Meridian Bioscience Reports Record Fourth Quarter And Full-Year Operating Results, Declares Regular Cash Dividend, Announces Increased Regular Cash Dividend Rate For Fiscal 2014, And Reaffirms Fiscal 2014 Guidance

Meridian Bioscience, Inc. (NASDAQ: VIVO):

GENERAL HIGHLIGHTS

Meridian Bioscience, Inc., Cincinnati, Ohio (NASDAQ: VIVO) today:
  • reported record fourth quarter and full-year fiscal 2013 net sales of $49.0 million and $188.7 million, respectively, increases of 13% and 9%, respectively, from the same periods of the prior fiscal year;
  • reported record fourth quarter and full-year fiscal 2013 operating income of $13.3 million and $57.3 million, respectively, increases of 10% and 16%, respectively, from the same periods of the prior fiscal year;
  • reported record fourth quarter fiscal 2013 net earnings of $9.2 million, or $0.22 per diluted share, increases of 7% and 5%, respectively, compared to the fiscal 2012 fourth quarter;
  • reported full-year fiscal 2013 net earnings of $38.0 million, or $0.91 per diluted share, increases of 14% compared to fiscal 2012. When compared to the fiscal 2012 net earnings on a non-GAAP basis, the full-year fiscal 2013 net earnings and net earnings per diluted share each increased 12% and 11%, respectively. This non-GAAP financial measure excludes the effect of fiscal 2012 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 fourth quarter of fiscal 2013, (indicated annual rate of $0.76 per share), the same as the regular quarterly rate of fiscal 2012;
  • announced a 5% increase in the annual indicated cash dividend for fiscal 2014 from $0.76 to $0.80 per share; 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     Twelve Months Ended
September 30, September 30,
2013   2012   % Change 2013   2012   % Change
Net Sales $ 48,962 $ 43,483 13 % $ 188,686 $ 172,712 9 %
Operating Income 13,271 12,052 10 % 57,314 49,296 16 %
Net Earnings 9,150 8,573 7 % 38,032 33,371 14 %
Diluted Earnings per Share $ 0.22 $ 0.21 5 % $ 0.91 $ 0.80 14 %
Diluted Earnings per Share
excluding effect of plant
consolidation costs (2012)
(see non-GAAP financial measure
reconciliations) $ 0.22 $ 0.21 5 % $ 0.91 $ 0.82 11 %
 
September 30,
2013 2012
Cash and Equivalents $ 44,282 $ 31,593
Working Capital 92,385 78,128
Shareholders’ Equity 155,045 142,748
Total Assets 176,748 161,381
 
 

COMPANY COMMENTS

John A. Kraeutler, Chief Executive Officer, said, “Our financial and strategic achievements in fiscal 2013 were very satisfying and included key contributions from all operating units. Revenues of $189 million represented a 9% increase over fiscal 2012 with net earnings expanding by 14%, which translated to EPS of $0.91. In the Diagnostics segment, sales of our illumigene® molecular product line grew by 45% and contributed more than $33 million, nearly 25% of segment revenues. Of this, illumigene tests for C. difficile contributed approximately 80% of the total, with Group B strep accounting for 12% and Group A strep 5%. In the immunoassay category, double-digit growth continued in rapid tests for foodborne related diseases, up 15%, and in H. pylori tests for stomach ulcers, up 11%. These two product categories now represent more than $50 million of annual revenues. The 4% growth in our Life Science business was comprised of a strong 10% increase in Bioline revenues, driven largely by new products including SensiFast and MyTaq™, offset by flat sales from the core unit.

“We continued to drive operating efficiency during the year and, despite the additional Medical Device Tax burden, overall gross profit margins were strong at 64%. Operating income increased by almost 200 basis points to 30% and, importantly, the Life Science business improved its operating income by 12% (excluding 2012 Plant consolidation costs), reflecting a clear focus on driving growth while maximizing returns.

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