LONDON, UK / ACCESSWIRE / February 05, 2018 / Active-Investors.com has just released a free earnings report on Meridian Bioscience, Inc. (NASDAQ: VIVO) ("Meridian"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=VIVO. The Company reported its first quarter fiscal 2018 operating and financial results on January 25, 2018. The diagnostic test maker outperformed top- and bottom-line expectations and provided guidance for the fiscal year 2018. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Meridian Bioscience most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Earnings Highlights and Summary
Meridian reported net revenues of $52.28 million in the first quarter of FY18, reflecting an increase of 12% compared to $46.81 million in Q1 FY17. The Company's revenue numbers exceeded analysts' expectations by $3.28 million.
During Q1 FY18, Meridian reported an operating income of $8.06 million, representing a decrease of 20% from $10.09 million in Q1 FY17. The Company's reported quarter results included $1.5 million of costs associated with the transition to a new Chief Executive Officer (CEO) and litigation costs.
In Q1 FY18, Meridian reported net earnings of $6.30 million, or $0.15 per diluted share, on a GAAP basis, compared to $6.28 million, or $0.15 per diluted share, for Q1 FY17. On a non-GAAP basis, the Company reported earnings of $6.5 million, or $0.15 per diluted share in Q1 FY18, up 4% and flat on a y-o-y basis, respectively. Meridian's non-GAAP earnings excluded the effect of the CEO transition costs, litigation costs, and certain one-time tax effects of the recently-enacted US Tax Cuts and Jobs Act 2017 (Tax Reform). The Company's earnings beat Wall Street's estimates of $0.14 per share.
Segment Results
During Q1 FY18, Meridian's Diagnostic segment's revenues increased 11% to $37.49 million compared to $33.81 million in Q1 FY17. The Company's core diagnostics business revenues jumped 17% on a y-o-y basis, benefitting from a lower comparable in the year ago period, as well as a strong respiratory season in FY18. Additionally, both the segment's foodborne and H. pylori product families posted strong double-digit growth compared to the year ago same period. The segment reported an operating income of $5.29 million in Q1 FY18 compared to $6.64 million in Q1 FY17.
For Q1 FY18, Meridian's Life Science segment's revenues grew 14% to $14.79 million compared to $13.00 million in Q1 FY17, with both its immuno-assay components and reagents unit, and molecular components unit, posting double-digit growth. The segment's operating income totaled $2.78 million versus $3.33 million in the year earlier comparable quarter.
Cash Matters
At December 31, 2017, Meridian's current assets were $136.6 million compared to current liabilities of $23.5 million, resulting in a working capital of $113.1 million and a current ratio of 5.8. At December 31, 2017, the Company's cash and cash equivalents balance was $54.7 million, and Meridian had 100% borrowing capacity under its $30.0 million commercial bank credit facility. The Company's bank-debt obligations, all of which were incurred in connection with the 2016 acquisition of Magellan, totaled $53.5 million as of December 31, 2017.
Outlook
For the fiscal year ending September 30, 2018, excluding the impact of the Tax Reform, Meridian's management expects net revenues to be in the range of $207 million to $212 million, and diluted earnings per share to be between $0.59 and $0.62 on a GAAP basis. On a non-GAAP basis, the Company's earnings are expected to be between $0.65 and $0.68 per diluted share for FY18.
Stock Performance Snapshot
February 02, 2018 - At Friday's closing bell, Meridian Bioscience's stock declined 2.25%, ending the trading session at $15.20.
Volume traded for the day: 345.76 thousand shares, which was above the 3-month average volume of 301.53 thousand shares.
Stock performance in the last month - up 3.75%; previous three-month period - up 3.40%; past twelve-month period - up 24.59%; and year-to-date - up 8.57%
After last Friday's close, Meridian Bioscience's market cap was at $657.86 million.
Price to Earnings (P/E) ratio was at 30.04.
The stock has a dividend yield of 3.29%.
The stock is part of the Healthcare sector, categorized under the Diagnostic Substances industry.
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