Meridian Bioscience Q1 Profit Rises; Sees FY Profit In Line

(RTTNews) - Meridian Bioscience Inc. (VIVO) reported that its net earnings for the first quarter of fiscal 2019 increased to $8.1 million or $0.19 per share, from $6.3 million, or $0.15 per share, for the first quarter of fiscal 2018.

On a non-GAAP basis, earnings were $8.6 million, or $0.20 per share, increases of 31% and 33%, respectively.

Total revenue for the first quarter of fiscal 2019 decreased 1.5% to $51.5 million, compared to $52.3 million in the first quarter of 2018. This decrease was primarily driven by Diagnostics business unit revenues decreasing 2% from $37.5 million to $36.7 million, as volume pressures in a number of molecular products, and pricing in certain gastrointestinal lines more than offset growth in blood-lead chemistry products.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.17 per share and revenues of $53.1 million. Analysts' estimates typically exclude special items.

Looking ahead for 2019, the company expects earnings per share to be in the range of $0.72-$0.74, non-GAAP earnings per share of $0.74-$0.76, and Net revenues to be Flat-2% growth. Analysts expect annual earnings of $0.76 per share.

The Board of Directors declared the regular quarterly cash dividend of $0.125 per share for the first quarter ended December 31, 2018. The dividend is payable on February 14, 2019 to shareholders of record as of the close of business on February 4, 2019.