WESTBROOK, Maine, Nov. 1, 2016 /PRNewswire/ --
- Reports revenue growth of 10% on both a reported and organic
basis, reflecting CAG Diagnostics recurring revenue growth of 12%
and strong premium instrument placements
- Delivers EPS of $0.62, a 29%
increase year over year as reported, or 22% on an Adjusted constant
currency basis
- Achieves 18% growth in premium instrument placements,
including 562 IDEXX SediVue™ Dx
placements
- Adjusts 2016 revenue growth and EPS outlook toward the high
end of previous guidance range, and provides preliminary 2017
financial guidance for organic revenue growth of 9% - 10.5% and
earnings per share of $2.77 -
$2.93
IDEXX Laboratories, Inc. (NASDAQ: IDXX) reports revenues for the
third quarter of 2016 of $448
million, an increase of 10% compared to the prior year
period, on both a reported and organic basis. Q3 results were
driven by robust global CAG Diagnostics recurring revenue,
including strong IDEXX VetLab® consumables and reference
laboratory revenue growth in both the US and international regions,
as well as high single-digit growth in the Water business. Based on
this continued strong performance and commercial model traction,
the Company is adjusting its full year 2016 revenue growth and
earnings per diluted share ("EPS") toward the high end of its
previous guidance ranges. The Company is also providing preliminary
2017 guidance for organic revenue growth of 9% – 10.5%, driven by
high growth in CAG Diagnostics recurring revenues, and reported EPS
gains of 17% - 24%, supported by constant currency operating margin
expansion, consistent with its long-term goals.
"With sustained strength in our global markets, our third
quarter results reflect the power of our durable, recurring revenue
business model. Momentum continues to build in our commercial
organization, as customers accelerate their adoption of our latest
stream of innovations based on sound clinical evidence and the
beneficial impact on their practices' economics," said Jonathan Ayers, the Company's Chairman and Chief
Executive Officer. "We believe the sustained strong growth in
companion animal health care, including the increasing use of
diagnostics, is supported by the deeply-rooted, global trend of the
strengthening bond between humans and their pets.
"We are seeing the recognition of the clinical value of IDEXX
SDMATM steadily expand, as practicing veterinarians
build their experience with this unique renal biomarker. IDEXX SDMA
is a driving force for our reference laboratory revenues globally,
as the subcategory of chemistry panels, driven by the inclusion of
SDMA, continues to grow faster than other diagnostic categories of
our reference laboratory revenues. The demand for SediVue also
continues to track very well, with 562 placements in Q3 and
positive feedback from the over 1,000 customers running SediVue Dx
to date. We expect to begin our SediVue launch outside of
North America before the end of
the year, starting with the UK and Australia. We also continue to expand our
global Catalyst® instrument installed base, up 25% at
the end of the quarter relative to Q3 2015, a major factor in
driving our 15% growth in IDEXX VetLab consumables revenues this
quarter.
"Excellent execution of our strategy is keeping us on track
towards delivery of our long-term goals of an annual rate of 10%+
constant currency revenue growth and 15% - 20% constant currency
EPS gains."
Third Quarter Performance Highlights
Reported and organic revenue growth for the quarter were both
10%. EPS for the quarter was $0.62,
an increase of 29% compared to the prior year period. Adjusted EPS
growth on a constant currency basis for the quarter was 22%, before
a negative $0.04 per share impact
related to net changes in foreign exchange, and excluding a
$0.06 per share software impairment
charge in the prior year period. The federal research and
development tax credit, which benefited the current but not the
prior year period, had a 2% favorable impact to EPS growth.
Companion Animal Group
The Companion Animal Group ("CAG") generated 12% reported and
organic revenue growth for the quarter, supported by CAG
Diagnostics recurring revenue growth of 12% and instrument revenue
growth of 22%.
- IDEXX VetLab consumables revenue generated reported
and organic revenue growth of 15% in the quarter, driven by
continued rapid expansion of our premium instrument base in US and
international markets. IDEXX VetLab premium diagnostic
instrument placements grew 18% to 2,590, including 1,214 Catalysts,
814 premium hematology instruments and 562 IDEXX SediVue Dx
analyzers.
- Reference laboratory diagnostic and consulting services
grew 13% on a reported and organic basis, reflecting continued
strong gains in US and international markets, supported by
accelerated growth in chemistry volumes driven by IDEXX SDMA, our
novel kidney function test, launched in Q3 2015.
- Rapid assay products had reported and organic revenue
growth of 2%, supported by continued growth in 4Dx®
revenues. As expected, rapid assay growth moderated from strong
prior quarter levels, reflecting timing of promotional
programs.
Livestock, Poultry and Dairy ("LPD")
Reported revenue declined 2% for the quarter as strong testing
gains in China and Brazil were offset by declines in bovine
disease eradication testing in Europe and in herd health screening
revenue.
