Meridian Bioscience, Inc. (NASDAQ: VIVO) a provider of diagnostic
testing solutions and life science raw materials, announced
preliminary financial results for the first quarter of fiscal 2021.
Preliminary First Quarter Fiscal 2021
Results
The Company expects first quarter of fiscal 2021
revenue to be approximately $92 million, compared to $47.4 million
in the first quarter of fiscal 2020, reflecting an increase of
approximately 94%. This increase is driven by Life Science segment
revenue which is expected to be approximately $62 million for the
quarter. Diagnostics segment revenue is expected to be roughly flat
compared to the fourth quarter of fiscal 2020, with revenue of
approximately $30 million.
Life Science segment revenue in the quarter
exceeded expectations due to the high demand for COVID-19 related
products. Demand remains robust and, while the longevity of this
wave of the COVID-19 pandemic is uncertain, high levels of revenue
in the Life Science segment, similar to this quarter, are expected
to continue through the second quarter of fiscal 2021.
The Diagnostics segment was seeing continued
improvement in the first half of the quarter, but beginning in late
November, started to experience headwinds in its recovery as
COVID-19 case counts increased in the U.S. and Globally, and
intensified lockdowns were put in place.
“We continue to be proud of the contribution
that Meridian is making in the global fight against the COVID-19
pandemic,” said Jack Kenny, Chief Executive Officer. “Demand for
our Life Science reagents continues to exceed expectations and
while the Diagnostics segment saw a setback in its recovery during
the quarter, its own contribution to the fight begins in the coming
week with initial shipments of the Revogene SARS-CoV-2 assay to
select customers expected.”
Meridian has not yet completed preparation of
its financial statements for the first quarter of 2021 and the
guidance presented herein is a preliminary estimate, subject to
change. Furthermore, Meridian is not updating its fiscal year 2021
guidance at this time. The full financial results and any changes
to fiscal 2021 guidance will be discussed on our first quarter
earnings call, currently scheduled for Friday, February 5, 2021.
Exact details for that event will be announced in a future press
release.
FORWARD-LOOKING STATEMENTS
The Private Securities Litigation Reform Act of
1995 provides a safe harbor from civil litigation for
forward-looking statements accompanied by meaningful cautionary
statements. Except for historical information, this report 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 “continues”, “estimates”, “anticipates”, “projects”,
“plans”, “seeks”, “may”, “will”, “expects”, “intends”, “believes”,
“signals”, “should”, “can” and similar expressions or the negative
versions thereof and which also may be identified by their context.
All statements that address operating performance or events or
developments that Meridian expects or anticipates will occur in the
future, including, but not limited to, statements relating to per
share diluted earnings, sales, product demand, revenue, operating
margin, other guidance and the impact of COVID-19 on our business
and prospects, are forward-looking statements. Such statements,
whether expressed or implied, are based upon current expectations
of the Company and speak only as of the date made. Specifically,
Meridian’s forward-looking statements are, and will be, based on
management’s then-current views and assumptions regarding future
events and operating performance. Meridian assumes no obligation to
publicly update or revise any forward-looking statements even if
experience or future changes make it clear that any projected
results expressed or implied therein will not be realized. 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 operating results, financial
condition and continued growth depends, in part, on its ability to
introduce into the marketplace enhancements of existing products or
new products that incorporate technological advances, meet customer
requirements and respond to products developed by Meridian’s
competition, its ability to effectively sell such products and its
ability to successfully expand and effectively manage increased
sales and marketing operations. While Meridian has introduced a
number of internally developed products and acquired products,
there can be no assurance that it will be successful in the future
in introducing such products on a timely basis or in protecting its
intellectual property, and unexpected or costly manufacturing costs
associated with its introduction of new products or acquired
products could cause actual results to differ from expectations.
Meridian relies on proprietary, patented and licensed technologies.
