Next on tap for Meridian Bioscience‘s (NASDAQ:VIVO) illumigene molecular diagnostic testing platform is a test for Mycoplasma pneumonia, an infection of the lungs.
The illumigene Mycoplasma test is currently in clinical trials, according to a statement from Meridian announcing the Cincinnati-area company’s first-quarter earnings. Meridian plans to launch three to four new illumigene tests per year, CEO Jack Kraeutler said.
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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.
After Mycoplasma, the next illumigene test Meridian is expected to release is for group A streptococcus, a type of bacteria often found on the throat or in 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.
Tests for C. difficile and group B streptococcus that utilize the platform have already been cleared by the U.S. Food and Drug Administration.
Meridian has completed 750 total “placements” worldwide of the illumigene technology, an increase of about 100 customers in the last 10 weeks, Kraeutler said.
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In the first quarter, Meridian’s net income grew 9 percent to $6.6 million, or 16 cents per diluted share. Net sales grew 8 percent to $40 million.
“While these results are positive, especially in a weak economy, we believe our potential for growth continues to increase,” Kraeutler said.
Meridian reaffirmed its previously issued full-year guidance of earnings per share between 85 cents and 89 cents, and net sales between $183 million and $192 million.
