NEW YORK – Meridian Bioscience on Thursday announced that its preliminary net revenues for the fiscal second quarter are expected to be up between 28 and 33 percent year over year, beating its prior estimates.
The firm expects fiscal Q2 net revenues to be between $109 million and $113 million compared to $85.3 million in Q2 2021.
Diagnostics segment revenues are expected to be between $40 million and $42 million, a 25 percent to 32 percent increase from $31.9 million a year ago. The early return of the LeadCare product line to the market after its recall in 2021, as well as positive demand for the company's SARS-CoV-2 rapid antigen test, contributed to the diagnostics segment results, Meridian said in a statement.
Life sciences revenues, meantime, are expected to total between $69 million and $71 million, compared to $53.3 million in the prior-year quarter. Strong demand for reagents for COVID-19 antigen tests during the Omicron surge drove the life sciences results, the firm said.
Meridian Bioscience plans to report its full financial results for the quarter on May 6.