Benzinga | May 7, 2021 07:39AM EDT

Meridian Bioscience Sees FY21 Adj. EPS $1.60-$1.80 vs $1.66 Est., Sales $305M-$355M vs $324.35M Est.

Adjusting Fiscal 2021 Guidance

As a result of the voluntary withdrawal of the emergency use authorization (EUA) application for the Revogene SARS-CoV-2 assay in February, Meridian is adjusting the Diagnostics segment guidance and the impact on consolidated operating margin and diluted net earnings per share, both on an adjusted basis.

FY2021 Net Revenues:

* Consolidated $305 million to $335 million

* Diagnostics segment $125 million to $135 million

* Life Science segment $180 million to $200 million

FY2021 Adjusted Operating Margin: Consolidated 30% to 33%

FY2021 Adjusted Net Earnings Per Share on a Diluted Basis ("EPS"): $1.60 to $1.80 (44.3M shares)

While the Life Science segment net revenues were somewhat below the Company's expectations in the second quarter, we continue to see good demand for its reagents. As a result, guidance for the Life Science segment's net revenues has not changed. The $15 million reduction in net revenues guidance only reflects the removal of any significant contribution from the Diagnostics segment's COVID-19 products as a result of our voluntary withdrawal of our Revogene SARS-COV-2 EUA application and expected timing of re-submission, as well as no clear line of sight as to when our current partner will submit its rapid antigen SARS-CoV-2 test for EUA clearance. Adjusted EPS includes the impact of removal of the net revenues from these tests during our second half of fiscal 2021.

This guidance reflects our current visibility into market conditions and customer order patterns for our products and our current assumptions about the impacts from the COVID-19 pandemic in the U.S. and around the globe.