CINCINNATI, May 6, 2022
/PRNewswire/ -- Meridian Bioscience, Inc. (NASDAQ: VIVO) today
announced financial results for the second quarter ended
March 31, 2022.
Second Quarter Fiscal 2022 Highlights (Comparison to Second
Quarter Fiscal 2021):
- Consolidated net revenues totaled $111.2
million, the highest in Company history, with both segments
ahead of expectations
- Life Science segment delivered record net revenues of
$70.1 million
- Diagnostics segment net revenues increased 29% year-over-year
to a record $41.1 million
- Launched Lyo-Ready™ sample specific master mixes for blood
- Resumed shipment of LeadCare® II assay ahead of
schedule
Jack Kenny, Chief Executive
Officer, commented, "Meridian delivered another strong
quarter. For the first time since before the COVID-19
pandemic, both the Diagnostics and Life Science segments
outperformed, each posting record quarterly net revenues.
This is another sign in the continued progress we are making in
building a stronger Meridian."
Second Quarter Fiscal 2022 Results (Comparison to Second
Quarter Fiscal 2021)
Consolidated net revenues for the
second quarter of fiscal 2022 were $111.2
million, up 30% from $85.3
million in last year's second quarter. Diagnostics
segment net revenues were up 29% year-over-year, while Life Science
segment net revenues were up 32% year-over-year. Our
Diagnostics segment's net revenues from molecular products were
flat compared to the prior year second quarter, and net revenues
from non-molecular assay products increased 33%. The Life
Science segment experienced a significant shift in net revenues
product mix from molecular reagents (7% increase) to immunological
reagents (91% increase), driven by a higher demand for COVID-19
rapid antigen tests in fiscal 2022 relative to the molecular test
demand experienced in fiscal 2021.
Reported consolidated operating income for the second quarter of
fiscal 2022 was $36.1 million
compared to $34.2 million in the
second quarter of fiscal 2021. Operating expenses included:
(i) increased selling and marketing costs in both the Diagnostics
and Life Science segments, due, in part, to filling certain open
positions and easing of COVID-19 related travel and meeting
restrictions; and (ii) increased general and administrative costs
primarily due to increases in incentive compensation. On an
adjusted basis, consolidated operating income was $36.7 million, reflecting a margin of 33%, up
from the prior year's $32.2 million
but down from the prior year margin of 38% (see non-GAAP financial
measure reconciliation below). This year-over-year margin
decrease was driven by the lower gross margins of each of the
segments. Gross margin for the Diagnostics segment was
negatively impacted by the partial quarter of LeadCare®
II assay shipments, and the Life Science segment, was negatively
impacted by the significant shift in product mix mentioned
above.
Financial Condition
At March
31, 2022, cash and cash equivalents were $76.5 million and after the paydown of
$25 million, the Company had
$175.0 million of available borrowing
capacity under its $200.0 million
commercial bank credit facility. The Company's obligations
under the facility totaled $25.0
million as of March 31,
2022.
Andy Kitzmiller, Executive Vice
President and Chief Financial Officer, commented, "Meridian
successfully navigated global supply chain challenges, and was able
to meet the unprecedented demand of our customers through effective
planning and leveraging the strength of our consolidated balance
sheet."
Raising Fiscal 2022 Guidance
Based on the strong
performance in the second quarter of fiscal 2022 we are raising our
guidance for full year fiscal 2022.
FY2022 Net Revenues range:
- Consolidated $330.0 million to
$345.0 million
- Diagnostics segment $145.0
million to $150.0 million
(unchanged)
- Life Science segment $185.0
million to $195.0 million
FY2022 Adjusted Operating Margin: Consolidated 22.5% to
23.5%
FY2022 Adjusted Net Earnings Per Share on a Diluted Basis ("EPS"):
$1.30 to $1.40 (44.3M
shares)
Consistent with the Company's prior remarks on net revenues
expectations, the net revenues component of this guidance
anticipates that our Life Science segment experiences lower levels
of net revenues in the second half of the year driven by decreased
demand for its reagents used in COVID-19 tests. The Company
expects to see demand similar to that seen in previous quarters
where testing levels decreased following a surge in COVID-19
infection rates, such as the fourth quarter of fiscal 2020 or the
third quarter of fiscal 2021. The consolidated adjusted
operating margin and adjusted EPS reflect the additional net
revenues and gross profit and take into account the continued
inflationary pressure on wages and other expenses, and the expected
mix of Life Science segment molecular and immunological
reagents.