Water
Reported revenue growth was 7% and organic revenue growth was 9%
in the quarter, supported by increased traction from our expanded
commercial capability and increases in core coliform and
E.coli sales in all major regions.
Gross Profit and Operating Profit
Gross profits increased 10%, and gross margin decreased slightly
to 55.0% from 55.2% in the prior year period. The decrease in gross
margin was due to currency impacts, primarily related to the
lapping of 2015 hedge gains. Constant currency gross margin was
55.9% for the quarter, 70 basis points higher than Q3 2015,
driven by high consumable growth and mix impact, price gains,
volume leverage in reference labs and improvements in practice
management service offerings. These drivers were partially offset
by growth of lower-margin instruments.
Operating margins were 19.7% in the quarter, consistent with
prior year period Adjusted operating margins of 19.7%, which
excludes a 2.0% operating margin impact from the 2015 software
impairment charge. Solid operating margin performance
reflects constant currency gross margin gains and operating expense
leverage, which offset a negative 1.0% operating margin impact from
foreign exchange.
2016 and 2017 Financial Outlook
The following guidance for 2016 and 2017 reflects the
assumptions that the value of the US dollar relative to other
currencies will remain at the following rates: the euro at
$1.08, the British pound at
$1.20, the Canadian dollar at
$0.75, the Australian dollar at
$0.76 and the Japanese yen at ¥106 to
the US dollar for the balance of 2016 and the full year of
2017.
Outlook for 2016
The Company is refining its 2016 revenue outlook to $1,763 million - $1,773 million, at the high end
of our earlier guidance range. The refined revenue outlook
takes into account adjustments to foreign exchange assumptions that
have reduced our 2016 reported revenue guidance range by
$2 million. We are also adjusting our
2016 EPS outlook to $2.35 - $2.39 per
share, reflecting targeted growth of 15% - 17% on a reported basis
and 21% - 23% Adjusted EPS constant currency growth. This Adjusted
EPS growth is calculated based on our 2015 Adjusted EPS of
$2.11, which excludes a software
impairment charge of $0.06 per share.
The Company is also raising its free cash flow outlook to
approximately 105% of net income to reflect continued strong trends
in reducing inventories and expectations for relatively lower
capital spending in 2016.
At assumed foreign exchange rates, we estimate that the effect
of the stronger US dollar will adversely impact 2016 revenue by
less than 1%. We estimate that these foreign exchange rate changes
will reduce reported 2016 EPS by $0.20, including the net impact from the lapping
of $21 million in 2015 hedge gains
compared to projected hedge gains of approximately $4 million in 2016.
The Company provides the following updated guidance for
2016:
Amounts in
millions except per share data and percentages
|
|
|
|
|
|
Guidance
Range
|
Growth
Definition
|
Y/Y
Growth
|
|
|
|
|
Revenue
|
$1,763 -
$1,773
|
Reported
|
10% - 11%
|
|
|
Organic Revenue
Growth
|
10.5% -
11.5%
|
|
|
|
|
EPS
|
$2.35 -
$2.39
|
Reported
|
15% - 17%
|
|
|
Adjusted
|
11% - 13%
|
|
|
Adjusted Constant
Currency
|
21% - 23%
|
|
|
|
|
Operating Cash
Flow
|
~135% of net
income
|
|
|
|
|
|
|
Free Cash
Flow
|
~105% of net
income
|
|
|
|
|
|
|
Capital
Expenditures
|
~$80
million
|
|
|
We expect an effective tax rate of 30.5% - 31.0%, consistent
with our previous guidance. We are projecting a reduction in
weighted average shares outstanding of approximately 2.5% - 3%, and
interest expense, net of interest income, of approximately
$29 million reflecting current and
projected borrowings.
Outlook for 2017
The Company provides the following preliminary guidance for
2017:
Amounts in
millions except per share data and percentages
|
|
|
|
|
|
Guidance
Range
|
Growth
Definition
|
Y/Y
Growth
|
|
|
|
|
Revenue
|
$1,910 -
$1,935
|
Reported
|
8% - 9.5%
|
|
|
Organic Revenue
Growth
|
9% - 10.5%
|
|
|
|
|
EPS
|
$2.77 -
$2.93
|
Reported
|
17% - 24%
|
|
|
Constant
Currency
|
18% - 25%
|
|
|
|
|
Our EPS outlook includes approximately $0.08 - $0.12 per share of projected benefit from
the implementation of the new Accounting Standards Update 2016-09
(ASU 2016-09), Improvements to Employee Share-Based Payment
Accounting, related to accounting for the tax benefit of employee
stock-based compensation. We estimate that this will reduce IDEXX's
2017 effective tax rate by approximately 250 - 350 basis points and
decrease our projected annual reduction in shares outstanding from
share repurchases by 50 basis points. Including these effects, our
preliminary outlook for our effective tax rate is 27% - 28.5% and
for a reduction in weighted average shares outstanding from
continued stock repurchases of 1.0% - 1.5%, net of the accounting
impact noted. We are projecting interest expense, net of interest
income, of $30 million - $31 million,
reflecting current and projected borrowings. At the foreign
exchange rates assumed in this earnings release, we estimate that
foreign exchange impacts will reduce 2017 reported revenue growth
by approximately 1%, reported operating profit by ~$4 million and EPS by ~$0.03 per share.
