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Meridian Bioscience Reports Third Quarter And Nine Months Operating Results, Declares Regular Cash Dividend, And Reaffirms Fiscal 2013 Guidance

Meridian Bioscience, Inc. (NASDAQ: VIVO):

GENERAL HIGHLIGHTS

Meridian Bioscience, Inc., Cincinnati, Ohio (NASDAQ: VIVO) today:
  • reported fiscal 2013 third quarter and nine months net sales of $47.1 million and $139.7 million, respectively, increases of 12% and 8%, respectively, from the same periods of the prior fiscal year;
  • reported third quarter operating income of $15.7 million, an increase of 24% over the same period of the prior fiscal year;
  • reported nine months operating income of $44.0 million, an increase of 18% over the same period of the prior fiscal year;
  • reported third quarter net earnings of $10.2 million, or $0.24 per diluted share, increases of 18% and 14%, respectively, compared to the fiscal 2012 third quarter. When compared to the fiscal 2012 third quarter net earnings on a non-GAAP basis, the fiscal 2013 third quarter net earnings and net earnings per diluted share increased 15% and 14%, respectively. This non-GAAP financial measure excludes the effect of fiscal 2012 third quarter costs associated with the consolidation of its Saco, Maine operations into its Tennessee facility (see non-GAAP financial measure reconciliations);
  • reported first nine months net earnings of $28.9 million, or $0.69 per diluted share, increases of 16% and 15%, respectively, compared to the same period of fiscal 2012. When compared to the first nine months of fiscal 2012 net earnings on a non-GAAP basis, the year-to-date fiscal 2013 net earnings and net earnings per diluted share each increased 13%. This non-GAAP financial measure excludes the effect of fiscal 2012 first nine months costs associated with the consolidation of its Saco, Maine operations into its Tennessee facility (see non-GAAP financial measure reconciliations);
  • declared the regular quarterly cash dividend of $0.19 per share for the third quarter of fiscal 2013, (indicated annual rate of $0.76 per share), the same as the regular quarterly rate of fiscal 2012; 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 June 30, Nine Months Ended June 30,
2013   2012   % Change 2013   2012   % Change
Net Sales $ 47,108 $ 41,915 12 % $ 139,724 $ 129,229 8 %
Operating Income 15,699 12,612 24 % 44,043 37,244 18 %
Net Earnings 10,159 8,594 18 % 28,882 24,798 16 %
Diluted Earnings per Share $ 0.24 $ 0.21 14 % $ 0.69 $ 0.60 15 %
Diluted Earnings per Share
excluding effect of plant
consolidation costs (2012)
(see non-GAAP financial measure
reconciliations) $ 0.24 $ 0.21 14 % $ 0.69 $ 0.61 13 %
 
June 30,
2013 2012
Cash and Equivalents $ 40,363 $ 27,938
Working Capital 88,875 76,298
Shareholders’ Equity 151,266 141,005
Total Assets 170,991 158,814
 

COMPANY COMMENTS

John A. Kraeutler, Chief Executive Officer, said, “Double-digit organic revenue growth and strong operating metrics combined to produce earnings per share above expectations. Overall revenues increased by 12% to $47.1 million with our Life Science unit demonstrating an 18% increase; the US Diagnostics business growing 14%; and, the European Diagnostics operation showing a 2% decline due to continuing macroeconomic challenges. In the Life Science unit, growth continued to be driven by the MyTaq™ and SensiFAST™ new product lines and robust industrial orders for the core antigen and antibody products. Increases in diagnostics revenues were led by foodborne tests, +21%, H. pylori tests, +15% and C. difficile assays, +5%. Sales of illumigene ® products were up 36% versus the prior year period.

illumigene performed well once again in the quarter. For the current reporting period, 76 new customers were added globally for a total customer base of 1,102 labs. In June, we announced that our fourth illumigene test, illumigene Mycoplasma pneumonia, had been cleared for marketing by the FDA.

During the third fiscal quarter our operating teams continued to deliver strong efficiency, achieving 65% gross profit margins, despite the headwinds of the 2.3% Medical Device Tax. Careful expense control, even as we begin to ramp up our R&D clinical trial investments, drove operating margins of 33%. As this fiscal year comes to a finish, we believe that we are on course to achieve our guidance expectations, despite continuing weakness in the European markets. Our global team continues to strengthen and our new product pipelines are robust, thus setting the foundation for a strong finish to fiscal 2013 and an even better fiscal 2014.”

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