This guidance reflects our current visibility into market
conditions and customer order patterns for our products, and our
current assumptions about the impact of the COVID-19 pandemic in
the U.S. and around the globe.
Conference Call Information
Jack Kenny, Chief Executive Officer, and
Andy Kitzmiller, Executive Vice
President and Chief Financial Officer, will host a conference call
on Friday, May 6, 2022 beginning at
10:00 a.m. Eastern Time to discuss
the second quarter financial results and answer questions. A
presentation to accompany the quarterly financial results and
related discussion will be made available within the Investor
Relations section of the Company's website,
www.meridianbioscience.com, prior to the conference call.
The quarterly earnings call is once again also available via a
live webcast, the link for which is located at
investor.meridianbioscience.com or directly here. The
webcast will provide the best experience for tuning into the call;
however, if you are unable to join via the webcast, you may still
participate by telephone from the U.S. by dialing (877) 407-0890,
or from outside the U.S., by dialing (201) 389-0918, and mention
"Meridian Bioscience, Inc.". A replay of the conference call
will be available by webcast for one year beginning at 1:00 p.m. Eastern Time on May 6, 2022 using the link provided at
investor.meridianbioscience.com.
INTERIM UNAUDITED
OPERATING RESULTS
|
(In Thousands, Except
per Share Data)
|
|
|
|
The following table
sets forth the unaudited comparative results of Meridian on a U.S.
generally accepted accounting principles ("GAAP") basis for the
following interim periods:
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
March 31,
|
|
March 31,
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net revenues
|
$
|
111,231
|
|
$
|
85,264
|
|
$
|
199,572
|
|
$
|
178,181
|
Cost of
sales
|
|
42,754
|
|
|
27,492
|
|
|
81,936
|
|
|
58,861
|
|
|
Gross profit
|
|
68,477
|
|
|
57,772
|
|
|
117,636
|
|
|
119,320
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
5,691
|
|
|
6,065
|
|
|
11,885
|
|
|
11,716
|
|
Selling and
marketing
|
|
7,514
|
|
|
6,540
|
|
|
15,255
|
|
|
13,561
|
|
General and
administrative
|
|
18,555
|
|
|
12,925
|
|
|
33,215
|
|
|
24,863
|
|
Acquisition-related
costs
|
|
68
|
|
|
-
|
|
|
68
|
|
|
-
|
|
Selected legal
costs
|
|
508
|
|
|
1,030
|
|
|
789
|
|
|
2,257
|
|
Change in fair value of
acquisition
|
|
|
|
|
|
|
|
|
|
|
|
|
consideration
|
|
-
|
|
|
(2,989)
|
|
|
-
|
|
|
(1,942)
|
|
|
Total operating
expenses
|
|
32,336
|
|
|
23,571
|
|
|
61,212
|
|
|
50,455
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
36,141
|
|
|
34,201
|
|
|
56,424
|
|
|
68,865
|
Other income (expense),
net
|
|
394
|
|
|
(1,149)
|
|
|
(138)
|
|
|
(1,565)
|
|
Earnings before income
taxes
|
|
36,535
|
|
|
33,052
|
|
|
56,286
|
|
|
67,300
|
|
Income tax
provision
|
|
7,783
|
|
|
6,750
|
|
|
12,194
|
|
|
14,219
|
|
Net earnings
|
$
|
28,752
|
|
$
|
26,302
|
|
$
|
44,092
|
|
$
|
53,081
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per basic
common share
|
$
|
0.66
|
|
$
|
0.61
|
|
$
|
1.01
|
|
$
|
1.23
|
Basic common shares
outstanding
|
|
43,549
|
|
|
43,244
|
|
|
43,495
|
|
|
43,171
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per
diluted common share
|
$
|
0.65
|
|
$
|
0.60
|
|
$
|
1.00
|
|
$
|
1.21
|
Diluted common shares
outstanding
|
|
44,262
|
|
|
44,122
|
|
|
44,112
|
|
|
43,960
|
Adjusted Financial
Measures (in thousands, except per share data)
|
