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Meridian Bioscience Fiscal Q3 Revenues Rise 7 Percent as Acquisition Looms

NEW YORK – Meridian Bioscience reported on Friday morning a 7 percent year-over-year increase in its fiscal third quarter revenues, one month after announcing it will be acquired by a newly formed affiliate of SD Biosensor and SJL Partners.

The Cincinnati-based life science and diagnostics firm recorded total revenues of $67.8 million compared to $63.5 million a year ago. The revenues were in line with Meridian's preliminary results released in July.

Its life science revenues for the quarter were down 21 percent at $25.4 million compared to $32.3 million a year ago. Within the segment, Meridian Bioscience's fiscal Q3 molecular reagent product revenues fell 62 percent year over year to $7.7 million from $20.4 million, while immunological reagent revenues rose 48 percent year over year to $17.6 million from $11.9 million.

The shift from molecular to immunological regents was driven by lower overall demand in fiscal 2022 for molecular tests related to COVID-19, Meridian said in a statement.

Meanwhile, Meridian Bioscience's diagnostics revenues were up 36 percent year over year to $42.4 million from $31.2 million.

Within diagnostics, revenues for molecular assays grew 11 percent to $4.9 million from $4.4 million, while revenues from non-molecular assays grew 40 percent to $37.5 million from $26.8 million. For non-molecular assays, the increase was driven by demand for BreathTek tests and a rise in LeadCare product sales after a product recall affected fiscal Q3 2021 sales. Within the company's disease categories, gastrointestinal assays contributed most to the diagnostics revenues, rising to $22.7 million from $17.8 million in 2021.

Meridian Bioscience's fiscal Q3 net loss was $7.3 million, or $.16 per share, compared to $11.7 million, or $.26 per share a year ago. On an adjusted basis, EPS was $.16.

The firm noted that it paid $11.8 million in litigation and select legal costs during the quarter, compared to $438,000 in 2021. The increase was due to the accrual of $10 million to possibly settle its legal matter with the US Department of Justice related to its subsidiary Magellan's LeadCare product line, as well as $1.8 million in attorneys' fees related to the dispute, the company disclosed in its form 10-Q filed with the US Securities and Exchange Commission.

The firm finished the quarter with $83.5 million in cash and cash equivalents.

In morning trading on the Nasdaq, Meridian's shares were up 2 percent at $32.24.