Attached files
file | filename |
---|---|
10-K - ANNUAL REPORT - MERIDIAN BIOSCIENCE INC | d472698d10k.htm |
EX-32 - EX-32 - MERIDIAN BIOSCIENCE INC | d472698dex32.htm |
EX-31.2 - EX-31.2 - MERIDIAN BIOSCIENCE INC | d472698dex312.htm |
EX-31.1 - EX-31.1 - MERIDIAN BIOSCIENCE INC | d472698dex311.htm |
EX-23 - EX-23 - MERIDIAN BIOSCIENCE INC | d472698dex23.htm |
EX-21 - EX-21 - MERIDIAN BIOSCIENCE INC | d472698dex21.htm |
EX-10.16.9 - EX-10.16.9 - MERIDIAN BIOSCIENCE INC | d472698dex10169.htm |
EX-10.16.8 - EX-10.16.8 - MERIDIAN BIOSCIENCE INC | d472698dex10168.htm |
EX-10.13 - EX-10.13 - MERIDIAN BIOSCIENCE INC | d472698dex1013.htm |
EX-10.12 - EX-10.12 - MERIDIAN BIOSCIENCE INC | d472698dex1012.htm |
EX-10.11 - EX-10.11 - MERIDIAN BIOSCIENCE INC | d472698dex1011.htm |
EX-10.10 - EX-10.10 - MERIDIAN BIOSCIENCE INC | d472698dex1010.htm |
EX-10.9 - EX-10.9 - MERIDIAN BIOSCIENCE INC | d472698dex109.htm |
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, Meridians forward-looking statements are, and will be, based on managements 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:
Meridians 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 Meridians 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 Companys 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 Meridians 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 Meridians 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 Meridians 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 Meridians 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 Meridians 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 Meridians information technology systems and natural disasters and other events could have a materially adverse effect on Meridians 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 Officer |
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 | ||||
Childrens Hospital Medical Center |
Dwight E. Ellingwood | John M. Rice, Jr. | Marco G. Calzavara | Susan D. Rolih | |||
President, 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 Officer |
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 |
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 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.
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*
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.