- Meridian Bioscience Inc (NASDAQ: VIVO) reported a 30% increase in Q2 sales to $111.2 million, the highest in the company's history, with both segments ahead of expectations, beating the consensus of $99.54 million.
- Revenues from the life science division grew 32% Y/Y to $70.1 million. Diagnostic segment sales rose 29% to $41.1 million.
- Within diagnostics, molecular assay revenues were flat at $4.4 million. Non-molecular assay revenues climbed 33% to $36.7 million.
- In the life sciences division, revenues from molecular reagents were $40.3 million, up 7%, and revenues from immunological reagents were $29.8 million, up 91%.
- The company said that the product mix shifted away from molecular reagents to immunological reagents due to higher demand for COVID-19 rapid antigen tests.
- Adjusted EPS was $0.66, ahead of the consensus of $0.47 and $0.56 a year ago.
- The company finished the quarter with cash and cash equivalents of $76.5 million.
- Guidance: Meridian raised FY22 sales guidance to $330 million - $345 million (consensus $337.62 million), better than the previous guidance of $315 million - $330 million.
- The guidance includes life science revenues of $185 million - $195 million, vs. the prior range of $170 million - $180 million.
- Diagnostics revenue guidance remains unchanged at between $145 million - $150 million.
- The company expects an adjusted EPS of $1.30 - $1.40 (consensus $1.37) versus the earlier outlook of $1.10 - $1.30.
- This guidance anticipates that life sciences revenues will drop in the second half of the year as demand decreases for reagents used in COVID-19 tests.
- Price Action: VIVO shares are down 2.99% at $25.82 during the market session on the last check Friday.
Read at Benzinga