WESTBROOK, Maine, Oct. 28,
2015 /PRNewswire/ -- IDEXX Laboratories, Inc. (NASDAQ: IDXX)
today reported revenues for the third quarter of 2015 of
$406 million, an increase of 6%
compared to the prior year period. Impacts from the strengthening
of the US dollar reduced reported revenue growth by 6%. Normalized
organic revenue growth1,2 for the quarter was 12%,
supported by strong growth in the Companion Animal Group ("CAG")
segment, including over 11% normalized organic growth in CAG
Diagnostics recurring revenues. Earnings per diluted share ("EPS")
for the quarter was $0.48. During the
third quarter we recognized an $8
million non-cash impairment charge for capitalized software
associated with changes in our customer information management
business strategy which had a $0.06
negative impact on EPS and has been excluded from Adjusted
EPS3. Adjusted EPS was $0.54 for the quarter, an increase of 2% compared
to the prior year period while absorbing a negative $0.04 per share impact related to net changes in
foreign exchange.
"The Company's strong growth momentum continued, supported by
exceptionally strong instrument placements in both North American
and international markets. Total premium instrument placements were
up 54%, with Catalyst placements up almost 100%, compared to last
year. We achieved 569 Catalyst placements in North America and 756 in international
markets, benefiting from our expanded global launch of Catalyst
One® in Asia and
Brazil. Growth in instrument
placements is fundamental to our strategy of driving high margin
CAG Diagnostics recurring revenue, and we are well positioned to
achieve well over 9,000 chemistry and hematology instrument
placements for the full year 2015," said Jonathan Ayers, the Company's Chairman and Chief
Executive Officer.
"We also continue to see very strong growth in reference
laboratory diagnostic and consulting services. SDMA, our
unique kidney function test which is now included in all IDEXX
reference lab chemistry panels in both the US and Canada, continues to gain traction. We have
seen a substantive increase in the number of customers that use a
competitive lab requesting SDMA panels, an indicator of overall
market recognition of the importance of having an SDMA result.
"Normalized organic revenue growth for our rapid assay products
improved to 7%, supported by growth in SNAP®
4Dx® Plus in-clinic volume and stabilized trends in
first generation products. These results are a testament to our
superior test accuracy, as demonstrated by published head-to-head
comparison studies. The expanded reach of our fully direct US sales
organization allows us to effectively detail these accuracy
differences to our customers.
"As we look forward, we are refining our 2015 revenue outlook to
reflect expectations at the lower end of our earlier guidance
range. This outlook reflects moderated market growth trends in
Europe and recent macroeconomic
impacts, including effects from foreign currency erosion, limiting
emerging market gains. We are also refining our 2015 Adjusted EPS
outlook to reflect additional headwinds from recent foreign
currency changes in emerging markets and a higher effective tax
rate, impacted by updated estimates for regional profit mix
including foreign currency impacts. Our revised outlook is for 2015
Adjusted EPS performance of $2.04-$2.07 per share, an increase of 11% to 12%
on a constant currency4 basis.
"For 2016, we are providing preliminary financial guidance today
for 8% to 9% normalized organic growth and EPS of $2.09-$2.16 per share, supported by a targeted 50
basis point improvement in constant currency operating margins,
adjusted to exclude the third quarter 2015 software impairment
charge. Excluding foreign currency impacts, our outlook equates to
13% to 16% Adjusted EPS growth. Foreign exchange impacts will
create year-over-year EPS headwinds of ~ $0.21 per share in 2016, reflecting the lapping
of 2015 hedge gains, year-on-year foreign exchange impacts and
impacts on our effective tax rate from changes in our regional
profit mix related to the strengthening dollar."
Third Quarter Financial Performance Highlights
Third quarter revenue increased 6% to $406 million. Normalized organic revenue growth
was 12% and benefited in part from incremental margin capture
associated with the move to an all-direct sales model for US CAG
Diagnostics.
- Companion Animal Group normalized organic revenue growth was
14% for the third quarter, supported by a 54% increase in organic
revenue growth2 in diagnostic instruments, including a
17% growth benefit from recognition of deferred revenue associated
with the Catalyst One introductory offer. Strong gains were also
driven by 16% normalized organic growth in IDEXX VetLab®
consumable revenues, reflecting both volume increases and benefits
from margin capture, and 10% organic growth in reference laboratory
diagnostic and consulting services revenues, supported by continued
strong double-digit reference lab revenue gains in the US.
- Livestock, Poultry and Dairy ("LPD") organic revenue increased
6% for the third quarter reflecting growth in new products
worldwide, strong poultry sales in emerging markets, and growth in
Europe bovine revenue.
- Water's organic revenue growth was 7% in the third quarter,
supported by the launch of our new Quanti-Tray® Sealer
PLUS product and worldwide increases in core coliform and E.coli
products.
Gross profits increased 5%, and gross margins decreased slightly
to 55.2% from 55.6% in the prior year period. The decrease in gross
margins was primarily due to mix impacts from higher instrument
revenue.
The following table presents adjusted operating profit,
operating margin, EPS, and EPS growth, which are non-GAAP financial
measures that have been adjusted for the following items in the
current and prior year periods:
Amounts in
millions except per share data and
percentages
|
|
|
Revenue
|
Operating
Profit
|
Operating
Margin
|
EPS
|
EPS
Growth
|
Third Quarter 2015
Reported
|
$406.4
|
$71.9
|
17.7%
|
$0.48
|
(7.7%)
|
|
|
|
|
|
|
Software impairment
charge
|
|
8.2
|
|
0.06
|
|
|
|
|
|
|
|
Third Quarter 2015
Adjusted
|
$406.4
|
$80.1
|
19.7%
|
$0.543
|
1.9%3
|
|
|
|
|
|
|
Third Quarter 2014
Reported
|
$383.5
|
$72.2
|
18.8%
|
$0.52
|
|
|
|
|
|
|
|
Non-recurring
expenses associated with transition to all-direct sales
strategy
|
|
4.8
|
|
0.03
|
|
Non-recurring income
tax benefit related to deferral of intercompany profits
|
|
|
|
(0.02)
|
|
|
|
|
|
|
|
Third Quarter 2014
Adjusted
|
$383.5
|
$76.9
|
20.1%
|
$0.533
|
|
|
|
|
|
|
|
Adjusting for items included in the table above, operating
margins were 19.7% in the third quarter, down slightly from prior
year period adjusted operating margins of 20.1%, including
operating expenses that increased 6% primarily due to recurring
costs associated with the all-direct US CAG Diagnostics sales
strategy and other increases in global commercial resources, partly
offset by the favorable impact of foreign exchange.