As such, the Company’s ability to protect its intellectual property
rights, as well as the potential for intellectual property
litigation, would impact its results. Ongoing consolidations of
reference laboratories and formation of multi-hospital alliances
may cause adverse changes to pricing and distribution. Recessionary
pressures on the economy and the markets in which our customers
operate, as well as adverse trends in buying patterns from
customers, can change expected results. Costs and difficulties in
complying with laws and regulations, including those administered
by the United States Food and Drug Administration, can result in
unanticipated expenses and delays and interruptions to the sale of
new and existing products, as can the uncertainty of regulatory
approvals and the regulatory process (including the currently
ongoing study and other FDA actions regarding the Company’s
LeadCare products). The international scope of Meridian’s
operations, including changes in the relative strength or weakness
of the U.S. dollar and general economic conditions in foreign
countries, can impact results and make them difficult to predict.
One of Meridian’s growth strategies is the acquisition of companies
and product lines. There can be no assurance that additional
acquisitions will be consummated or that, if consummated, will be
successful and the acquired businesses will be successfully
integrated into Meridian’s operations. There may be risks that
acquisitions may disrupt operations and may 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 plans and objectives.
Meridian cannot predict the outcome of future goodwill impairment
testing and the impact of possible goodwill impairments on
Meridian’s earnings and financial results. Meridian cannot predict
the possible impact of U.S. health care legislation enacted in 2010
– the Patient Protection and Affordable Care Act, as amended by the
Health Care and Education Reconciliation Act – and any modification
or repeal of any of the provisions thereof initiated by Congress or
the presidential administration, and any similar initiatives in
other countries on its results of operations. Efforts to reduce the
U.S. federal deficit, breaches of Meridian’s information technology
systems, trade wars, increased tariffs, and natural disasters and
other events could have a materially adverse effect on Meridian’s
results of operations and revenues. In the past, the Company has
identified a material weakness in our internal control over
financial reporting, which has been remediated, but the Company can
make no assurances that a material weakness will not be identified
in the future, which if identified and not properly corrected,
could materially adversely affect our operations and result in
material misstatements in our financial statements. Meridian also
is subject to risks and uncertainties related to disruptions to or
reductions in business operations or prospects due to pandemics,
epidemics, widespread health emergencies, or outbreaks of
infectious diseases such as the coronavirus disease COVID-19. In
addition to the factors described in this paragraph, as well as
those factors identified from time to time in our filings with the
Securities and Exchange Commission, Part I, Item 1A Risk Factors of
our most recent Annual Report on Form 10-K contains a list and
description of uncertainties, risks and other matters that may
affect the Company. Readers should carefully review these
forward-looking statements and risk factors, and not place undue
reliance on our forward-looking statements.
About Meridian Bioscience,
Inc.Meridian is a fully integrated life science company
that develops, manufactures, markets and distributes a broad range
of innovative diagnostic products. We are dedicated to developing
and delivering better solutions that give answers with speed,
accuracy and simplicity that are redefining the possibilities of
life from discovery to diagnosis. Through discovery and
development, we provide critical life science raw materials used in
immunological and molecular tests for human, animal, plant, and
environmental applications. Through diagnosis, we provide
diagnostic solutions in areas including gastrointestinal and upper
respiratory infections and blood lead level testing. We build
relationships and provide solutions to hospitals, reference
laboratories, research centers, veterinary testing centers,
physician offices, diagnostics manufacturers, and biotech companies
in more than 70 countries around the world.
Meridian’s shares are traded on the NASDAQ
Global Select Market, symbol VIVO. Meridian’s website address is
www.meridianbioscience.com.
Contact:Charlie WoodVice President – Investor
RelationsMeridian Bioscience, Inc.Phone: +1 513.271.3700Email:
mbi@meridianbioscience.com
Meridian Bioscience (NASDAQ:VIVO)
Historical Stock Chart
From Jul 2024 to Aug 2024
Meridian Bioscience (NASDAQ:VIVO)
Historical Stock Chart
From Aug 2023 to Aug 2024