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Meridian Bioscience Reports Record Second Quarter And First Six Months Operating Results, Declares Regular Cash Dividend, And Reaffirms Fiscal 2012 Guidance

Stocks in this article: VIVO

Meridian Bioscience, Inc. (NASDAQ: VIVO):

GENERAL HIGHLIGHTS

Meridian Bioscience, Inc., Cincinnati, Ohio (NASDAQ: VIVO) today:

  • reported record fiscal 2012 second quarter and six months net sales of $47.4 million and $87.7 million, respectively, increases of 16% and 12%, respectively, from the same periods of the prior fiscal year;
  • reported record second quarter operating income of $14.8 million, an increase of 35% compared to the prior year second quarter;
  • reported record first six months operating income of $24.6 million, an increase of 23% compared to the same period of the prior fiscal year;
  • reported record second quarter net earnings of $9.6 million, or $0.23 per diluted share, increases of 33% and 28%, respectively, compared to the fiscal 2011 second quarter. On a non-GAAP basis, earnings were $9.8 million, or $0.23 per diluted share, increases of 20% and 15%, respectively. In the fiscal 2012 quarter, this non-GAAP basis excludes the effect of costs associated with the consolidation of its Saco, Maine operations into its Tennessee facility, and in the fiscal 2011 quarter it excludes the costs of reorganizing its sales and marketing leadership (see non-GAAP financial measure reconciliation);
  • reported record first six months net earnings of $16.2 million, or $0.39 per diluted share, both increases of 22%, compared to the same period of fiscal 2011. On a non-GAAP basis, earnings were $16.6 million, or $0.40 per diluted share, increases of 17% and 18%, respectively. In the fiscal 2012 year-to-date period, this non-GAAP basis excludes the effect of costs associated with the consolidation of its Saco, Maine operations into its Tennessee facility, and in the fiscal 2011 year-to-date period it excludes the costs of reorganizing its sales and marketing leadership (see non-GAAP financial measure reconciliation);
  • declared the regular quarterly cash dividend of $0.19 per share for the second quarter of fiscal 2012, (indicated annual rate of $0.76 per share), the same as the regular quarterly rate of fiscal 2011; and
  • reaffirmed its fiscal 2012 guidance of per share diluted earnings between $0.85 and $0.89 (excluding plant consolidation costs of $0.01-$0.02) on net sales of $183 million to $192 million.

FINANCIAL HIGHLIGHTS (UNAUDITED) In Thousands, Except per Share Data

        Three Months Ended March 31,     Six Months Ended March 31,
  2012     2011   % Change   2012     2011   % Change
Net Sales $ 47,441 $ 41,059 16 % $ 87,707 $ 78,322 12 %
Operating Income 14,827 10,962 35 % 24,632 20,052 23 %
Net Earnings 9,626 7,260 33 % 16,204 13,285 22 %
Diluted Earnings per Share $ 0.23 $ 0.18 28 % $ 0.39 $ 0.32 22 %
Diluted Earnings per Share
excluding effect of plant
consolidation costs (2012) and
sales and marketing leadership
reorganization costs (2011)
(see non-GAAP financial measure
reconciliation) $ 0.23 $ 0.20 15 % $ 0.40 $ 0.34 18 %
 
March 31,
  2012   2011
Cash and Short-Term Investments $ 24,337 $ 28,379
Working Capital 75,894 76,931
Shareholders’ Equity 140,766 137,590
Total Assets 158,258 157,096
 

COMPANY COMMENTS

John A. Kraeutler, Chief Executive Officer, said, “Our second quarter success was driven by well-balanced contributions from all business units and from key strategic product initiatives. Strong revenue increases were reported from every business unit with U. S. Diagnostics increasing by 12%, European Diagnostics growing 8% and Life Science expanding by 30%. The major contributors to the U.S. Diagnostics growth included tests for H. pylori, up 23%, continued market penetration of rapid tests for E. coli and Campylobacter, up 18%, and, our broad array of tests for C. difficile which grew 28%. European Diagnostics posted strong sales driven largely from success with our new Immuno Card ® C. difficile GDH rapid test and from enhanced focus on export markets. Meridian’s Life Science business displayed consistent growth from the Bioline business which increased 17% largely due to new products such as SensiFAST™ and MyTaq™. Our core Life Science business, which has been inconsistent in recent years, reported a 38% increase in sales, largely due to order timing.

“During the quarter, illumigene ® GBS was introduced as the second test in our unique isothermal molecular amplification product line. illumigene GBS is a highly sensitive DNA test for screening prenatal patients for Streptococcus Group B infection which can cause meningitis and sepsis in newborns. Although the product has just recently been launched, we are pleased to report that approximately 90 customers have ordered this test to- date. In addition, 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 1000 laboratories. Our new product development program is robust and we are in clinical trials for both illumigene Mycoplasma and illumigene Group A Strep at present with illumigene Bordetella pertussis (Whooping cough) on schedule for later this fiscal year.

“Finally, our financial efficiency was clearly demonstrated with this quarter’s performance. Revenue growth was strong and, importantly for the period, operating income surpassed 30% of revenues and after tax income reached 20% of revenues. We will continue to drive our strategic initiatives to expand our products and technology platforms while investing our resources carefully to expand globally. Our investments and operating decisions over the recent past are taking hold and we look forward to a strong second half of 2012.”

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