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10-K - FORM 10-K - MERIDIAN BIOSCIENCE INCc08969e10vk.htm
EX-23 - EXHIBIT 23 - MERIDIAN BIOSCIENCE INCc08969exv23.htm
EX-21 - EXHIBIT 21 - MERIDIAN BIOSCIENCE INCc08969exv21.htm
EX-31.1 - EXHIBIT 31.1 - MERIDIAN BIOSCIENCE INCc08969exv31w1.htm
EX-10.12 - EXHIBIT 10.12 - MERIDIAN BIOSCIENCE INCc08969exv10w12.htm
EX-10.18.2 - EXHIBIT 10.18.2 - MERIDIAN BIOSCIENCE INCc08969exv10w18w2.htm
EXCEL - IDEA: XBRL DOCUMENT - MERIDIAN BIOSCIENCE INCFinancial_Report.xls
EX-32 - EXHIBIT 32 - MERIDIAN BIOSCIENCE INCc08969exv32.htm
EX-31.2 - EXHIBIT 31.2 - MERIDIAN BIOSCIENCE INCc08969exv31w2.htm
Exhibit 13
Meridian Bioscience, Inc. and Subsidiaries
SELECTED FINANCIAL DATA
Income Statement Information (Amounts in thousands, except per share data)
                                         
    FY 2010     FY 2009     FY 2008     FY 2007     FY 2006  
Net sales
  $ 143,000     $ 148,274     $ 139,639     $ 122,963     $ 108,413  
Gross profit
    88,475       92,783       86,480       74,940       64,684  
Operating income
    41,138       48,779       44,350       35,030       26,894  
Net earnings
    26,647       32,759       30,202       26,721       18,333  
Basic earnings per share
  $ 0.66     $ 0.81     $ 0.75     $ 0.67     $ 0.47  
Diluted earnings per share
  $ 0.65     $ 0.80     $ 0.74     $ 0.66     $ 0.46  
Cash dividends declared per share
  $ 0.74     $ 0.65     $ 0.53     $ 0.40     $ 0.28  
Book value per share
  $ 3.38     $ 3.40     $ 3.19     $ 2.83     $ 2.40  
Balance Sheet Information
                                         
    FY 2010     FY 2009     FY 2008     FY 2007     FY 2006  
Current assets
  $ 94,020     $ 117,147     $ 99,458     $ 93,745     $ 80,742  
Current liabilities
    14,147       16,752       16,061       17,067       20,617  
Total assets
    154,785       155,997       146,431       132,698       120,528  
Long-term debt obligations
                            1,803  
Shareholders’ equity
    137,361       137,905       128,489       112,948       94,350  
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. 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 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 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 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, 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

 

 


 

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. O. 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 Thursday, January 20, 2011 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: 19,700. Approximate number of record holders: 1,000.
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,   2010     2009  
Quarter ended:   High     Low     High     Low  
December 31
    24.970       19.960       30.250       19.430  
March 31
    23.930       19.440       26.410       16.500  
June 30
    20.510       16.030       23.000       14.790  
September 30
    21.980       16.590       26.200       20.750  
Directors and Officers
Directors
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
Retired President and Chief Executive Officer, Cincinnati Children’s Hospital Medical Center
Officers and Executives
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
James A. Barter
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 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 Alere Inc., Biomerica, Inc., IDEXX Laboratories, Inc., Life Technologies Corporation, Neogen Corporation, Orasure Technologies Inc., Quidel Corporation, Strategic Diagnostics Inc. and Trinity Biotech Plc.
(GRAPH)