EX-13 5 d74026dex13.htm EX-13 EX-13

Exhibit 13

Meridian Bioscience, Inc. and Subsidiaries

Selected Financial Data

Income Statement Information (Amounts in thousands, except per share data)

 

     FY 2015      FY 2014      FY 2013      FY 2012      FY 2011  

Net revenues

   $ 194,830       $ 188,832       $ 188,686       $ 172,712       $ 158,836   

Gross profit

     121,882         117,243         121,044         109,048         98,411   

Operating income

     56,060         52,392         57,314         49,296         40,033   

Net earnings

     35,540         34,743         38,032         33,371         26,831   

Basic earnings per share

   $ 0.85       $ 0.84       $ 0.92       $ 0.81       $ 0.66   

Diluted earnings per share

   $ 0.85       $ 0.83       $ 0.91       $ 0.80       $ 0.65   

Cash dividends declared per share

   $ 0.80       $ 0.79       $ 0.76       $ 0.76       $ 0.76   

Book value per share

   $ 3.96       $ 3.87       $ 3.73       $ 3.46       $ 3.36   

Balance Sheet Information

 

     FY 2015      FY 2014      FY 2013      FY 2012      FY 2011  

Current assets

   $ 122,853       $ 112,748       $ 114,088       $ 96,590       $ 90,354   

Current liabilities

     15,251         13,735         19,617         16,772         13,948   

Total assets

     183,282         176,929         176,748         161,381         155,493   

Long-term debt obligations

     —           —           —           —           —     

Shareholders’ equity

     165,873         161,029         155,045         142,748         138,524   

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. 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 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, and its ability to effectively sell such products. 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. Meridian relies on proprietary, patented and licensed technologies, and 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. 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 possible impact of U.S. health care legislation enacted in 2010 - the Patient Protection and Affordable Care Act, as amended by the Health Care Education Reconciliation Act - and any modification or repeal of any of the provisions thereof, 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 and natural disasters and other events could have a materially adverse effect on Meridian’s results of operations and revenues. In addition to the factors described in this paragraph, Part I, Item 1A Risk Factors of our Form 10-K contains a list and description of uncertainties, risks and other matters that may affect the Company.


CORPORATE PROFILE

Meridian is a fully integrated life science company that develops, 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 health care. 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, diagnostics manufacturers and biotech companies in more than 70 countries around the world. The Company’s shares are traded on the NASDAQ Global Select Market, symbol VIVO. Meridian’s website address is www.meridianbioscience.com.

MERIDIAN BIOSCIENCE, INC. 1


Meridian Bioscience, Inc. and Subsidiaries

Corporate Data

 

Corporate Headquarters

  

Annual Meeting

3471 River Hills Drive

Cincinnati, Ohio 45244

(513) 271-3700

  

The annual meeting of the shareholders will be held on Wednesday, January 27, 2016 at 2:00 p.m. Eastern Time at the Holiday Inn Eastgate, 4501 Eastgate Boulevard, Cincinnati, Ohio 45245.

Directions to the Holiday Inn Eastgate can be found on our

website: www.meridianbioscience.com.

  
  

 

Legal Counsel

  
Keating Muething & Klekamp PLL   
Cincinnati, Ohio   
Independent Registered Public Accounting Firm   
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 Trust Company, N.A., P.O. Box 30170, College Station, TX 77842-3170; (888) 294-8217 or (781) 575-3120 (International holders only); or submit your inquiries online through https://www-us.computershare.com/investor/contact.   

Common Stock Information

NASDAQ Global Select Market Symbol: “VIVO.” Approximate number of beneficial holders: 16,500. Approximate number of record holders: 800.

The following table sets forth by quarter the high and low sales prices of the Common Stock on the NASDAQ Global Select Market.

 

     Fiscal 2015      Fiscal 2014  

Quarter ended:

   High      Low      High      Low  

December 31

     19.00         15.80         26.65         22.61   

March 31

     20.28         15.56         27.72         20.27   

June 30

     19.63         17.42         23.13         19.14   

September 30

     19.84         16.60         21.22         17.52   

Directors and Officers

 

Directors       Officers and Executives   
John A. Kraeutler    John C. McIlwraith    John A. Kraeutler    Vecheslav A. Elagin
Chairman of    Managing Director,    Chairman of    Executive Vice President,
the Board and    Allos Ventures    the Board and    Research and Development
Chief Executive Officer       Chief Executive Officer   
   David C. Phillips       Melissa A. Lueke
James M. Anderson    Co-founder,    Lawrence J. Baldini    Executive Vice President,
Retired President and    Cincinnati Works, Inc.    Executive Vice President,    Chief Financial Officer and
Chief Executive       Operations and Information    Secretary
Officer, Cincinnati    Catherine A. Sazdanoff    Systems   
Children’s Hospital    Chief Executive Officer and       Susan D. Rolih
Medical Center    President,    Marco G. Calzavara    Executive Vice President,
   Sazdanoff Consulting LLC    President and    Regulatory and Quality
Dwight E. Ellingwood       Managing Director,    Systems
Senior Vice President,       Meridian Bioscience Europe   
Strategy, Communications          Michael C. Shaughnessy
and Public Affairs,       Richard L. Eberly    Executive Vice President,
TriHealth       Executive Vice President,    President, Meridian
      President, Meridian Life    Diagnostics
      Science   


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 NASDAQ Composite Index and a Peer Group Index. The Peer Group consists of Alere Inc., Cepheid, IDEXX Laboratories, Inc., Neogen Corporation, Orasure Technologies Inc., Quidel Corporation and Trinity Biotech Plc.

COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*

Among Meridian Bioscience, Inc., the NASDAQ Composite Index, and a Peer Group

 

LOGO

 

* $100 invested on 9/30/10 in stock or index, including reinvestment of dividends.

Fiscal year ending September 30.