Adjusting for the accounting change benefit and foreign currency
impacts, our 2017 outlook reflects expectations for 15% - 20% EPS
constant currency growth, supported by a targeted 70 basis point
constant currency increase in operating margin compared to
2016.
Conference Call and Webcast Information
IDEXX Laboratories, Inc. will be hosting a conference call today
at 8:30 a.m. (Eastern) to discuss its
third quarter results and management's outlook. To participate in
the conference call, dial 1-800-230-1093 or 1-612-234-9959 and
reference confirmation code 403934. An audio replay will be
available through Tuesday, November 8,
2016 by dialing 1-800-475-6701 or 1-320-365-3844 and
referencing replay code 403934.
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
7,000 people and offers products to customers in over 175
countries. For more information about IDEXX, visit:
www.idexx.com.
Statement Regarding Non-GAAP Financial Measures
The following provides information regarding certain measures
used in this earnings release and/or the accompanying earnings
conference call that are not required by, or presented in
accordance with, generally accepted accounting principles in
the United States of America
("GAAP"), otherwise referred to 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 liquidity and are useful for
period-over-period comparisons of the performance of the Company's
business and its liquidity and to the performance and liquidity 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.
The following section defines terms and conventions used in this
earnings release and/or the accompanying earnings conference call,
including non-GAAP financial measures, and includes applicable
information regarding reconciliations of these non-GAAP financial
measures to the most directly comparable GAAP financial measures,
as appropriate:
Adjusted EPS, Adjusted EPS growth, Adjusted operating profit and
Adjusted operating margin - Adjusted EPS, Adjusted EPS growth,
Adjusted operating profit and Adjusted operating margin are
non-GAAP financial measures. Adjusted EPS, Adjusted operating
profit and Adjusted operating margin exclude from the prior year
period reported earnings, the third quarter 2015 non-cash software
impairment charge of $8.2 million,
which represents 200 basis points in operating margin and
$0.06 per share in EPS. The Adjusted
EPS growth calculation for both the third quarter of 2016 and full
year 2016 uses Adjusted EPS for the applicable prior year
period.
Constant currency - Constant currency references are non-GAAP
financial measures which exclude the impact of changes in foreign
currency exchange rates and are consistent with how management
evaluates our performance and comparisons with prior and future
periods. We estimated the net impacts of currency on our revenue,
gross profit, operating profit, EPS 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 third quarter 2016 gross profit
growth by 2%, operating profit growth by 6%, and Adjusted EPS
growth by 7%; reduced projected 2016 revenue growth by less than
1%, projected 2016 EPS growth by 10%, and projected 2016 Adjusted
EPS growth by 9%; reduced both projected 2017 revenue growth and
projected 2017 constant currency EPS growth by approximately 1%.
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. See the supplementary analysis of results below for
revenue percentage change from currency for the three and nine
months ended September 30, 2016.
Free cash flow - Free cash flow is a non-GAAP financial measure
and means, with respect to a measurement period, the cash generated
from operations during that period, including tax benefits
attributable to share-based compensation arrangements, reduced by
the Company's investments in property and equipment.
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
property and equipment that are required to operate the business.
See the supplementary analysis of results below for our calculation
of free cash flow for the nine months ended September 30, 2016 and 2015. To estimate
projected 2016 free cash flow we have deducted projected purchases
of property and equipment (also referred to as capital
expenditures) and added the projected tax benefits from share-based
compensation arrangements consistent with those reported for the
nine months ended September 30, 2016
in the supplementary analysis of results below.
Growth and organic growth - All references to growth and organic
growth refer to growth compared to the equivalent prior year period
unless specifically noted.
Organic revenue growth - Organic revenue growth is a non-GAAP
financial measure. Organic revenue growth for the third quarter of
2016 excludes the impact of changes in foreign currency exchange
rates, which had a 0.2% unfavorable impact on revenue growth, and
revenue from business acquisitions, which contributed 0.1% to
revenue growth. See the supplementary analysis of results below for
a reconciliation of reported revenue growth to organic revenue
growth for the three and nine months ended September 30, 2016. See commentary above
for the impacts of constant currency to the projected 2016 and 2017
organic revenue growths for the Company.
