WESTBROOK, Maine, Jan. 29, 2016 /PRNewswire/ -- IDEXX
Laboratories, Inc. (NASDAQ: IDXX) today reported revenues for the
fourth quarter of 2015 of $400
million, an increase of 14%1 compared to the
prior year period. Normalized organic revenue growth2
for the quarter was over 11%, supported by strong growth in the
Companion Animal Group ("CAG") segment. Revenue for the full year
of $1,602 million increased 8% on a
reported basis, supported by 11% normalized organic revenue
growth.
Earnings per diluted share ("EPS") for the quarter was
$0.48. Adjusted EPS
growth3 was 2% compared to the prior year period, while
absorbing a negative $0.03 per share
impact related to net changes in foreign exchange, resulting in
constant currency4 Adjusted EPS growth of 9%. The
quarter benefited from recording the full year impact of the
decision to make the federal research and development ("R&D")
tax credit permanent, which had a $0.03 favorable impact on EPS, consistent with
the prior year quarter.
"We were very pleased with the Company's performance in the
fourth quarter, supported by record instrument placements in both
North American and international markets. Total premium instrument
placements were up 35% over a very strong prior year period, with
Catalyst placements up 61% compared to last year. We achieved 694
Catalyst placements in North
America and 868 in international markets, leveraging our
expanded commercial presence globally. In North America, 395
units or 57% of our Catalyst placements were to new and competitive
accounts, up 37% over Q4 2014, a testament to the increasing
effectiveness of our all-direct sales force. For the full year, we
placed 9,771 chemistry and hematology instruments worldwide,
substantially higher than any year in our history. SediVue Dx™, our
novel urine sediment analyzer for use in-clinic, and the recent
regulatory approval of Catalyst One® in Japan, will add to our already substantial
momentum in placing instruments as we move through 2016," said
Jonathan Ayers, the Company's
Chairman and Chief Executive Officer.
"SediVue is a breakthrough innovation that helps improve
accuracy and streamlines workflows of a historically challenging
manual process involving microscopic interpretation. SediVue
presents veterinarians with a huge opportunity to enhance the
quality of patient care while simultaneously helping to drive
practice revenue growth and staff efficiency. Working in concert
with chemistry and hematology, urinalysis forms the essential third
pillar of the minimum diagnostic database in pet care," continued
Ayers.
"We also continue to be pleased by the enthusiastic response of
our customers to IDEXX SDMA™, our unique test for kidney disease, a
common condition in pets. IDEXX SDMA has now been automatically
added to all chemistry panels for customers in all of our major
reference laboratory markets globally. This novel kidney parameter
is being well received globally by our customers, helped in part by
the inclusion of SDMA in the International Renal Interest Society
(IRIS) guidelines. IRIS is led by a board of 15 world-renowned
independent veterinarians from 10 different countries, so the
inclusion of SDMA as an important marker for renal function is a
worldwide endorsement."
"Our solid finish to 2015 is positioning us to deliver continued
strong constant currency4 revenue and profit gains in
2016."
Fourth Quarter Financial Performance
Highlights
Fourth quarter revenue increased 14% to $400 million. Normalized organic revenue growth
was 11% 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
13% for the fourth quarter, driven by 12.5% normalized growth in
recurring CAG Diagnostics revenues and a 28% increase in organic
revenue growth2 in CAG Diagnostics instruments. CAG
Diagnostics recurring revenue gains were driven by 16% normalized
organic growth in IDEXX VetLab® consumable revenues,
reflecting solid volume gains and benefits from margin capture, and
11% organic growth in reference laboratory diagnostic and
consulting services revenues, supported by continued strong
double-digit reference lab revenue gains in the US. Rapid assay
revenues achieved 9% normalized organic growth, supported by higher
4Dx product volumes and benefits from margin capture.
- Livestock, Poultry and Dairy ("LPD") organic revenue increased
2% for the fourth quarter reflecting solid growth in new products
worldwide and strong poultry and swine sales in emerging markets,
offset partially by lower livestock services revenue in
Australia and lower Europe bovine revenue.
- Water's organic revenue growth was 10% in the fourth quarter,
due to worldwide increases in core coliform and E.coli products, as
well as benefits from the launch of our new Quanti-Tray®
Sealer PLUS product.
