Meridian Bioscience Inc. (VIVO) posted fourth-quarter sales of $42.5 million for the three months ended Sept. 30, up 16.4 percent compared with $36.5 million during the same period last year. Net earnings rose 16.2 percent to $8.9 million, compared with $7.7 million during Q4 2008:
Press Release
Meridian Bioscience Reports Record Fiscal 2009 Operating Results, Increases Regular Cash Dividend Rate, and Reaffirms Guidance
GENERAL HIGHLIGHTS
- reported record fourth quarter and full-year fiscal 2009 net sales of
$42.5 million and$148.3 million , respectively, increases of 16% and 6%, respectively, over the same periods of the prior fiscal year; - reported record fourth quarter and full-year fiscal 2009 operating income of
$13.1 million and$48.8 million , respectively, increases of 15% and 10%, respectively, over the same periods of the prior fiscal year; - reported record fourth quarter fiscal 2009 earnings and diluted earnings per share of
$8.9 million and$0.22 , respectively, increases of 16% and 16% over the same periods of the prior fiscal year; - reported record full-year fiscal 2009 earnings and diluted earnings per share of
$32.8 million and$ 0.80 , respectively, increases of 8% and 8% over the same period of the prior fiscal year; - declared the regular quarterly cash dividend of
$0.17 per share for the fourth quarter of fiscal 2009, (indicated annual rate of$0.68 per share); - announced a 12% increase in the annual indicated cash dividend for fiscal 2010 from
$0.68 to $0.76 per share; and - reaffirmed its fiscal 2010 guidance of per share diluted earnings between
$0.90 and $0.95 on net sales of$160 million to $165 million .
FOURTH QUARTER AND FULL FISCAL YEAR RESULTS
Net sales for the fourth quarter of fiscal 2009 were
Net sales for fiscal 2009 were
CASH DIVIDEND MATTERS
The Board of Directors declared the regular quarterly cash dividend of
FISCAL 2010 GUIDANCE REAFFIRMED
For the fiscal year ending
FINANCIAL CONDITION
The Company’s financial condition is sound. At
COMPANY COMMENTS
As we begin fiscal 2010, we continue to rely upon the four primary drivers of our diagnostics business for revenue growth…tests for C. difficile, H. pylori, upper respiratory infections and foodborne disease. The continuing acceptance of our TRU brand is encouraging and is tracking to plan. Recent global distributor changes are expected to enhance our ability to grow our ex-U.S. business and our Life Science business is strengthening and will contribute both top and bottom line growth. With regard to our molecular technology platform, illumigene™, we have recent data that meets or exceeds our expectations and we are still targeting revenue contribution from the launch of this technology later in the first half of fiscal 2010.”
Forward Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a safe harbor from civil litigation for forward-looking statements accompanied by meaningful cautionary statements. Except for historical information, this report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, which may be identified by words such as “estimates”, “anticipates”, “projects”, “plans”, “seeks”, “may”, “will”, “expects”, “intends”, “believes”, “should” and similar expressions or the negative versions thereof and which also may be identified by their context. Such statements, whether expressed or implied, are based upon current expectations of the Company and speak only as of the date made. The Company assumes no obligation to publicly update or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. These statements are subject to various risks, uncertainties and other factors that could cause actual results to differ materially, including, without limitation, the following: Meridian’s continued growth depends, in part, on its ability to introduce into the marketplace enhancements of existing products or new products that incorporate technological advances, meet customer requirements and respond to products developed by Meridian’s competition. While Meridian has introduced a number of internally developed products, there can be no assurance that it will be successful in the future in introducing such products on a timely basis. Ongoing consolidations of reference laboratories and formation of multi-hospital alliances may cause adverse changes to pricing and distribution. Recessionary pressures on the economy and the markets in which our customers operate can change expected results, as well as adverse trends in buying patterns from customers. Costs and difficulties in complying with laws and regulations administered by the
Meridian is a fully integrated life science company that manufactures, markets and distributes a broad range of innovative diagnostic test kits, purified reagents and related products and offers biopharmaceutical enabling technologies. Utilizing a variety of methods, these products and diagnostic tests provide accuracy, simplicity and speed in the early diagnosis and treatment of common medical conditions, such as gastrointestinal, viral and respiratory infections. Meridian’s diagnostic products are used outside of the human body and require little or no special equipment. The Company’s products are designed to enhance patient well-being while reducing the total outcome costs of healthcare. Meridian has strong market positions in the areas of gastrointestinal and upper respiratory infections, serology, parasitology and fungal disease diagnosis. In addition, Meridian is a supplier of rare reagents, specialty biologicals and related technologies used by biopharmaceutical companies engaged in research for new drugs and vaccines. The Company markets its products and technologies to hospitals, reference laboratories, research centers, veterinary testing centers, physician offices, diagnostics manufacturers and biotech companies in more than 60 countries around the world. The Company’s shares are traded through NASDAQ’s Global Select Market, symbol VIVO. Meridian’s website address is www.meridianbioscience.com.