Exhibit 13
Meridian Bioscience, Inc. and Subsidiaries
SELECTED FINANCIAL DATA
Income Statement Information(Amounts in thousands, except for per share data)
FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 | ||||||||||||||||
Net sales | $122,963 | $108,413 | $92,965 | $79,606 | $65,864 | |||||||||||||||
Gross profit | 74,940 | 64,684 | 54,890 | 45,955 | 38,383 | |||||||||||||||
Operating income | 35,030 | 26,894 | 20,325 | 14,956 | 12,884 | |||||||||||||||
Net earnings | 26,721 | 18,333 | 12,638 | 9,366 | 7,077 | |||||||||||||||
Basic earnings per share | $ | 0.67 | $ | 0.47 | $ | 0.36 | $ | 0.28 | $ | 0.21 | ||||||||||
Diluted earnings per share | $ | 0.66 | $ | 0.46 | $ | 0.35 | $ | 0,27 | $ | 0.21 | ||||||||||
Cash dividends declared per share | $ | 0.40 | $ | 0.28 | $ | 0.20 | $ | 0.17 | $ | 0.15 | ||||||||||
Book value per share | $ | 2.83 | $ | 2.40 | $ | 2.14 | $ | 0.96 | $ | 0.81 |
Balance Sheet Information
30-Sep-07 | 30-Sep-06 | 30-Sep-05 | 30-Sep-04 | 30-Sep-03 | ||||||||||||||||
Current assets | $ | 93,745 | $ | 80,742 | $ | 69,725 | $ | 35,603 | $ | 31,872 | ||||||||||
Current liabilities | 17,067 | 20,617 | 19,791 | 16,650 | 15,330 | |||||||||||||||
Total assets | 132,698 | 120,528 | 110,134 | 68,814 | 65,731 | |||||||||||||||
Long-term debt obligations | — | 1,803 | 2,684 | 17,093 | 21,505 | |||||||||||||||
Shareholders’ equity | 112,948 | 94,350 | 83,333 | 32,424 | 26,795 |
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 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 any forward-looking statements. 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. 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 change expected result. 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 successfully integrated into Meridian’s operations. In addition to the factors described in the paragraph, Part 1, Item 1A Risk Factors of our Form 10-K contains a list of uncertainties and risks that may affect the financial performance of 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 dof 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, physician offices, 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.
Corporate Data | Meridian Bioscience, Inc. and Subsidiaries | |
Corporate Headquarters | Annual Meeting | |
3471 River Hills Drive | The annual meeting of the shareholders will be held on | |
Cincinnati, Ohio 45244 | Tuesday, January 22, 2008 at 3:00 p.m. Eastern Time at the | |
(513) 271-3700 | Holiday Inn Eastgate, 4501 Eastgate Boulevard, Cincinnati, | |
OH 45245. | ||
Legal Counsel | Directions to the Holiday Inn Eastgate can be found on our | |
Keating Muething & Klekamp PLL | website: www.meridianbioscience.com | |
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 Investor Services LLC, P. O. Box 43078, Providence, RI 02940-3078; (888) 294-8217 or (312) 601-4332: e-mail web.queries@com- putershare.com; or submit your inquiries online through www.computershare.com/contactus. |
Common Stock Information
NASDAQ Global Select Market Symbol: “VIVO,” Approximate number of beneficial holders: 27,000, Approximate number of record holders: 900.
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, | 2007 | 2006 | ||||||||||||||
Quarter ended: | High | Low | High | Low | ||||||||||||
December 31 | 17.160 | 13.840 | 15.340 | 11.840 | ||||||||||||
March 31 | 19.950 | 16.250 | 18.490 | 13.410 | ||||||||||||
June 30 | 22.470 | 18.390 | 18.670 | 14.310 | ||||||||||||
September 30 | 31.200 | 21.300 | 16.890 | 12.830 |
Directors and Officers
Directors
William J. Motto
Chairman of the Board and
Chief Executive Officer
Chairman of the Board and
Chief Executive Officer
John A. Kraeutler
President and
Chief Operating Officer
President and
Chief Operating Officer
James A. Buzard, Ph.D.
Retired Executive
Vice President,
Merrell Dow
Pharmaceuticals, Inc.
Retired Executive
Vice President,
Merrell Dow
Pharmaceuticals, Inc.
Gary, P. Kreider
Senior Partner,
Keating Muething &
Klekamp PLL
Senior Partner,
Keating Muething &
Klekamp PLL
Robert J. Ready
Chairman of the Board
and President,
LSI Industries, Inc.
Chairman of the Board
and President,
LSI Industries, Inc.
David C. Phillips
Co-founder,
Cincinnati Works, Inc.
Co-founder,
Cincinnati Works, Inc.
Officers
William J. Motto
Chairman of the Board and
Chief Executive Officer
Chairman of the Board and
Chief Executive Officer
John A. Kraeutler
President and
Chief Operating Officer
President and
Chief Operating Officer
Richard L. Eberly
Executive Vice President,
President Meridian Life
Science
Executive Vice President,
President Meridian Life
Science
Lawrence J. Baldini
Executive Vice President,
Operations and Information
Systems
Executive Vice President,
Operations and Information
Systems
Antonio A. Interno
Senior Vice President,
President and
Managing Director,
Meridian Bioscience Europe
Senior Vice President,
President and
Managing Director,
Meridian Bioscience Europe
Melissa A. Lueke
Vice President,
Chief Financial Officer
Vice President,
Chief Financial Officer
Susan D. Rolih
Vice President,
Regulatory Affairs and
Quality Assurance
Vice President,
Regulatory Affairs and
Quality Assurance
Todd W. Motto
Vice President,
Sales and Marketing
Vice President,
Sales and Marketing
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 Biomerica, Inc., Idexx Laboratories Corp., Inverness Medical Innovations, Invitrogen Corp., Neogen Corp., Orasure Technologies Inc., Quidel Corp., Strategic Diagnostics Inc. and Trinity Biotech Plc.
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*
Among Meridian Bioscience, Inc., The Dow Jones Wilshire 5000 Index
And A Peer Group
Among Meridian Bioscience, Inc., The Dow Jones Wilshire 5000 Index
And A Peer Group
* | $100 invested on 9/30/02 in stock or index-including reinvestment of dividends. Fiscal year ending September 30. |