VIVO - Earnings call transcript Q4 2021 | Meridian Bioscience Inc.

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Operator

Greetings, welcome to Meridian Bioscience Fiscal Fourth Quarter 2021 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions]. Please note that this conference is being recorded. turn Investor over Relations. I'll Vice Charlie time, of President this the to conference Wood, At Charlie, may you now begin.

Charles Wood

on are Earnings Thank welcome you, Chief this filings, meridiambioscience.com. With Financial Quarter our note Bryan that accompany earnings to and investor. Chief available me Call. SEC Meridian 's Officer. call Officer, Rob. Fiscal our XXXX Baldasare, Good and at John Kenny, morning release, website that slides Executive Please Fourth are and

these in prepared December to Healthcare website will events of The after Sandler will the and Bio regards to copy We posted XX X be post Annual With remarks our Wainwright XX. H.C. finalized. details Bryan Connect call. a of they to XX-XX the November as our are Conference, will the Conference those Jack and to calendar, January be participating Piper XX

X, Finally, XXXX Friday, our QX fiscal February call is for scheduled currently XXXX. earnings

let Company's the today, that me you forward-looking begin include we remarks Before remind the and presentation statements.

are from Forward-looking may projected. publicly described which no control, update uncertainties and subject many materially Company's results these filings. those makes to including of as differ XX, statements November XXXX, risks The the and of from and are SEC Company's beyond uncertainties, in Meridian Company's statements today, obligation the time-to-time numerous risks to undertakes them.

market weight knowledge Additionally, not limitations the The Company's involves of industry give estimates. to to reference the of and good you such based include and estimates and market management's remarks cautioned assumptions management. data also a on are faith of undue data and number

source. such from inherently has and estimates size estimated and the and beliefs, in independent verified part and market derived opportunity, believe management's market While is information imprecise been an reliable, is generally which market but information not is uncertain we position,

reconciliation I to presentation, an net share most operating basis. refer over A earnings operating are Jack. directly throughout operating and and measures, the earnings Lastly, specifically earnings, like would the other adjusted with measures diluted financial each financial to now comparable margin, on of related measures expenses, discussion call non-GAAP our turn we net in this income, And included non-GAAP these GAAP to release. per

Jack Kenny

Thank you, was the coronavirus We that world, another vaccines with to wave beginning infections of the year. Fiscal started year XXXX affecting of pandemic. wild relief the us would another the Charlie. hopes from bring

degrees than clear in surges brought that by While more some disease This years a allowed are this varying spread for impacted to has testing around relief will the demand brand negatively healthcare the the countries is battling many virus. the normal of of introduction come. to COVID-XX virus individuals to to vaccines time due still to that was rather return were stressed life, government most and systems it present downs, be and to being lock depressed non-COVID by

-- be infections. amongst patients. hospitalizations, As compared said, point where be masking to This limited relative stronger fairly be year, remain that volumes we'll in - close throughout season, result a certain limiting levels -pandemic the seasonal to to the are or respiratory upcoming in That it consensus will infections last at limited at levels. The see seems if still seen a and season healthcare recovered hospital this in if us schools -pandemic care surge year. remains this to see of that spread non to pre we're testing last for headwinds respiratory suggests systems locations continued the pre for pandemic COVID available and where populations to year,

That the exceeded growth of at the off guidance, of performance and building a and substantial the mix prior bottom-line, not achievements fiscal We Company, however, consecutive As both second Expected was a the was both the Life by more slowed way. XXXX. top-line year. the the our in had of assay delivering than commercial the a and year Meridian end of delay the of segment growth - year, segments upper These without LeadCare along record continued success offset record per our over original Diagnostics authorization and applications. the by Science reagents, relative our EUA COVID-XX were the both setbacks recall. non for SARS COVID-X COVID

our a setbacks. Diagnostics Fortunately, executing then these look is number and the and to full Science setbacks are to like strength team in The beginning segment of coming forward specific items I seeing would months. the of Life provide segment. we our further with With updates them of just on through product the portfolio benefits that, that some our

the As week, EUA. our to this EUA end has we of that earlier now the the in resubmitted you at FDA and June, announced COVID-X approved the revenue know, FDA SARS

