John A. Kraeutler, Chief Executive Officer, said, "The first half of fiscal 2009 was challenging due to a weakened economy, inventory de-stocking by customers, a surprisingly mild flu season and fluctuating currency effects. During the second half, opportunities arose that enabled our strong record-setting finish. Our respiratory sales were robust as shipments of our rapid influenza tests, driven by the H1N1 pandemic, drove a major portion of the growth of our diagnostics business units. Our TRU brand tests for influenza and RSV (respiratory syncytial virus) were well accepted and represented more than 30% of our flu and RSV revenues during the quarter. Flu test sales outside of the U.S., especially in Europe, helped our MBE business unit to exceed 10% organic growth in local currency during the quarter. Rapid tests for foodborne diseases, such as toxigenic E. coli, also grew double-digits in Q4 and are expected to be a major contributor to fiscal 2010 sales increases. Our Life Science unit, while essentially flat in revenues vs. Q4 2008, recorded an operating income increase of 21% due to improving operating fundamentals and a more profitable product mix.
As we begin fiscal 2010, we continue to rely upon the four primary drivers of our diagnostics business for revenue growth tests for C. difficile, H. pylori, upper respiratory infections and foodborne disease. The continuing acceptance of our TRU brand is encouraging and is tracking to plan. Recent global distributor changes are expected to enhance our ability to grow our ex-U.S. business and our Life Science business is strengthening and will contribute both top and bottom line growth. With regard to our molecular technology platform, illumigene?„?, we have recent data that meets or exceeds our expectations and we are still targeting revenue contribution from the launch of this technology later in the first half of fiscal 2010.
William J. Motto, Executive Chairman of the Board, said, Fiscal 2009 represented our seventh consecutive year of record operating results. As we look forward to fiscal 2010, we expect double-digit growth in sales and earnings and new records to be set. More specifically, our guidance to the financial community calls for net sales in the $160 million to $165 million range and per share diluted earnings between $0.90 and $0.95. Consistent with our stated cash dividend policy and the outlook for fiscal 2010, the Board of Directors increased the regular indicated cash dividend rate from $0.68 to $0.76 per share, an increase of 12%. This is the nineteenth increase in our cash dividend rate since we began paying regular cash dividends in 1991. Our strong cash flow and conservatively capitalized balance sheet easily support the higher level of cash dividends as well as the continuation of our cash dividend policy. During fiscal 2010, we will strive to introduce new products, serve new markets, and improve operating efficiencies. We will continue to follow a highly disciplined approach to investigating potential acquisitions that could enhance our business without being dilutive to earnings. In summary, fiscal 2010 promises to be a very good year and I look forward to reporting our accomplishments as the year unfolds.
Source Meridian Bioscience, Inc.,