EX-13 3 l34668aexv13.htm EX-13 EX-13
Exhibit 13
Meridian Bioscience, Inc. and Subsidiaries
SELECTED FINANCIAL DATA
Income Statement Information (Amounts in thousands except for per share data)
                                         
    FY 2008     FY 2007     FY 2006     FY 2005     FY 2004  
 
Net sales
  $ 139,639     $ 122,963     $ 108,413     $ 92,965     $ 79,606  
Gross profit
    86,480       74,940       64,684       54,890       45,955  
Operating Income
    44,350       35,030       26,894       20,325       14,956  
Net earnings
    30,202       26,721       18,333       12,638       9,366  
Basic earnings per share
  $ 0.75     $ 0.67     $ 0.47     $ 0.36     $ 0.28  
Diluted earnings per share
  $ 0.74     $ 0.66     $ 0.46     $ 0.35     $ 0.27  
Cash dividends declared per share
  $ 0.53     $ 0.40     $ 0.28     $ 0.21     $ 0.17  
Book value per share
  $ 3.19     $ 2.83     $ 2.40     $ 2.14     $ 0.96  
Balance Sheet Information
                                         
    FY 2008     FY 2007     FY 2006     FY 2005     FY 2004  
 
Current assets
  $ 99,458     $ 93,745     $ 80,742     $ 69,725     $ 35,603  
Current liabilities
    16,061       17,067       20,617       19,791       16,650  
Total assets
    146,431       132,698       120,528       110,134       68,814  
Long-term debt obligations
                1,803       2,684       17,093  
Shareholders’ equity
    128,489       112,948       94,350       83,333       32,424  
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 Annual 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, as amended, 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 any forward-looking statements whether as a result of new information or to reflect events or circumstances arising after the date on which they are made. 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 enchancements 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. Costs and difficulties in complying with laws and regulations 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. Changes in the relative strength or weakness of the U.S. dollar can change expected results. One of Meridian’s main 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 successfully integrated into Meridian’s operations. In addition to the factors described in this paragraph, Part I, Item 1A Risk Factors of our Form 10-K contains a list of uncertainties and risks that may affect the financial performance of the Company.


 

CORPORATE PROFILE
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.
MERIDIAN BIOSCIENCE, INC.


 

         (1) If such Event of Default is a Senior Payment Default, the payment in full in cash of all amounts due with respect to such Senior Payment Default; or
 
         (1) If such Event of Default is a Senior Payment Default, the payment in full in cash of all amounts due with respect to such Senior Payment Default; or
 
     
Corporate Data   Meridian Bioscience, Inc. and Subsidiaries
 
   
Corporate Headquarters
3471 River Hills Drive
Cincinnati, Ohio 45244
(513) 271-3700
  Annual Meeting The annual meeting of the shareholders will be held on Tuesday, January 22, 2009 at 2:00 p.m. Eastern Time at the Holiday Inn Eastgate, 4501 Eastgate Boulevard, Cincinnati,
 
   
 
  OH 4S245.
Legal Counsel
Keating Muething & Klekamp PLL
Cincinnati, Ohio
  Directions to the Holiday Inn Eastgate can be found on our website: www.meridianbioscience.com.
 
   
Independent Public Accountants
Grant Thornton LLP
Cincinnati, Ohio
   
 
   
Transfer Agent, Registrar and Dividend
Reinvestment Administration
   
Shareholders requiring a change of name, address or ownership of stock, as well as information about shareholder records, lost or stolen certificates, dividend checks, dividend direct deposit, and dividend reinvestment should contact: Computershare Investor Services LLC, P. O. Box 43078, Providence, RI 02940-3078; (888) 294-8217 or (312) 601-4332:
   
e-mail web.queries@computershare.com; or submit your inquiries online through www.computershare.com/contactus.
   
 
Common Stock Information
NASDAQ Global Select Market Symbol: “VIVO.” Approximate number of beneficial holders: 26,000. Approximate number of record holders: 900.
The following table sets forth by calendar quarter the high and low sales prices of the Common Stock on the NASDAQ Global Select Market.
                                 
Years Ended September 30,   2008   2007
Quarter ended:   High   Low   High   Low
 
December 31
    34.240       26.500       17.160       13.840  
March 31
    36.090       28.910       19.950       16.250  
June 30
    37.000       25.200       22.470       18.390  
September 30
    30.500       23.250       31.200       21.300  
Directors and Officers
     
Directors   Officers
     
William J. Motto
Executive Chairman of the Board

John A. Kraeutler
Chief Executive Officer

James A. Buzard, Ph.D.
Retired Executive
Vice President,
Merrell Dow
Pharmaceuticals, Inc.

Gary P. Kreider
Senior Partner,
Keating Muething &
Klekamp PLL

Robert J. Ready
Chairman of the Board
and President,
LSI Industries Inc.

David C. Phillips
Co-founder,
Cincinnati Works, Inc.
  William J. Motto
Executive Chairman of the Board

John A. Kraeutler
Chief Executive Officer

Richard L. Eberly
Executive Vice President,
President Meridian Life Science

Lawrence J. Baldini
Executive Vice President,
Operations and Information Systems

Grady Barnes
Vice President,
Research and Development

Antonio A. Interno
Senior Vice President,
President and
Managing Director,
Meridian Bioscience Europe

Melissa A. Lueke
Vice President,
Chief Financial Officer

Susan D. Rolih
Senior Vice President,
Regulatory Affairs and
Quality Assurance

Todd W. Motto
Vice President,
Sales and Marketing

 


 

PERFORMANCE GRAPH
The following graph shows the yearly percentage change in Meridian’s cumulative total shareholder return on its Common Stock as measured by dividing the sum of (A) the cumulative amount of dividends, assuming dividend reinvestment during the periods presented and (B) the difference between Meridian’s share price at the end and the beginning of the periods presented; by the share price at the beginning of the periods presented with the Wilshire 5000 Equity Index and a Peer Group Index. The Peer Group consists of Biomerica, Inc., Idexx Laboratories Corp., Inverness Medical Innovations, Invitrogen Corp., Neogen Corp., Orasure Technologies Inc., Quidel Corp., Strategic Diagnostics Inc. and Trinity Biotech Plc.
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*
Among Meridian Bioscience, Inc., The Dow Jones Wilshire 5000 Index
And A Peer Group
(PERFORMANCE GRAPH)
 
*   $100 invested on 9/30/03 in stock & index-including reinvestment of dividends.
Fiscal year ending September 30.
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