Meridian Bioscience Raises Guidance on Strength of COVID-19 Related Products

Meridian Bioscience, Inc. (NASDAQ: VIVO) today announced financial results for the second quarter ended March 31, 2020.
Second Quarter Fiscal 2020 Highlights:

• Consolidated Net Revenue of $57.3 million, up 14% year-over-year
• Life Science segment responded early and swiftly to the COVID-19 pandemic contributing to a record $22.4 million in revenues, up 33% year-over-year
• Diagnostics segment delivered over $34.9 million in revenue, the fifth consecutive quarter above $33 million and year-over-year growth for the first time in five quarters
• During the quarter, the Curian^® analyzer and HpSA^® assay received FDA clearance, the first internally developed new product in several years and the first of several in development

Jack Kenny, Chief Executive Officer, commented: “We had an extraordinary quarter on many fronts, led by our Life Science team’s rapid response to the COVID-19 pandemic.  Our raw materials were included in millions of molecular tests globally and soon will be in millions more rapid antibody tests.  Our Diagnostics segment delivered growth, soon to be supplemented with the contribution from our new Curian analyzer and assay.  Our strategic initiatives are setting the foundation for growth, and I am excited about what’s to come.”

Bryan Baldasare, Chief Financial Officer, commented: “Despite the turmoil of the COVID-19 pandemic, our financial position remains strong.  Demand for our Life Science products is unprecedented.  We have confidence in the direction of the business and are raising our guidance for the year.”

https://www.globenewswire.com/news-release/2020/05/08/2030293/0/en/Meridian-Bioscience-Reports-Second-Quarter-2020-Operating-Results-Raises-Guidance-on-Strength-of-COVID-19-Related-Products.html