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 "Outlook for
2016," "Outlook for 2017" 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; operating and free cash flow forecast; projected
impact of foreign currency exchange rates; and projected operating
margins, capital expenditures, tax benefits from share-based
compensation arrangements, effective tax rate, weighted average
shares outstanding and interest expense. 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 former
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 consolidation in our customer base,
including 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 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 of any adverse changes in the financial
markets on the value of the Company's investment portfolio; 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, 2015 and the
Company's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2016, 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
|
|
|
|
|
|
|
Condensed
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,
|
|
|
|
2016
|
2015
|
|
2016
|
2015
|
Revenue:
|
Revenue
|
|
$
448,308
|
$
406,387
|
|
$
1,332,427
|
$
1,202,207
|
Expenses
and
|
|
|
|
|
|
|
|
Income:
|
Cost of
revenue
|
|
201,578
|
182,113
|
|
597,617
|
529,632
|
|
Gross
profit
|
|
246,730
|
224,274
|
|
734,810
|
672,575
|
|
Sales and
marketing
|
|
79,972
|
73,107
|
|
236,453
|
223,460
|
|
General and
administrative
|
|
52,627
|
46,198
|
|
156,239
|
133,717
|
|
Research and
development
|
|
25,672
|
24,862
|
|
75,704
|
74,185
|
|
Impairment
charge
|
|
-
|
8,212
|
|
-
|
8,212
|
|
Income from
operations
|
|
88,459
|
71,895
|
|
266,414
|
233,001
|
|
Interest expense,
net
|
|
(6,935)
|
(7,066)
|
|
(21,695)
|
(19,645)
|
|
Income before
provision for income taxes
|
|
81,524
|
64,829
|
|
244,719
|
213,356
|
|
Provision for income
taxes
|
|
25,072
|
20,600
|
|
75,036
|
65,611
|
Net
Income:
|
Net income
|
|
56,452
|
44,229
|
|
169,683
|
147,745
|
|
Less: Noncontrolling
interest in subsidiary's
|
|
|
|
|
|
|
|
earnings
|
|
(3)
|
6
|
|
7
|
16
|
|
Net income
attributable to stockholders
|
$
56,455
|
$
44,223
|
|
$
169,676
|
$
147,729
|
|
Earnings per share:
Basic
|
|
$
0.63
|
$
0.48
|
|
$
1.89
|
$
1.59
|
|
Earnings per share:
Diluted
|
|
$
0.62
|
$
0.48
|
|
$
1.87
|
$
1.57
|
|
Shares outstanding:
Basic
|
|
89,894
|
91,944
|
|
89,881
|
93,194
|
|
Shares outstanding:
Diluted
|
|
91,138
|
92,897
|
|
90,960
|
94,262
|
IDEXX
Laboratories, Inc. and Subsidiaries
|
|
|
|
|
|
|
Selected Operating
Information (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
September
30,
|
|
September
30,
|
September
30,
|
|
|
|
2016
|
2015
|
|
2016
|
2015
|
Operating
|
Gross
profit
|
|
55.0%
|
55.2%
|
|
55.1%
|
55.9%
|
Ratios (as
a
|
Sales, marketing,
general and
|
|
|
|
|
|
|
percentage
of
|
administrative
expense
|
|
29.6%
|
31.4%
|
|
29.5%
|
30.4%
|
revenue):
|
Research and
development expense
|
|
5.7%
|
6.1%
|
|
5.7%
|
6.2%
|
|
Income from
operations1
|
|
19.7%
|
17.7%
|
|
20.0%
|
19.4%
|
|
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
|
|
|
|
2016
|
Revenue
|
|
2015
|
Revenue
|
Revenue:
|
CAG
|
|
$
385,288
|
|
|
$
344,081
|
|
|
Water
|
|
27,862
|
|
|
25,957
|
|
|
LPD
|
|
29,799
|
|
|
30,448
|
|
|
Other
|
|
5,359
|
|
|
5,901
|
|
|
Total
|
|
$
448,308
|
|
|
$
406,387
|
|
|
|
|
|
|
|
|
|
Gross
Profit1:
|
CAG
|
|
$
208,205
|
54.0%
|
|
$
183,923
|
53.5%
|
|
Water
|
|
19,211
|
69.0%
|
|
18,500
|
71.3%
|
|
LPD
|
|
16,828
|
56.5%
|
|
18,785
|
61.7%
|
|
Other
|
|
2,785
|
52.0%
|
|
3,163
|
53.6%
|
|
Unallocated
Amounts
|
|
(299)
|
N/A
|
|
(97)
|
N/A
|
|
Total
|
|
$
246,730
|
55.0%
|
|
$
224,274
|
55.2%
|
|
|
|
|
|
|
|
|
Income
from
|
|
|
|
|
|
|
|
Operations1:
|
CAG
|
|
$
77,493
|
20.1%
|
|
$
61,483
|
17.9%
|
|
Water
|
|
12,442
|