it Science both, these first, validate important customers Both the new with panels of of will first of GI the for to as those own begin Development incorporate delivering revenue forward followed that our is us agents We customers to XX-K finalized our and weeks plans an submit panel for products for later As begin we molecular any the the a product few can to we fiscal and the cost panel with is the again Life assay and respiratory by both, our GI continue you labeling clearance This and anticipate this performance. to assays entering the assay. expect respiratory launch, it milestone segments to take before platform. the are to new year. clinicals the as quarter. panel. panel end look will RNA X working Currently, improve this shipping

manufacturing production On build-out have new side, gone lines of the well. the the

delays on completed product in some equipment and qualification its performance qualification after has The second from Quebec the Cincinnati. line performance minor the suppliers, line product manufacturing in has first begun

of by be the product of the expect quarter. Cincinnati of The towards the and month. the validation in We the to begin end installation producing salable second-line should end

production thousand pies offer lines Cincinnati, revigin in and in enable day new coupled X capacity with a lines $XX these X significant margins opportunities reminder, a the on of the products. per to improve As maximum Quebec,

see instruments. was of installs wait revigin as the our COVID-X revigin still XXXX. peaks XXX of SARS approval As modest development in additions campy will clearance. and XX-k a Curian SARS expectations growing the and Due EUA, in assay. constraints, the Instruments installed of in of assay new for pickup it's for to and FDA QX, increased timelines new panels September portfolio resource platform. the did COVID-X during but have slow made Commercially XX, base. We The approval continue pandemic and calendar authorization At QX, we remains customers products demand below revigin submitted second of important the to in of in the the saw that been the orders the half the base platform drive be of The progress being -- Curian its X, delayed. non-COVID-XX in to for end the the and we for

is improve assay XXX(k) fiscal addition has and portfolio, the gain Shiga trials to The On this to menu to the has performance. into has expansion submit clearance Curian we assay the for needed assay really platform begun Shiga Curian year. for gone back within While development important to front, the further toxin clinical expect an steam. that

these we assay assays, we a of the market-leading With addition believe will have X menu. comprehensive gastrointestinal

team now by had integrated of fully yield that the to operations visit approximately U.S. been as BreathTek that from to will H. BreadthID focused the is the an to over joined manufacturing Phase with the in the as first of which costs is end expected perspective, $XX of led Otsuka. At acquisition enhancements team acquisition Integration of annually of business a Israel, customers franchise we product million. have ongoing, members testing feature complete an are team are in R&D Breath added bulk year. Than occasions. the the Operations acquisition is From pylori BreadthID, 'XX. leadership enhancements tremendous for to U.S. and while the costs, well in million unable significant revenue has be on for. the H. the numerous asking to $XX of half on portfolio team the Our July, added of those the pylori fiscal in of reductions

taking are significant without margin employees a this testing not provides a not Serology operating recommend is remains and Not there reminder, strongest this which line a testing only their volume new opportunity not but for volumes not that recommended, and detect it testing. from Meridian's As to growth from pylori solution. Otsuka, our stool for from urea these product H. significantly clinically we our produced of favorable under in growth high was has shifting portfolio carve-out contribution. treatment reimbursed. an in antigen from antibiotic the one a shift approximately are any Both specificity on is was does infection, of with opportunities estimate rates. the testing U.S. and largest and products. serology does testing integrating today confirmed is higher -- XX% incremental tested disease industry disease -- testing and rates often breadth We have results And false active of active and leading areas positive to infection, the a one has the reimbursement serology inappropriate is solid sensitivity testing ways. to Meridian

our reference customer. us of decentralize XX% reference estimate national diagnostic to labs, the and opportunity or an IDN h-pylori testing at testing of this This approximately both all we X/X compares typical is win-win hospital for A that Meridian national in to at Second, approximately for testing labs. performed done customers. providing

these and Company stool ruining it's on capitalize for As H. market the well-positioned tests both urea to dynamics. antigen pylori with test only breath

the Next, situation. on LeadCare I'd to provide like update an recall

recall and we after additional including the May, all again including of with recall June controls in a know, August. This Plus an our you and testing in to systems, in for Ultra. of LeadCare As the issue initiated lots voluntary kits expanded identifying

announced changes address identifies have team test the in and we shipping early As issue. implements kits we the stopped LeadCare while September, that

a for manufacturing kits today, of anticipate in suppliers will the be that still clear, chain involving that shipping issue be and manufacturing at not plastic the contamination supply product not is we X X site. are treatment occurred To to this months. tubes we complex reagent As

the back process to is as as actively lead so market possible another in as science levels. conjunction we our to plastic to alternative testing are In all forms contamination, working on only as segment and critical FDA so. safely blockbuster it to order have market we had suppliers. X soon get on time, deck U.S., and any in the this expectations The and are that yet is in life and LeadCare across possible. ensure quickly on both some beating hands-on takes test the glass the year tubes CLIA-waived all the tubes, do this this free do as We with replacement from are multiple

