EX-13 7 d413125dex13.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 2012      FY 2011      FY 2010      FY 2009      FY 2008  

Net sales

   $ 173,542       $ 159,723       $ 143,000       $ 148,274       $ 139,639   

Gross profit

     109,878         99,298         88,696         92,442         86,480   

Operating income

     49,296         40,033         41,138         48,779         44,350   

Net earnings

     33,371         26,831         26,647         32,759         30,202   

Basic earnings per share

   $ 0.81       $ 0.66       $ 0.66       $ 0.81       $ 0.75   

Diluted earnings per share

   $ 0.80       $ 0.65       $ 0.65       $ 0.80       $ 0.74   

Cash dividends declared per share

   $ 0.76       $ 0.76       $ 0.74       $ 0.65       $ 0.53   

Book value per share

   $ 3.46       $ 3.36       $ 3.38       $ 3.40       $ 3.19   

Balance Sheet Information

 

     FY 2012      FY 2011      FY 2010(1)      FY 2009      FY 2008  

Current assets

   $ 96,590       $ 90,354       $ 95,305       $ 117,147       $ 99 ,458   

Current liabilities

     18,462         15,264         14,524         16,752         16,061   

Total assets

     161,381         155,493         154,641         155,997         146,431   

Long-term debt obligations

     —           —           —           —           —     

Shareholders’ equity

     142,748         138,524         137,361         137,905         128,489   

 

(1)

Adjusted to reflect finalization of Bioline Group purchase accounting and the change in accounting for illumigene® instruments.

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. 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 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. 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 liscensed technologies, and the Company’s ability to protect its intellectual property rights, as well as 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 make results 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. The Company cannot predict the possible impact of recently-enacted United States healthcare legislation and any similar initiatives in other countries on its results of operations. 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 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, diagnostics manufacturers and biotech companies in more than 60 countries around the world. The Company’s shares are traded on NASDAQ’s 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

 

3471 River Hills Drive

Cincinnati, Ohio 45244

(513) 271-3700

 

Legal Counsel

 

Keating Muething & Klekamp PLL

Cincinnati, Ohio

 

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 Trust Company, P. 0. Box 43078, Providence, RI 02940-3078;

(888) 294-8217 or (781) 575-3120 (International holders only):

e-mail:web.queries@computershare.com; or submit your inquiries online through www.computershare.com/contactus.

  

Annual Meeting

 

The annual meeting of the shareholders will be held on Wednesday, January 23, 2013 at 2:00 p.m. Eastern Time at the Holiday Inn Eastgate, 4501 Eastgate Boulevard, Cincinnati, OH 45245. Directions to the Holiday Inn Eastgate can be found on our website: www. meridianbioscience.com.

Common Stock Information

NASDAQ Global Select Market Symbol: “VIVO.” Approximate number of beneficial holders: 17,600. Approximate number of record holders: 950.

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,    2012      2011  

Quarter ended:

   High      Low      High      Low  

December 31

     19.540         14.810         24.440         21.000   

March 31

     20.260         16.830         24.000         20.050   

June 30

     21.060         18.020         24.990         22.180   

September 30

     20.660         16.190         27.370         15.710   

Directors and Officers

Directors   

William J. Motto

Executive Chairman of the Board

 

John A. Kraeutler

Chief Executive Officer

  

James M. Anderson

Retired President and Chief Executive Officer, Cincinnati Children’s Hospital Medical Center

Robert J. Ready

Chairman of the Board and CEO, LSI Industries Inc.

  

David C. Phillips

Co-founder, Cincinnati Works, Inc.

  

Officers and Executives

 

William J. Motto

Executive Chairman of the Board

  

Marco G. Calzavara

President and

Managing Director, Meridian Bioscience Europe

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

  

Susan D. Rolih

Senior Vice President, Regulatory Affairs and Quality Assurance

 

Vecheslav A. Elagin Executive Vice President, Research and Development

 

Marviette D. Johnson

Vice President,

Human Resources

Melissa A. Lueke

Executive Vice President, Chief Financial Officer and Secretary

  

Michael L. Patrick

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 Old Peer Group consists of Alere Inc., Biomerica, Inc., IDEXX Laboratories, Inc., Life Technologies Corporation, Neogen Corporation, Orasure Technologies Inc., Quidel Corporation, Strategic Diagnostics Inc. and Trinity Biotech Plc. The New Peer Group consists of Alere Inc., Cepheid, IDEXX Laboratories, Inc., Life Technologies Corporation, Neogen Corporation, Orasure Technologies Inc., Quidel Corporation and Trinity Biotech Plc.

 

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