The following table presents adjusted revenue, gross profit,
gross margin, operating profit, operating margin, EPS, and EPS
growth, which are non-GAAP financial measures that have been
adjusted for the following items in the prior year periods:
Amounts in
millions except per share data and
percentages
|
|
Revenue
|
Gross
Profit
|
Gross
Margin
|
Operating
Profit
|
Operating
Margin
|
EPS
|
EPS Growth
|
Reported Fourth
Quarter 2015
|
$399.7
|
$217.7
|
54.5%
|
$66.9
|
16.7%
|
$0.48
|
77.8%
|
|
|
|
|
|
|
|
|
No adjustments
required
|
|
|
|
|
|
|
|
Adjusted Fourth
Quarter 2015
|
$399.7
|
$217.7
|
54.5%
|
$66.9
|
16.7%
|
$0.483
|
2.1%3
|
|
|
|
|
|
|
|
|
Reported Fourth
Quarter 2014
|
$352.0
|
$182.2
|
51.8%
|
$34.8
|
9.9%
|
$0.27
|
|
|
|
|
|
|
|
|
|
Impact of distributor
inventory drawdown
|
25.1
|
20.8
|
|
20.8
|
|
0.14
|
|
Non-recurring
expenses
associated with transition to all-
direct sales strategy
|
|
|
|
5.2
|
|
0.03
|
|
Expense ramp-up in
advance of
transition to new sales strategy
|
|
|
|
4.6
|
|
0.03
|
|
Adjusted Fourth
Quarter 2014
|
$377.1
|
$203.0
|
53.8%
|
$65.4
|
17.3%
|
$0.473
|
|
|
|
|
|
|
|
|
|
Gross Profit increased 20% compared to the prior year
period. Gross Margin adjusted for the impact of the prior
year US channel inventory reductions increased from 53.8% to 54.5%,
reflecting lower manufacturing costs and benefits from moderate
price gains, which offset mix impacts from strong instrument
sales.
Operating Margin was 16.7% in the fourth quarter, down slightly
from prior year period adjusted operating margin of 17.3%.
This change reflects increases in operating expenses compared to
the prior year period 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.
Outlook for 2016
The Company is maintaining its organic revenue growth outlook
while updating reported revenue guidance for the strengthening of
the US dollar relative to foreign currencies. Despite unfavorable
currency impacts, the Company is raising its EPS guidance to
reflect the permanent extension of the Federal R&D tax credit
and solid operating trends. Excluding foreign currency change
impacts, our guidance aligns with constant currency Adjusted EPS
growth of 12% to 15%.
At current foreign exchange rates, we estimate that the
effect of the stronger US dollar will adversely impact 2016
reported revenue growth by approximately 2.5%, EPS by an estimated
$0.26 per share, and Adjusted EPS
growth by 12% compared to rates in effect in 2015. Compared to
assumptions used in our prior guidance for 2016 provided during our
third quarter earnings call on October 28,
2015, the continued strengthening of the US dollar has the
effect of lowering projected revenue by approximately $25 million and EPS by $0.04 per share, net of hedge benefits. These
effects are mitigated by benefits from the decision to make the
Federal R&D tax credit permanent, which is estimated to have a
$0.03 positive impact on EPS, and
expected stronger operating performance, which is expected to add
$0.02 to EPS.
The Company provides the following updated guidance for
2016:
Amounts in
millions except per share data and percentages
|
|
Guidance
Range
|
Growth
Definition
|
Year-over-Year
Growth
|
Revenue
|
$1,690 -
$1,710
|
Organic Revenue
Growth2
Reported
|
8% to 9%
6% to 7%
|
EPS
|
$2.10 -
$2.17
|
Adjusted
Constant Currency
Adjusted
Reported
|
0% to
3%3
12% to
15%4
2% to 6%
|
Free Cash
Flow: 95% - 100%
of net income
|
Capital
Expenditures:
$90
million
|
The guidance above assumes that the value of the US dollar
relative to other currencies will reflect the euro at $1.07, the British pound at $1.41, the Canadian dollar at $0.68, the Australian dollar at $0.68 and the Japanese yen at ¥118 to the US
dollar for the full year of 2016.
We expect that operating margins for the full year will be 18.0%
to 18.5%, or approximately 100 basis points below 2015 adjusted
operating margin levels, driven by foreign exchange impacts
including comparisons to benefits from 2015 hedge gains. Adjusted
for currency impacts and the 2015 software impairment charge, we
are targeting operating margin improvement of approximately 50
basis points from 2015 levels.
We expect an effective tax rate of 30% to 30.5%, including
projected benefits from the Federal R&D tax credit. We
are projecting a reduction in weighted average shares outstanding
of approximately 3.5% to 4.0%, and interest expense, net of
interest income, of approximately $32
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 and to the performance of our peers. 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 8:30 a.m. (Eastern) to discuss its
fourth quarter results and management's outlook. To participate in
the conference call, dial 1-800-230-1092 or 1-612-332-0107 and
reference confirmation code 384558. An audio replay will be
available through Friday, February 5,
2016 by dialing 1-320-365-3844 and referencing replay code
384558.