In present This rate. completed exceptional First, the an of blood, the an Isothermal drive QX, the an in assays given clinical They that team mix. high products can continues environment of products launch samples amplification new DNA, sample use. customers innovative for for match for the resulting introduction increased the and stool, of performance in mixes the RNA build and our pandemic industry created mix where team own urine. on have to type, for we're master portfolio off-the-shelf else their optimized has air added in is one we simply Meridian types, is this. at deep up sensitivity starting a disruptive mix Air-dryable removing used to critical in truly with to and evidenced industry, a by know the time, in fully-optimized to expertise to difference make our teams the R&D The whether we is similar with with specimens. to need components need The approach companies or address are number claims. marketing facilitating assay expected periods adjusted their even of Currently a the complex mixes, sample the modify inhibitors to them shorter by as our optimize no and crude in to that have specific target to

reverse to market RTS. expand transcriptase to enzyme. also multi-hundred-million-dollar ahead this for formats. us mixes This of launched team isothermal fiscal allows a will portfolio enter the our samples thermostable and to amplification specific team Lyo-Ready The XXXX, Looking the

in are further enzyme manufacturing improving costs performance We this stability. working improving master incorporate into our while to at new the mixes, time, thermal same

to look We that without XX Triton was have performance. sacrificing successful fiscal our compliant to introduced X Commercially, friendly make other free continue rich more also products opportunities enzymes year. another environmentally and for are

revenues. this demystify would during states. like forwards with greater - the of total these total in the $XX In Each of reagents to statistics continue life cost assays, we XX% sustainability the little fiscal a or 'XX which revenue customers only of collaborating few of customers our relationship’s X our 'XX, We a our Science build the $X our million, one up approximately new sales approximately of COVID. of -- to generated of components of had regulated IVD accounting upon Life pandemic are more of days revenue. I post are for offer or A made assay. ID before than across concern XX% for investors on assays multiple million accounts customers science given which makes early recurring the to change common to regulated the is In probable you. effort stream those more accounts and pandemic, using a disease and fiscal

our of respiratory in in IVD in non-COVID COVID respiratory our at their assay. In other use and and in use in test, these approximately reagents assay, have assay our least total, X regulated XX% at the at customers use non-COVID least X the While XX% and over accounts our reagents reagents single IBD XX% least XX% our COVID one a assay. reagents panel, top reagents over all approximately our use panel, before target

at If IVD in $XXX,XXX to in customers than you customers greater least look sales, use our approximately assay. with these regulated top XX% one include non-COVID beyond reagents

the are the we base, see, can a just diversified to we financial the the them and you Overall, Bryan only quarter turn call year through I'll embedded now results for over a year. have for customer As great go Meridian. do not to in beyond COVID. highly

Bryan Baldasare

the much consolidated million, Jack. a Is recorded recap seeing an year XX%, pleasure early for $XX Blue. $XX products than for it Starting In performance you, of QX, sign what usual our Demand accounted another Meridian of year-over-year, sooner million, the solid is Science a timing. if exception up Diagnostics million, shift up of for season respiratory increasing we Diagnostics strong record Life in XX%. was accounted to Company. up are revenues financial is with demand Thank or a simply unclear and respiratory net for and with $XX began XX% this in

the benefit million of molecular charge income the partially of cost for offsetting Science, non-COVID loss operating $X.X for $X XX%. increase approximately was gross is other Science an from our revenue of the goods margin XX% without XX%, Life revenue. from in million, $XX of we Life was This million year-over-year assay of Science million, up of included particularly COVID products approximately basis increased Consolidated accounted Consolidated by operating adjusted XX%. related We Now for margin Life of estimate comprised XX% recall. offset approximately on margin an adjusted operating in negatively while a adjusted staff is to recorded from XX%. diagnostics. Gross and $XX with was, in to associated recorded in recall an gross costs a diagnostics a products. Diagnostics continues overhead margin gross manufacturing an a impacted scale, was LeadCare LeadCare margin the and Life XX% the Science continues of with margin of in recall be by the and with

