MERIDIAN BIOSCIENCE INC false 0000794172 0000794172 2022-05-06 2022-05-06

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) May 6, 2022

 

 

 

LOGO

MERIDIAN BIOSCIENCE, INC.

(Exact Name of Registrant as Specified in Charter)

 

 

 

Ohio   0-14902   31-0888197

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

3471 River Hills Drive, Cincinnati, Ohio   45244
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code (513) 271-3700

(Former Name or Former Address, if Changed Since Last Report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Common Stock, no par value   VIVO   NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17CFR §240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

 

 

 


Item 2.02.

Results of Operations and Financial Condition.

On May 6, 2022, Meridian Bioscience, Inc. (“Meridian” or the “Company”) issued a press release announcing results for the second fiscal quarter ended March 31, 2022. A copy of the press release is attached as Exhibit 99.1 to this report and is incorporated by reference herein.

 

Item 7.01.

Regulation FD Disclosure.

On May 6, 2022, Meridian is hosting a conference call for the benefit of its investors to discuss the results set forth in the press release announcing results for the second fiscal quarter ended March 31, 2022 and other business and financial highlights. A copy of the presentation, which is available at investor.meridianbioscience.com, related to this conference call is attached as Exhibit 99.2 to this report and is incorporated by reference herein.

The Company’s press release and presentation disclose certain financial results both in accordance with generally accepted accounting principles (“GAAP”) and on a non-GAAP basis with adjustments for certain items. The Company’s management believes that presentation of these non-GAAP financial measures and their related reconciliations are useful to investors because the non-GAAP financial measures provide investors with a basis for comparing current results to financial results from prior periods.

Information in the press release and presentation contains forward-looking statements regarding future events and performance of the Company. All such forward-looking statements are based largely on the Company’s experience and perception of current conditions, trends, expected future developments and other factors, and on management’s expectations, and are subject to risks and uncertainties that could cause actual results to differ materially, including, but not limited to, those factors described in the press release, presentation and the Company’s filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any financial or other projections or other forward-looking statements, whether because of new information, future events or otherwise.

The information in each of Item 2.02 and Item 7.01 of this Form 8-K and in the press release attached as Exhibit 99.1 and the presentation attached as Exhibit 99.2 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in each of Item 2.02 and Item 7.01 of this Form 8-K and each of Exhibit 99.1 and Exhibit 99.2 shall not be incorporated by reference in any filing (whether made before or after the date hereof) or any other document under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in any such filing or document.


Item 9.01.

Financial Statements and Exhibits.

 

(d)

Exhibits

 

99.1    Press Release dated May 6, 2022
99.2    Conference Call Presentation
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

      MERIDIAN BIOSCIENCE, INC.
Date: May 6, 2022       By: /s/ Andrew S. Kitzmiller
      Andrew S. Kitzmiller
      Executive Vice President and Chief Financial Officer
      (Principal Financial Officer)

Exhibit 99.1

 

LOGO

For Immediate Release

MERIDIAN BIOSCIENCE REPORTS RECORD SECOND QUARTER FISCAL 2022 OPERATING RESULTS

CINCINNATI, OHIO May 6, 2022 (PRNewswire) -- Meridian Bioscience, Inc. (NASDAQ: VIVO) today announced financial results for the second quarter ended March 31, 2022.

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

 

   

Consolidated net revenues totaled $111.2 million, the highest in Company history, with both segments ahead of expectations

 

   

Life Science segment delivered record net revenues of $70.1 million

 

   

Diagnostics segment net revenues increased 29% year-over-year to a record $41.1 million

 

   

Launched Lyo-Ready sample specific master mixes for blood

 

   

Resumed shipment of LeadCare® II assay ahead of schedule

Jack Kenny, Chief Executive Officer, commented, “Meridian delivered another strong quarter. For the first time since before the COVID-19 pandemic, both the Diagnostics and Life Science segments outperformed, each posting record quarterly net revenues. This is another sign in the continued progress we are making in building a stronger Meridian.”

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

Consolidated net revenues for the second quarter of fiscal 2022 were $111.2 million, up 30% from $85.3 million in last year’s second quarter. Diagnostics segment net revenues were up 29% year-over-year, while Life Science segment net revenues were up 32% year-over-year. Our Diagnostics segment’s net revenues from molecular products were flat compared to the prior year second quarter, and net revenues from non-molecular assay products increased 33%. The Life Science segment experienced a significant shift in net revenues product mix from molecular reagents (7% increase) to immunological reagents (91% increase), driven by a higher demand for COVID-19 rapid antigen tests in fiscal 2022 relative to the molecular test demand experienced in fiscal 2021.

