Meridian Bioscience, Inc. (NASDAQ: VIVO) today announced financial
results for the first quarter ended December 31, 2019.
First Quarter Fiscal 2020 Highlights:
- Diagnostics segment delivered nearly $35 million in revenues;
fourth consecutive quarter above $33 million, signaling continued
stabilization of this business;
- Positive customer feedback for our revogene™ molecular
diagnostics system continues to build;
- Diagnostics segment new product development spending increased
$1 million, as positive progress continues on key new instrument
platforms;
- Lower ordering patterns of top IVD manufacturing customers led
to lower Life Science revenues, which we expect to turn around over
the remainder of the fiscal year;
- Operating results reflect sound financial discipline, while
still driving needed investments in the business; and
- Management reaffirms the following consolidated fiscal 2020
guidance, including segment guidance, as set forth in the Company’s
November 7, 2019 earnings release:
-Consolidated Revenues – Flat to down 3%-Consolidated Adjusted
Operating Margin – 9% to 10%-Consolidated Adjusted Earnings Per
Share on a Diluted Basis – $0.28 to $0.34
Jack Kenny, Chief Executive Officer, commented,
“I am pleased with our first quarter results, particularly for our
Diagnostics business, where we achieved our highest revenue since
the fiscal 2019 first quarter. We observed dramatically
slower customer account losses within our molecular assay products
and delivered double-digit revenue growth in our blood chemistry
products. We are pleased that our revogene™ molecular system
installations reached 114 as of the end of calendar 2019, and we
continue to target approximately 20 installations each month.
We are currently working operationally to scale up the production
capabilities for both revogene™ instruments and
consumables. We continue to be encouraged by positive
customer feedback on the ease-of-use of this system, as well as
customers who choose to add new assays when converting from our
alethia™ molecular system. New product development efforts on
our three diagnostic instrument platforms (revogene™, Curian™ and
PediaStat™) continue with positive progress, and we are standing by
our commitment to invest more into organic growth
opportunities. For our Life Science business, order patterns
with our top IVD manufacturing customers were disappointing, but we
believe strongly in our strategy of being the partner of choice for
immunoassay and molecular reagents and expect improved performance
in the remaining quarters of the fiscal year. Although not
included in our first quarter results, in January, we began
shipping molecular reagents to IVD manufacturing customers in China
to help health care systems in that country combat the Coronavirus
outbreak. We are proud that our Life Science division can
play a role in efforts to bring the outbreak under control.
Finally, as part of our strategy, we continue to explore business
development opportunities that could accelerate our return to
growth.”
First Quarter Fiscal 2020 Results
(Comparison to First Quarter Fiscal 2019)Consolidated
revenue for the first quarter of fiscal 2020 decreased 8% to $47.4
million, compared to $51.5 million last year. Diagnostics
segment revenues were down 5%, while Life Science segment revenues
were down 15%. Our Diagnostics segment experienced 5%
declines in both our molecular products and our immunoassay/blood
chemistry products. Our molecular business exhibited
significant stabilization with customer account losses in our
molecular assay products slowing dramatically. We experienced
strong customer response to our revogene™ system with the install
base reaching 114 systems. Lower contract pricing for certain
gastrointestinal products for our National Reference Laboratory
customers contributed to the decline in Diagnostics segment
revenues. Importantly, double-digit revenue growth was
achieved during the quarter for our blood chemistry products. Our
Life Science segment revenues for the quarter reflected lower
ordering patterns with our top IVD manufacturing customers, which
we expect to turn around over the remainder of the fiscal
year. Revenue from sales into China remain strong, increasing
approximately 70% over the first quarter of fiscal 2019.
Reported operating income for the first quarter
of fiscal 2020 was $5.4 million, including: (i) expectedly higher
research and development spending in the Diagnostics segment ($1.0
million); (ii) purchase accounting amortization related to the
acquisition of the GenePOC business in June 2019 ($0.9 million);
and (iii) an increase in the fair value of the earnout obligation
for the acquisition of the GenePOC business ($1.2 million).
Excluding the effects of the change in the fair value of the
contingent consideration obligation for the GenePOC business,
restructuring activities, and selected legal matters, adjusted
operating income achieved a margin of 15% (see non-GAAP financial
measure reconciliation below).