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 fourth
quarter of 2015 excludes the impact of changes in foreign currency
exchange rates, which had a 5.7% 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 December 31, 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 fourth quarter of 2015
includes the following positive impacts to organic revenue growth
from changes in our significant distributors' inventory levels;
Total Company 7.5%, US 13.0%, International 0.3%, CAG 9.4%, CAG
Diagnostics Recurring 11.5%, VetLab consumables 18.4%, VetLab
service and accessories 3.4%, and Rapid Assay 45.4%. Reconciliation
of organic revenue growth to normalized organic revenue growth for
the full year of 2015 includes the following positive impacts to
organic revenue growth from changes in our significant
distributors' inventory levels; Total Company 2.0%, US 3.4%,
International 0.1%, CAG 2.5%, CAG Diagnostics Recurring 3.0%,
VetLab consumables 5.1%, VetLab service and accessories 1.0%, and
Rapid Assay 7.6%.
|
|
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. See table above for a reconciliation of
fourth quarter 2014 and 2015 EPS adjustments, and the supplementary
analysis of results section for a reconciliation of full year 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 revenue, 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 revenue, operating profit 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 2015 Adjusted EPS growth by 8%,
projected 2016 revenue growth by 2.5%, and projected 2016 Adjusted
EPS growth by 12%. Constant currency revenue growth
represents the percentage change in revenue during the applicable
period, as compared to the prior year period, excluding the impact
of changes in foreign currency exchange rates.
|
|
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 years ended December 31,
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 2016" 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 product launches. 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
|
|
Years
Ended
|
|
|
|
December
31,
|
December
31,
|
|
December
31,
|
December
31,
|
|
|
|
2015
|
2014
|
|
2015
|
2014
|
Revenue:
|
Revenue
|
|
$ 399,685
|
$ 351,959
|
|
$ 1,601,892
|
$ 1,485,807
|
Expenses
and
|
|
|
|
|
|
|
|
Income:
|
Cost of
revenue
|
|
181,990
|
169,794
|
|
711,622
|
669,691
|
|
Gross
profit
|
|
217,695
|
182,165
|
|
890,270
|
816,116
|
|
Sales and
marketing
|
|
76,495
|
77,238
|
|
299,955
|
283,708
|
|
General and
administrative
|
|
48,793
|
45,257
|
|
182,510
|
173,890
|
|
Research and
development
|
|
25,496
|
24,869
|
|
99,681
|
98,263
|
|
Impairment
charge
|
|
-
|
-
|
|
8,212
|
-
|
|
Income from
operations
|
|
66,911
|
34,801
|
|
299,912
|
260,255
|
|
Interest expense,
net
|
|
(7,126)
|
(4,939)
|
|
(26,771)
|
(13,700)
|
|
Income before
provision for income taxes
|
|
59,785
|
29,862
|
|
273,141
|
246,555
|
|
Provision for income
taxes
|
|
15,395
|
3,911
|
|
81,006
|
64,604
|
Net
Income:
|
Net income
|
|
44,390
|
25,951
|
|
192,135
|
181,951
|
|
Less: Noncontrolling
interest in subsidiary's
|
|
|
|
|
|
|
|
earnings
|
|
41
|
(10)
|
|
57
|
45
|
|
Net income
attributable to stockholders
|
|
$ 44,349
|
$ 25,961
|
|
$ 192,078
|
$ 181,906
|
|
Earnings per share:
Basic
|
|
$
0.49
|
$
0.27
|
|
$
2.07
|
$
1.82
|
|
Earnings per share:
Diluted
|
|
$
0.48
|
$
0.27
|
|
$
2.05
|
$
1.79
|
|
Shares outstanding:
Basic
|
|
90,841
|
95,499
|
|
92,601
|
100,094
|
|
Shares outstanding:
Diluted
|
|
91,788
|
96,861
|
|
93,649
|
101,503
|
IDEXX
Laboratories, Inc. and Subsidiaries
|
|
|
|
|
|
|
Selected Operating
Information (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Years
Ended
|
|
|
|
December
31,
|
December
31,
|
|
December
31,
|
December
31,
|
|
|
|
2015
|
2014
|
|
2015
|
2014
|
Operating
|
Gross
profit
|
|
54.5%
|
51.8%
|
|
55.6%
|
54.9%
|
Ratios (as
a
|
Sales, marketing,
general and
|
|
|
|
|
|
|
percentage
of
|
administrative
expense
|
|
31.3%
|
34.8%
|
|
30.6%
|
30.8%
|
revenue):
|
Research and
development expense
|
|
6.4%
|
7.1%
|
|
6.2%
|
6.6%
|
|
Income from
operations1
|
|
16.7%
|
9.9%
|
|
18.7%
|
17.5%
|
1Amounts presented may not
recalculate due to rounding.
