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Press Release: Meridian Bioscience Reports Record -2-

· 02/05/2021 07:30
Three Months Ended December 31, 2020 2019 ---------- ------------ Operating Expenses - GAAP basis $ 26,884 $ 22,257 Change in fair value of acquisition consideration (1,047) (1,187) Restructuring costs - (275) Selected legal costs (1,227) (320) Adjusted Operating Expenses $ 24,610 $ 20,475 ======== ======== Operating Income - GAAP basis $ 34,664 $ 5,394 Change in fair value of acquisition consideration 1,047 1,187 Restructuring costs - 275 Selected legal costs 1,227 320 Adjusted Operating Income $ 36,938 $ 7,176 ======== ======== Net Earnings - GAAP basis $ 26,779 $ 2,827 Change in fair value of acquisition consideration * 786 901 Restructuring costs * - 208 Selected legal costs * 921 243 -------- -------- Adjusted Net Earnings $ 28,486 $ 4,179 ======== ======== Basic Net Earnings per Common Share ("EPS") - GAAP basis $ 0.62 $ 0.07 Change in fair value of acquisition consideration 0.02 0.02 Restructuring costs - - Selected legal costs 0.02 0.01 -------- -------- Adjusted Basic EPS $ 0.66 $ 0.10 ======== ======== Three Months Ended December 31, 2020 2019 ------------------- -------------- Diluted Net Earnings per Common Share ("EPS") - GAAP basis $ 0.61 $ 0.07 Change in fair value of acquisition consideration 0.02 0.02 Restructuring costs - - Selected legal costs 0.02 0.01 ----------- ------ ------ ------ Adjusted Diluted EPS $ 0.65 $ 0.10 =========== ====== ====== ====== * Net of tax.1. These measures help investors to more meaningfully evaluate and compare the results of operations from period to period by removing the impacts of these non-routine items; and 2. These measures are used by our management for various purposes, including evaluating performance against incentive bonus achievement targets, comparing performance from period to period in presentations to our board of directors, and as a basis for strategic planning and forecasting.Three Months Ended December 31, ---------------------------------- 2020 2019 -------------------- ------------ Net Revenues - By Product Platform/Type ------------------------------ Diagnostics Molecular assays $ 4,590 $ 6,903 Non-molecular assays 25,731 27,888 --------------- ------ Total Diagnostics 30,321 34,791 --------------- ------ Life Science Molecular reagents 46,029 5,367 Immunological reagents 16,567 7,263 --------------- ------ Total Life Science 62,596 12,630 --------------- ------ Total Net Revenues $ 92,917 $ 47,421 =============== ====== Three Months Ended December 31, -------------------------------- 2020 2019 --------------- ---------- Net Revenues - By Disease State/Geography ------------------------------- Diagnostics Gastrointestinal assays $ 15,452 $ 16,251 Respiratory illness assays 4,806 7,778 Blood chemistry assays 4,394 4,951 Other 5,669 5,811 ------ --------- Total Diagnostics 30,321 34,791 ------ --------- Life Science Americas 18,755 4,012 EMEA 32,311 4,960 ROW 11,530 3,658 ------ --------- Total Life Science 62,596 12,630 ------ --------- Total Net Revenues $ 92,917 $ 47,421 ====== ========= OPERATING (LOSS) INCOME ------------------------------- Diagnostics $ (1,182) $ 5,141 Life Science 39,797 2,328 Corporate (3,963) (2,087) Eliminations 12 12 ------ --------- Total Operating Income $ 34,664 $ 5,394 ====== ========= Geographic Regions Americas = North and Latin America EMEA = Europe, Middle East and Africa ROW = Rest of World -----------------------------------------------------------------

The following table sets forth the unaudited revenue and segment data for the interim periods in fiscal 2021 and fiscal 2020 (in thousands).

NON-GAAP FINANCIAL MEASURES

In this press release, we have supplemented our reported GAAP financial information with information on operating expenses, operating income, operating margin, net earnings, basic net earnings per share and diluted net earnings per share, each on an adjusted basis excluding the effects of certain acquisition-related costs, changes in fair value of the acquisition consideration, restructuring costs, and selected legal costs, each of which is a non-GAAP measure. We have provided in the tables below reconciliations to the operating expenses, operating income, net earnings, basic net earnings per share and diluted net earnings per share amounts reported under GAAP for the three-months ended December 31, 2020 and 2019.

We believe this information is useful to an investor in evaluating our performance because:

These non-GAAP measures may be different from non-GAAP measures used by other companies. In addition, the non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Non-GAAP measures have limitations, in that they do not reflect all amounts associated with our results as determined in accordance with GAAP. Therefore, these measures should only be used to evaluate our results in conjunction with corresponding GAAP measures.

FIRST QUARTER

GAAP TO NON-GAAP RECONCILIATION TABLES

(In Thousands, Except per Share Data)

FORWARD-LOOKING STATEMENTS

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 "continues", "estimates", "anticipates", "projects", "plans", "seeks", "may", "will", "expects", "intends", "believes", "signals", "should", "can", "guidance" 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 net earnings, sales, product demand, revenue, operating margin, other guidance and the impact of COVID-19 on its business and prospects, 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,

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February 05, 2021 07:30 ET (12:30 GMT)