MERIDIAN BIOSCIENCE INC

2023 Q1 Form 10-Q Financial Statement

#000119312523029272 Filed on February 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2021 Q4

Balance Sheet

Concept 2023 Q1 2022 Q4 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $72.73M
YoY Change 15.08%
Cash & Equivalents $74.10M $1.020M
Short-Term Investments
Other Short-Term Assets $12.43M
YoY Change 100.42%
Inventory $72.66M $74.20M
Prepaid Expenses
Receivables $44.30M
Other Receivables $0.00
Total Short-Term Assets $201.5M $203.7M
YoY Change -1.04% 14.67%
LONG-TERM ASSETS
Property, Plant & Equipment $45.42M $48.72M
YoY Change -6.77% 15.44%
Goodwill $120.6M
YoY Change
Intangibles $71.57M
YoY Change
Long-Term Investments
YoY Change
Other Assets $209.8M $9.899M
YoY Change 2019.49% 19.27%
Total Long-Term Assets $255.2M $255.0M
YoY Change 0.09% 3.53%
TOTAL ASSETS
Total Short-Term Assets $201.5M $203.7M
Total Long-Term Assets $255.2M $255.0M
Total Assets $456.8M $458.6M
YoY Change -0.41% 8.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.41M $16.29M
YoY Change -11.54% 6.49%
Accrued Expenses $6.288M $27.02M
YoY Change -76.73% 46.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $78.58M $49.95M
YoY Change 57.32% -7.16%
LONG-TERM LIABILITIES
Long-Term Debt $25.00M $50.00M
YoY Change -50.0% -14.97%
Other Long-Term Liabilities $712.0K $11.41M
YoY Change -93.76% -61.2%
Total Long-Term Liabilities $37.65M $61.41M
YoY Change -38.69% -30.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $78.58M $49.95M
Total Long-Term Liabilities $37.65M $61.41M
Total Liabilities $116.2M $113.4M
YoY Change 2.47% -21.83%
SHAREHOLDERS EQUITY
Retained Earnings $193.3M
YoY Change
Common Stock $154.5M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $259.0K
YoY Change
Treasury Stock Shares $9.655K
Shareholders Equity $340.5M $345.2M
YoY Change
Total Liabilities & Shareholders Equity $456.8M $458.6M
YoY Change -0.41% 8.2%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2021 Q4

