WESTBROOK, Maine, Jan. 5, 2018 /PRNewswire/ -- IDEXX
Laboratories, Inc. ("IDEXX" or the "Company") (NASDAQ: IDXX), a
global leader in veterinary diagnostics, veterinary practice
software and water microbiology testing, expects the recently
passed Tax Cuts and Jobs Act (the "Tax Legislation") to benefit the
Company by reducing its recurring effective tax rate beginning in
2018 by approximately 750-850 basis points. The Company also
estimates that the enactment of the Tax Legislation will result in
a one-time reduction of approximately $35
million - $45 million in the
Company's earnings for the fourth quarter and year ended
December 31, 2017, due to the deemed
repatriation of the Company's foreign profits, net of the
remeasurement of U.S. deferred taxes at the lower enacted corporate
tax rate and other adjustments.
The impact of the Tax Legislation may differ from the estimates
above, possibly materially, due to, among other things, changes in
interpretations and assumptions the Company has made, guidance that
may be issued and actions the Company may take as a result of the
Tax Legislation. The Company will continue to analyze the Tax
Legislation to determine the full effects of the new law, including
the new lower corporate tax rate, on the Corporation's financial
statements and operations.
The Company will announce financial results for the fourth
quarter and year ended December 31,
2017 on February 1, 2018.
About IDEXX Laboratories, Inc.
IDEXX Laboratories, Inc. is a member of the S&P
500® Index and 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
employs more than 7,000 people and offers products to customers in
over 175 countries. For more information about IDEXX, visit:
www.idexx.com.
Note Regarding Forward-Looking
Statements
This news release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements include statements
regarding the estimated effects of the Tax Legislation on the
Company's ongoing effective tax rate and earnings for the fourth
quarter and year ended December 31, 2017, 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. These
forward-looking statements consist of preliminary estimates and are
based on management's current expectations and beliefs given
currently available information, as well as the Company's current
interpretations, assumptions and expectations relating to the Tax
Legislation, and are subject to change, possibly materially, as the
Company completes its year-end financial statements. These
forward-looking statements involve known and unknown risks and
uncertainties that may cause the Company's actual results,
performance or achievements to be materially different from those
expressed or implied by these forward-looking statements. IDEXX
assumes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events or
otherwise. Readers are advised to review IDEXX's filings with the
United States Securities and Exchange Commission (the "SEC"), which
are available from the SEC's EDGAR database
at www.sec.gov and via IDEXX's website
at www.idexx.com.
Contact: Kerry Bennett,
Investor Relations, 1-207-556-8155
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SOURCE IDEXX Laboratories, Inc.