VIVO - VIVO STOCK NEWS

Meridian Bioscience, Inc. (NASDAQ: VIVO) has launched two innovative master mixes, Lyo-Ready™ Direct DNA LAMP Saliva Mix and Lyo-Ready™ Direct RNA/DNA LAMP Saliva Mix, expanding its isothermal amplification product line. These mixes, designed for saliva and sputum samples, promise high inhibitor tolerance and rapid amplification. Targeting the growing point-of-care diagnostics market, they offer significant cost savings and environmental advantages. The new products aim to enhance assay performance for detecting various infections, including COVID-19, while simplifying development for diagnostic companies.

Meridian Bioscience reported record second-quarter fiscal 2022 results, with consolidated net revenues reaching $111.2 million, a 30% increase year-over-year. The Life Science segment achieved net revenues of $70.1 million, while Diagnostics net revenues rose 29% to $41.1 million. Operating income was $36.1 million, up from $34.2 million in the same period last year. The company raised its fiscal 2022 guidance, projecting net revenues between $330 million and $345 million, citing strong performance but anticipating a decline in Life Science revenues in the latter half of the year.

Meridian Bioscience (NASDAQ: VIVO) announced the acquisition of substantially all assets of EUPROTEIN Inc. through its subsidiary, Meridian Life Science, on April 30, 2022. EUPROTEIN specializes in high-quality bioresearch reagents, particularly human proteins and monoclonal antibodies, which will enhance Meridian's pipeline of immunological reagents. The acquisition is expected to accelerate product development, leveraging EUPROTEIN's expertise and Meridian's global reach, as both companies aim to improve global healthcare outcomes.

Meridian Bioscience (NASDAQ: VIVO) announced preliminary net revenues for Q2 fiscal 2022, expected between $109 million and $113 million, setting a new company record. The Diagnostics segment is projected to generate $40 million to $42 million, while the Life Science segment is anticipated to yield $69 million to $71 million. Key contributors include the earlier-than-expected return of the LeadCare® product line and demand for SARS-CoV-2 rapid antigen tests. Full financial results will be disclosed on May 6, 2022.

Meridian Bioscience (NASDAQ: VIVO) announced the launch of two innovative master mixes for detecting DNA and RNA in crude blood samples, enhancing early cancer detection through non-invasive liquid biopsy. The Lyo-Ready™ Direct DNA qPCR Blood Mix and Lyo-Ready™ Direct RNA/DNA qPCR Blood Mix offer ultra-sensitive detection down to a single copy of DNA, without the need for extraction. This technology stabilizes samples for room-temperature storage, reducing environmental impact and improving patient outcomes. The mixes are set to disrupt current diagnostic practices.

Meridian Bioscience announced the appointment of Andy Kitzmiller as the new Chief Financial Officer on February 21, 2022. Kitzmiller will report directly to CEO Jack Kenny and will manage all financial functions including accounting, financial planning, and treasury. Previously, he served as Vice President at Hillenbrand, Inc., and has extensive experience in finance roles at Milacron and GE Aviation. Kenny expressed optimism about Kitzmiller's strategic finance expertise to drive sustainable growth.

Meridian Bioscience (NASDAQ: VIVO) announced the resumption of manufacturing and distribution of its LeadCare II test kits after a temporary halt due to discrepancies identified in the kits' performance. The issue was traced to the paperboard packaging material, which potentially underestimated blood lead levels. Following extensive studies, suitable replacement materials have been identified to rectify the issue. Executive VP Tony Serafini-Lamanna emphasized the importance of LeadCare II in diagnosing childhood lead exposure.

Meridian Bioscience, Inc. (NASDAQ: VIVO) reported first-quarter fiscal 2022 revenues of $88.3 million, only 5% below last year's record results. The Diagnostics segment grew 10% year-over-year to $33.2 million, while Life Science revenues declined 12% to $55.1 million. Operating income was $20.3 million with a margin of 23%. Meridian raised its fiscal 2022 revenue guidance to $315-$330 million, driven by strong demand in both segments despite ongoing COVID-19 challenges. Cash at quarter-end was $72.7 million.

Meridian Bioscience (NASDAQ: VIVO) has secured an additional $2.5M funding from the NIH's RADx initiative, supplementing an existing $5.5M award. This funding aims to enhance the research, development, and production of the Revogene^® molecular viral respiratory diagnostic testing panel, which detects SARS-CoV-2, RSV, and influenza A/B. The investment will facilitate improvements in manufacturing efficiency to meet rising demand for accurate respiratory testing as COVID-19 transitions to an endemic phase. Meridian emphasizes the critical role of this testing in providing timely patient care.