Earnings per diluted share on a reported GAAP
basis totaled $0.07 for the first quarter of 2020, and adjusted
earnings per diluted share totaled $0.10 for the quarter.
Adjusted earnings per diluted share exclude the after tax effect of
the change in the fair value of the contingent consideration
obligation for the GenePOC business, restructuring activities, and
selected legal matters (see non-GAAP financial measure
reconciliation below).
Financial ConditionAt December
31, 2019, cash and equivalents were $68.6 million and the Company
had $49.2 million of borrowing capacity under its $125.0 million
commercial bank credit facility. The Company’s bank-debt
obligations under the bank credit facility totaled $75.8 million as
of December 31, 2019.
Conference Call InformationJack
Kenny, Chief Executive Officer, and Bryan Baldasare, Executive Vice
President and Chief Financial Officer, will host a conference call
on Friday, February 7, 2020 beginning at 10:00 a.m. Eastern Time to
discuss the first quarter financial results and answer
questions. A presentation to accompany the first quarter
financial results and related discussion will be made available
within the Investor Relations section of the Company’s website,
www.meridianbioscience.com, on February 7, 2020 prior to the
conference call.
To participate in the live call by telephone
from the U.S., dial (866) 443-5802, or from outside the U.S., dial
(513) 360-6924, and enter the audience pass code 2496742. A
replay will be available for 14 days beginning at 1:00 p.m. Eastern
Time on February 7, 2020 by dialing (855) 859-2056 or (404)
537-3406 and entering pass code 2496742.
|
|
FIRST QUARTER FISCAL 2020 UNAUDITED OPERATING
RESULTS |
(In Thousands, Except per Share Data) |
|
|
The following table sets forth the unaudited comparative results of
Meridian on a U.S. GAAP basis for the first quarters of fiscal 2020
and fiscal 2019. |
|
|
|
|
Three Months Ended |
|
|
|
|
|
December 31, |
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
Net revenues |
$ |
47,421 |
|
|
$ |
51,480 |
|
|
|
|
|
|
|
|
Cost of sales |
|
19,981 |
|
|
|
19,908 |
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
27,440 |
|
|
|
31,572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
4,824 |
|
|
|
3,967 |
|
|
|
|
|
|
|
|
|
|
Selling and marketing |
|
6,684 |
|
|
|
7,563 |
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
8,756 |
|
|
|
8,902 |
|
|
|
|
|
|
|
|
|
|
Change in fair value of contingent consideration obligation |
|
1,187 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Restructuring costs |
|
275 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Selected legal costs |
|
320 |
|
|
|
589 |
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
22,046 |
|
|
|
21,021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
5,394 |
|
|
|
10,551 |
|
|
|
|
|
|
|
|
|
Other expense, net |
|
(1,368 |
) |
|
|
(75 |
) |
|
|
|
|
|
|
|
|
|
Earnings before income taxes |
|
4,026 |
|
|
|
10,476 |
|
|
|
|
|
|
|
|
|
|
Income tax provision |
|
1,199 |
|
|
|
2,370 |
|
|
|
|
|
|
|
|
|
|
Net earnings |
$ |
2,827 |
|
|
$ |
8,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per basic common share |
$ |
0.07 |
|
|
$ |
0.19 |
|
|
|
|
|
|
|
|
|
Basic common shares outstanding |
|
42,789 |
|
|
|
42,446 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings per diluted common share |
$ |
0.07 |
|
|
$ |
0.19 |
|
|
|
|
|
|
|
|
|
Diluted common shares outstanding |
|
42,938 |
|
|
|
42,905 |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
Adjusted Financial Measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
(see non-GAAP financial measure reconciliation below) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
$ |
7,176 |
|
|
$ |
11,140 |
|
|
|
|
|
|
|
|
Net earnings |
|
4,179 |
|
|
|
8,558 |
|
|
|
|
|
|
|
|
Net earnings per diluted common share |
$ |
0.10 |
|
|
$ |
0.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Balance Sheet
Data
|
|
December 31, |
|
|
|
|
|
|
|
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
Cash and equivalents |
$ |
68,557 |
|
$ |
61,523 |
|
|
|
|
|
|
|
Working capital |
|
117,579 |
|
|
118,924 |
|
|
|
|
|
|
|
Long-term debt |
|
75,824 |
|
|
49,063 |
|
|
|
|
|
|
|
Shareholders’ equity |
|
197,292 |
|
|
178,642 |
|
|
|
|
|
|
|
Total assets |
|
338,128 |
|
|
249,857 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment DataThe following table sets forth the
unaudited revenue and segment data for the interim periods in
fiscal 2020 and fiscal 2019 (in thousands).