(see non-GAAP financial
measure reconciliation below)
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
March 31,
|
|
March 31,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Adjusted operating
income
|
$
|
36,717
|
|
$
|
32,242
|
|
$
|
57,281
|
|
$
|
69,180
|
|
Adjusted net
earnings
|
|
29,185
|
|
|
24,832
|
|
|
44,736
|
|
|
53,318
|
|
Adjusted net earnings
per diluted common
share
|
$
|
0.66
|
|
$
|
0.56
|
|
$
|
1.01
|
|
$
|
1.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Balance Sheet Data (in thousands)
|
|
|
|
|
|
|
|
March 31,
|
|
September
30,
|
|
|
2022
|
|
2021
|
|
|
Cash and cash
equivalents
|
$
|
76,487
|
|
$
|
49,771
|
|
Working
capital
|
|
161,095
|
|
|
145,650
|
|
Long-term
debt
|
|
25,000
|
|
|
60,000
|
|
Shareholders'
equity
|
|
374,632
|
|
|
328,302
|
|
Total assets
|
|
471,810
|
|
|
449,722
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Data The following table sets forth the unaudited net
revenues and segment data for the following interim periods (in
thousands):
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
March 31,
|
|
March 31,
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Net Revenues - By
Product Platform/Type
|
|
|
|
|
|
|
|
|
|
|
|
|
Diagnostics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Molecular
assays
|
$
|
4,385
|
|
$
|
4,395
|
|
$
|
9,137
|
|
$
|
8,985
|
|
|
Non-molecular
assays
|
|
36,718
|
|
|
27,554
|
|
|
65,170
|
|
|
53,285
|
|
|
Total Diagnostics
|
|
41,103
|
|
|
31,949
|
|
|
74,307
|
|
|
62,270
|
|
Life Science
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Molecular
reagents
|
|
40,334
|
|
|
37,752
|
|
|
71,822
|
|
|
83,776
|
|
|
Immunological
reagents
|
|
29,794
|
|
|
15,563
|
|
|
53,443
|
|
|
32,135
|
|
|
Total Life
Science
|
|
70,128
|
|
|
53,315
|
|
|
125,265
|
|
|
115,911
|
|
|
Total Net Revenues
|
$
|
111,231
|
|
$
|
85,264
|
|
$
|
199,572
|
|
$
|
178,181
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
|
March 31,
|
|
March 31,
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Net Revenues - By
Disease State/Geography
|
|
|
|
|
|
|
|
|
|
|
|
|
Diagnostics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gastrointestinal
assays
|
$
|
20,281
|
|
$
|
15,666
|
|
$
|
41,900
|
|
$
|
31,118
|
|
|
Respiratory illness
assays
|
|
9,491
|
|
|
3,686
|
|
|
15,871
|
|
|
8,492
|
|
|
Blood chemistry
assays
|
|
3,425
|
|
|
4,358
|
|
|
3,503
|
|
|
8,753
|
|
|
Other
|
|
7,906
|
|
|
8,239
|
|
|
13,033
|
|
|
13,907
|
|
|
Total Diagnostics
|
|
41,103
|
|
|
31,949
|
|
|
74,307
|
|
|
62,270
|
|
Life Science
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
10,377
|
|
|
13,550
|
|
|
18,514
|
|
|
32,296
|
|
|
EMEA
|
|
33,246
|
|
|
21,773
|
|
|
61,894
|
|
|
54,066
|
|
|
ROW
|
|
26,505
|
|
|
17,992
|
|
|
44,857
|
|
|
29,549
|
|
|
Total Life
Science
|
|
70,128
|
|
|
53,315
|
|
|
125,265
|
|
|
115,911
|
|
|
Total Net Revenues
|
$
|
111,231
|
|
$
|
85,264
|
|
$
|
199,572
|
|
$
|
178,181
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME
(LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diagnostics
|
$
|
1,589
|
|
$
|
2,641
|
|
$
|
(174)
|
|
$
|
1,683
|
|
|
Life Science
|
|
40,286
|
|
|
36,025
|
|
|
66,888
|
|
|
75,754
|
|
|
Corporate
|
|
(5,752)
|
|
|
(4,481)
|
|
|
(10,323)
|
|
|
(8,600)
|
|
|
Eliminations
|
|
18
|
|
|
16
|
|
|
33
|
|
|
28
|
|
|
Total
Operating Income
|
$
|
36,141
|
|
$
|
34,201
|
|
$
|
56,424
|
|
$
|
68,865
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Geographic
Regions
Americas = North and
Latin America
EMEA = Europe, Middle