Financial Outlook
The following guidance for 2015 and 2016 reflects the
assumptions that the value of the US dollar relative to other
currencies will remain at our current assumptions of the euro at
$1.11, the British pound at
$1.52, the Canadian dollar at
$0.75, the Australian dollar at
$0.70 and the Japanese yen at ¥120 to
the US dollar for the balance of 2015 and the full year of 2016,
and that the Federal R&D tax credit is not renewed for 2015 or
2016.
Outlook for 2015
The Company is adjusting its previous 2015 financial guidance as
summarized below:
Amounts in
millions except per share data and percentages
|
|
|
Guidance
Range
|
Growth
Definition
|
Year-over-Year
Growth
|
Revenue
|
$1,595 -
$1,605
|
Normalized
Organic2
Reported
|
~11%
7% to 8%
|
Adjusted
EPS3
|
$2.04 -
$2.07
|
Adjusted3
|
2% to 4%
|
EPS
|
$1.98 -
$2.01
|
Reported
|
11% to 12%
|
Free Cash
Flow5
|
80% - 90%
of net
income
|
|
|
Capital
Expenditures
|
~$100
|
|
|
As noted, we have adjusted our revenue range to the lower end of
our prior guidance. This outlook reflects moderated market growth
trends in Europe and recent
macroeconomic impacts, including effects from foreign currency
erosion, constraining targeted emerging market gains. Our Adjusted
EPS outlook also incorporates an approximate $0.03 combined negative impact from updated
foreign exchange rate projections and a higher effective tax
rate.
At current foreign exchange rates, we estimate that the effect
of the stronger US dollar will adversely impact 2015 revenue and
Adjusted EPS growth by 6% and 9%, respectively. Our full year
financial outlook includes the benefit of hedge contracts which we
expect will favorably impact EPS by approximately $0.15 per share.
The favorable deferred revenue impact of our Catalyst One
introductory offer is expected to increase revenue growth for the
full year 2015 by approximately 0.5%.
We expect an effective tax rate of 30.5%, an increase of
approximately 50 basis points over our previous guidance due to
updated estimates of regional profit mix. This outlook has not
assumed that the Federal R&D tax credit, which benefited EPS by
$0.03 per share in 2014, will be
renewed in 2015.
We are projecting a reduction in weighted average shares
outstanding of approximately 7.5%, and interest expense, net of
interest income, of approximately $27
million reflecting current and projected borrowings.
Adjustments to 2015 used for calculating Adjusted EPS and
Adjusted EPS growth are summarized below:
|
EPS Range
|
|
Low
|
High
|
EPS
|
$1.98
|
$2.01
|
|
|
|
Software impairment
charge
|
0.06
|
0.06
|
|
|
|
Adjusted
EPS3
|
$2.04
|
$2.07
|
Adjustments to EPS for 2014 used for calculating Adjusted EPS
growth are summarized below:
EPS
|
$1.79
|
|
|
Incremental expenses
associated with transition to an all-direct sales
strategy
|
|
- Non-recurring
transition costs
|
0.06
|
- Expense
ramp-up in advance of transition to new sales strategy
|
0.03
|
Impact of distributor
inventory drawdown
|
0.14
|
Non-recurring income
tax benefit related to the deferral of intercompany
profits
|
(0.02)
|
|
|
Adjusted
EPS3
|
$2.00
|
Outlook for 2016
The Company provides the following guidance for 2016:
Amounts in
millions except per share data and percentages
|
|
|
Guidance
Range
|
Growth
Definition
|
Year-over-Year
Growth
|
Revenue
|
$1,715 -
$1,735
|
Normalized
Organic2
Reported
|
8% to 9%
7% to 8%
|
EPS
|
$2.09 -
$2.16
|
Adjusted3
Reported
|
1% to 5%
5% to 8%
|
Our 2016 profit outlook reflects expectations for a 50 basis
point increase in operating margins compared to 2015, excluding
exchange impacts and the 2015 software impairment charge.
Excluding foreign currency change impacts, our guidance aligns
with constant currency Adjusted EPS growth of 13% to 16%. In 2016,
impacts of prior changes in foreign exchange rates will have a
significant impact on our reported results. At foreign exchange
rates outlined in this press release, we expect foreign exchange
will reduce 2016 revenue growth by ~1%, 2016 operating margins by
~150 basis points and negatively impact EPS by ~$0.21 per share. The operating profit impacts
reflect the expiration of hedging contracts that provided
~$20 million ($0.15 per share) of benefit in 2015. We also
expect that year-over-year changes in foreign exchange rates,
including recent erosion in emerging market currencies, will reduce
operating profits by ~$6 million
($0.04 per share). In addition, given
negative impacts of these changes on our regional profit mix, we
estimate that our effective tax rate will be 31% impacted by ~50
basis points negatively ($0.02 per
share) related to foreign exchange movements, net of benefits from
tax planning initiatives.
We are projecting a reduction in weighted average shares
outstanding of approximately 3.5% and interest expense, net of
interest income, of $31.5 million to $32.5
million reflecting current and projected
borrowings.
