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Meridian Bioscience Fiscal Q3 Preliminary Revenues Drop 25 Percent

NEW YORK – Meridian Bioscience announced on Tuesday that its preliminary fiscal third quarter 2021 revenues decreased 25 percent year over year.

The Cincinnati-based firm said in a statement it expects revenues of approximately $63.5 million, compared to $84.8 million in the third quarter of 2020. The average Wall Street estimate for the quarter was $77.2 million.

Performance in the diagnostics segment was negatively impacted by supply chain issues with the firm's LeadCare reagents, which caused back orders toward the end of the quarter. Meanwhile, the life science segment suffered from continued reduced demand for reagents associated with COVID-19 testing as vaccinations rolled out across the US.

In 2020, the company saw molecular and immunological reagent product revenues spike due to high demand for COVID-19 testing, driving the firm's growth throughout the year. Meridian's revenue from the pandemic in the fiscal third quarter of 2020 was $48 million, CFO Bryan Baldasare said on a call to discuss the results last year.

The firm will provide full financial results for the third quarter of 2021 on its earnings call on Aug. 6.

In early morning trading on the Nasdaq Tuesday, Meridian's share price was down nearly 10 percent at $20.35.

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