|
|
Three Months Ended |
|
|
|
|
|
December 31, |
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
Net Revenues - By
Product Platform/Type |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diagnostics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Molecular assays |
$ |
6,887 |
|
|
$ |
7,231 |
|
|
|
|
|
|
|
|
Immunoassays & blood
chemistry assays |
|
27,904 |
|
|
|
29,434 |
|
|
|
|
|
|
|
|
Total Diagnostics |
|
34,791 |
|
|
|
36,665 |
|
|
|
|
|
|
|
Life Science |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Molecular reagents |
|
5,357 |
|
|
|
6,615 |
|
|
|
|
|
|
|
|
Immunological reagents |
|
7,273 |
|
|
|
8,200 |
|
|
|
|
|
|
|
|
Total Life Science |
|
12,630 |
|
|
|
14,815 |
|
|
|
|
|
|
|
|
Total Net Revenues |
$ |
47,421 |
|
|
$ |
51,480 |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
December 31, |
|
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
Net Revenues - By
Disease State/Geography |
|
|
|
|
|
|
|
|
|
|
|
|
Diagnostics |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gastrointestinal assays |
$ |
16,046 |
|
|
$ |
18,615 |
|
|
|
|
|
|
|
|
|
Respiratory illness assays |
|
7,749 |
|
|
|
7,981 |
|
|
|
|
|
|
|
|
|
Blood chemistry assays |
|
5,150 |
|
|
|
4,430 |
|
|
|
|
|
|
|
|
|
Other |
|
5,846 |
|
|
|
5,639 |
|
|
|
|
|
|
|
|
|
Total
Diagnostics |
|
34,791 |
|
|
|
36,665 |
|
|
|
|
|
|
|
|
Life Science |
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
4,019 |
|
|
|
4,521 |
|
|
|
|
|
|
|
|
|
EMEA |
|
4,966 |
|
|
|
7,363 |
|
|
|
|
|
|
|
|
|
ROW |
|
3,645 |
|
|
|
2,931 |
|
|
|
|
|
|
|
|
|
Total Life
Science |
|
12,630 |
|
|
|
14,815 |
|
|
|
|
|
|
|
|
|
Total Net Revenues |
$ |
47,421 |
|
|
$ |
51,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diagnostics |
$ |
4,408 |
|
|
$ |
8,786 |
|
|
|
|
|
|
|
|
|
Life Science |
|
3,061 |
|
|
|
5,129 |
|
|
|
|
|
|
|
|
|
Corporate |
|
(2,087 |
) |
|
|
(3,391 |
) |
|
|
|
|
|
|
|
|
Eliminations |
|
12 |
|
|
|
27 |
|
|
|
|
|
|
|
|
|
Total Operating
Income |
$ |
5,394 |
|
|
$ |
10,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Geographic RegionsAmericas =
North and Latin AmericaEMEA = Europe, Middle East and AfricaROW =
Rest of World |
|
|
|
|
|
|
NON-GAAP FINANCIAL MEASURES
In this press release, we have supplemented our
reported GAAP financial information with information on operating
expenses, operating income, net earnings, basic earnings per share
and diluted earnings per share excluding the effects of a change in
fair value of contingent consideration obligation, restructuring
costs, and selected legal costs, each of which is a non-GAAP
measure. We have provided in the tables below reconciliations
to the operating expenses, operating income, net earnings, basic
earnings per share and diluted earnings per share amounts reported
under U.S. Generally Accepted Accounting Principles for the first
quarters ended December 31, 2019 and December 31, 2018.
We believe this information is useful to an
investor in evaluating our performance because:
- These measures help investors to more meaningfully evaluate and
compare the results of operations from period to period by removing
the impacts of these non-routine items; and
- These measures are used by our management for various purposes,
including evaluating performance against incentive bonus
achievement targets, comparing performance from period to period in
presentations to our board of directors, and as a basis for
strategic planning and forecasting.