Reported consolidated operating income for the second quarter of fiscal 2022 was $36.1 million compared to $34.2 million in the second quarter of fiscal 2021. Operating expenses included: (i) increased selling and marketing costs in both the Diagnostics and Life Science segments, due, in part, to filling certain open positions and easing of COVID-19 related travel and meeting restrictions; and (ii) increased general and administrative costs primarily due to increases in incentive compensation. On an adjusted basis, consolidated operating income was $36.7 million, reflecting a margin of 33%, up from the prior year’s $32.2 million but down from the prior year margin of 38% (see non-GAAP financial measure reconciliation below). This year-over-year margin decrease was driven by the lower gross margins of each of the segments. Gross margin for the Diagnostics segment was negatively impacted by the partial quarter of LeadCare® II assay shipments, and the Life Science segment, was negatively impacted by the significant shift in product mix mentioned above.

Financial Condition

At March 31, 2022, cash and cash equivalents were $76.5 million and after the paydown of $25 million, the Company had $175.0 million of available borrowing capacity under its $200.0 million commercial bank credit facility. The Company’s obligations under the facility totaled $25.0 million as of March 31, 2022.

Andy Kitzmiller, Executive Vice President and Chief Financial Officer, commented, “Meridian successfully navigated global supply chain challenges, and was able to meet the unprecedented demand of our customers through effective planning and leveraging the strength of our consolidated balance sheet.”


Raising Fiscal 2022 Guidance

Based on the strong performance in the second quarter of fiscal 2022 we are raising our guidance for full year fiscal 2022.

FY2022 Net Revenues range:

 

   

Consolidated $330.0 million to $345.0 million

 

   

Diagnostics segment $145.0 million to $150.0 million (unchanged)

 

   

Life Science segment $185.0 million to $195.0 million

FY2022 Adjusted Operating Margin: Consolidated 22.5% to 23.5%

FY2022 Adjusted Net Earnings Per Share on a Diluted Basis (“EPS”): $1.30 to $1.40 (44.3M shares)

Consistent with the Company’s prior remarks on net revenues expectations, the net revenues component of this guidance anticipates that our Life Science segment experiences lower levels of net revenues in the second half of the year driven by decreased demand for its reagents used in COVID-19 tests. The Company expects to see demand similar to that seen in previous quarters where testing levels decreased following a surge in COVID-19 infection rates, such as the fourth quarter of fiscal 2020 or the third quarter of fiscal 2021. The consolidated adjusted operating margin and adjusted EPS reflect the additional net revenues and gross profit and take into account the continued inflationary pressure on wages and other expenses, and the expected mix of Life Science segment molecular and immunological reagents.

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

Conference Call Information

Jack Kenny, Chief Executive Officer, and Andy Kitzmiller, Executive Vice President and Chief Financial Officer, will host a conference call on Friday, May 6, 2022 beginning at 10:00 a.m. Eastern Time to discuss the second quarter financial results and answer questions. A presentation to accompany the quarterly financial results and related discussion will be made available within the Investor Relations section of the Company’s website, www.meridianbioscience.com, prior to the conference call.

The quarterly earnings call is once again also available via a live webcast, the link for which is located at investor.meridianbioscience.com or directly here. The webcast will provide the best experience for tuning into the call; however, if you are unable to join via the webcast, you may still participate by telephone from the U.S. by dialing (877) 407-0890, or from outside the U.S., by dialing (201) 389-0918, and mention “Meridian Bioscience, Inc.”. A replay of the conference call will be available by webcast for one year beginning at 1:00 p.m. Eastern Time on May 6, 2022 using the link provided at investor.meridianbioscience.com.


INTERIM UNAUDITED OPERATING RESULTS

(In Thousands, Except per Share Data)

The following table sets forth the unaudited comparative results of Meridian on a U.S. generally accepted accounting principles (“GAAP”) basis for the following interim periods:

 

     Three Months Ended      Six Months Ended  
     March 31,      March 31,  
     2022      2021      2022      2021  

Net revenues

   $ 111,231    $ 85,264    $ 199,572    $ 178,181

Cost of sales

     42,754      27,492      81,936      58,861
  

 

 

    

 

 

    

 

 

    

 

 

 

Gross profit

     68,477      57,772      117,636      119,320
  

 

 

    

 

 

    

 

 

    

 

 

 

Operating expenses

           