gross XX given uncertainty of The flat Diagnostics when sales $X.XX year of that for estimated We Life growth year-over-year. XX% diluted Science for partially XX% a We of tech XX% quarters LeadCare gross a decided was growth XX%. fiscal margin respiratory offset were primary up over was Life and the posted EPS of of a to than $X.XX annual for to by of on down consolidated while replacement XX% offset credit our have income the operating 'XX, Diagnostics with driver product, margin adjusted months million. Consolidated Life fiscal consolidated COVID-XX diluted Diagnostics an contribution the with by recall, was adjusted an and 'XX, XX% up XX% revenue Science, fiscal margin X a of the margin soft kits, demand compared for also partially segment $XXX was Science proactively the XX%. basis up $XX the EPS XX% with will fiscal year to the $XXX favorably these was short-dated including Science benefits to COVID-related million, scrap combination million, LeadCare finished EPS an recall, X% while but XX% of during levels for and related year-over-year demand, was revenues adjusted factors with $XXX diagnostics, operating Life to to Life margin in offset $X.XX growth QX 'XX. Breadth margin Science, coupled by by as the customers up was available. BreadthID fiscal $XXX from of impacted million, The of LeadCare remedying rates million. drove the million a sales was recent EPS operating GAAP GAAP led 'XX. 'XX. associated of from be fiscal breaks a around the increase year products recall. Adjusted revenue partially revenues, an $X.XX a depressed for of over pandemic. kits in loss to segment. diluted compared of Consolidated adjusted scale $X loss diluted with This greater net QX year for provisions costs drag recall full stemming

All set guidance set last guided and November of were in our with in revised consolidated line we August. exceeded of to the guidance in year original metrics our

XX-K, November QX If XXXX, you our Release our XX. which to year be by will into the to full fiscal for dig want Press the Please refer followed deeper drivers for and

Turning to balance sheet. the

XXXX. in of million we XX, our favorable the In $XXX we October, total increased changes, line capacity which other had cash. As of amended among September in to maturing late $XX credit, million

with breadth cash acquisition a we cash of hand drawn on line obligation the credit. on remaining quarter, earn-out million, million under assets settled and and combination the of $XX million hand for GenePOC with paid for million $XX $XX During of our a approximately the Tech $XX

the $X we We all With of $XXX that contingent currently considered, million also of have Innovation repaid obligations million. due to Authority. borrowing capacity grant Israel a

Turning $XXX between $XXX for million between of segment. to between and guidance. fiscal includes revenue million our expect million, In 'XX, million Life which Science our XXX diagnostics $XXX million and revenue of XXX and $XXX million and for we segment

in revenue LeadCare half online. higher expect We half moderately the to be as diagnostics first the production back comes than second

growth guidance, offset revenues double-digit purposes we of LeadCare used - kits the in reagents Life COVID begin business Science non April. assuming unrelated COVID-XX For we for solid the by lower demand that shipping assumes core, are in testing. on

have we past, reagents a because molecular are products non challenging. same can is agnostic - in the increasingly As mentioned be used the our and of split in and disease accurately multiple revenue tests, COVID related target COVID becoming reporting

For that report we'll of provide a from and on no generated in COVID testing going to quarterly split guidance reason, longer revenue are we not the amount our commentary.

is view part and moved respiratory endemic contemplates revenue a have is of we the of end, period just Our that respiratory first-half aligning season. the COVID testing year, landscape. with To higher the will where regular into that guidance the be in our

low-single-digits. expenses, are XX% gross lower-margin the with to decline to margin pre break our second-half assumption -- to reflects and expecting Science In be products margin and expected that in than blended year greater Diagnostics. in to the profit that scale immuno Science On levels impacts lower between changes margin and other increasing reasons, margin lesser any basis, coupled last to among returns the as a Diagnostics and a mentioned, and gross -- be the this operating of margin profit diagnostics the be throughout we increased our includes to a LeadCare infrastructure, are XX.X% -pandemic mix due lower to are the our molecular Life and investments second-half gross to R&D operating XX%. an aforementioned are of is XX% of the operating mix in due as gross is dramatic products. and profit Combined This an revenue be lower I it range We we than have recall consolidated implies the 'XX of somewhat slightly first-half combination with which increase forecasting to Adjusted not a our commercial year. break our due is operating XX.X%, mirror it between margin impacts expect segments. even to expected things travel contribution fiscal expected with to margin an Life

assay. on expected interruption are shares. presented there approval the situation, testing In taxable revenues of chain a percentage the and challenging. of matters fully The And from to Curian can based last particular for number rate for The of United now million will back these market count that make a of diluted share the XX.X supply that This our that States. LeadCare I Similar be to greater rate resolution recall today to Our and income anticipated a expect of into EPS reflects visibility COVID-XX considerations. timing adjusted tax demand reflects call current overall guidance Jack. globally, over XX.X% ultimately $X.XX of FDA the unknowns on and year, the setting guidance dollar coming conditions. between hand

