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Meridian Bioscience

The firm aims to stabilize and protect its existing molecular diagnostics business over the next 12 to 18 months, CEO Jack Kenny said.

Within the company's diagnostics segment, revenues for molecular assays in particular declined 21 percent year over year.

The company drew $49 from the credit facility to repay an earlier outstanding loan and expects to draw another $27 million to, in part, pay for its acquisition of GenePOC.

The test is the fourth assay on the firm's Revogene system and it detects five common genetic causes of drug resistance.

Cincinnati, Ohio-based Meridian will acquire Quebec City-based GenePOC for $120 million, and hopes to quickly convert customers to a PCR-based instrument.

The index, which underperformed the Dow Jones and the Nasdaq, fell nearly 3 percent in April.

The firm will acquire GenePOC for $50 million with potential for milestone payments of an addition $70 million by Meridian's fiscal 2023.

Canaccord said Meridian Bioscience's preannounced second quarter top-line miss and expected ongoing weakness in its MDx business were among the reasons for the downgrade.

The company said it has faced competitive pressures in its diagnostics business, partially offset by organizational streamlining efforts it initiated last year.

The firm lowered topline and non-GAAP earnings per share guidance for fiscal 2019.

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