44.7%
|
|
12,642
|
48.7%
|
|
LPD
|
|
3,026
|
10.2%
|
|
6,061
|
19.9%
|
|
Other
|
|
1,008
|
18.8%
|
|
569
|
9.6%
|
|
Unallocated
Amounts
|
|
(5,510)
|
N/A
|
|
(8,860)
|
N/A
|
|
Total
|
|
$
88,459
|
19.7%
|
|
$
71,895
|
17.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
Percent
of
|
|
September
30,
|
Percent
of
|
|
|
|
2016
|
Revenue
|
|
2015
|
Revenue
|
Revenue:
|
CAG
|
|
$
1,143,150
|
|
|
$
1,020,232
|
|
|
Water
|
|
79,243
|
|
|
72,706
|
|
|
LPD
|
|
93,511
|
|
|
93,777
|
|
|
Other
|
|
16,523
|
|
|
15,492
|
|
|
Total
|
|
$
1,332,427
|
|
|
$
1,202,207
|
|
|
|
|
|
|
|
|
|
Gross
Profit:
|
CAG
|
|
$
618,968
|
54.1%
|
|
$
553,613
|
54.3%
|
|
Water
|
|
54,697
|
69.0%
|
|
51,661
|
71.1%
|
|
LPD
|
|
53,983
|
57.7%
|
|
58,963
|
62.9%
|
|
Other
|
|
7,999
|
48.4%
|
|
7,301
|
47.1%
|
|
Unallocated
Amounts
|
|
(837)
|
N/A
|
|
1,037
|
N/A
|
|
Total
|
|
$
734,810
|
55.1%
|
|
$
672,575
|
55.9%
|
|
|
|
|
|
|
|
|
Income
from
|
|
|
|
|
|
|
|
Operations:
|
CAG
|
|
$
229,858
|
20.1%
|
|
$
183,086
|
17.9%
|
|
Water
|
|
34,864
|
44.0%
|
|
33,954
|
46.7%
|
|
LPD
|
|
12,665
|
13.5%
|
|
19,596
|
20.9%
|
|
Other
|
|
(749)
|
(4.5%)
|
|
(686)
|
(4.4%)
|
|
Unallocated
Amounts
|
|
(10,224)
|
N/A
|
|
(2,949)
|
N/A
|
|
Total
|
|
$
266,414
|
20.0%
|
|
$
233,001
|
19.4%
|
|
|
|
|
|
|
|
|
1
Effective January 1, 2016, we modified our management reporting to
provide a more comprehensive view of the performance of our
operating segments by including the capitalization of variances
between standard and actual manufacturing costs, which adjust the
timing of cost recognition from when the variance is created to the
period in which the related inventory is sold. Prior to January 1,
2016, the capitalization and subsequent recognition of these
variances were not allocated to our operating segments and were
instead reported under the caption "Unallocated Amounts". The
segment gross profit and income (loss) from operations within this
report for the three and nine months ended September 30, 2015 has
been retrospectively revised to reflect this change to our
reportable segments.
|
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,
2016
|
|
|
September
30,
2015
|
|
Dollar
Change
|
|
Percentage
Change
|
|
Percentage
Change
from
Currency1
|
|
Percentage
Change
from
Acquisitions2
|
|
Organic
Revenue
Growth3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAG
|
$
|
385,288
|
|
|
344,081
|
|
$
|
41,207
|
|
12.0%
|
|
(0.1%)
|
|
0.1%
|
|
12.0%
|
Water
|
|
27,862
|
|
|
25,957
|
|
|
1,905
|
|
7.3%
|
|
(1.5%)
|
|
-
|
|
8.8%
|
LPD
|
|
29,799
|
|
|
30,448
|
|
|
(649)
|
|
(2.1%)
|
|
0.4%
|
|
-
|
|
(2.5%)
|
Other
|
|
5,359
|
|
|
5,901
|
|
|
(542)
|
|
(9.2%)
|
|
-
|
|
-
|
|
(9.2%)
|
Total
|
$
|
448,308
|
|
|
406,387
|
|
$
|
41,921
|
|
10.3%
|
|
(0.2%)
|
|
0.1%
|
|
10.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
|
Net
Revenue
|
September
30,
2016
|
|
|
September
30,
2015
|
|
Dollar
Change
|
|
Percentage
Change
|
|
Percentage
Change
from
Currency1
|
|
Percentage
Change
from
Acquisitions2
|
|
Organic
Revenue
Growth3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
$
|
277,240
|
|
$
|
252,076
|
|
$
|
25,164
|
|
10.0%
|
|
-
|
|
0.1%
|
|
9.9%
|
International
|
|
171,068
|
|
|
154,311
|
|
|
16,757
|
|
10.9%
|
|
(0.4%)
|
|
-
|
|
11.3%
|
Total
|
$
|
448,308
|
|
$
|
406,387
|
|
$
|
41,921
|
|
10.3%
|
|
(0.2%)
|
|
0.1%
|
|
10.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
|
Net CAG
Revenue
|
September
30,
2016
|
|
|
September
30,
2015
|
|
Dollar
Change
|
|
Percentage
Change
|
|
Percentage
Change
from
Currency1
|
|
Percentage
Change
from
Acquisitions2
|
|
Organic
Revenue
Growth3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAG Diagnostics
recurring revenue:
|
$
|
324,233
|
|
$
|
290,502
|
|
$
|
33,371
|
|
11.6%
|
|
(0.1%)
|
|
0.1%
|
|
11.6%