|
IDEXX
Laboratories, Inc. and Subsidiaries
|
|
|
|
|
|
|
|
Non-GAAP Financial
Measures:
|
|
|
|
|
|
|
Adjusted Revenue,
Gross Profit, Operating Profit and EPS
(Unaudited)
Amounts in
millions except per share data and
percentages
|
|
|
|
|
|
|
|
|
|
Revenue
|
Gross
Profit
|
Gross
Margin
|
Operating
Profit
|
Operating
Margin
|
EPS
|
Reported Year Ended
December 31, 2015
|
$1,601.9
|
$890.3
|
55.6%
|
$299.9
|
18.7%
|
$2.05
|
Impairment
charge
|
-
|
-
|
-
|
8.2
|
-
|
0.06
|
Adjusted Year Ended
December 31, 2015
|
$1,601.9
|
$890.3
|
55.6%
|
$308.1
|
19.2%
|
$2.11
|
|
|
|
|
|
|
|
Reported Year Ended
December 31, 2014
|
$1,485.8
|
$816.1
|
54.9%
|
$260.3
|
17.5%
|
$1.79
|
Impact of distributor
inventory drawdown
|
25.1
|
20.8
|
-
|
20.8
|
-
|
0.14
|
Non-recurring
expenses associated with transition to all-direct
|
|
|
|
|
|
|
sales
strategy
|
-
|
-
|
-
|
5.0
|
-
|
0.06
|
Expense ramp-up in
advance of transition to new sales strategy
|
-
|
-
|
-
|
9.5
|
-
|
0.03
|
Non-recurring income
tax benefit related to the deferral of
|
|
|
|
|
|
|
intercompany
profits
|
-
|
-
|
-
|
-
|
-
|
(0.02)
|
Adjusted Year Ended
December 31, 2014
|
$1,510.9
|
$836.9
|
55.4%
|
$295.6
|
19.6%
|
$2.00
|
IDEXX
Laboratories, Inc. and Subsidiaries
|
|
|
|
|
|
|
Segment
Information
|
|
|
|
|
|
|
Amounts in
thousands (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Three Months
Ended
|
|
|
|
December
31,
|
Percent
of
|
|
December
31,
|
Percent
of
|
|
|
|
2015
|
Revenue
|
|
2014
|
Revenue
|
Revenue:
|
CAG
|
|
$ 336,055
|
|
|
$ 284,898
|
|
|
Water
|
|
24,178
|
|
|
23,070
|
|
|
LPD
|
|
33,366
|
|
|
36,598
|
|
|
Other
|
|
6,086
|
|
|
7,393
|
|
|
Total
|
|
$ 399,685
|
|
|
$ 351,959
|
|
|
|
|
|
|
|
|
|
Gross
Profit:
|
CAG
|
|
$ 175,254
|
52.2%
|
|
$ 140,504
|
49.3%
|
|
Water
|
|
17,257
|
71.4%
|
|
15,545
|
67.4%
|
|
LPD
|
|
20,452
|
61.3%
|
|
22,692
|
62.0%
|
|
Other
|
|
2,383
|
39.2%
|
|
4,106
|
55.5%
|
|
Unallocated
Amounts
|
|
2,349
|
N/A
|
|
(682)
|
N/A
|
|
Total
|
|
$ 217,695
|
54.5%
|
|
$ 182,165
|
51.8%
|
|
|
|
|
|
|
|
|
Income
from
|
|
|
|
|
|
|
|
Operations:
|
CAG
|
|
$ 49,797
|
14.8%
|
|
$ 22,431
|
7.9%
|
|
Water
|
|
10,763
|
44.5%
|
|
9,715
|
42.1%
|
|
LPD
|
|
6,989
|
20.9%
|
|
8,404
|
23.0%
|
|
Other
|
|
(48)
|
(0.8%)
|
|
1,345
|
18.2%
|
|
Unallocated
Amounts
|
|
(590)
|
N/A
|
|
(7,094)
|
N/A
|
|
Total
|
|
$ 66,911
|
16.7%
|
|
$ 34,801
|
9.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended
|
|
Year
Ended
|
|
|
|
December
31,
|
Percent
of
|
|
December
31,
|
Percent
of
|
|
|
|
2015
|
Revenue
|
|
2014
|
Revenue
|
Revenue:
|
CAG
|
|
$ 1,356,287
|
|
|
$ 1,223,064
|
|
|
Water
|
|
96,884
|
|
|
94,725
|
|
|
LPD
|
|
127,143
|
|
|
141,179
|
|
|
Other
|
|
21,578
|
|
|
26,839
|
|
|
Total
|
|
$ 1,601,892
|
|
|
$ 1,485,807
|
|
|
|
|
|
|
|
|
|
Gross
Profit:
|
CAG
|
|
$ 727,626
|
53.6%
|
|
$ 655,197
|
53.6%
|
|
Water
|
|
68,785
|
71.0%
|
|
62,924
|
66.4%
|
|
LPD
|
|
77,227
|
60.7%
|
|
89,519
|
63.4%
|
|
Other
|
|
10,574
|
49.0%
|
|
14,236
|
53.0%
|
|
Unallocated
Amounts
|
|
6,058
|
N/A
|
|
(5,760)
|
N/A
|
|
Total
|
|
$ 890,270
|
55.6%
|
|
$ 816,116
|
54.9%
|
|
|
|
|
|
|
|
|
Income
from
|
|
|
|
|
|
|
