Meridian Bioscience‘s (NASDAQ:VIVO) has two molecular diagnostic tests in clinical trials, with another test expected to begin trials later in the year.
Currently in trials are tests built on the company’s illumigene molecular diagnostic testing platform for Mycoplasma pneumonia, an infection of the lungs, and group A streptococcus, a type of bacteria often found in the throat or on the skin.
Cincinnati-area Meridian is betting big on the illumigene platform, which it says provides its hospital and laboratory customers with a simpler, cheaper option to test samples for certain types of bacteria without the use of expensive instrumentation.
Yet another test, this one for pertussis, a contagious bacterial disease that causes whooping cough, is expected to enter trials before the end of the year.
Tests for C. difficile and group B streptococcus that utilize the illumigene platform have already been cleared by the U.S. Food and Drug Administration.
“We continue to convert new customers to the illumigene platform, with approximately 825 customers to date utilizing close to 900 illumipro readers that service nearly 1,000 laboratories,” CEO Jack Kraeutler said, when he announced the company’s second-quarter earnings. Unlike many public companies, Meridian doesn’t host a conference call to discuss quarterly financial results with investors and analysts.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
The company’s second-quarter net earnings grew 28 percent to 23 cents per share. Sales grew 16 percent to $47 million, on “well-balanced contributions from all business units,” Kraeutler said.
