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Meridian Bioscience's Q2 Revenues Increase 30% To $111M, Highest In Company History

By Vandana Singh
  • Meridian Bioscience Inc (NASDAQ:VIVOreported 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.
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Dive Deeper:
Becton Dickinson Raises FY22 Guidance As Q2 Earnings Top Estimates
Becton Dickinson and Co (NYSE:BDX) reported Q2 FY22 revenues of $5.01 billion, up 2.1% Y/Y (3.9% on a currency-neutral basis), better than…
Phibro Animal Reports Mixed Q3 Earnings, Lifts FY22 Sales Outlook
Phibro Animal Health Corp (NASDAQ:PAHC) posted Q3 FY22 sales of $239.6 million, +13% Y/Y, beating the consensus of $226.26 million. Adjusted EPS…
Fluor Stock Gains After Q1 Results, Reaffirms FY22 Guidance
Fluor Corp (NYSE:FLR) reported a first-quarter FY22 revenue decline of 6.7% year-over-year to $3.12 billion, beating the consensus of $2.88 billion. Revenue…
Hanesbrands Shares Slide Post Q1 Results; Eyes Low-End Of FY22 EPS Outlook
Hanesbrands Inc (NYSE:HBI) reported first-quarter FY22 sales growth of 5% year-on-year to $1.58 billion, beating the consensus of $1.54 billion. Consumer demand for…
One subscription that gives you access to news from hundreds of sites
Illumina Reports 41% Dip In Q1 Profits Despite 12% Jump in Sales, Reaffirms FY22 Guidance
Illumina Inc's (NASDAQ:ILMN) Q1 FY22 revenues rose 12% Y/Y to $1.22 billion, in line with estimates. Nearly all revenues came from the core…
Penn National Gaming Reports Mixed Q1 Earnings, Lifts FY22 EBITDAR Outlook
Penn National Gaming Inc (NASDAQ:PENN) reported first-quarter FY22 sales growth of 22.4% year-on-year, to $1.56 billion, beating the analyst consensus estimate of $1.53…
Get all your news in one place