|
Operations:
|
CAG
|
|
$ 231,642
|
17.1%
|
|
$ 203,536
|
16.6%
|
|
Water
|
|
44,584
|
46.0%
|
|
39,262
|
41.4%
|
|
LPD
|
|
24,397
|
19.2%
|
|
33,788
|
23.9%
|
|
Other
|
|
156
|
0.7%
|
|
2,479
|
9.2%
|
|
Unallocated
Amounts
|
|
(867)
|
N/A
|
|
(18,810)
|
N/A
|
|
Total
|
|
$ 299,912
|
18.7%
|
|
$ 260,255
|
17.5%
|
|
|
|
|
|
|
|
|
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
|
December
31, 2015
|
|
|
December
31, 2014
|
|
Dollar
Change
|
|
Percentage
Change
|
|
Percentage
Change
from
Currency1
|
|
Percentage
Change
from
Acquisitions2
|
|
Organic
Revenue
Growth3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAG
|
$
|
336,055
|
|
$
|
284,898
|
|
$
|
51,157
|
|
18.0%
|
|
|
(5.1%)
|
|
|
0.8%
|
|
|
22.3%
|
|
Water
|
|
24,178
|
|
|
23,070
|
|
|
1,108
|
|
4.8%
|
|
|
(5.1%)
|
|
|
-
|
|
|
9.9%
|
|
LPD
|
|
33,366
|
|
|
36,598
|
|
|
(3,232)
|
|
(8.8%)
|
|
|
(10.7%)
|
|
|
-
|
|
|
1.9%
|
|
Other
|
|
6,086
|
|
|
7,393
|
|
|
(1,307)
|
|
(17.7%)
|
|
|
(0.6%)
|
|
|
-
|
|
|
17.1%
|
|
Total
|
$
|
399,685
|
|
$
|
351,959
|
|
$
|
47,726
|
|
13.6%
|
|
|
(5.7%)
|
|
|
0.7%
|
|
|
18.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
|
Net
Revenue
|
December
31, 2015
|
|
|
December
31, 2014
|
|
Dollar
Change
|
|
Percentage
Change
|
|
Percentage
Change
from
Currency1
|
|
Percentage
Change
from
Acquisitions2
|
|
Organic
Revenue
Growth3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
$
|
238,595
|
|
$
|
190,685
|
|
$
|
47,910
|
|
25.1%
|
|
|
-
|
|
|
0.2%
|
|
|
24.9%
|
|
International
|
|
161,090
|
|
|
161,274
|
|
|
(184)
|
|
(0.1%)
|
|
|
(11.7%)
|
|
|
1.2%
|
|
|
10.4%
|
|
Total
|
$
|
399,685
|
|
$
|
351,959
|
|
$
|
47,726
|
|
13.6%
|
|
|
(5.7%)
|
|
|
0.7%
|
|
|
18.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
|
Net CAG
Revenue
|
December
31, 2015
|
|
|
December
31, 2014
|
|
Dollar
Change
|
|
Percentage
Change
|
|
Percentage
Change
from
Currency1
|
|
Percentage
Change
from
Acquisitions2
|
|
Organic
Revenue
Growth3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAG Diagnostics
recurring revenue:
|
$
|
277,119
|
|
$
|
232,059
|
|
$
|
45,060
|
|
19.4%
|
|
|
(5.4%)
|
|
|
0.9%
|
|
|
23.9%
|
|
VetLab
consumables
|
|
98,433
|
|
|
76,992
|
|
|
21,441
|
|
27.8%
|
|
|
(6.9%)
|
|
|
-
|
|
|
34.7%
|
|
VetLab service and
accessories
|
|
13,958
|
|
|
12,970
|
|
|
988
|
|
7.6%
|
|
|
(4.9%)
|
|
|
-
|
|
|
12.5%
|
|
Rapid assay
products
|
|
39,317
|
|
|
26,319
|
|
|
12,998
|
|
49.4%
|
|
|
(4.5%)
|
|
|
-
|
|
|
53.9%
|
|
Reference
laboratory diagnostic and consulting services
|
|
125,411
|
|
|
115,778
|
|
|
9,633
|
|
8.3%
|
|
|
(4.7%)
|
|
|
1.8%
|
|
|
11.2 %
|
|
CAG Diagnostics
capital - instruments
|
|
28,830
|
|
|
24,194
|
|
|
4,636
|
|
19.2%
|
|
|
(8.3%)
|
|
|
-
|
|
|
27.5%
|
|
Customer information
management and
digital imaging
systems
|
|
30,106
|
|
|
28,645
|
|
|
1,461
|
|
5.1%
|
|
|
(1.3%)
|
|
|
1.0%
|
|
|
5.4%
|
|
Net CAG
revenue
|
$
|
336,055
|
|
$
|
284,898
|
|
$
|
51,157
|
|
18.0%
|
|
|
(5.1%)
|
|
|
0.8%
|
|
|
22.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1The
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 December 31, 2015 and the same period of the
