Meridian reports record third-quarter net sales of $26.6 million

By Lisa Kerner

Charlotte, N.C., July 20 - Meridian Bioscience, Inc. reported record third-quarter net sales of $26.6 million, up 5% from the $25.4 million for the prior-year period.

Nine-month net sales of $79.8 million increased 17% from the $67.9 million reported in the same period in 2005.

For the third quarter, Meridian had net earnings of $4.8 million, or $0.18 per diluted share, up 29% from the previous year.

Nine-month earnings were $13.5 million, or $0.51 per diluted share, a 38% increase from the prior fiscal year period.

Meridian reaffirmed its fiscal 2006 guidance of net sales between $106 million and $109 million, up from previous guidance of $103 to $107 million. Guidance for per-share diluted earnings of between $0.63 and $0.66 is up from the $0.60 to $0.63 previously reported for the fiscal year ending Sept. 30.

The company said it expects continuing double-digit sales and earning growth for fiscal 2007.

At June 30, cash and investments on hand were $35.7 million, up from $4 million at June 30, 2005.

"Our diagnostics businesses continue to generate solid growth in sales, operating income and cash flow, leading to impressive gains in operating margins," president and chief operating officer John A. Kraeutler said in a company news release.

"Led by our innovative tests for stomach ulcers, C. difficile disease and upper respiratory infections, we continue to capture market share in the primary strategic segments of Meridian's global diagnostics business."

Meridian is a life science company located in Cincinnati.

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