Research and development

     5,691      6,065      11,885      11,716

Selling and marketing

     7,514      6,540      15,255      13,561

General and administrative

     18,555      12,925      33,215      24,863

Acquisition-related costs

     68      —        68      —  

Selected legal costs

     508      1,030      789      2,257

Change in fair value of acquisition consideration

     —        (2,989      —        (1,942
  

 

 

    

 

 

    

 

 

    

 

 

 

Total operating expenses

     32,336      23,571      61,212        50,455
  

 

 

    

 

 

    

 

 

    

 

 

 

Operating income

     36,141      34,201      56,424      68,865

Other income (expense), net

     394      (1,149      (138      (1,565
  

 

 

    

 

 

    

 

 

    

 

 

 

Earnings before income taxes

     36,535      33,052      56,286      67,300

Income tax provision

     7,783      6,750      12,194      14,219
  

 

 

    

 

 

    

 

 

    

 

 

 

Net earnings

   $ 28,752    $ 26,302    $ 44,092    $ 53,081
  

 

 

    

 

 

    

 

 

    

 

 

 

Net earnings per basic common share

   $ 0.66    $ 0.61    $ 1.01    $ 1.23

Basic common shares outstanding

     43,549      43,244      43,495      43,171

Net earnings per diluted common share

   $ 0.65    $ 0.60    $ 1.00    $ 1.21

Diluted common shares outstanding

     44,262      44,122      44,112      43,960


Adjusted Financial Measures (in thousands, except per share data)

(see non-GAAP financial measure reconciliation below)

 

     Three Months Ended      Six Months Ended  
     March 31,      March 31,  
     2022      2021      2022      2021  

Adjusted operating income

   $ 36,717    $ 32,242    $ 57,281    $ 69,180

Adjusted net earnings

     29,185      24,832      44,736      53,318

Adjusted net earnings per diluted common share

   $ 0.66    $ 0.56    $ 1.01    $ 1.21

Condensed Consolidated Balance Sheet Data (in thousands)

 

     March 31,      September 30,  
     2022      2021  

Cash and cash equivalents

   $ 76,487    $ 49,771

Working capital

     161,095      145,650

Long-term debt

     25,000      60,000

Shareholders’ equity

     374,632      328,302

Total assets

     471,810      449,722

Segment Data

The following table sets forth the unaudited net revenues and segment data for the following interim periods (in thousands):

 

     Three Months Ended      Six Months Ended  
     March 31,      March 31,  
     2022      2021      2022      2021  

Net Revenues - By Product Platform/Type

           

Diagnostics

           

Molecular assays

   $ 4,385    $ 4,395    $ 9,137    $ 8,985

Non-molecular assays

     36,718      27,554      65,170      53,285
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Diagnostics

     41,103      31,949      74,307      62,270
  

 

 

    

 

 

    

 

 

    

 

 

 

Life Science

           

Molecular reagents

     40,334      37,752      71,822      83,776

Immunological reagents

     29,794      15,563      53,443      32,135
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Life Science

     70,128      53,315      125,265      115,911
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Net Revenues

   $ 111,231    $ 85,264    $ 199,572    $ 178,181
  

 

 

    

 

 

    

 

 

    

 

 

 


     Three Months Ended      Six Months Ended  
     March 31,      March 31,  
     2022      2021      2022      2021  

Net Revenues - By Disease State/Geography

           

Diagnostics

           

Gastrointestinal assays

   $ 20,281    $ 15,666    $ 41,900    $ 31,118

Respiratory illness assays

     9,491      3,686      15,871      8,492

Blood chemistry assays

     3,425      4,358      3,503      8,753

Other

     7,906      8,239      13,033      13,907
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Diagnostics

     41,103      31,949      74,307      62,270
  

 

 

    

 

 

    

 

 

    

 

 

 

Life Science

           

Americas

     10,377      13,550      18,514      32,296

EMEA

     33,246      21,773      61,894      54,066

ROW

     26,505      17,992      44,857      29,549
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Life Science

     70,128      53,315      125,265      115,911
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Net Revenues

   $ 111,231    $ 85,264    $ 199,572    $ 178,181
  

 

 

    

 

 

    

 

 

    

 

 

 

OPERATING INCOME (LOSS)

           

Diagnostics

   $ 1,589    $ 2,641    $ (174    $ 1,683

Life Science

     40,286      36,025      66,888      75,754

Corporate

     (5,752      (4,481      (10,323      (8,600

Eliminations

     18      16      33      28
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Operating Income

   $ 36,141    $ 34,201    $ 56,424    $ 68,865
  

 

 

    

 

 

    

 

 

    

 

 

 

Geographic Regions

Americas = North and Latin America

EMEA = Europe, Middle East and Africa

ROW = Rest of World

 

 

 

 


NON-GAAP FINANCIAL MEASURES

In this press release, we have supplemented our reported GAAP financial information with information on operating expenses, operating income, operating margin, net earnings, basic net earnings per share and diluted net earnings per share, each on an adjusted basis excluding the effects of selected legal costs, restructuring costs and changes in fair value of acquisition consideration, each of which is a non-GAAP measure. We have provided in the tables below reconciliations to the operating expenses, operating income, net earnings, basic net earnings per share and diluted net earnings per share amounts reported under GAAP for the three and six months ended March 31, 2022 and 2021.