Revenue reported on a constant-currency basis is
also a non-GAAP measure and is calculated by applying current
period average foreign currency exchange rates to each of the
comparable periods. Management analyzes revenue on a
constant-currency basis to better measure the comparability of
results between periods. Because changes in foreign currency
exchange rates have a non-operating impact on revenue, management
believes that evaluating revenue changes on a constant-currency
basis provides an additional and meaningful assessment of revenue
to both management and investors.
These non-GAAP measures may be different from
non-GAAP measures used by other companies. In addition, the
non-GAAP measures are not based on any comprehensive set of
accounting rules or principles. Non-GAAP measures have
limitations, in that they do not reflect all amounts associated
with our results as determined in accordance with U.S. GAAP.
Therefore, these measures should only be used to evaluate our
results in conjunction with corresponding GAAP measures.
|
|
|
FIRST QUARTER |
|
GAAP TO NON-GAAP RECONCILATION TABLES |
|
(In Thousands, Except per Share Data) |
|
|
|
|
|
|
Three Months |
|
|
|
|
|
Ended December 31, |
|
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
Operating Expenses - |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. GAAP basis |
$ |
22,046 |
|
|
$ |
21,021 |
|
|
|
|
|
|
|
|
|
Change in fair value of contingent consideration obligation |
|
(1,187 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
Restructuring costs |
|
(275 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
Selected legal costs |
|
(320 |
) |
|
|
(589 |
) |
|
|
|
|
|
|
|
|
Adjusted Operating Expenses |
$ |
20,264 |
|
|
$ |
20,432 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income - |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. GAAP basis |
$ |
5,394 |
|
|
$ |
10,551 |
|
|
|
|
|
|
|
|
|
Change in fair value of contingent consideration obligation |
|
1,187 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Restructuring costs |
|
275 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Selected legal costs |
|
320 |
|
|
|
589 |
|
|
|
|
|
|
|
|
|
Adjusted Operating Income |
$ |
7,176 |
|
|
$ |
11,140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings - |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. GAAP basis |
$ |
2,827 |
|
|
$ |
8,106 |
|
|
|
|
|
|
|
|
|
Change in fair value of contingent consideration obligation * |
|
901 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Restructuring costs * |
|
208 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Selected legal costs * |
|
243 |
|
|
|
452 |
|
|
|
|
|
|
|
|
|
Adjusted Earnings |
$ |
4,179 |
|
|
$ |
8,558 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
|
|
|
|
|
Ended December 31, |
|
|
|
|
|
|
2019 |
|
2018 |
|
|
|
|
|
|
Net Earnings per Basic Common Share - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. GAAP basis |
$ |
0.07 |
|
$ |
0.19 |
|
|
|
|
|
|
|
|
|
Change in fair value of contingent consideration obligation |
|
0.02 |
|
|
- |
|
|
|
|
|
|
|
|
|
Restructuring costs |
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
Selected legal costs |
|
0.01 |
|
|
0.01 |
|
|
|
|
|
|
|
|
|
Adjusted Basic EPS |
$ |
0.10 |
|
$ |
0.20 |
|
|
|
|
|
|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
Net Earnings per Diluted Common Share - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. GAAP basis |
$ |
0.07 |
|
$ |
0.19 |
|
|
|
|
|
|
|
|
|
Change in fair value of contingent consideration obligation |
|
0.02 |
|
|
- |
|
|
|
|
|
|
|
|
|
Restructuring costs |
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
Selected legal costs |
|
0.01 |
|
|
0.01 |
|
|
|
|
|
|
|
|
|
Adjusted Diluted EPS |
$ |
0.10 |
|
$ |
0.20 |
|
|
|
|
|
|
|
|
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|
FORWARD-LOOKING STATEMENTSThe 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 “continues”, “estimates”,
“anticipates”, “projects”, “plans”, “seeks”, “may”, “will”,
“expects”, “intends”, “believes”, “signals”, “should”, “can” and
similar expressions or the negative versions thereof and which also
may be identified by their context. All statements that address
operating performance or events or developments that Meridian
expects or anticipates will occur in the future, including, but not
limited to, statements relating to per share diluted earnings and
revenue, are forward-looking statements. Such statements, whether
expressed or implied, are based upon current expectations of the
Company and speak only as of the date made. Specifically,
Meridian’s forward-looking statements are, and will be, based on
management’s then-current views and assumptions regarding future
events and operating performance. Meridian 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 operating results, financial
condition and 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, its ability to effectively sell such products and its
ability to successfully expand and effectively manage increased
sales and marketing operations. While Meridian has introduced a
number of internally developed products and acquired products,
there can be no assurance that it will be successful in the future
in introducing such products on a timely basis or in protecting its
intellectual property, and unexpected or costly manufacturing costs
associated with its introduction of new products or acquired
products could cause actual results to differ from expectations.
