscal 2022 is expected to be between $109 million and $113 million, above Meridian’s expectations and a record for the Company. Individually, the Company’s two segments are also expected to post record net revenues in the quarter, with Diagnostics segment net revenues expected to be between $40 million and $42 million and Life Sciences segment net revenues are expected to be between $69 million and $71 million. Both the return of LeadCare® product line to market earlier than expected in the quarter and positive demand for the SARS-CoV-2 rapid antigen test contributed to the Diagnostics segment results. Strong demand for reagents associated with COVID-19 antigen testing during the recent wave of Omicron infections contributed to results in the Life Science segment.
Meridian has not yet completed the preparation of its interim financial statements for the second quarter of fiscal 2022 and the information presented here is a preliminary estimate, subject to change. The Company will provide full financial results and any changes to guidance for fiscal 2022 during the second quarter earnings call scheduled for 10:00 a.m. Eastern Time FridayMay 6, 2022. Jack KennyCEO, and Andy KitzmillerChief Financial Officer, will host the conference call and answer questions.
To participate in the live call via webcast, register directly here or visit investor.meridianbioscience.com for the link.
If you are unable to join the webcast, you can join by phone. From the United States, dial (877) 407-0890, or from outside the United States, dial (201) 389-0918, and mention “Meridian Bioscience, Inc.”
A replay of the conference call will also be available via webcast for one year from 1:00 p.m. Eastern Time to May 6, 2022 using the link provided at investor.meridianbioscience.com.
The Private Securities Litigation Reform Act of 1995 provides civil litigation protection for forward-looking statements accompanied by significant caveats. Except for historical information, this press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, which may be identified by words such as “continue”, “estimate”, “anticipate”, “plan”, “plan”, “seek”, “may”, “will”, “expect”, “intend to “, “believes”, “reports”, “should”, “can”, “guidance” and similar expressions or their negative versions and which can also be identified by their context. All statements that address operational performance or events or developments that Meridian Bioscience, Inc. (“Meridian” or “the Company”) foresees or expects to occur in the future, including, but not limited thereto, statements relating to diluted net earnings per share, sales, product demand, net revenues, operating margin, other indications and the impact of COVID-19 on its business and prospects, are forward-looking statements. These statements, whether expressed or implied, are based on the Company’s current expectations and speak only as of the date on which they are made. Specifically, Meridian’s forward-looking statements are, and will be, based on management’s then-current beliefs and assumptions regarding future events and operating performance. Meridian undertakes no obligation to publicly update or revise any forward-looking statements, even if experience or future changes clearly indicate that the projected results expressed or implied herein will not be achieved. These statements are subject to various risks, uncertainties and other factors that could cause actual results to differ materially, including, without limitation, the following:
Meridian’s results of operations, financial condition and continued growth depend, in part, on its ability to introduce enhancements to existing products or new products to the market that incorporate technological advancements, meet customer requirements and meet to products developed by Meridian’s competitors, its ability to sell such products and its ability to successfully develop and effectively manage increased sales and marketing operations. Although Meridian has launched a number of internally developed products and acquired products, there can be no assurance that it will be successful in the future in launching such products in a timely manner or protecting its intellectual property, and unexpected manufacturing costs or costs associated with its introduction of new or acquired products could cause actual results to differ from expectations. Meridian relies on proprietary, patented and licensed technologies. Thus, the Company’s ability to protect its intellectual property rights, as well as the potential for intellectual property litigation, would have an impact on its results. Ongoing consolidations of reference laboratories and the formation of multi-hospital alliances may result in adverse changes in pricing and distribution. Recessionary pressures on the economy and markets in which the Company’s customers operate, as well as adverse trends in customer buying patterns, may alter expected results. The costs and difficulties of complying with laws and regulations, including those administered by the U.S. Food and Drug Administration, can result in unforeseen expenses, delays, and disruptions to the sale of new and existing products, as well as uncertainty of regulatory approvals and regulatory conditions. (including ongoing study and other FDA actions regarding the company’s LeadCare products). The international scope of Meridian’s business, including changes in the relative strength or weakness of the US dollar and general economic conditions in foreign countries, may affect results and make them difficult to predict. One of Meridian’s growth strategies is the acquisition of businesses and product lines. There can be no assurance that further acquisitions will be completed or that, if completed, they will be successful and that the acquired businesses will be successfully integrated into Meridian’s operations. There may be risks that acquisitions could disrupt operations and pose potential difficulties in employee retention, and there may be additional risks with respect to Meridian’s ability to recognize the benefits of acquisitions, including potential synergies and cost savings or the failure of acquisitions to achieve their intended projects and objectives. Meridian cannot predict the outcome of future goodwill impairment tests and the impact of any goodwill impairments on Meridian’s earnings and financial results. Meridian cannot predict the possible impact of any amendment to or repeal of any of the provisions of current United States health care legislation, and any similar initiatives in other countries, on Meridian’s results of operations. . Efforts to reduce the U.S. federal deficit, breaches of Meridian’s information systems, trade wars, rate increases, natural disasters and other events could have a material adverse effect on results of operations and Meridian’s net income. The Company cannot guarantee that a material weakness in its internal control over financial reporting will not be identified in the future which, if identified and not properly corrected, could materially affect materially and adversely to its operations and result in material misstatements of its consolidated financial statements. . Meridian is also subject to risks and uncertainties related to disruptions or reductions in business operations or prospects due to pandemics, epidemics, general public health emergencies or outbreaks of infectious diseases such as COVID-19. In addition to the factors described in this paragraph, please also refer to the additional factors identified from time to time in the Company’s filings with the Securities and Exchange Commission, including Part I, Item 1A Risk Factors of the last Company’s Annual Report on Form 10-K, which contains a list and description of the uncertainties, risks and other matters that could affect the Company. Readers should carefully consider these forward-looking statements and risk factors, and not place undue reliance on the Company’s forward-looking statements.
About Meridian Bioscience, Inc.
Meridian is a fully integrated life sciences company that develops, manufactures, markets and distributes a wide range of innovative diagnostic products. We are committed to developing and delivering better solutions that deliver answers with speed, accuracy and simplicity that redefine the possibilities of life, from discovery to diagnosis. Through discovery and development, we provide critical life science raw materials used in immunological and molecular testing for human, animal, plant and environmental applications. Through diagnostics, we provide diagnostic solutions in areas such as gastrointestinal and upper respiratory tract infections and blood lead testing. We build relationships and provide solutions to hospitals, reference laboratories, research centers, veterinary testing centers, medical practices, diagnostics manufacturers and biotechnology companies in more than 70 countries around the world.
Meridian shares are traded on the NASDAQ Global Select Market, ticker symbol VIVO. Meridian’s website address is www.meridianbioscience.com.
Vice President – Investor Relations
Meridian Bioscience, Inc.
Telephone: +1 513.271.3700
Email: [email protected]
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