Meridian Bioscience, Inc. (NASDAQ: VIVO), a provider of diagnostic
testing solutions and life science raw materials, announced that it
expects first quarter 2019 revenue to be approximately $51.0
million to $51.5 million compared to $52.3 million in the first
quarter of 2018. The year-over-year decline of approximately
2% is being driven by weakness in the Diagnostics segment.
The Life Science segment is expected to post revenue about in line
with first quarter 2018.
Jack Kenny, Chief Executive Officer, commented, “Demand in the
first quarter was softer than expected in both of our business
segments. In Diagnostics, we experienced weakness in major
molecular product lines. In Life Science, bulk order
shipments, which are historically prone to quarterly swings, were
also weaker than planned, particularly for immunoassay products and
in China. While we remain positive about the prospects in our
business, we intend to take both short- and long-term actions to
address areas of sustained weakness and mitigate the impact on the
Company’s profitability. We also remain committed to
executing our strategic plan and making the necessary investments
to position the Company for sustainable, long-term growth.”
The Company will present at the J.P. Morgan 2019 Healthcare
Conference on Thursday, January 10, 2019 at 10:30 a.m. PT in San
Francisco, CA. and will report first quarter 2019 financial results
on Thursday, January 24, 2019.
First Quarter 2019 Financial Results Conference
Call
The Company will hold a conference call on January 24, 2019
beginning at 9:00 a.m. Eastern Time to discuss the first quarter
financial results and answer questions.
To participate in the live call by telephone from the U.S., dial
(866) 443-5802, or from outside the U.S., dial (513) 360-6924, and
enter the audience pass code 5086695.
A replay will be available for 14 days beginning at 2:00 p.m.
Eastern Time on January 24, 2019 by dialing (855) 859-2056 or (404)
537-3406 and entering pass code 5086695.
FORWARD-LOOKING STATEMENTSThe 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 report 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 “estimates”, “anticipates”, “projects”,
“plans”, “seeks”, “may”, “will”, “expects”, “intends”, “believes”,
“should” 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 expects or anticipates will occur in the
future, including, but not limited to, statements relating to per
share diluted earnings and revenue, 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, 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 the ramp up of new 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 our 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, 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 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
goodwill impairment testing and the impact of possible goodwill
impairments on Meridian’s earnings and financial results.
Meridian cannot predict the possible impact of U.S. health care
legislation enacted in 2010 – the Patient Protection and Affordable
Care Act, as amended by the Health Care and Education
Reconciliation Act – and any modification or repeal of any of the
provisions thereof initiated by Congress or the presidential
administration, and any similar initiatives in other countries on
its 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 revenues. In the past, the Company has
identified a material weakness in our internal control over
financial reporting, which has been remediated, but the Company can
make no assurances that a material weakness will not be identified
in the future, which if identified and if not properly corrected,
could materially adversely affect our operations and result in
material misstatements in our financial statements. In
addition to the factors described in this paragraph, as well as
those factors identified from time to time in our filings with the
Securities and Exchange Commission, Part I, Item 1A Risk Factors of
our 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 our 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:Eric RasmussenChief Financial
OfficerMeridian Bioscience, Inc.Phone: 513.271.3700Email:
mbi@meridianbioscience.com
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