|
IDEXX VetLab
consumables
|
|
113,963
|
|
|
98,957
|
|
|
15,006
|
|
15.2%
|
|
(0.2%)
|
|
-
|
|
15.4%
|
IDEXX VetLab
service and accessories
|
|
14,878
|
|
|
13,675
|
|
|
1,203
|
|
8.8%
|
|
0.3%
|
|
-
|
|
8.5%
|
Rapid assay
products
|
|
48,720
|
|
|
47,534
|
|
|
1,186
|
|
2.5%
|
|
0.3%
|
|
-
|
|
2.2%
|
Reference
laboratory diagnostic and consulting services
|
|
146,672
|
|
|
130,336
|
|
|
16,336
|
|
12.5%
|
|
(0.3%)
|
|
0.3%
|
|
12.5%
|
CAG Diagnostics
capital - instruments
|
|
31,625
|
|
|
25,989
|
|
|
5,636
|
|
21.7%
|
|
-
|
|
-
|
|
21.7%
|
Veterinary software,
services and diagnostic imaging
systems4
|
|
29,430
|
|
|
27,590
|
|
|
1,840
|
|
6.7%
|
|
-
|
|
-
|
|
6.7%
|
Net CAG
revenue
|
$
|
385,288
|
|
$
|
344,081
|
|
$
|
41,207
|
|
12.0%
|
|
(0.1%)
|
|
0.1%
|
|
12.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2016 and the same period of the
prior year applied to foreign currency-denominated revenues for the
three months ended September 30, 2015.
|
|
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, 2016 compared to the
three months ended September 30, 2015 attributed to acquisitions
subsequent to December 31, 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, 2016 compared to the three months ended
September 30, 2015 net of acquisitions and the effect of changes in
foreign currency exchange rates.
|
|
4
During the second quarter of 2016, we renamed our customer
information management and diagnostic imaging systems line of
business in the CAG segment to veterinary software, services and
diagnostic imaging systems. Financial results were not adjusted as
a result of this name change.
|
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,
2016
|
|
September
30,
2015
|
|
Dollar
Change
|
|
Percentage
Change
|
|
Percentage
Change
from
Currency1
|
|
Percentage
Change
from
Acquisitions2
|
|
Organic
Revenue
Growth3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAG
|
$
|
1,143,150
|
|
$
|
1,020,232
|
|
$
|
122,918
|
|
12.0
|
%
|
|
(0.6%)
|
|
|
0.4
|
%
|
|
12.2%
|
Water
|
|
79,243
|
|
|
72,706
|
|
|
6,537
|
|
9.0
|
%
|
|
(1.8%)
|
|
|
-
|
|
|
10.8%
|
LPD
|
|
93,511
|
|
|
93,777
|
|
|
(266)
|
|
(0.3)
|
%
|
|
(2.0%)
|
|
|
-
|
|
|
1.7%
|
Other
|
|
16,523
|
|
|
15,492
|
|
|
1,031
|
|
6.7
|
%
|
|
-
|
|
|
-
|
|
|
6.7%
|
Total
|
$
|
1,332,427
|
|
$
|
1,202,207
|
|
$
|
130,220
|
|
10.8
|
%
|
|
(0.8%)
|
|
|
0.3
|
%
|
|
11.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
|
Net
Revenue
|
September
30,
2016
|
|
September
30,
2015
|
|
Dollar
Change
|
|
Percentage
Change
|
|
Percentage
Change
from
Currency1
|
|
Percentage
Change
from
Acquisitions2
|
|
Organic
Revenue
Growth3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
$
|
821,937
|
|
$
|
741,726
|
|
$
|
80,211
|
|
10.8
|
%
|
|
-
|
|
|
0.2
|
%
|
|
10.6%
|
International
|
|
510,490
|
|
|
460,481
|
|
|
50,009
|
|
10.9
|
%
|
|
(2.1%)
|
|
|
0.6
|
%
|
|
12.4%
|
Total
|
$
|
1,332,427
|
|
$
|
1,202,207
|
|
$
|
130,220
|
|
10.8
|
%
|
|
(0.8%)
|
|
|
0.3
|
%
|
|
11.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
|
Net CAG
Revenue
|
September
30,
2016
|
|
|
September
30,
2015
|
|
Dollar
Change
|
|
Percentage
Change
|
|
Percentage
Change
from
Currency1
|
|
Percentage
Change
from
Acquisitions2
|
|
Organic
Revenue
Growth3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAG Diagnostics
recurring revenue:
|
$
|
968,041
|
|
$
|
869,413
|
|
$
|
98,628
|
|
11.3
|
%
|
|
(0.6%)
|
|
|
0.4
|
%
|
|
11.5%
|
IDEXX VetLab
consumables
|
|
336,483
|
|
|
298,093
|
|
|
38,390
|
|
12.9
|
%
|
|
(0.7%)
|
|
|
-
|
|
|
13.6%
|
IDEXX VetLab
service and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
accessories
|
|
43,461
|
|
|
41,223
|
|
|
2,238
|
|
5.4
|
%
|
|
(0.2%)
|
|
|
-
|
|
|
5.6%
|
Rapid assay
products
|
|
147,583
|
|
|
143,353
|
|
|
4,230
|
|
3.0
|
%
|