Statement Regarding Non-GAAP Financial Measures
The following provides information regarding certain measures
used in this earnings release that are not required by, or
presented in accordance with, generally accepted accounting
principles in the United States of
America ("GAAP"), otherwise referred to herein as non-GAAP
financial measures. To supplement the Company's consolidated
results presented in accordance with GAAP, the Company has
disclosed non-GAAP financial measures that exclude or adjust
certain items. Management believes these non-GAAP financial
measures provide useful supplemental information for its and
investors' evaluation of the Company's business performance and are
useful for period-over-period comparisons of the performance of the
Company's business. While management believes that these non-GAAP
financial measures are useful in evaluating the Company's business,
this information should be considered as supplemental in nature and
should not be considered in isolation or as a substitute for the
related financial information prepared in accordance with GAAP. In
addition, these non-GAAP financial measures may not be the same as
similarly titled measures reported by other companies. See the
notes to this earnings release for information regarding these
non-GAAP financial measures and the reconciliations included in the
notes and elsewhere in this earnings release for a reconciliation
of the non-GAAP financial measures to the most directly comparable
GAAP financial measures.
Conference Call and Webcast Information
IDEXX Laboratories, Inc. will be hosting a conference call today
at 8:00 a.m. (Eastern) to discuss its
third quarter results and management's outlook. To participate in
the conference call, dial 1-800-230-1085 or 1-612-288-0329 and
reference confirmation code 369419. An audio replay will be
available through Wednesday, November 4,
2015 by dialing 1-320-365-3844 and referencing replay code
369419.
The call will also be available via live or archived webcast on
the IDEXX Laboratories' website at www.idexx.com and will be
available for one year.
About IDEXX Laboratories, Inc.
IDEXX Laboratories, Inc. is a leader in pet healthcare
innovation, serving practicing veterinarians around the world with
a broad range of diagnostic and information technology-based
products and services. IDEXX products enhance the ability of
veterinarians to provide advanced medical care, improve staff
efficiency and build more economically successful practices. IDEXX
is also a worldwide leader in providing diagnostic tests and
information for livestock and poultry and tests for the quality and
safety of water and milk. Headquartered in Maine, IDEXX Laboratories employs more than
6,000 people and offers products to customers in over 175
countries.
1All references to growth and organic growth refer to
growth compared to the equivalent prior year period.
2Normalized organic revenue growth and organic
revenue growth are non-GAAP financial measures. Management believes
that reporting organic revenue growth provides useful information
to investors by facilitating easier comparisons of our revenue
performance with prior and future periods and to the performance of
our peers. Organic revenue growth for the third quarter of 2015
excludes the impact of changes in foreign currency exchange rates,
which had a 6.2% unfavorable impact on revenue growth, and revenue
from business acquisitions, which contributed 0.7% to revenue
growth. See the supplementary analysis of results below for a
reconciliation of reported revenue growth to organic revenue growth
for the three months ended September 30,
2015. Management also believes that reporting normalized
organic revenue growth provides useful information to investors by
facilitating easier comparisons of our revenue growth performance
with prior and future periods. Normalized organic revenue
growth excludes the impact of changes in our significant
distributors' inventory levels on organic revenue
growth. When selling our products through
distributors, changes in distributors' inventory levels can impact
our reported sales, and these changes may be affected by many
factors, which may not be directly related to underlying end-user
demand for our products. Effective January 1, 2015, we fully transitioned to an
all-direct sales strategy in the US, however changes in prior year
US distributors' inventory levels can still impact current year
reported growth results. In certain countries
internationally, we continue to sell our products through third
party distributors. Although we are unable to obtain data for
sales to end users from certain less significant non-US third party
distributors, we do not believe the impact of changes in these
distributors' inventories had or would have a material impact on
our growth rates in the relevant periods. Reconciliation of
organic revenue growth to normalized organic revenue growth for the
third quarter of 2015 includes the following positive/(negative)
impacts to organic revenue growth from changes in our significant
distributors' inventory levels; Total Company (0.4%), US (0.8%),
International 0.3%, CAG (0.4%), CAG Diagnostics Recurring (0.5%),
VetLab consumables (0.3%), VetLab service and accessories (0.3%),
and Rapid Assay (2.6%).
3Adjusted EPS and Adjusted EPS growth are non-GAAP
financial measures. Management believes that reporting
Adjusted EPS provides useful information to investors by
facilitating easier comparisons of our EPS performance with prior
and future periods. For total year projected
comparisons to prior years, 2015 excludes impacts in the
third quarter of 2015 related to the software impairment charge,
and 2014 excludes impacts in the second half of 2014 related to the
all-direct transition and a non-recurring income tax benefit
related to the deferral of intercompany profits recorded in the
third quarter of 2014. See table above for a reconciliation of 2014
and 2015 EPS adjustments.
4Constant currency references are non-GAAP financial
measures and exclude the impact of changes in foreign currency
exchange rates. Management believes that providing constant
currency information provides valuable supplemental information
regarding our operating margin and EPS performance because it is
consistent with how management evaluates our performance and
facilitates comparisons with prior and future periods. We estimated
the net impacts of currency on our projected operating margin and
Adjusted EPS results by restating results to the average exchange
rates or exchange rate assumptions for the comparative period,
which includes adjusting for the estimated impacts of foreign
currency hedging transactions and certain impacts on our effective
tax rates. These estimated currency changes reduced projected
2016 operating margin by ~150 basis points, and
projected 2015 and 2016 Adjusted EPS growth by 9% and 11%,
respectively.
5Free cash flow is a non-GAAP financial measure and
means, with respect to a measurement period, the cash generated
from operations during that period, excluding tax benefits
attributable to share-based compensation arrangements, reduced by
the Company's investments in fixed assets. Management
believes free cash flow is a useful measure because it indicates
the cash the operations of the business are generating after
appropriate reinvestment for recurring investments in fixed assets
that are required to operate the business. See the supplementary
analysis of results below for our calculation of free cash flow for
the three months ended September 30,
2015 and 2014. With respect to this particular
forward-looking projected non-GAAP financial measure, the Company
is unable to provide a quantitative reconciliation as the inputs to
the measurement are difficult to predict and estimate and are
primarily dependent on future events.