We believe this information is useful to an investor in evaluating our performance because:

 

  1.

These measures help investors to more meaningfully evaluate and compare the results of operations from period to period by removing the impacts of these non-routine items; and

 

  2.

These measures are used by our management for various purposes, including evaluating performance against incentive bonus achievement targets, comparing performance from period to period in presentations to our board of directors, and as a basis for strategic planning and forecasting.

These non-GAAP measures may be different from non-GAAP measures used by other companies. In addition, the non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations, in that they do not reflect all amounts associated with our results as determined in accordance with GAAP. Therefore, these measures should only be used to evaluate our results in conjunction with corresponding GAAP measures.


SECOND QUARTER AND SIX MONTH YEAR-TO-DATE

GAAP TO NON-GAAP RECONCILIATION TABLES

(In Thousands, Except per Share Data)

 

     Three Months      Six Months  
     Ended March 31,      Ended March 31,  
     2022      2021      2022      2021  

Operating Expenses -

           

GAAP basis

   $ 32,336    $ 23,571    $ 61,212      $ 50,455

Acquisition-related costs

     (68      —          (68      —    

Selected legal costs

     (508      (1,030      (789      (2,257

Change in fair value of acquisition consideration

     —          2,989      —          1,942
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted Operating Expenses

   $ 31,760    $ 25,530      $ 60,355      $ 50,140
  

 

 

    

 

 

    

 

 

    

 

 

 

Operating Income -

           

GAAP basis

   $ 36,141    $ 34,201    $ 56,424    $ 68,865

Acquisition-related costs

     68      —          68      —    

Selected legal costs

     508      1,030      789      2,257

Change in fair value of acquisition consideration

     —          (2,989      —          (1,942
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted Operating Income

   $ 36,717    $ 32,242    $ 57,281    $ 69,180
  

 

 

    

 

 

    

 

 

    

 

 

 

Net Earnings -

           

GAAP basis

   $ 28,752    $ 26,302    $ 44,092    $ 53,081

Acquisition-related costs *

     51      —          51      —    

Selected legal costs *

     382      774      593      1,695

Change in fair value of acquisition consideration *

     —          (2,244      —          (1,458
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted Net Earnings

   $ 29,185    $ 24,832    $ 44,736    $ 53,318
  

 

 

    

 

 

    

 

 

    

 

 

 

Basic Earnings per Common Share -

           

GAAP basis

   $ 0.66    $ 0.61    $ 1.01    $ 1.23

Acquisition-related costs

     —          —          —          —    

Selected legal costs

     0.01      0.02      0.01      0.04

Change in fair value of acquisition consideration

     —          (0.05      —          (0.03
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted Basic EPS **

   $ 0.67    $ 0.57    $ 1.03    $ 1.24
  

 

 

    

 

 

    

 

 

    

 

 

 


     Three Months      Six Months  
     Ended March 31,      Ended March 31,  
     2022      2021      2022      2021  

Diluted Earnings per Common Share -

           

GAAP basis

   $ 0.65    $ 0.60    $ 1.00    $ 1.21

Acquisition-related costs

     —          —          —          —    

Selected legal costs

     0.01      0.02      0.01      0.04

Change in fair value of acquisition consideration

     —          (0.05      —          (0.03
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted Diluted EPS ***

   $ 0.66    $ 0.56    $ 1.01    $ 1.21
  

 

 

    

 

 

    

 

 

    

 

 

 

 

*

Net of tax, as applicable.

**

Three months ended March 31, 2021 and six months ended March 31, 2022 do not sum to total due to rounding.

***

Three and six months ended March 31, 2021 do not sum to total due to rounding.

