Attached files
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10-K - FORM 10-K - MERIDIAN BIOSCIENCE INC | c93071e10vk.htm |
EX-32 - EXHIBIT 32 - MERIDIAN BIOSCIENCE INC | c93071exv32.htm |
EX-23 - EXHIBIT 23 - MERIDIAN BIOSCIENCE INC | c93071exv23.htm |
EX-31.1 - EXHIBIT 31.1 - MERIDIAN BIOSCIENCE INC | c93071exv31w1.htm |
EX-31.2 - EXHIBIT 31.2 - MERIDIAN BIOSCIENCE INC | c93071exv31w2.htm |
EX-10.23 - EXHIBIT 10.23 - MERIDIAN BIOSCIENCE INC | c93071exv10w23.htm |
EX-10.38 - EXHIBIT 10.38 - MERIDIAN BIOSCIENCE INC | c93071exv10w38.htm |
EX-10.39 - EXHIBIT 10.39 - MERIDIAN BIOSCIENCE INC | c93071exv10w39.htm |
EX-10.16 - EXHIBIT 10.16 - MERIDIAN BIOSCIENCE INC | c93071exv10w16.htm |
EX-21 - EXHIBIT 21 - MERIDIAN BIOSCIENCE INC | c93071exv21.htm |
Exhibit 13
Meridian Bioscience, Inc. and Subsidiaries
Meridian Bioscience, Inc. and Subsidiaries
Selected Financial Data
(Amounts in thousands, except for per share data)
(Amounts in thousands, except for per share data)
Income Statement Information
FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | ||||||||||||||||
Net sales |
$ | 148,274 | $ | 139,639 | $ | 122,963 | $ | 108,413 | $ | 92,965 | ||||||||||
Gross profit |
92,783 | 86,480 | 74,940 | 64,684 | 54,890 | |||||||||||||||
Operating income |
48,779 | 44,350 | 35,030 | 26,894 | 20,325 | |||||||||||||||
Net earnings |
32,759 | 30,202 | 26,721 | 18,333 | 12,638 | |||||||||||||||
Basic earnings per share |
$ | 0.81 | $ | 0.75 | $ | 0.67 | $ | 0.47 | $ | 0.36 | ||||||||||
Diluted earnings per share |
$ | 0.80 | $ | 0.74 | $ | 0.66 | $ | 0.46 | $ | 0.35 | ||||||||||
Cash dividends declared per share |
$ | 0.65 | $ | 0.53 | $ | 0.40 | $ | 0.28 | $ | 0.21 | ||||||||||
Book value per share |
$ | 3.40 | $ | 3.19 | $ | 2.83 | $ | 2.40 | $ | 2.14 |
Balance Sheet Information
FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | ||||||||||||||||
Current assets |
$ | 117,147 | $ | 99,458 | $ | 93,745 | $ | 80,742 | $ | 69,725 | ||||||||||
Current liabilities |
16,752 | 16,061 | 17,067 | 20,617 | 19,791 | |||||||||||||||
Total assets |
155,997 | 146,431 | 132,698 | 120,528 | 110,134 | |||||||||||||||
Long-term debt obligations |
| | | 1,803 | 2,684 | |||||||||||||||
Shareholders equity |
137,905 | 128,489 | 112,948 | 94,350 | 83,333 |
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:
Meridians 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 Meridians 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. 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 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 also change expected results. One of Meridians 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 Meridians operations. The Company cannot predict
the possible effects of potential healthcare reform in the United States and 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 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. Meridians diagnostic products are used outside of the human body and require little
or no special equipment. The Companys 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,
diagnostics manufacturers and
biotech companies in more than 60 countries around the world. The Companys shares are traded
through NASDAQs Global Select Market, symbol VIVO. Meridians 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
3471 River Hills Drive
Cincinnati, Ohio 45244
(513) 271-3700
Legal Counsel
Keating Muething & Klekamp PLL
Cincinnati, Ohio
Keating Muething & Klekamp PLL
Cincinnati, Ohio
Independent Public Accountants
Grant Thornton LLP
Cincinnati, Ohio
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.
Annual Meeting
The annual meeting of the shareholders will be held on
Thursday, January 21, 2010 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: 22,000.
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, | 2009 | 2008 | ||||||||||||||
Quarter ended: | High | Low | High | Low | ||||||||||||
December 31 |
30.250 | 19.430 | 34.240 | 26.500 | ||||||||||||
March 31 |
26.410 | 16.500 | 36.090 | 28.910 | ||||||||||||
June 30 |
23.000 | 14.790 | 37.000 | 25.200 | ||||||||||||
September 30 |
26.200 | 20.750 | 30.500 | 23.250 |
Directors and Officers
Directors
|
Officers and Executives | |||||
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. James M. Anderson President and Chief Operating Officer, Cincinnati Childrens Hospital Medical Center |
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 Melissa A. Lueke Executive Vice President, Chief Financial Officer and Secretary |
Antonio A. Interno Senior Vice President, President and Managing Director, Meridian Bioscience Europe Susan D. Rolih Senior Vice President, Regulatory Affairs and Quality Assurance Todd W. Motto Vice President, Sales and Marketing Vecheslav A. Elagin Vice President, Research and Development Marviette Dale Vice President, Human Resources |
PERFORMANCE GRAPH
The following graph shows the yearly percentage change in Meridians 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 Meridians 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 Biomerica, Inc., Idexx Laboratories Corp., Inverness
Medical Innovations, Neogen Corp., Orasure Technologies Inc., Quidel Corp., Strategic Diagnostics
Inc. and Trinity Biotech Plc. The New Peer Group Consists of Biomerica, Inc., Idexx Laboratories
Corp., Inverness Medical Innovations, Life Technologies Corp., Neogen Corp., Orasure Technologies
Inc., Quidel Corp., Strategic Diagnostics Inc. and Trinity Biotech Plc. The Old Peer Group is
different from the New Peer Group because of a merger made by one of Meridians peers during fiscal
2009.