Meridian relies on proprietary, patented and licensed technologies.
As such, the Company’s ability to protect its intellectual property
rights, as well as the potential for intellectual property
litigation, would impact its results. 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, as well as adverse trends in buying patterns from
customers, can change expected results. Costs and difficulties in
complying with laws and regulations, including those administered
by the United States Food and Drug Administration, can result in
unanticipated expenses and delays and interruptions to the sale of
new and existing products, as can the uncertainty of regulatory
approvals and the regulatory process (including the currently
ongoing study and other FDA actions regarding the Company’s
LeadCare products). The international scope of Meridian’s
operations, including changes in the relative strength or weakness
of the U.S. dollar and general economic conditions in foreign
countries, can impact results and make them difficult to predict.
One of Meridian’s growth strategies is the acquisition of companies
and product lines. There can be no assurance that additional
acquisitions will be consummated or that, if consummated, will be
successful and the acquired businesses will be successfully
integrated into Meridian’s operations. There may be risks that
acquisitions may disrupt operations and may pose potential
difficulties in employee retention, and there may be additional
risks with respect to Meridian’s ability to recognize the benefits
of acquisitions, including potential synergies and cost savings or
the failure of acquisitions to achieve their plans and objectives.
Meridian cannot predict the outcome of goodwill impairment testing
and the impact of possible goodwill impairments on Meridian’s
earnings and financial results. Meridian cannot predict the
possible impact of U.S. health care legislation enacted in 2010 –
the Patient Protection and Affordable Care Act, as amended by the
Health Care and Education Reconciliation Act – and any modification
or repeal of any of the provisions thereof initiated by Congress or
the presidential administration, and any similar initiatives in
other countries on its results of operations. Efforts to reduce the
U.S. federal deficit, breaches of Meridian’s information technology
systems, trade wars, increased tariffs, and natural disasters and
other events could have a materially adverse effect on Meridian’s
results of operations and revenues. In the past, the Company has
identified a material weakness in our internal control over
financial reporting, which has been remediated, but the Company can
make no assurances that a material weakness will not be identified
in the future, which if identified and not properly corrected,
could materially adversely affect our operations and result in
material misstatements in our financial statements. In addition to
the factors described in this paragraph, as well as those factors
identified from time to time in our filings with the Securities and
Exchange Commission, Part I, Item 1A Risk Factors of our most
recent Annual Report on Form 10-K contains a list and description
of uncertainties, risks and other matters that may affect the
Company. Readers should carefully review these forward-looking
statements and risk factors, and not place undue reliance on our
forward-looking statements.
About Meridian Bioscience,
Inc.Meridian is a fully integrated life science company
that develops, manufactures, markets and distributes a broad range
of innovative diagnostic products. We are dedicated to developing
and delivering better solutions that give answers with speed,
accuracy and simplicity that are redefining the possibilities of
life from discovery to diagnosis. Through discovery and
development, we provide critical life science raw materials used in
immunological and molecular tests for human, animal, plant, and
environmental applications. Through diagnosis, we provide
diagnostic solutions in areas including gastrointestinal and upper
respiratory infections and blood lead level testing. We build
relationships and provide solutions to hospitals, reference
laboratories, research centers, veterinary testing centers,
physician offices, diagnostics manufacturers, and biotech companies
in more than 70 countries around the world.
Meridian’s shares are traded on the NASDAQ
Global Select Market, symbol VIVO. Meridian’s website address is
www.meridianbioscience.com.
Contact: Charlie WoodInvestor RelationsMeridian
Bioscience,
Inc.
Phone:
513.271.3700Email: mbi@meridianbioscience.com
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