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Meridian Bioscience announced a record net revenue of $84.8 million for Q3 FY2020, marking a 75% increase year-over-year. The Life Science segment thrived with revenues up 312% to $63.2 million, driven by strong demand for COVID-19 products, contributing $47.8 million to this segment. However, the Diagnostics segment saw a 35% decline in revenue, totaling $21.6 million. The company is raising its FY2020 revenue guidance to $245-$250 million. GAAP earnings per share were reported at $0.64, with an adjusted EPS of $0.55.
Meridian Bioscience (NASDAQ: VIVO) has appointed Anthony Bihl III to its Board of Directors, effective immediately. Bihl brings over 35 years of leadership experience in medical devices, particularly diagnostics, having held senior roles at Dupont, Bayer Healthcare, and Siemens Medical Solutions. His experience will enhance the board's expertise in diagnostics, aligning with Meridian's strategic goals. Bihl's previous roles include CEO at Bioventus and American Medical Systems. He expressed enthusiasm regarding Meridian’s growth trajectory under current leadership.
Meridian Bioscience (NASDAQ: VIVO) has launched a high-sensitivity SARS-CoV-2 nucleocapsid antibody pair aimed at developing rapid COVID-19 antigen assays. This product addresses the demand for faster, point-of-care testing solutions, as traditional molecular tests require laboratory processing and time. The new antibodies can detect low nucleocapsid levels, enabling tests that deliver results in minutes, which is crucial for controlling outbreaks. Meridian emphasizes its commitment to supplying innovative diagnostic solutions during the pandemic.
Meridian Bioscience's Board of Directors has promoted Tony Serafini-Lamanna to Executive Vice President of Diagnostics, effective May 18, 2020. He takes over from Jack Kenny, who will focus on long-term strategy and investor engagement. Serafini-Lamanna has 30 years of experience in diagnostics, previously serving as Global Vice President at Meridian. His leadership is expected to drive further growth in the Diagnostics division, focusing on acquisitions and new product development while stabilizing operations.
Meridian Bioscience reported a strong second quarter for fiscal 2020, with consolidated net revenue reaching $57.3 million, a 14% increase year-over-year. The Life Science segment saw significant growth, generating $22.4 million in revenue, up 33% due to COVID-19 related products. The Diagnostics segment revenue was over $34.9 million, marking its fifth consecutive quarter above $33 million. The company raised its fiscal year guidance, expecting total revenues between $230 million and $236 million, reflecting strong demand for its products amid the pandemic.
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