DJ Meridian Bioscience Shares Climb After 1Q Profit, Rev Jump

· 02/05/2021 10:42

By Matt Grossman

Meridian Bioscience Inc. shares traded higher Friday morning after the company posted strong sales growth for the latest quarter and raised its full-year outlook.

The stock rose 14% to $26.88, after closing Thursday at $23.62.

Meridian's first-quarter revenue rose to $92.9 million from $47.4 million in the year-ago quarter, and its profit rose to 61 cents a share, compared with 7 cents a share a year earlier.

Life-sciences revenue grew to $62.6 million from $12.6 million a year earlier. Although diagnostics revenue declined, the company said it is seeking an emergency-use authorization for a Covid-19 assay that could help boost the segment later this year.

Meridian raised its guidance for the full year, forecasting revenue will total $320 million to $350 million, with a full-year adjusted profit of $1.70 to $1.90 a share.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

February 05, 2021 10:42 ET (15:42 GMT)