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Meridian Bio Q3 Revenues Increase 12 Percent

NEW YORK (GenomeWeb News) – Meridian Bioscience said today that sales in its fiscal third quarter rose 12 percent year over year.

For the three months ended June 30, the company has $47.1 million in sales, up from $41.9 million a year ago, edging out the average Wall Street estimate of $47.0 million.

In a statement, CEO John Kraeutler said that Illumigene product sales were up 36 percent year over year.

Profit was $10.2 million, or$.24 per share, compared to a profit of $8.6 million, or$.21 per share. Adjusted EPS was $.25, beating the average Wall Street estimate of $.22.

R&D was essentially flat at $2.7 million, while SG&A costs of $12.2 million was up 3 percent from $11.8 million a year ago.

Meridian Bio finished the quarter with $40.4 million in cash and equivalents.

The company declared a quarterly cash dividend of $.19 per share for the fiscal third quarter, payable on Aug. 15 to shareholders of record Aug. 5.

For the full-year, sales are expected to be in the range of $190 million to $194 million. EPS is expected in the range of $.86 and $.91.