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Meridian Bioscience

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.

Meridian CEO Jack Kenny said the firm needs to develop a new MDx platform, while Genapsys resurfaced with an update on its portable sequencing platform.

The company's CEO noted softness in both its diagnostics and life science segment. The projected revenues would fall short of the consensus Wall Street estimate.

PacBio's shares skyrocketed 76 percent in November on the news that Illumina plans to acquire the firm for $1.2 billion in cash.

The molecular test detects a form of herpes virus that can infect newborns and cause deafness.

In the firm's first-ever earnings call, new CEO Jack Kenny said the firm will invest more in R&D to revamp its aging portfolio.

The firm saw strong growth in respiratory illness assays and lead testing, which was offset by a decline in C. difficile testing.

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