Jack Kenny

Brian. Thanks,

As fully fiscal to another Meridian. you strong year we see, can for XXXX be expect

base XX% period. is from be expansions, While overcome, new we will new of through operational challenges this pre the than which Diagnostics on period investment operational spending, the the development some able acquisitions, consolidated heavy is business a consistently. and We After will to last we manufacturing execution. full larger still believe product XXXX, -pandemic fiscal have to grow focus

with advancing BreathTek, the position supply revigin and the submission commercial growing on including and -XX and Campy to be segment fiscal relationships continue development, launch integration their Science to will Our meeting COVID assays, product new capacity, the assays, will largest of strong will completing key expanding growth a being Life focus operating initiatives. and Diagnostics beyond. our customers X executing 'XX on X organic efficiency of in strategic areas pipe the of revenue number production demands. new the for Curian These focus of

the pipeline solidify that innovation. to mixes number of a as have we earlier, a mentioned Meridian will of in new I leader continue master As

customers a the Additionally, we'll states, beyond testing disease supporting the dozens at growth year truly fiscal and hard of be the future of products to 'XX new for was a across for team 'XX. our variety funnel validating assays, fiscal work to transformative Meridian. fill

the a to work our hard come. our as IVD to and of battling that partner excel excited X global no us We're best Diagnostics, critical lie years pandemic All and previous about in Science. over ahead the storm yet weather to is both industry opportunities the prepared a our that doubt have in Life

and for you I Bryan Now, are open here for up your can questions. Rob, us? for the questions

Operator

Thank be question-and-answer Will now conducting a Yes. session. you.

please If and you'd confirmation Instructions]. like line [Operator a in will queue. tone to [Operator question ask Instructions] question, your the the is indicate

equipment, of the using first from [Operator Our Blair. Instructions] participants For Weinstein with Please question with William comes questions. proceed Brian your speaker line

Jack Kenny

doing? how Hey, Brian, you

Brian Weinstein

you Very Dirk [Indiscernible] doing Good morning.? how well. Hey

Bryan Baldasare

Good morning.

Brian Weinstein

and feasibility you just So versus at guy business guys much for repeat where new out have have to curious you point? and to ordering just you guys that do if this of a to at use next [Indiscernible] couple there need that look try how you win year, go

Jack Kenny

it's certain, you in. chime can all So, Bryan,

I our to where use and historical part the with guidance. the finish So, Which future, out some which was, of similar a way we in for we're have try then from worked sight, of to too that standpoint, all, is judgment good guidance line would that go say longer-term we business first try last year don't what Bryan, taking perspective approach we think to us. a go have of to

good a we idea into in respiratory what's we so, head of as stuff. COVID pretty going have the with related season and non-COVID And on business

it into does X our of QX X, QX, COVID QX we had we type reason strong QX year of -- business and of it like, and QX part still going fairly later expect likely like last does what testing year, volume part then We more of so, of we or in and And we look of XXXX an had and the QX, like? viewed the of on, XXXX. endemic but really walk as what more

Bryan Baldasare

Right.

Jack Kenny

way we which to the we so that's And looked got at how the it, that XXX. is XXX

tests pandemic, well that you other And the are we that our of as or so, types anticipate down customers -- if to look, over have it -- comes COVID COVID really are is to towards in recurring we there. those products the it running are how tied goes there you respiratory that? orders to and and will, that disease XXX it are orders, progression are -- question to large pandemic. on depends severe do as Bryan and The how want more the add of those with that

Bryan Baldasare

customers guidance in well. those non-COVID of Brian. XXXX, also certainly COVID, say Varying we assumptions on, have thing is about add other The what but Jack's in growth there's to degrees that that embedded customers to revenues, I talk when for were XX lot comments would is but our the there you referenced that those that want earlier in we customers a as of There's same balance.

Brian Weinstein

Okay.

Please, to you cut didn't off. I mean Sorry.