|
-
|
|
|
-
|
|
|
3.0%
|
Reference
laboratory diagnostic and consulting services
|
|
440,514
|
|
|
386,744
|
|
|
53,770
|
|
13.9
|
%
|
|
(0.8%)
|
|
|
1.0
|
%
|
|
13.7%
|
CAG Diagnostics
capital - instruments
|
|
87,119
|
|
|
70,166
|
|
|
16,953
|
|
24.2
|
%
|
|
(0.6%)
|
|
|
-
|
|
|
24.8%
|
Veterinary software,
services and
diagnostic imaging
systems4
|
|
87,990
|
|
|
80,653
|
|
|
7,337
|
|
9.1
|
%
|
|
(0.3%)
|
|
|
-
|
|
|
9.4%
|
Net CAG
revenue
|
$
|
1,143,150
|
|
$
|
1,020,232
|
|
$
|
122,918
|
|
12.0
|
%
|
|
(0.6%)
|
|
|
0.4
|
%
|
|
12.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
nine months ended September 30, 2016 and the same period of the
prior year applied to foreign currency-denominated revenues for the
nine months ended September 30, 2015.
|
|
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, 2016 compared to the
nine months ended September 30, 2015 attributed to acquisitions
subsequent to December 31, 2014.
|
|
3
Organic revenue growth is a non-GAAP financial measure and
represents the percentage change in revenue during the nine months
ended September 30, 2016 compared to the nine months ended
September 30, 2015 net of acquisitions and the effect of changes in
foreign currency exchange rates.
|
|
4
During the second quarter of 2016, we renamed our customer
information management and diagnostic imaging systems line of
business in the CAG segment to veterinary software, services and
diagnostic imaging systems. Financial results were not adjusted as
a result of this name change.
|
IDEXX
Laboratories, Inc. and Subsidiaries
|
|
|
|
|
|
|
|
Condensed
Consolidated Balance Sheet
|
|
|
|
|
|
|
|
Amounts in
thousands (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
December
31,
|
|
|
|
|
|
|
2016
|
2015
|
Assets:
|
Current
Assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
|
$
150,072
|
$
128,994
|
|
Marketable
securities
|
|
|
|
|
241,402
|
213,591
|
|
Accounts receivable,
net
|
|
|
|
|
204,701
|
188,318
|
|
Inventories
|
|
|
|
|
168,468
|
188,833
|
|
Other current
assets
|
|
|
|
|
63,457
|
101,898
|
|
Total current
assets
|
|
|
|
|
828,100
|
821,634
|
|
Property and
equipment, net
|
|
|
|
|
349,664
|
333,026
|
|
Other long-term
assets, net
|
|
|
|
|
322,606
|
320,333
|
|
Total
assets
|
|
|
|
|
$
1,500,370
|
$
1,474,993
|
Liabilities
and
|
|
|
|
|
|
|
|
Stockholders'
|
|
|
|
|
|
|
|
Equity
(deficit):
|
Current
Liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
|
|
$
44,127
|
$
52,648
|
|
Accrued
liabilities
|
|
|
|
|
202,074
|
205,530
|
|
Line of
credit
|
|
|
|
|
488,000
|
573,000
|
|
Deferred
revenue
|
|
|
|
|
26,007
|
25,583
|
|
Total current
liabilities
|
|
|
|
|
760,208
|
856,761
|
|
Long-term
debt
|
|
|
|
|
599,137
|
597,085
|
|
Other long-term
liabilities, net
|
|
|
|
|
86,039
|
105,142
|
|
Total long-term
liabilities
|
|
|
|
|
685,176
|
702,227
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity (deficit)
|
|
|
54,850
|
(84,125)
|
|
Noncontrolling
interest
|
|
|
|
136
|
130
|
|
Total
stockholders' equity (deficit)
|
|
|
|
54,986
|
(83,995)
|
|
Total liabilities
and stockholders' equity (deficit)
|
|
|
|
$
1,500,370
|
$
1,474,993
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IDEXX
Laboratories, Inc. and Subsidiaries
|
|
|
|
|
|
|
|
Selected Balance
Sheet Information (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
June
30,
|
March
31,
|
|
December
31,
|
September
30,
|
|
|
|
2016
|
|
2016
|
2016
|
|
2015
|
2015
|
|
Selected
|
|
|
|
|
|
|
|
|
|
Balance
Sheet
|
Days sales
outstanding1
|
42.4
|
|
41.5
|
43.7
|
|
43.3
|
43.8
|
|
Information:
|
Inventory
turns2
|
1.8
|
|
1.7
|
1.6
|
|
1.5
|
1.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
Condensed
Consolidated Statement of Cash Flows
|
|
|
|
|
|
|
Amounts in
thousands (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
