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For Immediate Release
MERIDIAN BIOSCIENCE REPORTS STRONG FOURTH QUARTER AND RECORD FULL-YEAR FISCAL 2021 OPERATING RESULTS AND PROVIDES FISCAL 2022 GUIDANCE
CINCINNATI, OHIO November 12, 2021 (PRNewswire) Meridian Bioscience, Inc. (NASDAQ: VIVO) today announced financial results for the fourth quarter and fiscal year ended September 30, 2021.
Fourth Quarter 2021 Highlights (Comparison to Fourth Quarter Fiscal 2020):
Consolidated net revenues of $76.2 million, up 19% year-over-year
Life Science segment delivered net revenues of $41.9 million, up 22% year-over-year
Diagnostics segment net revenues increased 15% year-over-year to $34.3 million
Launched Air-Dryable sample specific master mixes for stool, blood and urine and Air-Dryable LAMP Mix for isothermal amplification
Received U.S. design patent for Revogene® PIE (Fluidic Centripetal Device)
Launched new environmentally friendly, REACH compliant, enzymes
Closed $20 million acquisition of the BreathTek® Urea Breath Test for H. pylori
Full Fiscal Year 2021 Highlights (Comparison to Full Year Fiscal 2020):
Consolidated net revenues of $317.9 million, up 25% year-over-year
Life Science segment delivered record net revenues of $190.1 million, up 43% year-over-year, with $111.9 million from COVID-19 related products for immunological and molecular tests
Diagnostics segment net revenues increased 5% year-over-year to $127.8 million
Disrupted molecular reagents market with a comprehensive line of Air-Dryable master mixes optimized for specific sample types
Submitted Curian® Campy 510(k) and Revogene® SARS-CoV-2 Emergency Use Authorization (EUA)
Awarded $6.5 million in RADx grants for the Revogene® SARS-CoV-2 assay
Jack Kenny, Chief Executive Officer, commented, All of our hard work over the previous two years prepared us to both weather the storm in Diagnostics and excel in Life Science as a critical partner to the IVD industry battling the global COVID-19 pandemic. We look forward to Diagnostics making its contribution with the Revogene® SARS-CoV-2 assay receiving Emergency Use Authorization earlier this week. Fiscal 2022 will be an exciting year for Meridian and should provide a foundation for future growth.
Fourth Quarter Fiscal 2021 Results (Comparison to Fourth Quarter Fiscal 2020)
Consolidated net revenues for the fourth quarter of fiscal 2021 increased 19% to $76.2 million, compared to $64.2 million last year. Diagnostics segment net revenues increased 15% year-over-year, while Life Science segment net revenues were up 22%. Our Diagnostics segment experienced a 22% increase in net revenues from our molecular products and revenues from our non-molecular assay products increased 14%, despite the impact of the LeadCare® product recall and our pausing of manufacturing and distribution in mid-August. Our Life Science segment net revenues for the quarter included $23.3 million in net revenues from COVID-19 related products, with $18.1 million coming from molecular products and $5.2 million coming from immunological products.
Reported operating income for the fourth quarter of fiscal 2021 was $8.5 million, a margin of 11%. Operating expenses included: (i) $5.6 million of LeadCare® product recall expenses; and (ii) a $4.6 million upward adjustment in the fair value of the earnout obligation for the acquisition of the GenePOC business in 2019, in arriving at the $20.0 million fourth quarter settlement of the earnout obligation. On an adjusted basis, operating income was $13.3 million, a margin of 17% (see non-GAAP financial measure reconciliation below).
The following information was filed by Meridian Bioscience Inc (VIVO) on Friday, November 12, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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