Note Regarding Forward-Looking
Statements
This earnings release contains
statements about the Company's business prospects and estimates of
the Company's financial results for future periods that are
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are
included above under "Financial Outlook for 2015" and elsewhere and
can be identified by the use of words such as "expects," "may,"
"anticipates," "intends," "would," "will," "plans," "believes,"
"estimates," "should," and similar words and expressions. Our
forward-looking statements include statements relating to our
revenue growth and EPS outlooks; free cash flow forecast; projected
impact of foreign currency exchange rates; projected operating
margins, capital expenditures, effective tax rate, weighted average
shares outstanding and interest expense; and projected instrument
placements. These statements are based on management's expectation
of future events as of the date of this earnings release, and the
Company assumes no obligation to update any forward-looking
statements as a result of new information or future events or
developments. Actual results could differ materially from
management's expectations. Factors that could cause or contribute
to such differences include the following: the Company's ability to
successfully execute its strategy, including supporting its
all-direct sales strategy in the US; the Company's ability to
develop, manufacture, introduce and market new products and
enhancements to existing products; the Company's ability to
achieve cost improvements in its worldwide network of laboratories
and in the manufacture and service of in-clinic
instruments;the Company's ability to identify acquisition
opportunities, complete acquisitions and integrate acquired
businesses; disruptions, shortages or pricing changes that affect
the Company's purchases of products and materials from third
parties, including from sole source suppliers; the effectiveness of
the Company's sales and marketing activities; the Company's ability
to manufacture complex biologic products; the impact of a
change to our relationship with the Company's
distributors;the impact of distributor purchasing decisions
on sales of the Company's products that are sold through
distribution; the Company's ability to manage the risks
associated with the use of distributors to sell the Company's
products; the impact of increased competition from existing and new
technologies and technological advances by our competitors;
the promotion and sale of our competitors' products by our
former US distribution partners; the effect of government
regulation on the Company's business, including government
decisions about whether and when to approve the Company's products
and decisions regarding labeling, manufacturing and marketing
products; the impact of veterinary hospital consolidation, and the
prevalence of buying consortiums on the markets for the Company's
products; the Company's ability to obtain patent and other
intellectual property protection for its products, successfully
enforce its intellectual property rights and defend itself against
third party claims against the Company; changes in testing patterns
or practices in veterinary medicine that affect the rate of use of
the Company's products and services by veterinarians; a failure or
perceived failure to comply with regulations and our policies
regarding the privacy and protection of user data; the effect of
any strengthening of the rate of exchange for the US dollar; the
effect of any adverse changes in the financial markets on the value
of the Company's investment portfolio; the impact of a weak economy
on demand for the Company's products and services or increased
customer credit risk; the effects of operations outside the US,
including from currency fluctuations, different regulatory,
political and economic conditions, and different market conditions
and local business and cultural factors; the impact of the
Company's limited experience and small scale in the human
point-of-care market; the effects of interruptions to the Company's
operations due to natural or man-made disasters, system failures or
disruptions or security breaches; the effect on the Company's stock
price if quarterly or annual operating results do not meet
expectations of market analysts or investors in future periods;
potential exposures related to our worldwide provision for income
taxes and the potential loss of tax incentives; and the Company's
ability to obtain financing on favorable terms. A further
description of these and other factors can be found in the
Company's Annual Report on Form 10-K for the year ended
December 31, 2014 and the Company's
Quarterly Report on Form 10-Q for the quarter ended September 30, 2015,in the sections
captioned "Risk Factors," as well as the Company's other periodic
reports filed or to be filed with the Securities and Exchange
Commission.
IDEXX
Laboratories, Inc. and Subsidiaries
|
|
|
|
|
|
|
Consolidated
Statement of Operations
|
|
|
|
|
|
|
Amounts in
thousands except per share data (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
September 30
,
|
September
30,
|
|
September
30,
|
September
30,
|
|
|
|
2015
|
2014
|
|
2015
|
2014
|
Revenue:
|
Revenue
|
|
$ 406,387
|
$ 383,523
|
|
$ 1,202,207
|
$ 1,133,848
|
Expenses
and
|
|
|
|
|
|
|
Income:
|
Cost of
revenue
|
|
182,113
|
170,187
|
|
529,632
|
499,897
|
|
Gross
profit
|
|
224,274
|
213,336
|
|
672,575
|
633,951
|
|
Sales and
marketing
|
|
73,107
|
70,602
|
|
223,460
|
206,470
|
|
General and
administrative
|
|
46,198
|
45,698
|
|
133,717
|
128,633
|
|
Research and
development
|
|
24,862
|
24,847
|
|
74,185
|
73,394
|
|
Impairment
charge
|
|
8,212
|
-
|
|
8,212
|
-
|
|
Income from
operations
|
|
71,895
|
72,189
|
|
233,001
|
225,454
|
|
Interest expense,
net
|
|
7,066
|
3,981
|
|
19,645
|
8,761
|
|
Income before
provision for income taxes
|
64,829
|
68,208
|
|
213,356
|
216,693
|
|
Provision for income
taxes
|
|
20,600
|
16,045
|
|
65,611
|
60,693
|
Net
Income:
|
Net income
|
|
44,229
|
52,163
|
|
147,745
|
156,000
|
|
Less: Noncontrolling
interest in subsidiary's
|
|
|
|
|
|
|
earnings
|
|
6
|
21
|
|
16
|
55
|
|
Net income
attributable to stockholders
|
$ 44,223
|
$ 52,142
|
|
$
147,729
|
$ 155,945
|
|
Earnings per share:
Basic
|
|
$
0.48
|
$
0.52
|
|
$
1.59
|
$
1.53
|
|
Earnings per share:
Diluted
|
|
$
0.48
|
$
0.52
|
|
$
1.57
|
$
1.51
|
|
Shares outstanding:
Basic
|
|
91,944
|
99,489
|
|
93,194
|
101,642
|
|
Shares outstanding:
Diluted
|
|
92,897
|
100,800
|
|
94,262
|
103,045
|
IDEXX
Laboratories, Inc. and Subsidiaries
|
|
|
|
|
|
Adjusted Earnings
per Share: Diluted (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
September
30,
|
|
September
30,
|
September
30,
|
|
|
2015
|
2014
|
|
2015
|
2014
|
Adjusted
|
Earnings per
share: Diluted (as Reported)
|
$
0.48
|
$
0.52
|
|
$
1.57
|
$
1.51
|
Earnings
|
Software impairment
charge
|
0.06
|
-
|
|
0.06
|
-
|
per
Share
|
Non-recurring
transition costs related to all-direct sales strategy
|
-
|
0.03
|
|
-
|
0.03
|
|
Non-recurring income
tax benefit related to the deferral of intercompany
profits
|
-
|
(0.02)
|
|
-
|
(0.02)
|
|
Adjusted earnings per
share: Diluted1
|
$
0.54
|
$
0.53
|
|
$
1.63
|
$
1.52
|
|
|
|
|
|
|
|
1Amounts presented may not recalculate due
to rounding.
