Meridian Bioscience rises 5% on boosted fiscal 2022 guidance

Feb. 04, 2022 12:13 PM ETMeridian Bioscience, Inc. (VIVO)By: Ravikash, SA News Editor2 Comments

Meridian Bioscience (VIVO +5.4%) rose following its Q1 results and a raised fiscal 2022 guidance.

The company said net revenues in Q1 fiscal were $88.3M, only 5% below the record $92.9M in Q1 fiscal 2021.

Diagnostics segment net revenues increased 10% Y/Y to $33.2M.

The company said the Diagnostics segment saw a 4% increase in net revenues from molecular products, and net revenues from non-molecular assay products rose 11% despite the impact of recall of LeadCare test kits and the pause in its sales in mid-August 2021.

Life Science segment revenue decreased to $55.14M, compared to $62.6M in the year ago period.

Adjusted net earnings declined to $15.55M, compared to $28.49M in Q1 fiscal 2021.

At Dec. 31, 2021, cash and cash equivalents were $72.7M and the company had $150M of available borrowing capacity under its $200M commercial bank credit facility.

Fiscal 2022 Guidance:

The company said the performance of both segments in Q1 exceeded its expectations and based on these results and current demand for Life Science segment reagents, it was raising its guidance for the full fiscal year.

Consolidated net revenue expected to between $315M and $330M. Consensus Revenue Estimate $293.75M.

Adjusted EPS expected in the range of $1.10 to $1.30. Consensus EPS Estimate is $1.04.

FY2022 Adjusted Operating Margin: Consolidated 21% to 23%.

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