|
September
30,
|
September
30,
|
|
|
|
|
|
|
2016
|
2015
|
Operating:
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
$
169,683
|
$
147,745
|
|
Non-cash
charges
|
|
|
|
|
84,198
|
72,020
|
|
Changes in assets and
liabilities
|
|
|
(9,200)
|
(67,253)
|
|
Tax benefit from
share-based compensation arrangements
|
|
(10,225)
|
(10,044)
|
|
Net cash provided by
operating activities
|
|
|
|
|
234,456
|
142,468
|
Investing:
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
|
|
(49,956)
|
(67,517)
|
|
Purchase of
marketable securities
|
|
|
(178,829)
|
(231,387)
|
|
Proceeds from the
sale and maturities of marketable securities
|
|
|
|
152,277
|
24,711
|
|
Acquisitions of
businesses, net of cash acquired
|
|
|
|
-
|
(8,200)
|
|
Net cash used by
investing activities
|
|
|
|
(76,508)
|
(282,393)
|
Financing:
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
Repayments on
revolving credit facilities, net
|
|
|
(85,000)
|
(6,500)
|
|
Issuance of long-term
debt
|
|
|
-
|
250,097
|
|
Repurchases of common
stock
|
|
|
|
|
(91,562)
|
(309,057)
|
|
Debt issue
costs
|
|
|
|
|
(57)
|
(199)
|
|
Proceeds from the
exercise of stock options and employee stock purchase
plans
|
|
28,815
|
19,221
|
|
Payment of
acquisition-related contingent consideration
|
|
(3,633)
|
-
|
|
Tax benefit from
share-based compensation arrangements
|
|
10,225
|
10,044
|
|
Net cash used by
financing activities
|
|
|
|
(141,212)
|
(36,394)
|
|
Net effect of changes
in exchange rates on cash
|
|
|
|
|
4,342
|
(5,067)
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
|
|
|
21,078
|
(181,386)
|
|
Cash and cash
equivalents, beginning of period
|
|
|
|
128,994
|
322,536
|
|
Cash and cash
equivalents, end of period
|
|
|
|
|
$
150,072
|
$
141,150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IDEXX
Laboratories, Inc. and Subsidiaries
|
|
|
|
|
|
|
Free Cash
Flow1
|
|
|
|
|
|
|
Amounts in
thousands (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
|
September
30,
|
September
30,
|
|
|
|
|
|
|
2016
|
2015
|
Free
Cash
|
|
|
|
|
|
|
|
Flow:
|
Net cash provided by
operating activities
|
|
|
|
|
$
234,456
|
$
142,468
|
|
Financing cash flows
attributable to tax benefits from share-based compensation
arrangements
|
|
10,225
|
10,044
|
|
Investing cash flows
attributable to purchases of property and equipment
|
|
(49,956)
|
(67,517)
|
|
Free cash
flow
|
|
|
|
|
$
194,725
|
$
84,995
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Free
cash flow is a non-GAAP financial measure and is calculated from
cash generated from operations, including tax benefits attributable
to share-based compensation arrangements, reduced by the Company's
investments in property and equipment. 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 property and equipment
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,
|
|
|
|
2016
|
2015
|
|
2016
|
2015
|
|
Share repurchases
during the period
|
|
142
|
1,213
|
|
1,119
|
4,345
|
|
Shares surrendered by
employees in payment for minimum
|
|
|
|
|
|
|
|
required withholding
taxes due on share-based compensation
|
|
2
|
2
|
|
56
|
66
|
|
Total number of
shares purchased1
|
|
144
|
1,213
|
|
1,175
|
4,345
|
|
Average price paid
per share1
|
|
$
107.46
|
$
70.89
|
|
$
78.43
|
$
72.15
|
|
|
|
|
|
|
|
|
|
Shares remaining
under repurchase authorization as of September 30, 2016 totaled
5,686,925.
|
|
1Shares
repurchased and acquired through employee surrender for payment of
minimum required withholding taxes 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 were
approximately 2,962,000 for the nine months ended September 30,
2015.
|
Contact: Kerry Bennett,
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-third-quarter-results-300354357.html
SOURCE IDEXX Laboratories, Inc.