IDEXX
Laboratories, Inc. and Subsidiaries
|
|
|
|
|
|
Selected Operating
Information (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
September
30,
|
|
September
30,
|
September
30,
|
|
|
2015
|
2014
|
|
2015
|
2014
|
Operating
|
Gross
profit
|
55.2%
|
55.6%
|
|
55.9%
|
55.9%
|
Ratios (as
a
|
Sales, marketing,
general and
|
|
|
|
|
|
percentage
of
|
administrative
expense
|
31.4%
|
30.3%
|
|
30.4%
|
29.6%
|
revenue):
|
Research and
development expense
|
6.1%
|
6.5%
|
|
6.2%
|
6.5%
|
|
Income from
operations1
|
17.7%
|
18.8%
|
|
19.4%
|
19.9%
|
1Amounts presented may not recalculate due
to rounding.
IDEXX
Laboratories, Inc. and Subsidiaries
|
|
|
|
|
Segment
Information
|
|
|
|
|
|
Amounts in
thousands (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
|
September
30,
|
Percent
of
|
|
September
30,
|
Percent
of
|
|
|
|
2015
|
Revenue
|
|
2014
|
Revenue
|
Revenue:
|
CAG
|
|
$
344,081
|
|
|
$
317,309
|
|
|
Water
|
|
25,957
|
|
|
25,747
|
|
|
LPD
|
|
30,448
|
|
|
33,063
|
|
|
Other
|
|
5,901
|
|
|
7,404
|
|
|
Total
|
|
$
406,387
|
|
|
$
383,523
|
|
|
|
|
|
|
|
|
|
Gross
Profit:
|
CAG
|
|
$
183,981
|
53.5%
|
|
$
173,423
|
54.7%
|
|
Water
|
|
18,266
|
70.4%
|
|
17,341
|
67.4%
|
|
LPD
|
|
18,286
|
60.1%
|
|
20,583
|
62.3%
|
|
Other
|
|
3,229
|
54.7%
|
|
3,986
|
53.8%
|
|
Unallocated
Amounts
|
512
|
N/A
|
|
(1,997)
|
N/A
|
|
Total
|
|
$
224,274
|
55.2%
|
|
$
213,336
|
55.6%
|
|
|
|
|
|
|
|
|
Income
from
|
|
|
|
|
|
|
Operations:
|
CAG
|
|
$
61,541
|
17.9%
|
|
$
60,176
|
19.0%
|
|
Water
|
|
12,408
|
47.8%
|
|
11,367
|
44.1%
|
|
LPD
|
|
5,562
|
18.3%
|
|
6,319
|
19.1%
|
|
Other
|
|
635
|
10.8%
|
|
794
|
10.7%
|
|
Unallocated
Amounts
|
(8,251)
|
N/A
|
|
(6,467)
|
N/A
|
|
Total
|
|
$
71,895
|
17.7%
|
|
$
72,189
|
18.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
Percent
of
|
|
September
30,
|
Percent
of
|
|
|
|
2015
|
Revenue
|
|
2014
|
Revenue
|
Revenue:
|
CAG
|
|
$ 1,020,232
|
|
|
$
938,166
|
|
|
Water
|
|
72,706
|
|
|
71,655
|
|
|
LPD
|
|
93,777
|
|
|
104,581
|
|
|
Other
|
|
15,492
|
|
|
19,446
|
|
|
Total
|
|
$ 1,202,207
|
|
|
$ 1,133,848
|
|
|
|
|
|
|
|
|
|
Gross
Profit:
|
CAG
|
|
$
552,372
|
54.1%
|
|
$
514,693
|
54.9%
|
|
Water
|
|
51,528
|
70.9%
|
|
47,379
|
66.1%
|
|
LPD
|
|
56,775
|
60.5%
|
|
66,827
|
63.9%
|
|
Other
|
|
8,191
|
52.9%
|
|
10,130
|
52.1%
|
|
Unallocated
Amounts
|
3,709
|
N/A
|
|
(5,078)
|
N/A
|
|
Total
|
|
$
672,575
|
55.9%
|
|
$
633,951
|
55.9%
|
|
|
|
|
|
|
|
|
Income
from
|
|
|
|
|
|
|
Operations:
|
CAG
|
|
$
181,845
|
17.8%
|
|
$
181,104
|
19.3%
|
|
Water
|
|
33,821
|
46.5%
|
|
29,547
|
41.2%
|
|
LPD
|
|
17,408
|
18.6%
|
|
25,385
|
24.3%
|
|
Other
|
|
204
|
1.3%
|
|
1,134
|
5.8%
|
|
Unallocated
Amounts
|
(277)
|
N/A
|
|
(11,716)
|
N/A
|
|
Total
|
|
$
233,001
|
19.4%
|
|
$
225,454
|
19.9%
|
|
|
|
|
|
|
|
|
IDEXX
Laboratories, Inc. and Subsidiaries
|
Revenues and
Revenue Growth Analysis by Product and Service Categories and by
Domestic and International Markets
|
Amounts in
thousands (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Revenue
|
September
30,
2015
|
|
|
September
30,
2014
|
|
Dollar
Change
|
|
Percentage
Change
|
|
Percentage
Change
from
Currency1
|
|
Percentage
Change
from
Acquisitions2
|
|
Organic
Revenue
Growth3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAG
|
$
|
