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For the three months ended July 3, the Washington DC-based conglomerate recorded $5.30 billion in total sales compared to $4.44 billion in the year-ago period.

Significant revenue from molecular and rapid diagnostic testing for SARS-CoV-2 offset declines in core lab volumes.

The firm's various COVID-19 molecular test offerings offset declines in core laboratory and point-of-care segments.

The company said it has signed a US distribution agreement for its COVID-19 test with an undisclosed strategic partner.

Of the 28 companies in the index, 21 firms saw their stock prices increase throughout the first half of the year, while seven firms' share prices decreased.

The firm withdrew its 2020 revenue guidance and missed Wall Street estimates for both revenues and earnings.

Increased revenues in the company's life science segment due to demand for its COVID-19-related products drove Meridian's overall growth.

The firm said international sales of its OraQuick HIV products increased 74 percent year over year, driven by sales of its OraQuick HIV Self-Test.

The company's revenue growth was driven by increasing sales of its ePlex molecular diagnostics analyzer, which now has a SARS-CoV-2 test.

The firm's first quarter molecular diagnostics revenues were up 28 percent over Q1 2019 to $45.2 million.

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