CINCINNATI--(BUSINESS WIRE)--April 13, 2005--Meridian Bioscience,
Inc., (NASDAQ:VIVO) today announced that, based on preliminary
results, it expects to report net sales of approximately $23.5 million
and diluted earnings per share of between $0.19 and $0.20 for the
quarter ended March 31, 2005. For the same period of the previous
fiscal year, sales and diluted earnings per share were $20.94 million
and $0.15, respectively. The Company will report its final results for
the fiscal second quarter on April 21, 2005. Meridian Bioscience also
reaffirmed its guidance for the fiscal year ending September 30, 2005,
of sales between $84 million and $88 million and diluted earnings per
share between $0.66 and $0.70.
Commenting on the recent reports in the general press regarding
the recommendation by the World Health Organization (WHO) that testing
laboratories destroy proficiency samples containing influenza A virus,
the Company noted it produces such samples for the College of American
Pathologists (CAP). Such samples are used by professional laboratories
accustomed to handling viral agents. For fiscal year 2004, the
Company's CAP sales and operating income were approximately $3.0
million (4% of total sales) and $750,000 (5% of total operating
income), respectively. The Company has a long history of supplying
samples to the CAP and believes it has been and is in compliance with
all applicable regulations. Further to this topic, the Office of
Communication for the Centers for Disease Control stated, in part, in
their media relations statement dated April 12, 2005:
"On 8 April, after a request by the US government, CAP asked all
laboratories which participated in the proficiency testing to
immediately destroy samples containing the H2N2 virus. On 12 April, a
second correspondence from CAP to these laboratories further requested
that destruction of the H2N2 virus be confirmed and that any case of
respiratory disease among laboratory workers be investigated and
notified to national authorities. WHO has received the list of
addresses of the involved laboratories and has provided detailed
contact information to the relevant Ministries of Health and requested
their collaboration.
As of today, there have been no reports of H2N2 infections in
laboratory workers associated with the distribution of the H2N2
samples from CAP. The proper use of biological safety cabinets, along
with the use of recommended personal protective equipment, greatly
reduces the risk of laboratory-acquired influenza infections. While a
few H2N2 laboratory acquired infections have been documented in the
past, the likelihood of laboratory-acquired influenza infection is
considered low when proper biosafety precautions are followed. The
risk for the general population is also considered low.
As a precautionary measure, WHO is recommending that all samples
of the proficiency testing panel from CAP and any other proficiency
testing providers containing H2N2 and any derivates be destroyed
immediately. WHO further recommends that biosafety procedures be
reviewed for use on influenza viruses that have not circulated
recently in humans and against which the majority of the population
would have no protective immunity."
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 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 are
based upon current expectations of the Company and speak only as of
the date made. The Company assumes no obligation to publicly update
any forward-looking statements. These statements are subject to
various risks, uncertainties and other factors that could cause actual
results to differ, 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. 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 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.
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 provide accuracy, simplicity and speed in the
early diagnosis and treatment of common medical conditions, such as
gastrointestinal, viral, and respiratory infections. Meridian
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 and specialty biologicals along with
proteins and other biologicals used by biopharmaceutical companies
engaged in research for new drugs and vaccines. The Company markets
its products to hospitals, reference laboratories, research centers,
veterinary testing centers, physician offices and diagnostics
manufacturers in more than 60 countries around the world. The
Company's shares are traded through Nasdaq's National Market, symbol
VIVO. Meridian's website address is www.meridianbioscience.com.
CONTACT: Meridian Bioscience, Inc.
John A. Kraeutler, 513-271-3700
SOURCE: Meridian Bioscience, Inc.
