CINCINNATI:Meridian Bioscience, Inc. (NASDAQ: VIVO) today announced financial results for the third quarter ended June 30, 2022.

Third Quarter Fiscal 2022 Highlights (Comparison to Third Quarter Fiscal 2021):

Consolidated net revenues totaled $67.8 million, an increase of 7% year-over-year

Diagnostics segment net revenues increased 36% year-over-year to a record $42.4 million

Life Science segment delivered net revenues of $25.4 million, a decrease of 22%

Third Quarter Fiscal 2022 Results (Comparison to Third Quarter Fiscal 2021)

Consolidated net revenues for the third quarter of fiscal 2022 were $67.8 million, up 7% from $63.5 million in last year's third quarter. Diagnostics segment net revenues were up 36% year-over-year, while Life Science segment net revenues were 22% lower year-over-year. Our Diagnostics segment's net revenues from molecular products increased 11% compared to the prior year third quarter, and net revenues from non-molecular assay products increased 40%. Key contributors to the non-molecular assay year-over-year increase include the addition of the BreathTek(r) product line acquired in July 2021 and the increase in sales of LeadCare(r) products that were not shipping for a portion of the third quarter of fiscal 2021 due to a product recall. The Life Science segment experienced a significant shift in net revenues product mix from molecular reagents (62% decrease) to immunological reagents (48% increase), driven by lower overall demand in fiscal 2022 relative to the strong molecular test demand experienced in fiscal 2021 driven largely by COVID-19 testing.

Reported consolidated operating loss for the third quarter of fiscal 2022 was $6.7 million compared to operating income of $15.7 million in the third quarter of fiscal 2021. The consolidated operating loss was primarily driven by a $10 million estimated expense recorded in the third quarter related to the possible settlement of the previously disclosed and ongoing U.S. Department of Justice legal matter. Operating expenses also included: (i) increased selling and...

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