prior year applied to foreign currency-denominated revenues for the
three months ended December 31, 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 December 31, 2015 compared to the
three months ended December 31, 2014 attributed to acquisitions
subsequent to September 30, 2014.
|
|
3Organic revenue growth is a
non-GAAP financial measure and represents the percentage change in
revenue during the three months ended December 31, 2015 compared to
the three months ended December 31, 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)
|
|
|
Years
Ended
|
|
Net
Revenue
|
December
31,
2015
|
|
|
December
31, 2014
|
|
Dollar
Change
|
|
Percentage
Change
|
|
Percentage
Change
from
Currency1
|
|
Percentage
Change
from
Acquisitions2
|
|
Organic
Revenue
Growth3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAG
|
$
|
1,356,287
|
|
$
|
1,223,064
|
|
$
|
133,223
|
|
10.9%
|
|
(5.6%)
|
|
0.8%
|
|
15.7%
|
Water
|
|
96,884
|
|
|
94,725
|
|
|
2,159
|
|
2.3%
|
|
(5.5%)
|
|
-
|
|
7.8%
|
LPD
|
|
127,143
|
|
|
141,179
|
|
|
(14,036)
|
|
(9.9%)
|
|
(12.0%)
|
|
-
|
|
2.1%
|
Other
|
|
21,578
|
|
|
26,839
|
|
|
(5,261)
|
|
(19.6%)
|
|
(0.8%)
|
|
-
|
|
(18.8%)
|
Total
|
$
|
1,601,892
|
|
$
|
1,485,807
|
|
$
|
116,085
|
|
7.8%
|
|
(6.2%)
|
|
0.6%
|
|
13.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years
Ended
|
|
|
|
|
|
|
|
|
|
|
Net
Revenue
|
December
31,
2015
|
|
|
December
31, 2014
|
|
Dollar
Change
|
|
Percentage
Change
|
|
Percentage
Change
from
Currency1
|
|
Percentage
Change
from
Acquisitions2
|
|
Organic
Revenue
Growth3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
$
|
980,321
|
|
$
|
848,925
|
|
$
|
131,396
|
|
15.5%
|
|
-
|
|
0.3%
|
|
15.2%
|
International
|
|
621,571
|
|
|
636,882
|
|
|
(15,311)
|
|
(2.4%)
|
|
(14.1%)
|
|
1.2%
|
|
10.5%
|
Total
|
$
|
1,601,892
|
|
$
|
1,485,807
|
|
$
|
116,085
|
|
7.8%
|
|
(6.2%)
|
|
0.6%
|
|
13.4%
|
|
|
|
|
|
|
|
|
|
Years
Ended
|
|
|
|
|
|
|
Net CAG
Revenue
|
December 31,
2015
|
|
|
December
31, 2014
|
|
Dollar
Change
|
|
Percentage
Change
|
|
Percentage
Change
from
Currency1
|
|
Percentage
Change
from
Acquisitions2
|
|
Organic
Revenue
Growth3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAG Diagnostics
recurring revenue:
|
$
|
1,146,527
|
|
$
|
1,039,252
|
|
$
|
107,275
|
|
10.3%
|
|
(5.8%)
|
|
0.6%
|
|
15.5%
|
VetLab
consumables
|
|
396,526
|
|
|
341,407
|
|
|
55,119
|
|
16.1%
|
|
(7.1%)
|
|
-
|
|
23.2%
|
VetLab service and
accessories
|
|
55,176
|
|
|
53,006
|
|
|
2,170
|
|
4.1%
|
|
(5.9%)
|
|
-
|
|
10.0%
|
Rapid assay
products
|
|
182,670
|
|
|
165,646
|
|
|
17,023
|
|
10.3%
|
|
(3.0%)
|
|
-
|
|
13.3%
|
Reference
laboratory diagnostic and consulting services
|
|
512,155
|
|
|
479,193
|
|
|
32,963
|
|
6.9%
|
|
(5.8%)
|
|
1.3%
|
|
11.4%
|
CAG Diagnostics
capital - instruments
|
|
99,001
|
|
|
79,993
|
|
|
19,008
|
|
23.8%
|
|
(10.4%)
|
|
-
|
|
34.2%
|
Customer information
management and
digital imaging systems
|
|
110,759
|
|
|
103,819
|
|
|
6,940
|
|
6.7%
|
|
(0.9%)
|
|
2.6%
|
|
5.0%
|
Net CAG
revenue
|
$
|
1,356,287
|
|
$
|
1,223,064
|
|
$
|
133,223
|
|
10.9%
|
|
(5.6%)
|
|
0.8%
|
|
15.7%
|
|
|
|
|
|
|
|
|
|
|
|
