DJ Meridian Bioscience Shares Climb After 1Q Profit, Rev Jump
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.
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(END) Dow Jones Newswires
February 05, 2021 10:42 ET (15:42 GMT)
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