Exhibit 99.1

 

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For Immediate Release

MERIDIAN BIOSCIENCE REPORTS FOURTH QUARTER AND FULL-YEAR FISCAL 2019 OPERATING RESULTS AND PROVIDES FISCAL 2020 GUIDANCE

CINCINNATI, OHIO November 7, 2019 (GLOBE NEWSWIRE) -- Meridian Bioscience, Inc. (NASDAQ: VIVO) today announced financial results for the fourth quarter and fiscal year ended September 30, 2019.

Fourth Quarter 2019 Highlights (Comparison to Fourth Quarter Fiscal 2018):

 

   

Consolidated revenue decreased 4% to $50.8 million (3% decrease in constant-currency)

 

   

Diagnostics segment revenues decreased 9% to $33.4 million (also a 9% decrease in constant-currency); note that while Diagnostics segment revenues were down compared to the fourth quarter of fiscal 2018, such revenues were relatively flat with our fiscal 2019 third quarter

 

   

Life Science segment achieved a record quarter, with revenues increasing 7% to $17.4 million (9% growth in constant-currency)

 

   

Reported GAAP Operating Margin of 11.5% and Adjusted Operating Margin of 14.9% for the quarter, which includes a full three months of activities in the Diagnostics segment from the acquisition of the GenePOC business

 

   

Reported GAAP EPS of $0.10 per diluted share and Adjusted EPS of $0.13 per diluted share

 

   

Adjusted Operating Margin and Adjusted EPS on a diluted basis excludes costs associated with acquisition-related activities, restructuring activities and selected legal matters (see non-GAAP financial measure reconciliation below)

Full Fiscal Year 2019 Highlights (Comparison to Full Year Fiscal 2018):

 

   

Consolidated revenue decreased 6% to $201.0 million (5% decrease in constant-currency)

 

   

Diagnostics segment revenues decreased 9% to $136.7 million (8% decrease in constant-currency)

 

   

Life Science segment revenues increased 2% to $64.3 million (3% growth in constant-currency)

 

   

Reported GAAP Operating Margin of 16.3% and Adjusted Operating Margin of 19.4%, which includes four months of activities in the Diagnostics segment from the acquisition of the GenePOC business

 

   

Reported GAAP EPS of $0.57 per diluted share and Adjusted EPS of $0.68 per diluted share

 

   

Adjusted Operating Margin and Adjusted EPS on a diluted basis excludes costs associated with acquisition-related activities, restructuring activities and selected legal matters (see non-GAAP financial measure reconciliation below)

Fourth Quarter Fiscal 2019 Results (Comparison to Fourth Quarter Fiscal 2018)

Consolidated revenue for the fourth quarter of fiscal 2019 decreased 4% to $50.8 million, compared to $53.1 million last year. Diagnostics segment revenues were down 9%, while Life Science segment revenues were up 7%. Our Diagnostics segment experienced continued competitive pressures in a number of our products, particularly C. difficile and foodborne, volume and pricing declines in certain gastrointestinal products, and the effects of initially lighter shipments of respiratory products in advance of the upcoming season. Our Life Science segment revenues for the quarter reflected double-digit growth from IVD customers purchasing immunological reagents in the EMEA region as well as China, but this was offset by softness in the distribution channel in the Americas region.

Reported operating income for the fourth quarter of fiscal 2019 was $5.8 million, including operating costs of $3.5 million for the normal activities from the acquisition of the GenePOC business. SG&A expenses were down $0.9 million, largely due to the effects of last year’s organizational stream-lining activities. Research and development expenses increased $2.0 million for the quarter, primarily due to the addition of costs associated with the acquisition of GenePOC’s business and continued development of two revogene assays, as well as the completion of clinical trials for our first Curian assay, a stool-antigen test for H. pylori. Reported operating income for the quarter also included $1.7 million of costs associated with acquisition-related activities, restructuring activities and selected legal matters. Excluding the effects of such costs, adjusted operating income achieved a margin of 15% (see non-GAAP financial measure reconciliation below).


The following information was filed by Meridian Bioscience Inc (VIVO) on Thursday, November 7, 2019 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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