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
year ended December 31, 2015 and the same period of the prior year
applied to foreign currency-denominated revenues for the year ended
December 31, 2014.
|
|
2 The
percentage change from acquisitions is a non-GAAP financial
measure. This measure represents the percentage change in revenue
during the year ended December 31, 2015 compared to the year ended
December 31, 2014 attributed to acquisitions subsequent to December
31, 2013.
|
|
3Organic revenue growth is a
non-GAAP financial measure and represents the percentage change in
revenue during the year ended December 31, 2015 compared to the
year ended December 31, 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
December
31,
|
|
|
|
|
|
2015
|
2014
|
Assets:
|
Current
Assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
$
128,994
|
$
322,536
|
|
Marketable
securities
|
|
|
|
213,591
|
-
|
|
Accounts receivable,
net
|
|
|
|
188,318
|
152,380
|
|
Inventories
|
|
|
|
188,833
|
160,342
|
|
Other current
assets
|
|
|
|
101,898
|
124,140
|
|
Total current
assets
|
|
|
|
821,634
|
759,398
|
|
Property and
equipment, net
|
|
|
|
333,026
|
303,587
|
|
Other long-term
assets, net
|
|
|
|
320,333
|
321,226
|
|
Total
assets
|
|
|
|
$ 1,474,993
|
$ 1,384,211
|
Liabilities
and
|
|
|
|
|
|
|
Stockholders'
|
|
|
|
|
|
|
Equity
(Deficit):
|
Current
Liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
|
|
$
52,648
|
$
44,743
|
|
Accrued
liabilities
|
|
|
|
205,530
|
195,351
|
|
Line of
credit
|
|
|
|
573,000
|
549,000
|
|
Deferred
revenue
|
|
|
|
25,583
|
31,812
|
|
Total current
liabilities
|
|
|
|
856,761
|
820,906
|
|
Long-term
debt
|
|
|
|
597,085
|
350,000
|
|
Other long-term
liabilities
|
|
|
|
105,142
|
95,716
|
|
Total long-term
liabilities
|
|
|
|
702,227
|
445,716
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
(84,125)
|
117,516
|
|
Noncontrolling
interest
|
|
|
130
|
73
|
|
Total equity
(deficit)
|
|
|
(83,995)
|
117,589
|
|
Total liabilities
and stockholders' equity
|
|
|
$
1,474,993
|
$
1,384,211
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IDEXX
Laboratories, Inc. and Subsidiaries
|
|
|
|
|
Selected Balance
Sheet Information (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
September
30,
|
June
30,
|
March
31,
|
December
31,
|
|
|
2015
|
2015
|
2015
|
2015
|
2014
|
Selected
|
|
|
|
|
|
|
Balance
Sheet
|
Days sales
outstanding1
|
43.3
|
43.8
|
43.7
|
41.6
|
40.6
|
Information:
|
Inventory
turns2
|
1.5
|
1.5
|
1.5
|
1.6
|
1.7
|
|
|
|
|
|
|
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years
Ended
|
|
|
|
|
|
|
December
31,
|
December
31,
|
|
|
|
|
|
|
2015
|
2014
|
Operating:
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
$ 192,135
|
$ 181,951
|
|
Non-cash
charges
|
|
|
|
|
105,355
|
79,691
|
|
Changes in assets and
liabilities
|
|
|
(69,811)
|
(9,718)
|
|
Tax benefit from
share-based compensation arrangements
|
|
(11,315)
|
(16,078)
|
|
Net cash provided by
operating activities
|
|
|
|
|
216,364
|
235,846
|
Investing:
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
|
|
(82,921)
|
(60,523)
|
|
Purchase of
marketable securities
