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Meridian Bioscience Projects Growth in Sales, Income for Fiscal 2011

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Meridian Bioscience this week said that it expects net sales for its 2011 fiscal year to be in the range of $165 million to $170 million, representing an increase of between 14 percent and 17 percent over projected fiscal 2010 sales.

For the company's 2010 fiscal year, ending Sept. 30, 2010, the company projects sales at the "low end" of its previous guidance of between $145 million and $153 million.

These results exclude the impact of costs associated with Meridian's acquisition in July of PCR reagent provider Bioline (PCR Insider 7/22/2010).

The company said that it expects fiscal 2011 net income to increase between 15 percent and 20 percent over fiscal 2010, excluding Bioline acquisition costs in fiscal 2010 and the impact of any additional acquisitions the company might complete in fiscal 2011.

CEO John Kraeutler said in a statement that in fiscal 2011, the company expects to "rebound from a very difficult FY 2010, a year in which we experienced a non-existent influenza season, competitive pressure in our C. difficile franchise, and a challenging economy."

In July, the company received clearance from the US Food and Drug Administration for its Illumigene C. difficile molecular amplification assay, which amplifies DNA using loop amplification technology and provides results in less than one hour (PCR Insider 7/15/2010).

William Motto, executive chairman of Meridian, said in a statement this week that FDA clearance of the Illumigene platform provides "the opportunity to build an exciting new molecular-based growth platform that will enhance and expand our diagnostic testing methodologies."

He added that the company expects Bioline to begin contributing to earnings and cash flow during fiscal 2011, but did not provide further details.

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