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Meridian Bioscience 2013 outlook meets estimates

CINCINNATI (AP) -- Diagnostic test maker Meridian Bioscience Inc. on Tuesday forecast fiscal 2013 net income that was about equal to Wall Street's expectations, and sales that surpassed analyst estimates.

Meridian expects to report net income of 86 to 91 cents per share for the fiscal year ending Sept. 30, 2013. It forecast revenue of $190 million to $195 million.

Analysts surveyed by FactSet project, on average, net income of 89 cents per share on revenue of $187.5 million.

Shares of Meridian Biosciences lost 21 cents to $18.25 in afternoon trading.

The company's forecast includes a charge of 3 cents per share to cover the new medical device tax included in the 2010 health care reform law, and another charge of 3 cents per share for additional research and development costs for a new Illumigene diagnostic test Meridian is developing. The company expects to gain approval for a strep throat test around the start of the fiscal year and expects to receive approval for pertussis and mycoplasma tests later in the year.

Meridian also maintained its fiscal 2012 guidance, calling for net income of 78 to 81 cents per share and $171 million to $175 million in revenue. Analysts expect income of 80 cents per share and $173.5 million, on average. The Cincinnati company had cut its guidance in late July, pointing to the stronger U.S. dollar and slower growth in sales of several tests.