East and Africa
ROW = Rest of
World
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-GAAP FINANCIAL MEASURES
In this press release, we have supplemented our reported GAAP
financial information with information on operating expenses,
operating income, operating margin, net earnings, basic net
earnings per share and diluted net earnings per share, each on an
adjusted basis excluding the effects of selected legal costs,
restructuring costs and changes in fair value of acquisition
consideration, each of which is a non-GAAP measure. We have
provided in the tables below reconciliations to the operating
expenses, operating income, net earnings, basic net earnings per
share and diluted net earnings per share amounts reported under
GAAP for the three and six months ended March 31, 2022 and 2021.
We believe this information is useful to an investor in
evaluating our performance because:
- These measures help investors to more meaningfully evaluate and
compare the results of operations from period to period by removing
the impacts of these non-routine items; and
- These measures are used by our management for various purposes,
including evaluating performance against incentive bonus
achievement targets, comparing performance from period to period in
presentations to our board of directors, and as a basis for
strategic planning and forecasting.
These non-GAAP measures may be different from non-GAAP measures
used by other companies. In addition, the non-GAAP measures
are not based on any comprehensive set of accounting rules or
principles. Non-GAAP measures have limitations, in that they
do not reflect all amounts associated with our results as
determined in accordance with GAAP. Therefore, these measures
should only be used to evaluate our results in conjunction with
corresponding GAAP measures.
|
SECOND QUARTER AND
SIX MONTH YEAR-TO-DATE GAAP
TO NON-GAAP RECONCILIATION TABLES (In Thousands,
Except per Share Data)
|
|
|
|
|
|
Three Months
|
|
Six Months
|
|
|
|
|
|
Ended March
31,
|
|
Ended March
31,
|
|
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Operating Expenses
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP basis
|
$
|
32,336
|
|
$
|
23,571
|
|
$
|
61,212
|
|
$
|
50,455
|
|
|
Acquisition-related
costs
|
|
(68)
|
|
|
-
|
|
|
(68)
|
|
|
-
|
|
|
Selected legal
costs
|
|
(508)
|
|
|
(1,030)
|
|
|
(789)
|
|
|
(2,257)
|
|
|
Change in fair value of
acquisition
consideration
|
|
-
|
|
|
2,989
|
|
|
-
|
|
|
1,942
|
|
|
Adjusted Operating Expenses
|
$
|
31,760
|
|
$
|
25,530
|
|
$
|
60,355
|
|
$
|
50,140
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP basis
|
$
|
36,141
|
|
$
|
34,201
|
|
$
|
56,424
|
|
$
|
68,865
|
|
|
Acquisition-related
costs
|
|
68
|
|
|
-
|
|
|
68
|
|
|
-
|
|
|
Selected legal
costs
|
|
508
|
|
|
1,030
|
|
|
789
|
|
|
2,257
|
|
|
Change in fair value of
acquisition
consideration
|
|
-
|
|
|
(2,989)
|
|
|
-
|
|
|
(1,942)
|
|
|
Adjusted Operating Income
|
$
|
36,717
|
|
$
|
32,242
|
|
$
|
57,281
|
|
$
|
69,180
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP basis
|
$
|
28,752
|
|
$
|
26,302
|
|
$
|
44,092
|
|
$
|
53,081
|
|
|
Acquisition-related
costs *
|
|
51
|
|
|
-
|
|
|
51
|
|
|
-
|
|
|
Selected legal costs
*
|
|
382
|
|
|
774
|
|
|
593
|
|
|
1,695
|
|
|
Change in fair value of
acquisition
consideration *
|
|
-
|
|
|
(2,244)
|
|
|
-
|
|
|
(1,458)
|
|
|
Adjusted Net Earnings
|
$
|
29,185
|
|
$
|
24,832
|
|
$
|
44,736
|
|
$
|
53,318
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings per
