This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Meridian Bioscience Reports First Quarter 2014 Operating Results, Declares Increased Regular Cash Dividend, And Reaffirms Fiscal 2014 Guidance

Meridian Bioscience, Inc. (NASDAQ: VIVO) today:
  • reported first quarter net sales of $44.8 million, a decrease of 1% from the same period of the prior fiscal year;
  • reported first quarter operating income of $11.6 million, a decrease of 11% from the same period of the prior fiscal year;
  • reported first quarter net earnings of $7.4 million, or $0.18 per diluted share, decreases of 12% and 10%, respectively, compared to the fiscal 2013 first quarter;
  • declared the increased regular quarterly cash dividend of $0.20 per share for the first quarter of fiscal 2014 (indicated rate of $0.80 per share) a 5% increase over the regular quarterly rate for fiscal 2013; and
  • reaffirmed its fiscal 2014 guidance of per share diluted earnings between $0.98 and $1.03 on net sales of $203 million to $208 million.

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

Three Months Ended December 31,
2013     2012     % Change
Net Sales $ 44,794 $ 45,351 -1 %
Operating Income 11,626 13,091 -11 %
Net Earnings 7,426 8,474 -12 %
Diluted Earnings per Share $ 0.18 $ 0.20 -10 %
Dec. 31 Dec. 31
2013 2012  
Cash and Equivalents $ 43,729 $ 33,149
Working Capital 93,732 74,318
Shareholders’ Equity 157,370 138,308
Total Assets 174,859 157,315


John A. Kraeutler, Chief Executive Officer, said, “The financial results of the first quarter, as summarized in our announcement of January 15, 2014, were not up to expectations due primarily to revenue shortfalls and higher Q1 spending. Delays in shipments, ordering patterns and a seasonal shift in influenza negatively impacted our core Life Science, foodborne and respiratory product categories, respectively, and are expected to rebound during the second quarter. Further, while illumigene ® revenues increased by 15%, our molecular test for C. difficile contributed at a lesser rate than expected. We believe one of the root causes of this weakness is related to reduced hospital admissions and declining disease incidence rates in hospitals. As a result, our sales and marketing efforts are being stepped up with those products that are more suited to testing of ambulatory patients rather than hospital inpatients. Specifically, we are focusing on the testing of those persons undergoing prenatal screening as well as those suffering symptoms of upper respiratory infections and gastrointestinal distress.

“As mentioned, illumigene revenues grew by 15%. Also, our Bioline unit achieved a 16% increase offset by a 7% decline in the core Life Science revenues. With regard to illumigene, we saw the greatest contributions to our sales increase coming from our tests for Group B and for Group A streptococci. We added 21 new illumigene customers, a similar number as compared to the same period last year, and we added 36 new tests on installed illumipro™ systems. illumigene Pertussis is at the FDA awaiting clearance and clinical trials for CT/NG are to begin this quarter.

“Guidance for fiscal 2014 is being maintained. We are expecting a rebound in revenue growth during the second quarter and we will monitor our spending carefully.”

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs