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EX-32 - EX-32 - MERIDIAN BIOSCIENCE INCd270799dex32.htm
EX-31.2 - EX-31.2 - MERIDIAN BIOSCIENCE INCd270799dex312.htm
EX-31.1 - EX-31.1 - MERIDIAN BIOSCIENCE INCd270799dex311.htm
EX-23 - EX-23 - MERIDIAN BIOSCIENCE INCd270799dex23.htm
EX-21 - EX-21 - MERIDIAN BIOSCIENCE INCd270799dex21.htm
EX-10.11 - EX-10.11 - MERIDIAN BIOSCIENCE INCd270799dex1011.htm
EX-10.10 - EX-10.10 - MERIDIAN BIOSCIENCE INCd270799dex1010.htm
EX-10.9 - EX-10.9 - MERIDIAN BIOSCIENCE INCd270799dex109.htm
10-K - ANNUAL REPORT - MERIDIAN BIOSCIENCE INCd270799d10k.htm

Exhibit 13

Meridian Bioscience, Inc. and Subsidiaries

Selected Financial Data

Income Statement Information (Amounts in thousands, except per share data)

 

     FY 2016      FY 2015      FY 2014      FY 2013      FY 2012  

Net revenues

   $ 196,082       $ 194,830       $ 188,832       $ 188,686       $ 172,712   

Gross profit

     127,787         121,882         117,243         121,044         109,048   

Operating income

     51,378         56,060         52,392         57,314         49,296   

Net earnings

     32,229         35,540         34,743         38,032         33,371   

Basic earnings per share

   $ 0.77       $ 0.85       $ 0.84       $ 0.92       $ 0.81   

Diluted earnings per share

   $ 0.76       $ 0.85       $ 0.83       $ 0.91       $ 0.80   

Cash dividends declared per share

   $ 0.80       $ 0.80       $ 0.79       $ 0.76       $ 0.76   

Book value per share

   $ 3.95       $ 3.96       $ 3.87       $ 3.73       $ 3.46   

Balance Sheet Information

 

     FY 2016      FY 2015      FY 2014      FY 2013      FY 2012  

Current assets

   $ 126,791       $ 119,422       $ 108,832       $ 109,943       $ 93,661   

Current liabilities

     22,571         15,251         13,735         19,617         16,772   

Total assets

     251,823         183,282         176,929         176,748         161,210   

Long-term debt obligations

     58,360         —           —           —           —     

Shareholders’ equity

     166,472         165,873         161,029         155,045         142,748   

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, Meridian’s forward-looking statements are, and will be, based on management’s 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:

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, and its ability to effectively sell such products. 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. Meridian relies on proprietary, patented and licensed technologies. As such, the Company’s 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 Meridian’s 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 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. 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 Education Reconciliation Act - and any modification or repeal of any of the provisions thereof, and any similar initiatives in other countries on its results of operations. Efforts to reduce the U.S. federal deficit, breaches of Meridian’s information technology systems and natural disasters and other events could have a materially adverse effect on Meridian’s results of operations and revenues. 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.


LOGO

Corporate Profile
Meridian is a fully integrated life science company that develops, manufactures, markets and distributes a broad range of innovative diagnostic test kits, rare reagents, specialty biologicals and components. Utilizing a variety of methods, our diagnostic tests provide accuracy, simplicity and speed in the early diagnosis and treatment of common medical conditions, such as infections and lead poisoning. Meridian’s diagnostic products are used outside of the human body and require little or no special equipment. The Company’s diagnostic products are designed to enhance patient well-being while reducing the total outcome costs of health care. Meridian has strong market positions in the areas of gastrointestinal and upper respiratory infections, and blood lead level testing. In addition, Meridian is a supplier of rare reagents, specialty biologicals and components used by organizations in the life science and agribio industries engaged in research. Its products are also used by companies as components in the manufacture of diagnostics. The Company markets its products and technologies to hospitals, reference laboratories, research centers, diagnostics manufacturers and agribio companies in more than 70 countries around the world. The Company’s shares are traded on the NASDAQ 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

  

Annual Meeting

The annual meeting of the shareholders will be held on Wednesday, January 25, 2017 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 30170, College Station, TX 77842-3170; (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: 17,700. Approximate number of record holders: 525.

The following table sets forth by quarter the high and low sales prices of the Common Stock on the NASDAQ Global Select Market.

 

     Fiscal 2016      Fiscal 2015  

Quarter ended:

   High      Low      High      Low  

December 31

     21.23         16.86         19.00         15.80   

March 31

     21.40         17.88         20.28         15.56   

June 30

     21.49         18.12         19.63         17.42   

September 30

     20.68        
18.82
  
     19.84         16.60   

Directors and Officers

 

Directors       Officers and Executives   
John A. Kraeutler    John C. McIlwraith    John A. Kraeutler    Vecheslav A. Elagin
Chairman of    Managing Director,    Chairman of    Executive Vice President,
the Board and    Allos Ventures    the Board and    Research and Development
Chief Executive Officer       Chief Executive Officer   
   David C. Phillips       Melissa A. Lueke
James M. Anderson    Co-founder,    Lawrence J. Baldini    Executive Vice President,
Retired President and    Cincinnati Works, Inc.    Executive Vice President,    Chief Financial Officer and
Chief Executive       President, Global Operations    Secretary
Officer, Cincinnati    Catherine A. Sazdanoff      
Children’s Hospital    Chief Business Officer,    Marco G. Calzavara    Susan D. Rolih
Medical Center    Strata Oncology, Inc.    President and    Executive Vice President,
      Managing Director,    Global Regulatory and Quality
Dwight E. Ellingwood       Meridian Bioscience Europe    Systems
President,         
D.E.E. Strategy       Richard L. Eberly    Amy M. Winslow

Consulting, LLC

      Executive Vice President,    Executive Vice President,
      President and Chief    President, Magellan
      Commercial Officer   


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 NASDAQ Composite Index and a Peer Group Index. The 2015 Peer Group consists of Alere Inc., Cepheid, IDEXX Laboratories, Inc., Neogen Corporation, Orasure Technologies Inc., Quidel Corporation, and Trinity Biotech Plc. The 2016 Peer Group consists of IDEXX Laboratories, Inc., Luminex Corporation, Myriad Genetics, Inc., Neogen Corporation, Orasure Technolgies Inc., Quidel Corporation, and Trinity Biotech Plc.

COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*

Among Meridian Bioscience, Inc., the NASDAQ Composite Index,

2015 Peer Group and 2016 Peer Group

 

LOGO

 

* $100 invested on 9/30/11 in stock or index, including reinvestment of dividends.

Fiscal year ending September 30.