By Anna Prior
Meridian Bioscience Inc. /zigman2/quotes/202928219/composite VIVO +2.06% projected strong revenue for fiscal 2013, driven by its illumigene molecular technology platform and bioline life science unit, among other things.
Meridian, a life sciences company that makes diagnostic test kits, had lowered in July its outlook for the soon-to-be-completed year after its fiscal third-quarter results failed to match the strength seen in the second quarter amid negative impacts from foreign exchange and a slowdown in European diagnostics revenue. But the company sounded a more optimistic note on Tuesday for its upcoming year.
"Our expectations for fiscal year 2013 are realistic and are based, in part, upon where the company expects its results to be for fiscal 2012, ending September 30," Chief Executive John A. Kraeutler said, adding the company plans to introduce two additional new illumigene tests later, which test for common sexually transmitted diseases, with large market potential later in fiscal 2013.
The company guided for sales of $190 million to $195 million and per-share earnings of 86 cents to 91 cents for the year ending Sept. 30, 2013. Analysts polled by Thomson Reuters are looking for $186.2 million and 89 cents, respectively.
The company also reaffirmed its lowered 2012 guidance from July.
The guidance for illumigene revenue includes test for C. difficile disease, tests for Group B strep and test for illumigene Group A strep, which is expected to be cleared by the Food and Drug Administration for U.S. marketing around the start of the new fiscal year.
Shares ended Monday at $18.46 and were inactive premarket. The stock is down 2% so far this year.
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