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.
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.
