CINCINNATI--(BUSINESS WIRE)--Meridian Bioscience, Inc., (NASDAQ: VIVO):
GENERAL HIGHLIGHTS
Meridian Bioscience, Inc., (NASDAQ: VIVO) today:
- reported record fiscal 2015 second quarter and first six months net revenues of $51.5 million and $99.6 million, respectively, increases of 3% and 5%, respectively, from the same periods of the prior fiscal year;
- reported second quarter operating income of $15.7 million, flat from the same period of the prior fiscal year;
- reported six months operating income of $28.4 million, an increase of 4% from the same period of the prior fiscal year;
- reported second quarter net earnings of $10.1 million, or $0.24 per diluted share, a decrease of 2% and flat, respectively, compared to the fiscal 2014 second quarter;
- reported first six months net earnings of $18.0 million, or $0.43 per diluted share, increases of 1% and 2%, respectively, compared to the same period of fiscal 2014;
- declared the regular quarterly cash dividend of $0.20 per share for the second quarter of fiscal 2015, (annual indicated rate of $0.80 per share), the same as the regular quarterly rate for fiscal 2014; and
- reaffirmed its fiscal 2015 guidance of per share diluted earnings between $0.85 and $0.91 on net revenues of $193 million to $200 million.
| FINANCIAL HIGHLIGHTS (UNAUDITED) | ||||||||||||||||||||||||
| In Thousands, Except per Share Data | ||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||
| March 31, | March 31, | |||||||||||||||||||||||
| 2015 | 2014 | % Change | 2015 | 2014 | % Change | |||||||||||||||||||
| Net Revenues | $ | 51,545 | $ | 50,134 | 3 | % | $ | 99,558 | $ | 94,928 | 5 | % | ||||||||||||
| Operating Income | 15,732 | 15,666 | - | % | 28,401 | 27,292 | 4 | % | ||||||||||||||||
| Net Earnings | 10,070 | 10,300 | -2 | % | 17,971 | 17,726 | 1 | % | ||||||||||||||||
| Diluted Earnings per Share | $ | 0.24 | $ | 0.24 | - | % | $ | 0.43 | $ | 0.42 | 2 | % | ||||||||||||
| March 31, | ||||||||||||||||||||||||
| 2015 | 2014 | |||||||||||||||||||||||
| Cash and Equivalents | $ | 42,719 | $ | 38,213 | ||||||||||||||||||||
| Working Capital | 101,308 | 98,417 | ||||||||||||||||||||||
| Shareholders’ Equity | 161,098 | 160,332 | ||||||||||||||||||||||
| Total Assets | 178,312 | 178,155 | ||||||||||||||||||||||
COMPANY COMMENTS
John A. Kraeutler, Chairman of the Board and Chief Executive Officer said, “Second fiscal quarter revenues met our expectations despite strong currency headwinds. Overall revenues increased by 3%, 6% in constant currency, to establish a new quarterly record at $51.5 million. Net earnings of $10.1 million were strong, although down 2% versus the prior year period as investment spending increased to maintain our organic growth capabilities into the future. Importantly, multiple areas of the business reported solid performance from a well-balanced set of growth drivers.
Our Diagnostics (Dx) segment reported 4% revenue growth led by the illumigene® product line which recorded its first $10 million quarter. On a constant currency basis, growth for Dx was 7%. During the quarter we added 33 new illumigene customers and 63 new assays. At present, illumigene is in use in approximately 1,400 laboratories. Strong revenue growth was also reported in both the foodborne and H. pylori categories and all geographies showed positive growth on a constant currency basis. In February, we launched illumigene Chlamydia and illumigene Gonorrhea, our sixth and seventh illumigene tests, to markets outside of the U.S. and, in April, we filed our FDA 510k application for illumigene HSV I & HSV II, which we expect will be key tests in helping to control herpes infections. Also in February, we launched the TRU STREP PNEUMO™ immunoassay test to markets outside of the U.S.
Our Life Science segment had a strong quarter; however, revenues were down by 1% due to a very strong performance one year ago. On a constant currency basis, the segment achieved 1% growth. Revenue for the core immunoassay components business, while down 1% for the quarter, is up 10% year-to-date, and in March we opened an office in Beijing, China to help service our rapidly expanding industrial business base. The Bioline molecular components arm of Meridian Life Science reported 5% revenue growth on a constant currency basis for the quarter and introduced 5 new products for RNA testing in March.
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