MERIDIAN BIOSCIENCE, INC.
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(Exact name of registrant as specified in its charter)
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Ohio
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0-14902
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31-0888197
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No. )
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3471 River Hills Drive, Cincinnati, Ohio
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45244
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(Address of principal executive offices)
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(Zip Code)
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(Former name or former address, if changed since last report.)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17CFR §240.12b-2).
Emerging growth company ☐ |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
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Name
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For
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Withheld
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Broker Non-Votes
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James M. Anderson
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31,806,031
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1,477,808
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5,263,007
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Dwight E. Ellingwood
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32,180,635
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1,103,204
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5,263,007
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Jack Kenny
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33,075,854
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207,985
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5,263,007
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John A. Kraeutler
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33,053,069
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230,770
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5,263,007
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John C. McIlwraith
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32,531,158
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752,681
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5,263,007
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David C. Phillips
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32,286,348
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997,491
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5,263,007
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John M. Rice, Jr.
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33,070,346
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213,493
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5,263,007
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Catherine A. Sazdanoff
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32,374,941
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908,898
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5,263,007
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For
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Against
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Abstain
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Broker Non-Votes
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31,360,550
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1,792,133
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131,156
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5,263,007
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3 Years
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2 Years
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1 Year
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Abstain
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Broker Non-Votes
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5,609,986
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99,882
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27,309,425
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264,546
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5,263,007
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For
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Against
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Abstain
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36,533,328
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1,933,443
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80,075
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Item 9.01. Financial Statements and Exhibits.
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(d)
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Exhibits
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99.1
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Press Release of the Company dated January 25, 2018 |
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MERIDIAN BIOSCIENCE, INC.
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Date: January 26, 2018
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By: /s/ Melissa A. Lueke
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Executive Vice President and Chief Financial Officer | ||
(Principal Financial and Accounting Officer) |
·
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reported first quarter net revenues of $52.3 million, an increase of 12% from the same period of the prior fiscal year;
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·
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reported first quarter operating income of $8.1 million (including $1.5 million of costs associated with transition to a new CEO and litigation costs), a decrease of 20% from the same period of the prior fiscal year;
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·
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reported first quarter net earnings of $6.3 million, or $0.15 per diluted share, on a GAAP basis, flat compared to the fiscal 2017 first quarter. On a non-GAAP basis, earnings were $6.5 million, or $0.15 per diluted share, an increase of 4% and flat, respectively. Non-GAAP basis excludes the effect of CEO transition costs, litigation costs and certain one-time tax effects of the recently-enacted U.S. Tax Cuts and Jobs Act (the "tax reform act") (see non-GAAP financial measure reconciliation below);
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·
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declared the regular quarterly cash dividend of $0.125 per share for the first quarter of fiscal 2018 (annual indicated rate of $0.50 per share); and
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·
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reaffirmed its fiscal 2018 guidance of per share diluted earnings between $0.59 and $0.62 on a GAAP basis (between $0.65 and $0.68 on a non-GAAP basis) on net revenues of $207 million to $212 million, before the impact of the tax reform act.
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Three Months Ended
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||||||||||||
December 31,
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||||||||||||
2017
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2016
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% Change
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Net Revenues
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$
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52,283
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$
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46,809
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12
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%
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Operating Income
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8,061
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10,085
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-20
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%
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Net Earnings
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6,302
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6,279
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-
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%
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Diluted Earnings per Share
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$
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0.15
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$
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0.15
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-
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%
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December 31,
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||||||||
2017
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2016
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Cash and Equivalents
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$
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54,711
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$
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49,276
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Working Capital
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113,143
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105,004
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Long-term Debt
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53,530
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57,620
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Shareholders' Equity
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172,878
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165,732
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Total Assets
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251,951
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250,055
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Three Months Ended
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December 31,
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2017
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2016
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Net revenues
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$
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52,283
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$
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46,809
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Cost of sales
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20,497
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17,770
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Gross profit
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31,786
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29,039
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Operating expenses
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Research and development
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4,496
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3,597
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Selling and marketing
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8,842
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7,618
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General and administrative
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8,904
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7,739
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CEO transition and litigation costs
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1,483
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-
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Total operating expenses
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23,725
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18,954
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Operating income
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8,061
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10,085
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Other income (expense), net
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(403
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)
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(426
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)
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Earnings before income taxes
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7,658
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9,659
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Income tax provision
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1,356
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3,380
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Net earnings
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$
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6,302
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$
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6,279
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Net earnings per basic common share
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$
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0.15
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$
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0.15
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Basic common shares outstanding
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42,263
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42,159
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Net earnings per diluted common share
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$
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0.15
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$
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0.15
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Diluted common shares outstanding
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42,662
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42,535
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Three Months Ended
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December 31,
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2017
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2016
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Net Revenues
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Diagnostics
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$
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37,490
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$
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33,808
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Life Science
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14,793
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13,001
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$
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52,283
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$
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46,809
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Operating Income
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Diagnostics
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$
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5,291
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$
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6,643
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Life Science
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2,784
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3,267
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Eliminations
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(14
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)
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175
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|||||
$
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8,061
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$
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10,085
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1.
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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
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2.
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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.
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Three Months
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Ended December 31,
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2017
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2016
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Net Earnings -
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U.S. GAAP basis
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$
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6,302
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$
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6,279
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CEO transition and litigation costs*
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1,080
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-
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One-time benefit from tax law change
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(1,695
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)
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-
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Repatriation transition tax
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854
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-
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Adjusted Earnings
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$
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6,541
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$
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6,279
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Net Earnings per Basic Common Share -
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U.S. GAAP basis
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$
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0.15
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$
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0.15
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CEO transition and litigation costs
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0.03
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-
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One-time benefit from tax law change
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(0.04
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)
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-
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Repatriation transition tax
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0.02
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-
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Adjusted Basic EPS
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$
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0.15
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**
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$
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0.15
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Net Earnings per Diluted Common Share -
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||||||||
U.S. GAAP basis
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$
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0.15
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$
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0.15
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CEO transition and litigation costs
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0.03
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-
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One-time benefit from tax law change
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(0.04
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)
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-
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Repatriation transition tax
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0.02
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-
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Adjusted Diluted EPS
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$
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0.15
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**
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$
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0.15
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