MERIDIAN BIOSCIENCE INC

meridianbioscience.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2023 10-Q, filed Feb 9, 2023. Its latest SEC filing is a 15-12G from Feb 13, 2023.

The sections below describe the company as of the FY2022 annual report.

What Did They Do?

Develops and sells diagnostic tests for gastrointestinal and respiratory infections and elevated blood lead levels, along with raw materials used by diagnostic manufacturers and researchers.

How Did They Make Money?

Customers generally pay for diagnostic products and life science reagents after shipment; payment is generally due 30 to 90 days from shipment or satisfaction of the product obligation.

FY2022 revenue

Who Were Their Customers?

Diagnostic products are sold through direct sales personnel and independent distributors, which supply end users directly or alongside Meridian’s sales force. Life Science products are sold to diagnostic manufacturers, researchers, and non-human clinical customers such as veterinary, food, and environmental organizations.

Did Revenues Turn Into Profits?

Yes. It kept 13 cents of every revenue dollar as net income in FY2022 and turned 22 cents into free cash flow.

Operating income, FY2022

16% of revenue

▼ −42% vs FY2021 ($93M, 29%)

Net income, FY2022

13% of revenue

▼ −41% vs FY2021 ($71.4M, 22%)

Free cash flow, FY2022

22% of revenue

▲ +52% vs FY2021 ($48.6M, 15%)

How Were They Changing?

Since the FY2022 annual report

Latest quarter: Q1 FY2023, the three months to Dec 31, 2022

Revenue: ▼ −36%; vs $88.3M in Q1 FY2022
Net income: ▼ Now a loss; vs $15.3M in Q1 FY2022

Feb 1, 2023 SD Biosensor and SJL Partners completed their acquisition of Meridian Meridian became a wholly owned subsidiary of the buyer, and its shares were delisted from Nasdaq.

Grew. Revenue grew 56% in 4 years, from $213.6M in FY2018 to $333M in FY2022, about 12% a year.

Broader Life Science reagents The latest report describes Life Science products including immunoassay blocking reagents, specialized PCR master mixes, isothermal mixes, and enzymes; the older report describes PCR/qPCR reagents but not those additional product types.

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