|
|
|
|
|
(271,958)
|
-
|
|
Proceeds from the
sale and maturities of marketable securities
|
|
|
56,775
|
-
|
|
Acquisitions of
intangible assets
|
|
|
|
-
|
(175)
|
|
Proceeds from sale of
equity investment
|
|
|
|
-
|
5,400
|
|
Acquisitions of a
business, net of cash acquired
|
|
|
(10,302)
|
(25,115)
|
|
Net cash used by
investing activities
|
|
|
|
(308,406)
|
(80,413)
|
Financing:
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
Borrowings on
revolving credit facilities, net
|
|
|
24,000
|
272,000
|
|
Issuance of long-term
debt
|
|
|
250,097
|
200,000
|
|
Payment of notes
payable
|
|
|
|
|
-
|
(1,394)
|
|
Repurchases of common
stock
|
|
|
|
|
(401,981)
|
(618,158)
|
|
Debt issue
costs
|
|
|
|
|
(1,380)
|
(1,406)
|
|
Proceeds from the
exercise of stock options and employee stock purchase
plans
|
|
22,397
|
29,442
|
|
Tax benefit from
share-based compensation arrangements
|
|
11,315
|
16,078
|
|
Net cash used by
financing activities
|
|
|
|
(95,552)
|
(103,438)
|
|
Net effect of changes
in exchange rates on cash
|
|
|
|
|
(5,948)
|
(8,517)
|
|
Net (decrease)
increase in cash and cash equivalents
|
|
|
|
|
(193,542)
|
43,478
|
|
Cash and cash
equivalents, beginning of period
|
|
|
|
322,536
|
279,058
|
|
Cash and cash
equivalents, end of period
|
|
|
|
|
$ 128,994
|
$ 322,536
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IDEXX
Laboratories, Inc. and Subsidiaries
|
|
|
|
|
|
|
Free Cash
Flow1
|
|
|
|
|
|
|
Amounts in
thousands (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Years
Ended
|
|
|
|
|
|
|
December
31,
|
December
31,
|
|
|
|
|
|
|
2015
|
2014
|
Free
Cash
|
|
|
|
|
|
|
|
Flow:
|
Net cash provided by
operating activities
|
|
|
|
|
$ 216,364
|
$ 235,846
|
|
Financing cash flows
attributable to tax benefits from share-based compensation
arrangements
|
11,315
|
16,078
|
|
Investing cash flows
attributable to purchases of property and equipment
|
|
|
(82,921)
|
(60,523)
|
|
Free cash
flow
|
|
|
|
|
$ 144,758
|
$ 191,401
|
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
|
|
Years
Ended
|
|
|
|
December
31,
|
December
31,
|
|
December
31,
|
December
31,
|
|
|
|
2015
|
2014
|
|
2015
|
2014
|
|
Share repurchases
during the period
|
|
1,313
|
2,269
|
|
5,659
|
9,761
|
|
Shares surrendered by
employees in payment for minimum
required withholding taxes due on share based
compensation
|
|
4
|
7
|
|
69
|
92
|
|
Total number of
shares purchased 1
|
|
1,317
|
2,276
|
|
5,728
|
9,853
|
|
Average price paid
per share
|
|
$ 71.08
|
$ 65.78
|
|
$ 71.90
|
$ 63.32
|
|
|
|
|
|
|
|
|
|
Shares remaining
under repurchase authorization as of December 31, 2015 totaled
6,806,152.
|
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 1,317,000
and 4,313,000
for the three and twelve months ended December 31,
2015, respectively, and 1,138,000 and 4,927,000 for the three and
twelve months
ended December 31, 2014, respectively.
|
Contact: Ed Garber, Director,
Investor Relations, 1-207-556-8155
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/idexx-laboratories-announces-fourth-quarter-and-full-year-2015-results-300211965.html
SOURCE IDEXX Laboratories, Inc.