344,081
|
|
$
|
317,309
|
|
$
|
26,772
|
|
8.4%
|
|
|
(5.7%)
|
|
|
0.9%
|
|
13.2%
|
Water
|
|
25,957
|
|
|
25,747
|
|
|
210
|
|
0.8%
|
|
|
(5.9%)
|
|
|
-
|
|
6.7%
|
LPD
|
|
30,448
|
|
|
33,063
|
|
|
(2,615)
|
|
(7.9%)
|
|
|
(13.4%)
|
|
|
-
|
|
5.5%
|
Other
|
|
5,901
|
|
|
7,404
|
|
|
(1,503)
|
|
(20.3%)
|
|
|
(0.6%)
|
|
|
-
|
|
(19.7%)
|
Total
|
$
|
406,387
|
|
$
|
383,523
|
|
$
|
22,864
|
|
6.0%
|
|
|
(6.2%)
|
|
|
0.7%
|
|
11.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
Net
Revenue
|
September 30,
2015
|
|
|
September
30,
2014
|
|
Dollar
Change
|
|
Percentage
Change
|
|
Percentage
Change
from
Currency1
|
|
Percentage
Change
from
Acquisitions2
|
|
Organic
Revenue
Growth3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
$
|
252,076
|
|
$
|
225,310
|
|
$
|
26,766
|
|
11.9%
|
|
|
-
|
|
|
0.2%
|
|
|
11.7%
|
International
|
|
154,311
|
|
|
158,213
|
|
|
(3,902)
|
|
(2.5%)
|
|
|
(15.3%)
|
|
|
1.8%
|
|
|
11.0%
|
Total
|
$
|
406,387
|
|
$
|
383,523
|
|
$
|
22,864
|
|
6.0%
|
|
|
(6.2%)
|
|
|
0.7%
|
|
|
11.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
|
Net CAG
Revenue
|
September 30,
2015
|
|
|
September
30,
2014
|
|
Dollar
Change
|
|
Percentage
Change
|
|
Percentage
Change
from
Currency1
|
|
Percentage
Change
from
Acquisitions2
|
|
Organic
Revenue
Growth3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAG Diagnostics
recurring revenue:
|
$
|
290,502
|
|
$
|
274,367
|
|
$
|
16,135
|
|
5.9%
|
|
|
(5.7%)
|
|
|
0.7%
|
|
|
10.9%
|
VetLab
consumables
|
|
98,957
|
|
|
90,975
|
|
|
7,982
|
|
8.8%
|
|
|
(6.8%)
|
|
|
-
|
|
|
15.6%
|
VetLab service and
accessories
|
|
13,675
|
|
|
13,537
|
|
|
138
|
|
1.0%
|
|
|
(6.1%)
|
|
|
-
|
|
|
7.1%
|
Rapid assay
products
|
|
47,534
|
|
|
46,777
|
|
|
757
|
|
1.6%
|
|
|
(2.5%)
|
|
|
-
|
|
|
4.1%
|
Reference
laboratory diagnostic and
consulting services
|
|
130,336
|
|
|
123,078
|
|
|
7,258
|
|
5.9%
|
|
|
(6.2%)
|
|
|
1.6%
|
|
|
10.5%
|
CAG Diagnostics
capital - instruments
|
|
25,989
|
|
|
18,215
|
|
|
7,774
|
|
42.7%
|
|
|
(11.7%)
|
|
|
-
|
|
|
54.4%
|
Customer information
management and digital imaging systems
|
|
27,590
|
|
|
24,727
|
|
|
2,863
|
|
11.6%
|
|
|
(1.0%)
|
|
|
3.4%
|
|
|
9.2%
|
Net CAG
revenue
|
$
|
344,081
|
|
$
|
317,309
|
|
$
|
26,772
|
|
8.4%
|
|
|
(5.7%)
|
|
|
0.9%
|
|
|
13.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 The percentage change from currency is a non-GAAP
financial measure. This measure represents the percentage change in
revenue resulting from the difference between the average exchange
rates during the three months ended September 30, 2015 and the same period of the
prior year applied to foreign currency-denominated revenues for the
three months ended September 30,
2014.
2 The percentage change from acquisitions is a
non-GAAP financial measure. This measure represents the percentage
change in revenue during the three months ended September 30, 2015 compared to the three months
ended September 30, 2014 attributed
to acquisitions subsequent to June 30,
2014.
3 Organic revenue growth is a non-GAAP
financial measure and represents the percentage change in revenue
during the three months ended September 30,
2015 compared to the three months ended September 30, 2014 net of acquisitions and the
effect of changes in foreign currency exchange rates.
