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Meridian Bioscience

Of the 27 companies in the index, 14 firms' stocks were down, while 13 companies' share prices increased.

The firm aims to stabilize and protect its existing molecular diagnostics business over the next 12 to 18 months, CEO Jack Kenny said.

Within the company's diagnostics segment, revenues for molecular assays in particular declined 21 percent year over year.

The company drew $49 from the credit facility to repay an earlier outstanding loan and expects to draw another $27 million to, in part, pay for its acquisition of GenePOC.

The test is the fourth assay on the firm's Revogene system and it detects five common genetic causes of drug resistance.

Cincinnati, Ohio-based Meridian will acquire Quebec City-based GenePOC for $120 million, and hopes to quickly convert customers to a PCR-based instrument.

Overall, the share prices for 18 of the index's 27 companies fell month over month. Exact Sciences was the only firm whose share price improved in the double digits.

The firm will acquire GenePOC for $50 million with potential for milestone payments of an addition $70 million by Meridian's fiscal 2023.

Canaccord said Meridian Bioscience's preannounced second quarter top-line miss and expected ongoing weakness in its MDx business were among the reasons for the downgrade.

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