Morningstar | BioMerieux's FilmArray Progression Partially Offset by Currency and Immunoassay Headwinds
We don't anticipate a change in our fair value estimate or moat rating for BioMerieux at this time as second-quarter top-line results mostly matched our expectations. We'll await BioMerieux's full half-year performance update before revisiting our assumptions. Currency exchange remains a considerable negative headwind leading to reported growth of 2.8% for the quarter, but 8.4% internal growth reflects strong underlying fundamentals in most of BioMerieux's segments, especially within the molecular and industrial markets. Although the company's molecular biology division, led by over 30% growth in FilmArray sales for the quarter from last year, slightly surpassed our outlook, revenue in the immunoassay segment fell more than we expected, largely from price competition in the procalcitonin test market. Excluding the boost in FilmArray sales from the flu season earlier this year, we still anticipate growth will continue to decelerate for this product thanks to increasing competition.Co. specializes in the field of in vitro diagnostics for clinical and industrial applications. Co. designs, develops, manufactures and markets systems used in: Clinical Applications (the diagnosis of infectious diseases such as hepatitis, HIV, tuberculosis and respiratory illnesses, as well as pathologies such as cardiovascular diseases and cancers, based on the analysis of biological samples such as blood, saliva or urine); and Industrial Applications (microbiological analysis of samples of finished or semi-finished products (or of the environment), chiefly in the food processing and biopharmaceutical industries), detecting microorganisms in agri-food, pharmaceutical and cosmetic products.
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