EX-13 9 d472698dex13.htm EX-13 EX-13

Exhibit 13

Meridian Bioscience, Inc. and Subsidiaries

Selected Financial Data

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


     FY 2017      FY 2016      FY 2015      FY 2014      FY 2013  

Net revenues

   $ 200,771      $ 196,082      $ 194,830      $ 188,832      $ 188,686  

Gross profit

     124,883        127,787        121,882        117,243        121,044  

Operating income

     37,382        51,378        56,060        52,392        57,314  

Net earnings

     21,557        32,229        35,540        34,743        38,032  

Basic earnings per share

   $ 0.51      $ 0.77      $ 0.85      $ 0.84      $ 0.92  

Diluted earnings per share

   $ 0.51      $ 0.76      $ 0.85      $ 0.83      $ 0.91  

Cash dividends declared per share

   $ 0.575      $ 0.80      $ 0.80      $ 0.79      $ 0.76  

Book value per share

   $ 4.02      $ 3.95      $ 3.96      $ 3.87      $ 3.73  

Balance Sheet Information


     FY 2017      FY 2016      FY 2015      FY 2014      FY 2013  

Current assets

   $ 133,875      $ 126,791      $ 119,422      $ 108,832      $ 109,943  

Current liabilities

     22,887        22,571        15,251        13,735        19,617  

Total assets

     249,777        252,028        183,282        176,929        176,748  

Long-term debt obligations

     54,647        58,360        —          —          —    

Shareholders’ equity

     169,585        166,472        165,873        161,029        155,045  

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 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, 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 the ramp up of new 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. 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, the outcome of tax reform legislation, 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. We have identified a material weakness in our internal control over financial reporting that, if 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, Part I, Item 1A Risk Factors of our most recent Annual Report on Form 10-K and other periodic filings with the Securities and Exchange Commission contain 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.

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 Thursday, January 25, 2018 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 505000, Louisville, KY 40233; (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: 15,200. Approximate number of record holders: 675.

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


     Fiscal 2017      Fiscal 2016  

Quarter ended:

   High      Low      High      Low  

December 31

     19.75        15.75        21.23        16.86  

March 31

     18.05        10.75        21.40        17.88  

June 30

     16.00        12.95        21.49        18.12  

September 30

     15.85        13.35        20.68        18.82  

Directors and Officers


Directors       Officers and Executives   
John A. Kraeutler    John C. McIlwraith    Jack Kenny    Vecheslav A. Elagin

Executive Chairman

of the Board


Managing Director,

Allos Ventures


Chief Executive


   Executive Vice President, Research and Development, and Chief Scientific Officer
James M. Anderson    David C. Phillips    Lawrence J. Baldini    Melissa A. Lueke
Retired President and    Co-founder,    Executive Vice President,    Executive Vice President,
Chief Executive    Cincinnati Works, Inc.    President, Global    Chief Financial Officer
Officer, Cincinnati       Operations    and Secretary

Children’s Hospital

Medical Center



Dwight E. Ellingwood    John M. Rice, Jr.    Marco G. Calzavara    Susan D. Rolih


D.E.E. Strategy

Consulting, LLC


Managing Partner,

Triathlon Medical

Venture Partners


President and

Managing Director,

Meridian Bioscience Europe


Executive Vice President,

Global Regulatory and

Quality Systems

Jack Kenny

Chief Executive



Catherine A. Sazdanoff

Business Advisor,

Strata Oncology, Inc.


Richard L. Eberly

Executive Vice President,

President and Chief

Commercial Officer


Amy M. Winslow

Executive Vice President,

President, Magellan


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 2016 Peer Group consists of IDEXX Laboratories, Inc., Luminex Corporation, Myriad Genetics, Inc., Neogen Corporation, OraSure Technologies, Inc., Quidel Corporation and Trinity Biotech Plc. The 2017 Peer Group consists of bioMerieux S.A., Bio-Rad Laboratories, Inc., GenMark Diagnostics, Inc., IDEXX Laboratories, Inc., Luminex Corporation, Myriad Genetics, Inc., Neogen Corporation, OraSure Technologies, Inc., Quidel Corporoation, and Trinity Biotech Plc.


Among Meridian Bioscience, Inc., the NASDAQ Composite Index,

2016 Peer Group and 2017 Peer Group




* $100 invested on 9/30/12 in stock or index, including reinvestment of dividends.

Fiscal year ending September 30.