IDEXX
Laboratories, Inc. and Subsidiaries
|
Revenues and
Revenue Growth Analysis by Product and Service Categories and by
Domestic and International Markets
|
Amounts in
thousands (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Revenue
|
September 30,
2015
|
|
|
September
30,
2014
|
|
Dollar
Change
|
|
Percentage
Change
|
|
Percentage
Change
from
Currency1
|
|
Percentage
Change
from
Acquisitions2
|
|
Organic
Revenue
Growth3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAG
|
$
|
1,020,232
|
|
$
|
938,166
|
|
$
|
82,066
|
|
|
8.7%
|
|
(5.7%)
|
|
0.7%
|
|
13.7%
|
Water
|
|
72,706
|
|
|
71,655
|
|
|
1,051
|
|
|
1.5%
|
|
(5.7%)
|
|
-
|
|
7.2%
|
LPD
|
|
93,777
|
|
|
104,581
|
|
|
(10,804)
|
|
|
(10.3%)
|
|
(12.5%)
|
|
-
|
|
2.2%
|
Other
|
|
15,492
|
|
|
19,446
|
|
|
(3,954)
|
|
|
(20.3%)
|
|
(0.9%)
|
|
-
|
|
(19.4%)
|
Total
|
$
|
1,202,207
|
|
$
|
1,133,848
|
|
$
|
68,359
|
|
|
6.0%
|
|
(6.3%)
|
|
0.6%
|
|
11.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Revenue
|
September 30,
2015
|
|
|
September
30,
2014
|
|
Dollar
Change
|
|
Percentage
Change
|
|
Percentage
Change
from
Currency1
|
|
Percentage
Change
from
Acquisitions2
|
|
Organic
Revenue
Growth3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
$
|
741,726
|
|
$
|
658,240
|
|
$
|
83,486
|
|
|
12.7%
|
|
-
|
|
0.2%
|
|
12.5%
|
International
|
|
460,481
|
|
|
475,608
|
|
|
(15,127)
|
|
|
(3.2%)
|
|
(14.9%)
|
|
1.2%
|
|
10.5%
|
Total
|
$
|
1,202,207
|
|
$
|
1,133,848
|
|
$
|
68,359
|
|
|
6.0%
|
|
(6.3%)
|
|
0.6%
|
|
11.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
|
Net CAG
Revenue
|
September 30,
2015
|
|
|
September
30,
2014
|
|
Dollar
Change
|
|
Percentage
Change
|
|
Percentage
Change
from
Currency1
|
|
Percentage
Change
from
Acquisitions2
|
|
Organic
Revenue
Growth3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAG Diagnostics
recurring revenue:
|
$
|
869,413
|
|
$
|
807,193
|
|
$
|
62,220
|
|
7.7%
|
|
(5.8%)
|
|
0.5%
|
|
13.0%
|
VetLab
consumables
|
|
298,093
|
|
|
264,410
|
|
|
33,683
|
|
12.7%
|
|
(7.1%)
|
|
-
|
|
19.8%
|
VetLab service and
accessories
|
|
41,223
|
|
|
40,036
|
|
|
1,187
|
|
3.0%
|
|
(6.3%)
|
|
-
|
|
9.3%
|
Rapid assay
products
|
|
143,353
|
|
|
139,328
|
|
|
4,025
|
|
2.9%
|
|
(2.7%)
|
|
-
|
|
5.6%
|
Reference
laboratory diagnostic and
consulting services
|
|
386,744
|
|
|
363,419
|
|
|
23,325
|
|
6.4%
|
|
(6.2%)
|
|
1.2%
|
|
11.4%
|
CAG Diagnostics
capital - instruments
|
|
70,166
|
|
|
55,799
|
|
|
14,367
|
|
25.7%
|
|
(11.5%)
|
|
-
|
|
37.2%
|
Customer information
management and digital imaging systems
|
|
80,653
|
|
|
75,174
|
|
|
5,479
|
|
7.3%
|
|
(0.8%)
|
|
3.3%
|
|
4.8%
|
Net CAG
revenue
|
$
|
1,020,232
|
|
$
|
938,166
|
|
$
|
82,066
|
|
8.7%
|
|
(5.7%)
|
|
0.7%
|
|
13.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 The percentage change from currency is a non-GAAP
financial measure. This measure represents the percentage change in
revenue resulting from the difference between the average exchange
rates during the nine months ended September
30, 2015 and the same period of the prior year applied to
foreign currency-denominated revenues for the nine months ended
September 30, 2014.
2 The percentage change from acquisitions is a
non-GAAP financial measure. This measure represents the percentage
change in revenue during the nine months ended September 30, 2015 compared to the nine months
ended September 30, 2014 attributed
to acquisitions subsequent to December 31,
2013.
3 Organic revenue growth is a non-GAAP
financial measure and represents the percentage change in revenue
during the nine months ended September 30,
2015 compared to the nine months ended September 30, 2014 net of acquisitions and the
effect of changes in foreign currency exchange rates.
IDEXX
Laboratories, Inc. and Subsidiaries
|
|
|
|
|
|
|
Consolidated
Balance Sheet
|
|
|
|
|
|
|
Amounts in
thousands (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
December
31,
|
|
|
|
|
|
|
2015
|
2014
|
Assets:
|
Current
Assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
|
$
141,150
|
$
322,536
|
|
Marketable
securities
|
|
|
|
|
208,399
|
-
|
|
Accounts receivable,
net
|
|
|
|
|
190,904
|
152,380
|
|
Inventories
|
|
|
|
|
192,405
|
160,342
|
|
Other current
assets
|
|
|
|
|
100,538
|
124,140
|
|
Total current
assets
|
|
|
|
|
833,396
|
759,398
|
|
Property and
equipment, net
|
|
|
|
|
320,337
|
303,587
|
|
Other long-term
assets, net
|
|
|
|
|
323,477
|
321,226
|
|
Total
assets
|
|
|
|
|
$ 1,477,210
|
$ 1,384,211
|
Liabilities
and
|
|
|
|
|
|
|
|
Stockholders'
|
|
|
|
|
|
|
|
Equity
(Deficit):
|
Current
Liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
|
|
|
$
53,614
|
$ 44,743
|
|
Accrued
liabilities
|
|
|
|
|
203,738
|
195,351
|
|
Line of
credit
|
|
|
|
|
542,500
|
549,000
|
|
Deferred
revenue
|
|
|
|
|
24,914
|
31,812
|
|
Total current
liabilities
|
|
|
|
|
824,766
|
820,906
|
|
Long-term
debt
|
|
|
|
|
599,556
|
350,000
|
|
Other long-term
liabilities
|
|
|
|
|
91,691
|
95,716
|
|
Total long-term
liabilities
|
|
|
|
|
691,247
|
445,716
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity (deficit)
|
|
|
(38,892)
|
117,516
|
|
Noncontrolling
interest
|
|
|
|
89
|
73
|
|
Total equity
(deficit)
|
|
|
|
(38,803)
|
117,589
|
|
Total liabilities
and stockholders' equity (deficit)
|
|
$
1,477,210
|
$ 1,384,211
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IDEXX
Laboratories, Inc. and Subsidiaries
|
|
|
|
|
|
|
Selected Balance
Sheet Information (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
June
30,
|
March
31,
|
|
December
31,
|
September
30,
|
|
|
2015
|
|
2015
|
2015
|
|
2014
|
2014
|
Selected
|
|
|
|
|
|
|
|
|
Balance
Sheet
|
Days sales
outstanding1
|
43.8
|
|
43.7
|
41.6
|
|
40.6
|
39.2
|
Information:
|
Inventory
turns2
|
1.5
|
|
1.5
|
1.6
|
|
1.7
|
1.8
|
|
|
|
|
|
|
|
|
|
1 Days
sales outstanding represents the average of the accounts receivable
balances at the beginning and end of each quarter divided by
revenue for that quarter, the result of which is then multiplied by
91.25 days.
