Meridian Bioscience (VIVO) Annual Income Statement

Income Statement Summary

Meridian Bioscience (VIVO) annual income statement covering fiscal 2017 through 2022, as reported to the SEC.

Meridian Bioscience reported net revenues of $333.02M in fiscal 2022, up 4.8% from $317.9M in fiscal 2021.
Gross profit was $188.36M, down 6.4% from $201.15M. That is a gross margin of 56.6%.
Operating income was $54.39M, down 41.5% from $93.03M. Operating margin was 16.3%.
Net earnings were $42.46M, down 40.5% from $71.41M. Net margin was 12.7%.
Diluted earnings per common share was $0.96, down 40.7% from $1.62.
Cost of sales took 43.4% of net revenues, research and development 7.3% and general and administrative 17.2%.

Net revenues have grown 10.7% a year on average since fiscal 2017, from $200.77M to $333.02M.

An income statement shows what a company sold and what it cost to run the business, ending with the profit left over.

Figures in USD thousands, except per share data

						Sep'22	Sep'21	Sep'20	Sep'19	Sep'18	Sep'17
NET REVENUES
333,018	317,896	253,667	201,014	213,571	200,771	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
NET REVENUES						333,018	317,896	253,667	201,014	213,571	200,771	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
COST OF SALES
144,662	116,748	97,419	82,286	82,538	76,479	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
COST OF SALES						144,662	116,748	97,419	82,286	82,538	76,479	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Cost of Sales-Plant consolidation
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Cost of Sales-Plant consolidation						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
GROSS PROFIT
188,356	201,148	156,248	118,728	131,033	124,292	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
GROSS PROFIT						188,356	201,148	156,248	118,728	131,033	124,292	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
OPERATING EXPENSES
Research and development
24,335	23,911	23,729	17,760	16,613	16,036	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Research and development						24,335	23,911	23,729	17,760	16,613	16,036	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Selling and marketing
31,273	26,780	26,486	27,995	34,026	32,388	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Selling and marketing						31,273	26,780	26,486	27,995	34,026	32,388	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
General and administrative
57,148	49,541	44,345	34,044	35,759	31,096	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
General and administrative						57,148	49,541	44,345	34,044	35,759	31,096	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Product recall costs (adjustment)
-350	5,596	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Product recall costs (adjustment)						-350	5,596	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Acquisition and transaction related costs
6,940	392	3,890	1,808	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Acquisition and transaction related costs						6,940	392	3,890	1,808	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Litigation and select legal costs
13,510	2,803	2,080	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Litigation and select legal costs						13,510	2,803	2,080	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Restructuring costs
1,109	-	687	2,839	8,706	134	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Restructuring costs						1,109	-	687	2,839	8,706	134	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Selected legal costs
-	-	-	1,583	4,345	628	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Selected legal costs						-	-	-	1,583	4,345	628	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Change in fair value of acquisition consideration and settlement
-	-909	-6,293	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Change in fair value of acquisition consideration and settlement						-	-909	-6,293	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Goodwill impairment charge
-	-	-	-	-	6,628	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Goodwill impairment charge						-	-	-	-	-	6,628	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Sales and marketing leadership reorganization costs
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Sales and marketing leadership reorganization costs						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Plant consolidation costs
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Plant consolidation costs						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Bioline Group transaction costs
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Bioline Group transaction costs						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total operating expenses
133,965	108,114	94,924	86,029	99,449	86,910	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total operating expenses						133,965	108,114	94,924	86,029	99,449	86,910	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
OPERATING INCOME (LOSS)
54,391	93,034	61,324	32,699	31,584	37,382	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
OPERATING INCOME (LOSS)						54,391	93,034	61,324	32,699	31,584	37,382	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
OTHER INCOME (EXPENSE)
Interest income
17	-	142	681	418	171	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest income						17	-	142	681	418	171	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest expense
1,189	1,878	2,632	1,945	1,520	1,642	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest expense						1,189	1,878	2,632	1,945	1,520	1,642	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
RADx grant income
-	1,000	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
RADx grant income						-	1,000	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other, net
1,098	-1,705	459	122	-102	518	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Other, net						1,098	-1,705	459	122	-102	518	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total other expense, net
-74	-2,583	-2,031	-1,142	-1,204	-953	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total other expense, net						-74	-2,583	-2,031	-1,142	-1,204	-953	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Consolidated earnings (loss) before income taxes
54,317	90,451	59,293	31,557	30,380	36,429	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Consolidated earnings (loss) before income taxes						54,317	90,451	59,293	31,557	30,380	36,429	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
INCOME TAX PROVISION
11,858	19,044	13,107	7,175	6,531	14,872	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
INCOME TAX PROVISION						11,858	19,044	13,107	7,175	6,531	14,872	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
NET EARNINGS (LOSS)
42,459	71,407	46,186	24,382	23,849	21,557	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
NET EARNINGS (LOSS)						42,459	71,407	46,186	24,382	23,849	21,557	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Earnings Per Share Data:
BASIC EARNINGS (LOSS) PER COMMON SHARE
0.97	1.65	1.08	0.57	0.56	0.51	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
BASIC EARNINGS (LOSS) PER COMMON SHARE						0.97	1.65	1.08	0.57	0.56	0.51	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
DILUTED EARNINGS (LOSS) PER COMMON SHARE
0.96	1.62	1.07	0.57	0.56	0.51	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
DILUTED EARNINGS (LOSS) PER COMMON SHARE						0.96	1.62	1.07	0.57	0.56	0.51	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING—BASIC
43,583	43,259	42,855	42,571	42,325	42,188	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING—BASIC						43,583	43,259	42,855	42,571	42,325	42,188	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
EFFECT OF DILUTIVE STOCK OPTIONS AND RESTRICTED SHARE UNITS
792	753	319	328	429	383	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
EFFECT OF DILUTIVE STOCK OPTIONS AND RESTRICTED SHARE UNITS						792	753	319	328	429	383	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING—DILUTED
44,375	44,012	43,174	42,899	42,754	42,571	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING—DILUTED						44,375	44,012	43,174	42,899	42,754	42,571	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Dividends declared per common share
-	-	-	0.25	0.50	0.57	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Dividends declared per common share						-	-	-	0.25	0.50	0.57	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
ANTI-DILUTIVE SECURITIES:
Common share options and restricted share units
154	203	893	1,129	1,007	873	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Common share options and restricted share units						154	203	893	1,129	1,007	873	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx