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Meridian Bioscience, Inc. (NASDAQ: VIVO):
Meridian Bioscience, Inc., Cincinnati, Ohio (NASDAQ: VIVO) today:
reported record first quarter net sales of $45.4 million, an increase of 13%, from the same period of the prior fiscal year;
reported first quarter operating income of $13.1 million, an increase of 34%, over the same period of the prior fiscal year;
reported first quarter net earnings of $8.5 million, or $0.20 per diluted share, increases of 29% and 25%, respectively, compared to the fiscal 2012 first quarter. When compared to the fiscal 2012 first quarter net earnings on a non-GAAP basis, the fiscal 2013 first quarter net earnings and net earnings per diluted share increased 23% and 18%, respectively. This non-GAAP financial measure excludes the effect of fiscal 2012 first quarter costs associated with the consolidation of its Saco, Maine operations into its Tennessee facility (see non-GAAP financial measure reconciliations); and
reaffirmed its fiscal 2013 guidance of per share diluted earnings between $0.86 and $0.91 on net sales of $190 million to $195 million.
FINANCIAL HIGHLIGHTS (UNAUDITED)In Thousands, Except per Share Data
Three Months Ended December 31,
Diluted Earnings per Share
Diluted Earnings per Share excluding
effect of plant consolidation costs (Q1-12)
Cash and Equivalents
John A. Kraeutler, Chief Executive Officer, said “Our results for the first quarter of fiscal 2013 are encouraging as they indicate a return to double-digit organic revenue and earnings growth. Revenues increased 13% to $45.4 million led by the U.S. Diagnostics unit, up 21%. European Diagnostics sales declined by 4% as economic headwinds continued to impact our customers. Life Science revenues improved 1%, with Bioline having increased by 9%. This is in contrast to our core business declining 4%, primarily due to the timing of cyclical purchasing patterns of our largest customers. We expect the overall Life Science business to be strong in the fiscal second quarter.