Meridian recently issued its Earnings Report for its fiscal year ending September 30, 2007. Revenues increased 13%, while earnings increased 33%, excluding a $2.4 million tax reserve adjustment that will not recur. This was another record year of double digit revenue and earnings growth. Meridian's three-year compounded annual growth rate for revenues is 16%. Three key product lines are driving diagnostics growth - C. difficile, tests for certain hospital acquired infections, H. pylori, the leading cause of peptic ulcers and upper respiratory, a broad line of products for various respiratory infections. Meridian's Life Science group contributed strong revenue growth in the second half of the year, finishing with 18% growth in the 4th quarter. Meridian's three year compounded annual growth rate for net earnings is 30%, illustrating Meridian's dedication to operating efficiency.
Meridian is a fully integrated life science company that manufactures, markets and distributes a broad range of innovative diagnostic test kits, purified reagents and related products and offers biopharmaceutical enabling technologies. These products and diagnostic tests provide accuracy, simplicity and speed in the early diagnosis and treatment of common medical conditions, such as gastrointestinal, viral and respiratory infections. Meridian's diagnostic products are used outside of the human body and require little or no special equipment. The Company's products are designed to enhance patient well-being while reducing the costs of healthcare. Meridian has strong market positions in the areas of gastrointestinal and upper respiratory infections, serology, parasitology and fungal disease diagnosis. Meridian is a supplier of rare reagents, specialty biologicals and related technologies used by biopharmaceutical companies. The Company markets its products and technologies to hospitals, reference laboratories, research centers, veterinary testing centers, physician offices, diagnostics manufacturers and biotech companies in more than 60 countries. The Company's shares are traded through NASDAQ's Global Select Market, symbol VIVO. Meridian's website address is www.meridianbioscience.com.
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