Common Share -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP basis
|
$
|
0.66
|
|
$
|
0.61
|
|
$
|
1.01
|
|
$
|
1.23
|
|
|
Acquisition-related
costs
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Selected legal
costs
|
|
0.01
|
|
|
0.02
|
|
|
0.01
|
|
|
0.04
|
|
|
Change in fair value of
acquisition
consideration
|
|
-
|
|
|
(0.05)
|
|
|
-
|
|
|
(0.03)
|
|
|
Adjusted Basic EPS **
|
$
|
0.67
|
|
$
|
0.57
|
|
$
|
1.03
|
|
$
|
1.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended March
31,
|
|
Six Months
Ended March
31,
|
|
|
|
|
|
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Diluted Earnings per
Common Share -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP basis
|
$
|
0.65
|
|
$
|
0.60
|
|
$
|
1.00
|
|
$
|
1.21
|
|
|
Acquisition-related
costs
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Selected legal
costs
|
|
0.01
|
|
|
0.02
|
|
|
0.01
|
|
|
0.04
|
|
|
Change in fair value of
acquisition
consideration
|
|
-
|
|
|
(0.05)
|
|
|
-
|
|
|
(0.03)
|
|
|
Adjusted Diluted EPS ***
|
$
|
0.66
|
|
$
|
0.56
|
|
$
|
1.01
|
|
$
|
1.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Net of tax, as
applicable.
|
**
|
Three months ended
March 31, 2021 and six months ended March 31, 2022 do not sum to
total due to rounding.
|
***
|
Three and six months
ended March 31, 2021 do not sum to total due to
rounding.
|
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 press release 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", "guidance" 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 Bioscience, Inc. ("Meridian"
or "the Company") expects or anticipates will occur in the future,
including, but not limited to, statements relating to per share
diluted net earnings, sales, product demand, net revenues,
operating margin, other guidance and the impact of COVID-19 on its
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 the Company's
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, and
in complying with the ongoing investigation of the Department of
Justice described in Meridian's reports filed with the SEC, 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. 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 that 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 any modification or repeal of
any of the provisions of current U.S. health care legislation, and
any similar initiatives in other countries on Meridian's 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
net revenues. The Company can make no assurances that a material
weakness in its internal control over financial reporting will not
be identified in the future, which if identified and not properly
corrected, could materially and adversely affect its operations and
result in material misstatements in its consolidated 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 COVID-19,
including, without limitation, related supply chain
interruptions. In addition to the factors described in this
paragraph, as well as those factors identified from time to time in
the Company's filings with the Securities and Exchange Commission,
Part I, Item 1A Risk Factors of the Company's 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 the Company's
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 Wood
Vice President – Investor Relations
Meridian Bioscience, Inc.
Phone: +1 513.271.3700
Email: mbi@meridianbioscience.com
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SOURCE Meridian Bioscience, Inc.