Bryan Baldasare

a balance between the No. There's two.

Brian Weinstein

Got understood. it. That's

customers that on recent Can grabbing is? were softer little how for authorization then that me you And here. You a Okay. the talked and give that tell looks scale to you your about how Diagnostics just side? be like placements some Can you idea, bit the put relative as being for waiting guidance this. there this can impactful some you've the for side funnel on what impactful us out

Jack Kenny

Brian, this great getting Bryan altogether the of our would U.S. in early entire we from was have sales some week back meeting. week with for sales in force a have the trainings. had we The to just while our EUA had timing and the got that earlier. team had for it liked I'll -- We and sales I start meeting together this

Jack Kenny

different of notes. couple A

the of have a the looking molecular with of incredibly in XXX from charts. COVID. the have excited. don't have were strong revigin. of other all, we energy lot these placements in still They that off all at we're customers they and of have They customers solutions these remember, like smaller First hospitals that existing team interest large There's and need, wise, work that really sales was of they the number the a

for it. desire think So, there's that a we our do existing customers,

make important. have also for Bryan, tending broader for and a us financially work financially a for other We them, them, menus customers, ravaging to that lot work a of

So, they to have it revigin. may the to customer sense not you made that great for works can and financially COVID us it run Alethia enough them to bring from convert over makes as sense EUA for financially now and in, when make for now us well. you have And

anticipate panel range or month up us kind quarters, then respiratory. would a GI with of us to we that that with will into further more we for in that following the back that XX-plus the previous reignite that. of do So, Instruments type we this That's volumes the And following the had revigin. up puts related and help this that then to believe Instruments why

So, to to into we have call for because sight we'll performance sales think start I see through that that to basis, before a we of expect going rate energy next as equate has sales, what -- sales that this -- see have rep our on quarterly were and effective be will get effectiveness to quarter. they we'll that and we're forward next that we at having a more and we'll fully we the looking line lot

Brian Weinstein

in specifically you LeadCare, beyond what a for But thorn here, right the in just for this gives extend is a great. you're that have the it's options been different Okay. which timeframe you case last your that frame? here, bunch and on April for do qualifying around me side is just while And time were -- LeadCare a now, then how the the Obviously, of embedded to situation. one guidance is which much your confidence

Jack Kenny

what want comments used the really plastic other So, can of thing We've have They make around the quality investors, to there resins what number investors we FDA The casualty. is I'll were you were changes is in plastic them that's have. occurred some to tubes that looking make of and want if work interference. to this we for the I'm system led years. keeps the and COVID "Don't that we whole track the that Bryan Ultimately having our summer that getting, frankly, that been for is, are. quite this not and tubes ultimately it. And started you a of to to and also we A working kits. sure reality and I a fall that. in we performance, know see keep for sure start This with XXXX, fine, In changes then the to the to that like, are recall. of using those the in they work you're clear don't changes Brian. a were couple

work out different path. figure a to Let's

to make system plastic needle-in-a-haystack COVID a or resins something those changes You're our were caught. ultimately they're But made, to looking probably for " and more trying ultimately to quality lines, along related when scientifically.

these So, are we that that that's to they're quality what did due proud do fact our happen of with the here. changes Unfortunately, to supposed systems happened. COVID,

these you this takes it confidence prove is tubes have there's being As -- to -- with time. it far and because a that a takes don't we have goes, have affected interference grinding as validate out of and to to run these have validate any you have process, to you over time lead you substances time issues do, to them that don't you be a it's work confident time hard the coming it's tubes. of tubes, but that can so you period not It's

change the is to other is resins time But suppliers are some had resins more that that looked we've did resins. at changes here. the occurred of a there went folks Many so it with that same a gain find broader issue, that the on the resin not we try either actively gain. than at of have to So, looking different the risk a

So, also tubes well. I as glass will explore in

don't to don't than we but be bit Bryan, felt skis. my April that would certainly earlier -- that, like it's the want the We would I So, time to a a be try still. know of We'd frame was that, get in to unknown little conservative estimate. conservative. to we we say general, don't answer just over I an

that, included will to be Bryan you if so guidance in our want We comment on. for

Bryan Baldasare

speak can that. I Yeah, to

an if the $XX about business $XX if guidance gives that what so you that means. think I million business, mid-year our you to basis, us at again product it's idea ship LeadCare to normalized to perspective, at point, on from starting you an think were look a a

Jack Kenny

assume anything empty. completely But been didn't like channels we also the

amounts we tried assumptions. be as guidance. backup. didn't these fill of to You your to and those did channel any We white black make got very to the We

Yi Chen

it. but was I addressing Yes. going you to that thanks for about channel, ask

Brian Weinstein

the much. guys. to right, All so after Thanks And we'll talk Okay. you conference.

