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Meridian Bioscience Provides Sales and Earnings Guidance for Fiscal 2010 and Reaffirms Fiscal 2009 Guidance

CINCINNATI--(BUSINESS WIRE)--Sep. 15, 2009-- Meridian Bioscience, Inc. (NASDAQ: VIVO) today provided the financial community with guidance regarding the Company’s fiscal 2010 sales and earnings estimates. Based on the Company’s business planning and budgeting activities for the fiscal year ending September 30, 2010, management expects net sales to be in the range of $160 to $165 million and per share diluted earnings to be between $0.90 and $0.95. The per share estimates assume an increase in average shares outstanding from approximately 41.2 million at fiscal 2009 year end to 41.3 million at fiscal 2010 year end. Net income is expected to increase between 15% and 20% from fiscal 2009 to fiscal 2010. The sales and earnings guidance provided in this press release is from expected internal growth and does not include the impact of any additional acquisitions the Company might complete during fiscal 2009 or 2010.

The Company also reaffirmed its fiscal 2009 guidance of net sales between $140 million and $144 million and per share-diluted earnings between $0.77 and $0.81 for the fiscal year ending September 30, 2009.

John A. Kraeutler, Chief Executive Officer, stated, “We have been diligent in assessing Meridian’s growth and profitability drivers for fiscal 2010 and we believe that this guidance is realistic. While the uncertainties of the economy are still a concern for most businesses, our infectious disease business appears to be more resistant to these downside forces. As is typical, our fiscal 2010 estimates do not consider additional revenues and income that might result from the launch of new tests and new technologies during the year. Likewise, our respiratory testing revenues are projected to increase at a moderate rate and we have avoided speculation on the potential impact of increased flu testing due to the prevalence of the H1N1 virus. Fiscal 2010 should yield another year of strong growth and we look forward to the introduction of illumigene™, our new molecular testing platform, during the first half of the year.”

William J. Motto, Executive Chairman of the Board, commented, “After a careful and rigorous analysis of our fiscal 2010 budget, we are comfortable with providing the financial community with our sales and earnings estimates as set forth in this press release. We look forward to introducing new products including our illumigene™ molecular-based platform. In addition, we will continue to look for acquisitions that fit our well-established and disciplined criteria. We will continue to execute the same plan that drives shareholder value based on maintaining a strong balance sheet, growing the top line, continuing to drive manufacturing and administrative efficiencies, and paying liberal cash dividends. In connection with the last item, we will be requesting another increase in our indicated annual cash dividend rate at the next board meeting. If approved, this will mark our nineteenth increase in the annual rate since we began paying cash dividends in 1991. We look forward to a strong fourth quarter of fiscal 2009 and continued strong growth for fiscal 2010 and beyond.”

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 within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, 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 or revise any forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. 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. Recessionary pressures on the economy and the markets in which our customers operate can change expected results, as well as adverse trends in buying patterns from customers. 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 also change expected results. 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 this paragraph, Part I, Item 1A Risk Factors of our Form 10-K contains a list and description of uncertainties, risks and other matters that may affect the Company which are incorporated by reference into this press release.

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 of 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.

Source: Meridian Bioscience, Inc.

Meridian Bioscience, Inc.
John A. Kraeutler, 513-271-3700
Chief Executive Officer