Meridian Bioscience Inc (NASDAQ:VIVO) has posted Q1 FY22 sales of $88.2 million, down 4.9% Y/Y, sharply beating the consensus of $70.29 million.
- Diagnostics segment net revenues were up 10% Y/Y to $33.20 million, while Life Science segment net revenues were down 12% to $55.14 million.
- The diagnostics segment experienced a 4% increase in molecular products sales, and non-molecular assay products revenues increased 11% despite the impact of the LeadCare product recall and the pausing of sales in mid-August 2021.
- The Life Science segment experienced a dramatic shift in net revenues mix from molecular products (32% decrease) to immunological products (43% increase), driven by the demand for COVID-19 rapid antigen tests relative to molecular test demand experienced in fiscal 2021.
- Adjusted operating income margin of 23%, down from 40% in the prior year.
- The Company held $72.7 million in cash and cash equivalents.
- Adjusted EPS reached $0.35, down from $0.65 a year ago, beating the consensus of $0.25.
- Guidance: Meridian Bioscience expects FY22 sales of $315 million - $330 million better than previous guidance of $285 million - $300 million and above the consensus of $288.8 million.
- The Company forecasts Diagnostics sales of $145 million - $150 million, and the Life Science segment of $170 million - $180 million, up from previous guidance of $140 million - $150 million.
- For FY22, VIVO sees an adjusted operating margin of 21% - 23%.
- The Company raised adjusted EPS guidance to $1.10 - $1.30, from $0.98 - $1.08.
- Price Action: VIVO shares are up 6.62% at $22.80 during the market session on the last check Friday.
