Each of the two business units will now have a consolidated sales and marketing team supporting the entire product portfolio. This consolidation will enable strong commercial relationships to be expanded across product lines and markets.
Corporate functions have been redefined under the new organizational structure. This will allow the corporate team to provide more cohesive support across the Diagnostics and Life Science Business Units while reducing duplicative efforts.
Savings from this realignment will be fully reinvested back into the business, with an emphasis on bolstering R&D spending, business development, and customer-facing roles. As a result of this reinvestment, the realignment will have no impact on fiscal 2018 non-GAAP guidance. It should be noted this guidance published on
The potential that this realignment provides is exciting, and represents the first step in our path towards sustainable growth. Our next step will be to define our growth strategy for the next three-to-five years. In that regard, we are in the late stages of a search for an executive to lead our business development and strategy initiatives. We look forward to reporting on developments as the year progresses.”
Diagnostics Business Unit
The Diagnostics Business Unit consists of three business areas: Molecular (illumigene brand); Core (Premier®, MERIFLUOR® and Para-Pak® brands); and Point of Care (ImmunoCard®, TRU, Magellan LeadCare®, and Curian™ brands, with Curian representing a new diagnostic platform which is currently under development). All commercial activities, including sales and marketing, have been consolidated to serve the entire business unit.
For the time being,
Life Science Business Unit
The Life Science Business Unit consists of Immunological reagents (MLS) and Molecular reagents (Bioline). All commercial activities, including sales and marketing, have been consolidated to serve the entire business unit.
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. All statements that address operating performance or events or developments that Meridian expects or anticipates will occur in the future, including, but not limited to, statements relating to per share diluted earnings and revenue, are forward-looking statements. Such statements, whether expressed or implied, are based upon current expectations of the Company and speak only as of the date made. Specifically, Meridian’s forward-looking statements are, and will be, based on management’s then-current views and assumptions regarding future events and operating performance. Meridian 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 operating results, financial condition and 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, its ability to effectively sell such products and its ability to successfully expand and effectively manage increased sales and marketing operations. 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 or in protecting its intellectual property, and unexpected or costly manufacturing costs associated with the ramp up of new products could cause actual results to differ from expectations. Meridian relies on proprietary, patented and licensed technologies. As such, the Company’s ability to protect its intellectual property rights, as well as the potential for intellectual property litigation, would impact its results. 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, as well as adverse trends in buying patterns from customers, can change expected results. Costs and difficulties in complying with laws and regulations, including those administered by the
Meridian is a fully integrated life science company that develops, manufactures, markets and distributes a broad range of innovative diagnostic test kits, rare reagents, specialty biologicals and components. Utilizing a variety of methods, our diagnostic tests provide accuracy, simplicity and speed in the early diagnosis and treatment of common medical conditions, such as infections and lead poisoning. Meridian’s diagnostic products are used outside of the human body and require little or no special equipment. The Company's diagnostic products are designed to enhance patient well-being while reducing the total outcome costs of health care. Meridian has strong market positions in the areas of gastrointestinal and upper respiratory infections, and blood lead level testing. In addition, Meridian is a supplier of rare reagents, specialty biologicals and components used by organizations in the life science and agri-bio industries engaged in research. Many companies also utilize Meridian’s products as components in the manufacture of diagnostics. The Company markets its products and technologies to hospitals, reference laboratories, research centers, diagnostics manufacturers and agri-bio companies in more than 70 countries around the world. The Company’s shares are traded on the NASDAQ Global Select Market, symbol VIVO. Meridian’s website address is www.meridianbioscience.com.
Chief Executive Officer