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Meridian Bioscience Inc (VIVO) SEC Filing 10-K Annual Report for the fiscal year ending Friday, September 30, 2022

Meridian Bioscience Inc

CIK: 794172 Ticker: VIVO

Exhibit 99.1

 

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For Immediate Release

MERIDIAN BIOSCIENCE REPORTS FOURTH QUARTER AND FULL YEAR FISCAL 2022 OPERATING RESULTS

CINCINNATI, OHIO November 22, 2022 (PRNewswire) — Meridian Bioscience, Inc. (NASDAQ: VIVO) today announced financial results for the fourth quarter and fiscal year ended September 30, 2022.

Fourth Quarter 2022 Highlights (Comparison to Fourth Quarter Fiscal 2021):

 

   

Consolidated net revenues totaled $65.7 million, a decrease of 14% year-over-year

 

   

Diagnostics segment net revenues increased 14% year-over-year to $39.2 million

 

   

Life Science segment delivered net revenues of $26.5 million, a decrease of 37%

 

   

Submitted 510(k) for Curian® Shiga Toxin assay

Full Fiscal Year 2022 Highlights (Comparison to Full Year Fiscal 2021):

 

   

Consolidated net revenues of $333.0 million, up 5% year-over-year

 

   

Diagnostics segment net revenues increased 22% year-over-year to $155.9 million

 

   

Life Science segment delivered net revenues of $177.1 million, a decrease of 7%

 

   

Established new Life Science recombinant protein R&D facility in New Jersey with assets acquired from EUPROTEIN, Inc.

 

   

Diagnostics segment launched two new products: Curian® Campy and Revogene® SARS-CoV-2 EUA

 

   

Life Science segment launched 17 new molecular products, which completed a full line of sample-specific master mixes for qPCR and LAMP with sensitivity suitable for oncology applications

 

   

Entered into agreement to be acquired by a Korean Consortium for $34.00 per share, which is expected to close before the end of calendar year 2022

Fourth Quarter Fiscal 2022 Results (Comparison to Fourth Quarter Fiscal 2021)

Consolidated net revenues for the fourth quarter of fiscal 2022 decreased 14% to $65.7 million, compared to $76.2 million last year. Diagnostics segment net revenues increased 14% year-over-year, while Life Science segment net revenues decreased 37%. Growth in the Diagnostics segment was driven by our non-molecular assay products which increased 22%. Key contributors to the non-molecular assay year-over-year increase include organic growth in our BreathID® product line, the addition of the BreathTek® product line acquired in July 2021 and the increase in sales of LeadCare® products that were not shipping for a portion of the fourth quarter of fiscal 2021 due to a product recall. The Life Science segment decline was driven by lower overall demand, primarily from reductions in COVID-19 testing, though more so for molecular reagents (53% decrease) than immunological reagents (8% decrease).

Reported consolidated operating income for the fourth quarter of fiscal 2022 was $4.6 million (7% margin), compared to $8.5 million (11% margin) in the fourth quarter of fiscal 2021. The decrease in consolidated operating income primarily results from the decreased level of net revenues and gross margins within the Life Science segment, which resulted from the overall decline in COVID-19 related net revenues and the significant shift in product mix from the high margin molecular reagents to lower margin immunological reagents (approximately 46% molecular in fiscal 2022 versus approximately 63% in 2021). The effect of these factors was partially offset by the decrease in overall operating expense, most notably due to the $5.6 million of product recall costs in fiscal 2021. On an adjusted basis, consolidated operating income was $9.1 million, reflecting a margin of 14%, down from the prior year quarter’s $13.3 million and 17% margin (see non-GAAP financial measure reconciliation below), reflecting the factors noted above.