|
2 Inventory
turns represent inventory-related cost of product sales for the
twelve months preceding each quarter-end divided by the inventory
balance at the end of the quarter.
|
IDEXX
Laboratories, Inc. and Subsidiaries
|
|
|
|
|
|
Consolidated
Statement of Cash Flows
|
|
|
|
|
|
Amounts in
thousands (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
September
30,
|
September
30,
|
|
|
|
|
|
2015
|
2014
|
Operating:
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
Net income
|
|
|
|
$ 147,745
|
$ 156,000
|
|
Non-cash
charges
|
|
|
|
72,020
|
51,943
|
|
Changes in assets and
liabilities
|
|
(67,253)
|
10,181
|
|
Tax benefit from
share-based compensation arrangements
|
(10,044)
|
(9,581)
|
|
Net cash provided by
operating activities
|
|
|
|
142,468
|
208,543
|
Investing:
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
|
(67,517)
|
(42,504)
|
|
Purchase of
marketable securities
|
|
(231,387)
|
-
|
|
Proceeds from the
sale and maturities of marketable securities
|
|
|
24,711
|
-
|
|
Acquisitions of
intangible assets
|
|
|
-
|
(175)
|
|
Proceeds from sale of
equity investment
|
|
|
-
|
5,400
|
|
Acquisitions of a
business, net of cash acquired
|
|
(8,200)
|
(7,516)
|
|
Net cash used by
investing activities
|
|
|
(282,393)
|
(44,795)
|
Financing:
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
(Repayments)
borrowings on revolving credit facilities, net
|
|
(6,500)
|
98,000
|
|
Issuance of long-term
debt
|
|
250,097
|
200,000
|
|
Payment of notes
payable
|
|
|
|
-
|
(1,394)
|
|
Repurchases of common
stock
|
|
|
|
(309,057)
|
(468,968)
|
|
Debt issue
costs
|
|
|
|
(199)
|
(1,357)
|
|
Proceeds from the
exercise of stock options and employee stock purchase
plans
|
19,221
|
18,361
|
|
Tax benefit from
share-based compensation arrangements
|
10,044
|
9,581
|
|
Net cash used by
financing activities
|
|
|
(36,394)
|
(145,777)
|
|
Net effect of changes
in exchange rates on cash
|
|
|
|
(5,067)
|
(4,294)
|
|
Net (decrease)
increase in cash and cash equivalents
|
|
|
|
(181,386)
|
13,677
|
|
Cash and cash
equivalents, beginning of period
|
|
|
322,536
|
279,058
|
|
Cash and cash
equivalents, end of period
|
|
|
|
$ 141,150
|
$ 292,735
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IDEXX
Laboratories, Inc. and Subsidiaries
|
|
|
|
|
|
Free Cash
Flow1
|
|
|
|
|
|
Amounts in
thousands (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
September
30,
|
September
30,
|
|
|
|
|
|
2015
|
2014
|
Free
Cash
|
|
|
|
|
|
|
Flow:
|
Net cash provided by
operating activities
|
|
|
|
$ 142,468
|
$ 208,543
|
|
Financing cash flows
attributable to tax benefits from share-based compensation
arrangements
|
10,044
|
9,581
|
|
Investing cash flows
attributable to purchases of property and equipment
|
(67,516)
|
(42,504)
|
|
Free cash
flow
|
|
|
|
$ 84,996
|
$ 175,620
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Free cash flow is a non-GAAP financial measure and
is calculated from cash generated from operations, excluding tax
benefits attributable to share-based compensation arrangements,
reduced by the Company's investments in fixed assets. Management
believes free cash flow is a useful measure because it indicates
the cash the operations of the business are generating after
appropriate reinvestment for recurring investments in fixed assets
that are required to operate the business. Management also believes
this is a common financial measure useful to further evaluate the
results of operations.
IDEXX
Laboratories, Inc. and Subsidiaries
|
|
|
|
|
Common Stock
Repurchases
|
|
|
|
|
Amounts in
thousands except per share data (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
September
30,
|
|
September
30,
|
September
30,
|
|
|
|
2015
|
2014
|
|
2015
|
2014
|
|
Share repurchases
during the period
|
1,215
|
4,395
|
|
4,411
|
7,578
|
|
Average price paid
per share1
|
|
$ 70.89
|
$
61.99
|
|
$
72.15
|
$ 62.59
|
|
|
|
|
|
|
|
|
|
1 Shares repurchased on and before
June 15, 2015 and the associated average cost per share have been
adjusted to reflect the June 2015 two-for-one stock split.
Actual shares repurchased and acquired through employee surrender
were 1,215,000 and 2,996,000 for the three and nine months ended
September 30, 2015, respectively, and 2,198,000 and 3,789,000 for
the three and nine months ended September 30, 2014,
respectively.
Shares remaining
under repurchase authorization as of September 30, 2015 totaled
8,119,415.
|
|
|
|
Share repurchases
include shares surrendered by employees in payment for the minimum
required withholding taxes due on the vesting of restricted stock
units and the settlement of deferred stock units.
|
Contact: Ed Garber, Director,
Investor Relations, 1-207-556-8155
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SOURCE IDEXX Laboratories, Inc.