VIVO - Meridian Bioscience rises 5% on boosted fiscal 2022 guidance

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

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Meridian Bioscience rises 5% on boosted fiscal 2022 guidance