CINCINNATI, July 7, 2022
/PRNewswire/ -- Meridian Bioscience, Inc. ("Meridian" or the
"Company") (NASDAQ: VIVO), a leading global provider of diagnostic
testing solutions and life science raw materials, today provided
preliminary results for its third quarter of fiscal 2022.
For the third quarter of fiscal 2022, preliminary unaudited net
revenues are expected to be between $66
million and $69 million. The
Diagnostics segment net revenues are expected to be between
$41 million and $43 million. The Life Science segment net
revenues are expected to be between $25
million and $26 million, of
which sales of immunological reagents accounted for approximately
69% and molecular reagents contributed approximately 31%.
Meridian has not yet completed preparation of its interim
financial statements for the third quarter of fiscal 2022 and the
information presented herein is a preliminary estimate, subject to
change.
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.
Investor Contact:
Charlie
Wood
Vice President – Investor Relations
Meridian Bioscience, Inc.
Phone: +1 513.271.3700
Email: mbi@meridianbioscience.com
Media Contact:
Bryan
Locke / Monique Sidhom
FGS Global
Email: MeridianBioscience-FGS@sardverb.com
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SOURCE Meridian Bioscience, Inc.