FORWARD-LOOKING STATEMENTS

The Private Securities Litigation Reform Act of 1995 provides a safe harbor from civil litigation for forward-looking statements accompanied by meaningful cautionary statements. Except for historical information, this press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, which may be identified by words such as “continues”, “estimates”, “anticipates”, “projects”, “plans”, “seeks”, “may”, “will”, “expects”, “intends”, “believes”, “signals”, “should”, “can”, “guidance” and similar expressions or the negative versions thereof and which also may be identified by their context. All statements that address operating performance or events or developments that Meridian Bioscience, Inc. (“Meridian” or “the Company”) expects or anticipates will occur in the future, including, but not limited to, statements relating to per share diluted net earnings, sales, product demand, net revenues, operating margin, other guidance and the impact of COVID-19 on its business and prospects, are forward-looking statements. Such statements, whether expressed or implied, are based upon current expectations of the Company and speak only as of the date made. Specifically, Meridian’s forward-looking statements are, and will be, based on management’s then-current views and assumptions regarding future events and operating performance. Meridian assumes no obligation to publicly update or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. These statements are subject to various risks, uncertainties and other factors that could cause actual results to differ materially, including, without limitation, the following:

Meridian’s operating results, financial condition and continued growth depends, in part, on its ability to introduce into the marketplace enhancements of existing products or new products that incorporate technological advances, meet customer requirements and respond to products developed by Meridian’s competition, its ability to effectively sell such products and its ability to successfully expand and effectively manage increased sales and marketing operations. While Meridian has introduced a number of internally developed products and acquired products, there can be no assurance that it will be successful in the future in introducing such products on a timely basis or in protecting its intellectual property, and unexpected or costly manufacturing costs associated with its introduction of new products or acquired products could cause actual results to differ from expectations. Meridian relies on proprietary, patented and licensed technologies. As such, the Company’s ability to protect its intellectual property rights, as well as the potential for intellectual property litigation, would impact its results. Ongoing consolidations of reference laboratories and formation of multi-hospital alliances may cause adverse changes to pricing and distribution. Recessionary pressures on the economy and the markets in which the Company’s customers operate, as well as adverse trends in buying patterns from customers, can change expected results. Costs and difficulties in complying with laws and regulations, including those administered by the United States Food and Drug Administration, and in complying with the ongoing investigation of the Department of Justice described in Meridian’s reports filed with the SEC, can result in unanticipated expenses and delays and interruptions to the sale of new and existing products, as can the uncertainty of regulatory approvals and the regulatory process. The international scope of Meridian’s operations, including changes in the relative strength or weakness of the U.S. dollar and general economic conditions in foreign countries, can impact results and make them difficult to predict. One of Meridian’s growth strategies is the acquisition of companies and product lines. There can be no assurance that additional acquisitions will be consummated or that, if consummated, will be successful and that the acquired businesses will be successfully integrated into Meridian’s operations.


There may be risks that acquisitions may disrupt operations and may pose potential difficulties in employee retention, and there may be additional risks with respect to Meridian’s ability to recognize the benefits of acquisitions, including potential synergies and cost savings or the failure of acquisitions to achieve their plans and objectives. Meridian cannot predict the outcome of future goodwill impairment testing and the impact of possible goodwill impairments on Meridian’s earnings and financial results. Meridian cannot predict the possible impact of any modification or repeal of any of the provisions of current U.S. health care legislation, and any similar initiatives in other countries on Meridian’s results of operations. Efforts to reduce the U.S. federal deficit, breaches of Meridian’s information technology systems, trade wars, increased tariffs, and natural disasters and other events could have a materially adverse effect on Meridian’s results of operations and net revenues. The Company can make no assurances that a material weakness in its internal control over financial reporting will not be identified in the future, which if identified and not properly corrected, could materially and adversely affect its operations and result in material misstatements in its consolidated financial statements. Meridian also is subject to risks and uncertainties related to disruptions to or reductions in business operations or prospects due to pandemics, epidemics, widespread health emergencies, or outbreaks of infectious diseases such as COVID-19, including, without limitation, related supply chain interruptions. In addition to the factors described in this paragraph, as well as those factors identified from time to time in the Company’s filings with the Securities and Exchange Commission, Part I, Item 1A Risk Factors of the Company’s most recent Annual Report on Form 10-K contains a list and description of uncertainties, risks and other matters that may affect the Company. Readers should carefully review these forward-looking statements and risk factors, and not place undue reliance on the Company’s forward-looking statements.

About Meridian Bioscience, Inc.

Meridian is a fully integrated life science company that develops, manufactures, markets and distributes a broad range of innovative diagnostic products. We are dedicated to developing and delivering better solutions that give answers with speed, accuracy and simplicity that are redefining the possibilities of life from discovery to diagnosis. Through discovery and development, we provide critical life science raw materials used in immunological and molecular tests for human, animal, plant, and environmental applications. Through diagnosis, we provide diagnostic solutions in areas including gastrointestinal and upper respiratory infections and blood lead level testing. We build relationships and provide solutions to hospitals, reference laboratories, research centers, veterinary testing centers, physician offices, diagnostics manufacturers, and biotech companies in more than 70 countries around the world.

