Meridian Q1 Earnings Decline In Line With Estimates; Confirms FY14 Outlook

(RTTNews) - Meridian Bioscience, Inc (VIVO), a life science company that makes diagnostic test kits primarily for gastrointestinal, viral, respiratory, and parasitic infectious diseases, Wednesday reported a decline in first-quarter earnings chiefly as sales decreased. However, earnings were in line with analysts' estimates and the company reiterated its revenue and earnings guidance for fiscal year 2014.

Commenting on the results for the first quarter, John Kraeutler CEO, said, "Delays in shipments, ordering patterns and a seasonal shift in influenza negatively impacted our core Life Science, foodborne and respiratory product categories, respectively, and are expected to rebound during the second quarter."

For the three months to December, earnings of the company decreased to $7.43 million, or $0.18 per share, from $8.47 million, or $0.20 per share, a year earlier.

On average, 5 analysts polled by Thomson-Reuters estimated the company's earnings to be $0.18 for the quarter. Analysts' estimates typically exclude one-time items.

Sales for the 3-month period declined by 1 percent to $44.79 million from $45.35 million a year ago. Analysts had estimated first quarter revenue to be $47.59 million.

Furthermore, Meridian declared a increased regular quarterly cash dividend of $0.20 per share.

Meridian confirmed fiscal 2014 guidance for revenue of $203 million to $208 million and earnings per share of $0.98 to $1.03. Analysts expect the company to report revenue of $203.15 million and EPS of $0.99 for the year.

The company expects 2014 to be another year of "growth driven by new products, increased placements and usage of our illumigene platform, and close attention to operating efficiency." The company is still searching for acquisition opportunities.

Tuesday, the stock closed at $26.12 on the Nasdaq.