The following information was filed by Meridian Bioscience Inc (VIVO) on Tuesday, November 22, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Meridian Bioscience Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Schedule Ii - Valuation And Qualifying Accounts (Detail)
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders' Equity
Bank Credit Arrangements
Bank Credit Arrangements - Additional Information (Detail)
Business Combinations
Business Combinations (Tables)
Business Combinations - Additional Information (Detail)
Business Combinations - Consolidated Pro Forma Results Of The Combined Entities (Detail)
Business Combinations - Schedule Of Consolidated Results Of Net Revenue Or Losses (Detail)
Cash And Cash Equivalents
Cash And Cash Equivalents (Tables)
Cash And Cash Equivalents - Components Of Cash And Cash Equivalents (Detail)
Commitments And Contingent Obligations
Commitments And Contingent Obligations - Additional Information (Detail)
Contingent Obligations And Non-Current Liabilities
Contingent Obligations And Non-Current Liabilities (Tables)
Contingent Obligations And Non-Current Liabilities - Additional Information (Detail)
Contingent Obligations And Non-Current Liabilities - Schedule Of Government Grant Obligations Reflected In Condensed Consolidated Balance Sheet (Detail)
Employee Benefits
Employee Benefits (Tables)
Employee Benefits - Additional Information (Detail)
Employee Benefits - Black-Scholes Option Pricing Model To Determine Grant-Date Fair Value For Stock Options (Detail)
Employee Benefits - Summary Of Nonvested Options (Detail)
Employee Benefits - Summary Of Stock Option Plans (Detail)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Detail)
Fair Value Measurements - Summary Of Fair Value, Assets And Liabilities Measured On Recurring Basis (Detail)
Goodwill And Other Intangible Assets, Net
Goodwill And Other Intangible Assets, Net (Tables)
Goodwill And Other Intangible Assets, Net - Additional Information (Detail)
Goodwill And Other Intangible Assets, Net - Summary Of Acquired Intangible Assets Subject To Amortization (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Components Of Net Deferred Tax Liabilities (Detail)
Income Taxes - Earnings Before Income Taxes And Related Provision For Income Taxes (Detail)
Income Taxes - Reconciliation Between The Statutory U.S. Income Tax Rate And Effective Rate Derived By Dividing The Provision For Income Taxes By Earnings Before Income Taxes (Detail)
Income Taxes - Summary Of The Company's Gilti And Foreign Tax Credit (Details)
Income Taxes - Unrecognized Tax Benefits (Detail)
Inventories, Net
Inventories, Net (Tables)
Inventories, Net - Components Of Inventories, Net (Detail)
Lead Testing Matters
Lead Testing Matters - Additional Information (Detail)
Leasing Arrangements
Leasing Arrangements (Tables)
Leasing Arrangements - Schedule Of Condensed Income Statement Of Operation (Detail)
Leasing Arrangements - Schedule Of Maturities Of Lease Liabilities (Detail)
Leasing Arrangements - Schedule Of Supplemental Cash Flow Information (Cash Paid For Amounts Included In Measurement Of Lease Liabilities) (Detail)
Leasing Arrangements - Schedule Of Weighted Average Remaining Lease Term And Discount Rate (Detail)
National Institutes Of Health Contracts
National Institutes Of Health Contracts - Additional Information (Detail)
Pending Merger
Pending Merger - Additional Information (Detail)
Reportable Segments And Major Concentration Data
Reportable Segments And Major Concentration Data (Tables)
Reportable Segments And Major Concentration Data - Additional Information (Detail)
Reportable Segments And Major Concentration Data - Consolidated Net Revenues (Detail)
Reportable Segments And Major Concentration Data - Pre-Tax Earnings Table (Detail)
Reportable Segments And Major Concentration Data - Segment Information (Detail)
Reportable Segments And Major Concentration Data - Significant Revenue Information By Country For Diagnostics And Life Science Reportable Segments (Detail)
Reportable Segments And Major Concentration Data-Asset Concentration Segment Based On Geography (Detail)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Additional Information (Detail)
Revenue Recognition - Summary Of Disaggregation Of Revenue By Disease State (Detail)
Revenue Recognition - Summary Of Disaggregation Of Revenue By Product Platform/Type (Detail)
Revenue Recognition - Summary Of Disaggregation Of Revenue By Reportable Segment And Geographic Region (Detail)
Subsequent Event
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Valuation And Qualifying Accounts
Ticker: VIVO
CIK: 794172
Form Type: 10-K Annual Report
Accession Number: 0001193125-22-290521
Submitted to the SEC: Tue Nov 22 2022 8:27:38 AM EST
Accepted by the SEC: Tue Nov 22 2022
Period: Friday, September 30, 2022
Industry: In Vitro And In Vivo Diagnostic Substances

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