Meridian’s shares are traded on the NASDAQ Global Select Market, symbol VIVO. Meridian’s website address is www.meridianbioscience.com.

Contact:

Charlie Wood

Vice President – Investor Relations

Meridian Bioscience, Inc.

Phone: +1 513.271.3700

Email: mbi@meridianbioscience.com

###

Slide 1

FY2022 Q2 Results May 6, 2022 Exhibit 99.2


Slide 2

The Private Securities Litigation Reform Act of 1995 provides a safe harbor from civil litigation for forward-looking statements accompanied by meaningful cautionary statements. Except for historical information, this presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, which may be identified by words such as “continues”, “estimates”, “anticipates”, “projects”, “plans”, “seeks”, “may”, “will”, “expects”, “intends”, “believes”, “signals”, “should”, “can”, “guidance” and similar expressions or the negative versions thereof and which also may be identified by their context. All statements that address operating performance or events or developments that Meridian Bioscience, Inc. (“Meridian” or “the Company”) expects or anticipates will occur in the future, including, but not limited to, statements relating to per share diluted net earnings, sales, product demand, net revenues, operating margin, other guidance and the impact of COVID-19 on its business and prospects, are forward-looking statements. Such statements, whether expressed or implied, are based upon current expectations of the Company and speak only as of the date made. Specifically, Meridian’s forward-looking statements are, and will be, based on management’s then-current views and assumptions regarding future events and operating performance. Meridian assumes no obligation to publicly update or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. These statements are subject to various risks, uncertainties and other factors that could cause actual results to differ materially, including, without limitation, the following: Meridian’s operating results, financial condition and continued growth depends, in part, on its ability to introduce into the marketplace enhancements of existing products or new products that incorporate technological advances, meet customer requirements and respond to products developed by Meridian’s competition, its ability to effectively sell such products and its ability to successfully expand and effectively manage increased sales and marketing operations. While Meridian has introduced a number of internally developed products and acquired products, there can be no assurance that it will be successful in the future in introducing such products on a timely basis or in protecting its intellectual property, and unexpected or costly manufacturing costs associated with its introduction of new products or acquired products could cause actual results to differ from expectations. Meridian relies on proprietary, patented and licensed technologies. As such, the Company’s ability to protect its intellectual property rights, as well as the potential for intellectual property litigation, would impact its results. Ongoing consolidations of reference laboratories and formation of multi-hospital alliances may cause adverse changes to pricing and distribution. Recessionary pressures on the economy and the markets in which the Company’s customers operate, as well as adverse trends in buying patterns from customers, can change expected results. Costs and difficulties in complying with laws and regulations, including those administered by the United States Food and Drug Administration, and in complying with the ongoing investigation of the Department of Justice described in Meridian’s reports filed with the SEC, can result in unanticipated expenses and delays and interruptions to the sale of new and existing products, as can the uncertainty of regulatory approvals and the regulatory process. The international scope of Meridian’s operations, including changes in the relative strength or weakness of the U.S. dollar and general economic conditions in foreign countries, can impact results and make them difficult to predict. One of Meridian’s growth strategies is the acquisition of companies and product lines. There can be no assurance that additional acquisitions will be consummated or that, if consummated, will be successful and that the acquired businesses will be successfully integrated into Meridian’s operations. There may be risks that acquisitions may disrupt operations and may pose potential difficulties in employee retention, and there may be additional risks with respect to Meridian’s ability to recognize the benefits of acquisitions, including potential synergies and cost savings or the failure of acquisitions to achieve their plans and objectives. Meridian cannot predict the outcome of future goodwill impairment testing and the impact of possible goodwill impairments on Meridian’s earnings and financial results. Meridian cannot predict the possible impact of any modification or repeal of any of the provisions of current U.S. healthcare legislation, and any similar initiatives in other countries on Meridian’s results of operations. Efforts to reduce the U.S. federal deficit, breaches of Meridian’s information technology systems, trade wars, increased tariffs, and natural disasters and other events could have a materially adverse effect on Meridian’s results of operations and net revenues. The Company can make no assurances that a material weakness in its internal control over financial reporting will not be identified in the future, which if identified and not properly corrected, could materially and adversely affect its operations and result in material misstatements in its consolidated financial statements. Meridian also is subject to risks and uncertainties related to disruptions to or reductions in business operations or prospects due to pandemics, epidemics, widespread health emergencies, or outbreaks of infectious diseases such as COVID-19, including, without limitation, related supply chain interruptions. In addition to the factors described in this paragraph, as well as those factors identified from time to time in the Company’s filings with the Securities and Exchange Commission, Part I, Item 1A Risk Factors of the Company’s most recent Annual Report on Form 10-K, contains a list and description of uncertainties, risks and other matters that may affect the Company. Readers should carefully review these forward-looking statements and risk factors, and not place undue reliance on the Company’s forward-looking statements. Forward Looking Statements


