Meridian Bioscience Reports First Quarter 2013 Operating Results And Reaffirms Fiscal 2013 Guidance

Meridian Bioscience, Inc. (NASDAQ: VIVO):

GENERAL HIGHLIGHTS

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,
2012   2011   % Change
Net Sales $ 45,351 $ 40,075 13 %
Operating Income 13,091 9,805 34 %
Net Earnings 8,474 6,578 29 %
Diluted Earnings per Share $ 0.20 $ 0.16 25 %
Diluted Earnings per Share excluding
effect of plant consolidation costs (Q1-12) $ 0.20 $ 0.17 18 %
 
Dec. 31 Dec. 31
2012 2011  
Cash and Equivalents $ 33,149 $ 26,205
Working Capital 74,318 72,847
Shareholders’ Equity 138,308 137,703
Total Assets 157,315 155,195
 

COMPANY COMMENTS

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.

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