Facts In Submission

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MERIDIAN BIOSCIENCE, INC.
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OH
CY2022Q4 dei Entity Tax Identification Number
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3471 River Hills Drive
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<div style="font-size: 12pt; margin-top: 0px; margin-bottom: 0px;"> </div> <table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;border:0;width:100%"> <tr style="page-break-inside:avoid"> <td style="width:4%;vertical-align:top;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1.</div></div></td> <td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; text-align: left; line-height: normal;"><div style="font-weight:bold;display:inline;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">Nature of Business</div> </div></div></td></tr></table><div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Meridian Bioscience, Inc. (“Meridian” or “the Company”) was formed in 1976 and functions as a fully-integrated life science company with principal businesses in: (i) the development, manufacture, sale and distribution of diagnostic testing systems and kits, primarily for certain gastrointestinal and respiratory infectious diseases, and elevated blood lead levels; and (ii) the manufacture and distribution of bulk antigens, antibodies, immunoassay blocking reagents, various Polymerase Chain Reaction (“PCR”) master mixes, isothermal mixes, enzymes, nucleotides, and bioresearch reagents used by other diagnostic manufacturers and researchers. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Our reportable segments are Diagnostics and Life Science. The Diagnostics segment consists of: (i) manufacturing operations for infectious disease products in Cincinnati, Ohio; Quebec City, Canada; and Modi’in, Israel; (ii) manufacturing operations for blood chemistry products in Billerica, Massachusetts; and (iii) the sale and distribution of diagnostics products domestically and abroad. This segment’s products are used by hospitals, reference labs and physician offices to detect infectious diseases and elevated lead levels in blood. </div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Life Science segment consists of: (i) manufacturing operations in Memphis, Tennessee; Boca Raton, Florida; North Brunswick, New Jersey; London, England; and Luckenwalde, Germany;<div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"> </div></div>and (ii) the sale and distribution of bulk antigens, antibodies, PCR/qPCR reagents, nucleotides, and bioresearch reagents domestically and abroad, including a sales and business development facility, with outsourced distribution capabilities, in Beijing, China to pursue revenue opportunities in Asia. This segment’s products are used by manufacturers and researchers in a variety of applications (e.g., in vitro medical device manufacturing, microRNA detection, next-generation sequencing, plant genotyping, and mutation detection, among others). </div><div style="font-size: 18pt; margin-top: 0px; margin-bottom: 0px;"> </div>
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<table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;text-indent: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">(b)</div></div></div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Reclassifications – </div></div></div></div></div></td></tr></table><div style="clear:both;max-height:0pt;;text-indent: 0px;"/><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Within the notes to the Condensed Consolidated Financial Statements, certain reclassifications have been made to the prior year allocation of expenses between segments in order to conform to the current year presentation. Such reclassifications had no impact on any consolidated figures or segment net revenues. </div></div></div><div style="font-size: 18pt; margin-top: 0px; margin-bottom: 0px;"> </div>
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CY2022Q4 vivo Pending Merger
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<table cellpadding="0" cellspacing="0" style="border: 0px currentcolor; width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;text-indent: 0px;"> <tr style="page-break-inside: avoid;"> <td style="width: 4%; vertical-align: top;;text-align:left;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">17.</div></div></div></td> <td style="vertical-align: top;;text-align:left;"><div style="text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">The Merger</div> </div></div></div></td></tr></table><div style="clear:both;max-height:0pt;;text-indent: 0px;"/><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On July 7, 2022, the Company entered into an Agreement and Plan of Merger (as it may be amended, supplemented or otherwise modified from time to time, the “Merger Agreement”) with SD Biosensor, Inc., a corporation with limited liability organized under the laws of the Republic of Korea (“SDB”), Columbus Holding Company, a Delaware corporation (“Parent”), and Madeira Acquisition Corp., an Ohio corporation and a direct wholly owned subsidiary of Parent (“Merger Sub,” and together with SDB and Parent, the “Parent Parties”). Pursuant to the Merger Agreement, Merger Sub merged with and into Meridian (the “Merger”), with Meridian surviving the Merger as a direct wholly owned subsidiary of Parent. </div></div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On December 9, 2022, Meridian and the Parent Parties entered into a Letter Agreement (the “Letter Agreement”), modifying the Merger Agreement, such that all of the conditions to the Parent Parties’ obligation to complete the Merger have been satisfied (and are deemed to remain satisfied through the completion of the Merger), provided that Meridian is required to comply with certain covenants in the Merger Agreement through the completion of the Merger. Under the Letter Agreement, Meridian and the Parent Parties also agreed to, among other things, consummate the Merger on January 31, 2023. </div></div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="text-indent: 0px; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;text-indent: 0px;;display:inline;">On January 31, 2023, the Merger was consummated in accordance with the terms of the Merger Agreement and the Letter Agreement, and Parent, which at the time of Closing was wholly-owned and controlled by SDB, became the sole shareholder of Meridian. Pursuant to the terms of the Merger Agreement, at the effective time of the Merger, each issued and outstanding share of Meridian’s common stock (subject to certain exceptions set forth in the Merger Agreement) was canceled and converted into the right to receive<div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><div style="font-size: 10pt; text-indent: 0px; letter-spacing: 0px; top: 0px;;display:inline;">$</div>34.00<div style="font-size: 10pt; text-indent: 0px; letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> <div style="letter-spacing: 0px; top: 0px;;display:inline;">i</div></div>n cash, without interest (the “Merger Consideration”). See Note 18 below regarding consummation of the Merger. </div></div></div><div style="font-family: Times New Roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The foregoing description of the Merger, the Merger Agreement, and the Letter Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of (i) the Merger Agreement, a copy of which was filed by Meridian as Exhibit 2.1 to Meridian’s Current Report on Form <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">8-K</div> filed on July 7, 2022 and is incorporated herein by reference, and (ii) the Letter Agreement, a copy of which was filed by Meridian as Exhibit 2.1 to Meridian’s Current Report on Form <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">8-K</div> filed on December 12, 2022 and is incorporated herein by reference. </div></div><div style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company incurred transaction related costs of approximately $1,160 during the three months ended December 31, 2022 related to the Merger, which is recorded in acquisition and transaction related costs in the Condensed Consolidated Statement of Operations. </div><div style="font-size: 18pt; margin-top: 0px; margin-bottom: 0px;"> </div>
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