Slide 3

Certain financial measures presented in this presentation, such as operating expenses, operating income, operating margin, net earnings and net earnings per diluted share, each on an adjusted basis, excluding as applicable the effects of changes in fair value of acquisition consideration and selected legal costs, are not recognized under United States generally accepted accounting principles, or GAAP. Management believes this non-GAAP financial information is useful to investors in evaluating our performance, as these measures: (i) help investors to more meaningfully evaluate and compare the results of operations from period to period by removing the impacts of these non-routine items; and (ii) are used by management for various purposes, including evaluating performance from period to period in presentations to our board of directors, and as a basis for strategic planning and forecasting. While we believe these financial measures are commonly used by investors to evaluate our performance and that of our competitors, the non-GAAP measures in this presentation may be different from non-GAAP measures used by other companies and should not be considered as an alternative to performance measures derived in accordance with GAAP. In addition, the non-GAAP measures presented herein are not based on any comprehensive set of accounting rules or principles. These non-GAAP measures have limitations, in that they do not reflect all amounts associated with our results as determined in accordance with GAAP, and they should not be considered as alternatives to information attributable to Meridian Bioscience, Inc. determined in accordance with GAAP. See the consolidated financial statements included in our reports filed with the U.S. Securities and Exchange Commission for our GAAP results. For reconciliations of the non-GAAP measures included herein to our closest reported GAAP measures, refer to the reconciliations included in the press release of Meridian Bioscience, Inc. dated May 6, 2022. Non-GAAP Financial Measures


Slide 4

Record quarterly revenues for Company and both business segments Launched Lyo-Ready™ sample specific master mixes for blood Resumed shipment of LeadCare® II assay ahead of schedule Seamless transition of Board Chairman and addition of new CFO Q2 FY2022 Business Highlights Diagnostics Life Science


Slide 5

FY2022 Second Quarter Earnings Summary ($000’s except Per Share Amounts) Adjusted (Non-GAAP) FY2022 FY2021 Change Net revenues $111,231 $85,264 +30% Gross margin % 62% 68% -6 pts Operating expenses(1) Ratio $31,760 29% $25,530 30% +24% -1 pts Operating income Margin % $36,717 33% $32,242 38% +14% -5 pts Net earnings Diluted EPS $29,185 $0.66 $24,832 $0.56 +18% +18% GAAP FY2022 FY2021 Change Operating expenses $32,336 $23,571 +37% Operating income Margin % $36,141 32% $34,201 40% +6% -8 pts Net earnings Diluted EPS $28,752 $0.65 $26,302 $0.60 +9% +8% Highlights Diagnostics segment net revenues +29% YoY Life Science segment net revenues +32% YoY Lower business unit GM%s 2022 vs 2021 Diagnostics segment down primarily due to LeadCare® drag: 50% vs 52% Life Science segment down primarily due to mix of immuno vs molecular: 68% vs 77% Operating expenses reflect $6.2M higher spend: R&D ($0.4M) Sales & Marketing $1.0M G&A, excl. incentive compensation $0.9M Incentive compensation $4.7M GAAP operating expenses reflect ($0.5M) decrease in non-GAAP legal expenses and no contingent consideration expense versus ($3.0M) credit in 2021 1) Includes Corporate expenses of $5.2M in 2022 and $3.5M in 2021.