Jack Kenny

I Brian. Thanks, appreciate it.

Operator

of is line Please question. your proceed with Wainwright. Yi the from question H.C. with Next Chen

Jack Kenny

Hi Yi, good morning.

Yi Chen

Hi. Thanks for taking my question.

the So, the in revenue fiscal related the previous quarters. COVID-XX to fourth bounced quarter from back

up revenue going So, can you trend forward? the COVID comment on

Jack Kenny

talking what were variant the orders in when we that's business and in to We definitely world surge started quarter. following increased our and definitely saw the started see the Science really started the Delta, that of press in the see Delta to the and Life about we happened you if

August it's started the was or the the right world is maintained. has So, different Delta different what on, started seeing now. frame of with we felt it are and about going COVID they come I to started and also the talking when see increase parts say exactly we surge of globe, to regards that would and What press time when that places

hotspots seeing Europe whether how different is And States affecting a from United different in of place so, different parts, the the than we're it's COVID now right them. is

so, is, because order at that could. that's other they just of know make ton supply are then before time they'd other thing order a anything a didn't would one different they I'll a chains trying the The demand to seeing say Brian hoard And thing for to comment so for is that. it for have we still how us I were this,

a X that normal We time, the mode feeling size are we're getting where not orders, they're a a not months up at little we stocking of at least that's in bit but are for getting. more good

Science, in it’s a feel ago. than do we lumpy Life So, a it business but lumpy was that less year still

Bryan Baldasare

a to resident been I than there. some out Jack, just patterns I lead what the XX less so think that's still the hotspots characterization, little it's think order lumpiness months. last a It's because fair the in over the that of

Jack Kenny

as our -- see is to flu think to you'll be felt as we as COVID still during respiratory return think, you're into of why would we're Science COVID. And So do silly the that time Life in because Life would well. and part season. there's reason be have be we going there's of first say we -- do Yi I bigger Science good we some would that we winter the the the head we that thing, believe to do half second thing with It going of season, Last winter standpoint would amount into is, not activity that's kind a think it half regards a good a from of that part of QX

Yi Chen

Got it.

COVID on And based is segments Life solely factors guidance playing this? there your the some other or are in XXXX, for on so, based -related Science fiscal revenue the projected decline into

Bryan Baldasare

on revenue in decline based solely COVID-related is It a volumes.

Jack Kenny

Yes.

lost We from that It's have drove and COVID in to order. assumption to pandemic business non overall to by That's are what that's volumes related. we been offset difference. continue customers picking that endemic, any customers. the Those lower, not being new - move as the really regards up we've

a new of got range up bit, So, of the we other the slows down pick business, million that's million millions Science. how a $XXX Life to for we dollars COVID stuff $XXX and

Yi Chen

fiscal products launch XXXX? new many you to how do lastly, expect during And it. Got

Jack Kenny

to predicting and good to clinicals Diagnostics prior for to the of to timelines. we're to X, FDA get would in we the as I into be don't my want release to game X that I The expecting side, don't send predicting. FDA. think

that tests that's coming would that we're FDA. I through. UAS X is one guess be to COVID the of talking X but submitted them So, to

So, addition that. to in X you've X got to more another

the that year. go I we more Life stream. as through to continue would steady say a seem we side, that is have -- Science there quarter, We On be fiber fiscal products and doing we a to anticipate this

Yi Chen

Great. Thank you.

Jack Kenny

it. appreciate I you. Thank

Operator

Thank you.

end the for closing to will back call the Jack turn and now question-and-answer session, reached Kenny have the We I remarks. of

Jack Kenny

Thank you Rob.

expect for speaking look we our record this work joining hard this team As I post-pandemic a us deliver base for another They establish the great their this thank continued you call, today you call to growth. and Have forward want -- positioned we helped year. to to day. we and for quarter. thank from close to all new again which Thank next all year you

Operator

today's conclude will conference. This

at You this may you lines disconnect Thank your for your time. participation.

Meridian Bioscience (VIVO) 12 Nov 212021 Q4 Earnings call transcript