Meridian Bioscience Reports Fourth Quarter And Full-Year Operating Results, Declares Regular Fourth Quarter Cash Dividend, Sets Fiscal 2017 Cash Dividend Rate, And Reaffirms Fiscal 2017 Guidance

GENERAL HIGHLIGHTS

CINCINNATI, Nov. 10, 2016 (GLOBE NEWSWIRE) -- Meridian Bioscience, Inc. (NASDAQ:VIVO) today:
  • reported fourth quarter and full-year fiscal 2016 net revenues of $47.0 million and $196.1 million, respectively, flat and an increase of 1%, respectively, from the same periods of the prior fiscal year;
  • reported fourth quarter and full-year fiscal 2016 operating income of $8.9 million and $51.4 million, respectively, decreases of 33% and 8%, respectively, from the same periods of the prior fiscal year;
  • reported fourth quarter fiscal 2016 net earnings of $5.5 million, or $0.13 per diluted share, on a GAAP basis, a 35% decrease compared to the fiscal 2015 fourth quarter.  On a non-GAAP basis, earnings were $5.9 million, or $0.14 per diluted share, a decrease of 30% compared to the fiscal 2015 fourth quarter.  Non-GAAP basis excludes the effect of costs associated with reorganizing the sales and marketing leadership (see non-GAAP financial measure reconciliation);
  • reported full-year fiscal 2016 net earnings of $32.2 million, or $0.76 per diluted share, on a GAAP basis, decreases of 9% and 11%, respectively, compared to fiscal 2015.  On a non-GAAP basis, earnings were $33.9 million, or $0.80 per diluted share, decreases of 5% and 6%, respectively, compared to fiscal 2015.  Non-GAAP basis excludes the effect of costs associated with acquisition activity and reorganizing the sales and marketing leadership (see non-GAAP financial measure reconciliation);
  • declared the regular quarterly cash dividend of $0.20 per share for the fourth quarter of fiscal 2016, (annual indicated rate of $0.80 per share);
  • announced the fiscal 2017 annual indicated cash dividend rate of $0.80 per share, the same as fiscal 2016; and
  • reaffirmed its fiscal 2017 guidance of per share diluted earnings between $0.81 and $0.85 on net revenues of $205 million to $210 million.
 
FINANCIAL HIGHLIGHTS (UNAUDITED) In Thousands, Except per Share Data
 
  Three Months Ended   Twelve Months Ended
  September 30,   September 30,
    2016     2015   % Change     2016     2015   % Change
Net Revenues $ 46,998   $ 47,068   - %   $ 196,082   $ 194,830   1 %
Operating Income   8,895     13,261   -33 %     51,378     56,060   -8 %
Net Earnings   5,491     8,467   -35 %     32,229     35,540   -9 %
Diluted Earnings per Share $ 0.13   $ 0.20   -35 %   $ 0.76   $ 0.85   -11 %
Diluted Earnings per Share                                  
excluding effect of acquisition-                                  
related costs (Q2-16) and sales                                  
and marketing leadership reorgan-                                  
ization costs (see non-GAAP                                  
financial measure reconciliation) $ 0.14   $ 0.20   -30 %   $ 0.80   $ 0.85   -6 %
                                   
                                   
    September 30,                        
  2016     2015                    
Cash and Equivalents $ 47,226   $ 49,973                        
Working Capital   104,220     104,171                        
Long-term Debt   54,610     -                        
Shareholders' Equity   166,472     165,873                        
Total Assets   251,823     183,282                        
                                   

COMPANY COMMENTS

John A. Kraeutler, Chief Executive Officer and Chairman of the Board said, "Fiscal 2016 year-end results finished as previewed in our October 18, 2016 pre-announcement.  As discussed previously, strong revenue growth was reported in several key business units including +8% performance from our core, non-molecular life science business, plus two quarters of revenue contribution from the recently acquired Magellan Diagnostics operation, both of which continue to perform quite well.  Offsetting these positive results were disappointing outcomes due to essentially flat revenues in our EMEA diagnostics regions (constant currency) and low-single-digit growth in our molecular life science business (constant currency).  Additionally, due to multiple competing technology platforms, plus generic competition in several legacy product lines, core diagnostics revenues in the Americas declined by 8%.  Our response, which was initiated during fiscal 2016, included key changes in sales and marketing leadership, a strengthened focus on contributions from our Latin American and Pacific Rim market geographies, accelerated new product development and leveraging the synergies available through Magellan Diagnostics.

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