Slide 6

FY2022 Second Quarter Operating Segment Highlights ($000’s) Diagnostics segment (Adjusted Non-GAAP) FY2022 FY2021 Change Net revenues $41,103 $31,949 +29% Operating income (loss) Margin % $1,589 4% ($348) NMF NMF NMF Diagnostics segment net revenues by: Technology: Molecular assays $4,385 $4,395 --% Non-molecular assays 36,718 27,554 +33% Disease State: GI (Gastrointestinal) $20,281 $15,666 +29% RI (Respiratory Illnesses) 9,491 3,686 +157% Blood Chemistry (Lead) 3,425 4,358 -21% Other 7,906 8,239 -4% Life Science segment (Adjusted Non-GAAP) FY2022 FY2021 Change Net revenues $70,128 $53,315 +32% Operating income Margin % $40,354 58% $36,025 68% +12% `-10 pts Life Science segment net revenues by: Technology: Molecular reagents $40,334 $37,752 +7% Immunological reagents 29,794 15,563 +91% Region: Americas $10,377 $13,550 -23% EMEA 33,246 21,773 +53% ROW 26,505 17,992 +47% China (included in ROW) 4,931 4,626 +7% Product / Customer Highlights: GI shows continued growth – driven by breath products Respiratory saw strong contribution from COVID Rapid Ag, but Core also up Blood Chemistry reflects impact of recall with only 6 weeks of sales in quarter Product / Customer Highlights: Operating margin driven by technology mix: Current period: ~58% molecular; 42% Immuno Prior year period: ~71% molecular; 29% Immuno


Slide 7

FY2022 Fiscal Year Guidance Meridian Bioscience Diagnostics Life Science Prior Guidance (2/4/2022) Updated FY2022 Guidance Meridian Bioscience Consolidated net revenues: $330 to $345 Million Adjusted operating margin: 22.5% to 23.5% Adjusted net earnings per share*: $1.30 to $1.40 Diagnostics Net revenues: $145 to $150 million Life Science Net revenues: $185 to $195 million Consolidated net revenues: $315 to $330 Million Adjusted operating margin: 21% to 23% Adjusted net earnings per share*: $1.10 to $1.30 Net revenues: $145 to $150 million Net revenues: $170 to $180 million * Assumes 44.3M diluted share count


Slide 8

Diagnostics R&D Pipeline (as of 3/31/2022) Breath Immunoassay Molecular Blood Chemistry Feasibility Development Clinicals FDA Liver MBT PMA Add’l Claim (1) C. difficile Shiga Toxin Streptococcus pneumoniae / Legionella RI Panel GI Panel COVID-19 EUA(3) PediaStat Analyzer Lead Expected FY22 FDA Submissions Shiga Toxin Campylobacter (2) Submitted to FDA on 2/16/2022 Received FDA 510(k) clearance 12/23/2021 Received FDA Emergency Use Authorization (EUA) on 11/9/2021 – Not currently distributing pending changes to detect omicron variant Add’l Claim


Slide 9

Meridian ESG Efforts Encompass Four Key Areas Advancing Diagnostics to Enable Better Patient Healthcare Outcomes Accelerate diagnostic test development with high-quality Life Science reagents that power hundreds of diagnostic assays across 150+ disease states Supply hospitals, outpatient clinics, reference labs, and physician office labs with close to 200 diagnostics tests and transport media in more than 30 disease states First responder to the COVID-19 crisis, providing critical raw materials to enable rapid development of COVID-19 tests and now powering 100+ approved diagnostic assays Committing to Best-in-Class Governance Practices 88% of directors are considered independent Separated Chairman and CEO roles Aligned management compensation to clear financial targets Reducing Environmental Impact with Product Innovation Reduce significant carbon emissions and Styrofoam packaging needs associated with cold chain shipping and storage of diagnostic assays through Lyo-Ready™ and Air­-Dryable™ Molecular Master Mixes Enable broader distribution and use of diagnostics in resource-limited settings with limited cold chain management capabilities Lengthen shelf-life of molecular diagnostic assays to lower waste and improve assay availability Creating an Inclusive, Diverse and Equitable Workforce Introduced the One Meridian Inclusion Diversity and Equity (“IDE”) Team to encourage and support an environment in which all employees feel included and empowered This global IDE initiative further helps attract and retain a diverse workforce Approximately 55% of employees globally are women(1) 25% of Meridian’s US workforce is ethnically diverse(1) As of September 30, 2021


Slide 10

Life Science Molecular Master Mixes


Slide 11

Disrupting Molecular Diagnostics Development Meridian’s innovative sample-specific mixes (qPCR & LAMP) FAST TRACK YOUR R&D BLOOD URINE STOOL SALIVA PLANT/FOOD DNA RNA LIQUID LYOPHILIZED AIR-DRIED SPECIMEN? DETECTING? KIT FORMAT? ONLY ADD Primers & Probes INHIBITOR TOLERANT Master Mixes have everything you need: Enzyme, Buffer, Excipients, Nucleotides, Mg USE CRUDE samples (no extraction) PERFECT FOR Multiplexing, fast cycling & POCT


Slide 12

Sample-Specific Mix Customer Trends YTD


Slide 13

Contact: mbi@meridianbioscience.com