WESTBROOK, Maine, Oct. 24, 2014 /PRNewswire/ -- IDEXX Laboratories,
Inc. (NASDAQ: IDXX) today reported that revenues for the third
quarter of 2014 increased 13% versus the prior year period to
$384 million. Organic revenue
growth1 for the third quarter of 2014 versus the prior
year period was also 13%, or 11% normalized for changes in
distributor inventory2. Earnings per diluted share
("EPS") for the quarter ended September 30,
2014 increased 21% from the prior year period to
$1.03. Adjusted EPS3 for
the quarter was $1.05.
"We achieved exceptional growth across our business in the third
quarter, reflecting benefits from our investments in our global
commercial capability and innovation pipeline. Normalized CAG
Diagnostics recurring revenues grew organically over 11% in the US
and 15% in international markets, supported by strong gains across
our modalities. Our instrument placements were also outstanding,
setting the foundation for sustained strong growth in highly
durable CAG Diagnostics recurring revenues. In the quarter we
placed over 650 Catalysts and 750 hematology instruments globally,
as well as 3,200 SNAP Pro® Mobile Devices. We look
forward to building on this momentum with customer shipments of
Catalyst One beginning November
3rd. Catalyst One expands the market for our
highly differentiated Catalyst technology with a significantly
lower entry price," said Jonathan
Ayers, the Company's Chairman and Chief Executive
Officer.
"Our 2013 sales transformation in US Companion Animal
Diagnostics is continuing to accelerate our growth by helping
customers grow their practices and improve pet health through an
enhanced standard of care and practice management. Our transition
to an all-direct sales strategy, currently underway, will
significantly expand the sales and support resources that our
customers value from IDEXX. We are ahead of schedule in this
regard, as greater than 95% of sales and support hiring is
completed, our new inside sales center is up and running with a
fully staffed and trained team, and our expanded nationwide
logistics capability is in full operation," Ayers commented.
Third Quarter Financial Performance Highlights
Third quarter revenues reached $384
million, a 13% increase compared to the prior year period,
reflecting strong performance across regions and business
segments.
- Companion Animal Group ("CAG") organic revenue growth was 13%
for the third quarter of 2014 compared to the prior year period.
Normalized CAG Diagnostics recurring organic revenue growth was
12%, driven by 15% gains in IDEXX VetLab® consumables and 14% growth in reference lab and
consulting services.
- Catalyst and hematology instrument placements both increased
32% in the third quarter of 2014, compared to the prior year
period. Instrument revenues in the third quarter of 2014 declined
5% organically, compared to the prior year period, reflecting
$2.5 million in deferred revenue from
placements associated with the Catalyst One introductory offer and
lower average prices for certain instruments internationally.
- Livestock, Poultry and Dairy ("LPD") organic revenues grew 14%
for the third quarter of 2014, compared to the prior year period,
supported by strong gains in all major geographic regions.
- Organic revenues for Water in the third quarter of 2014 grew
9%, compared to the prior year period, supported by strong gains in
Europe and the US.
Gross margins for the third quarter increased to 55.6% from
54.9% in the prior year period, with improvements from lower
product and service costs and moderate price increases, offset by
lower foreign exchange hedging gains. Compared to the prior
year period operating expenses increased 17%, or 13% excluding
$5 million of expenses associated
with the transition to an all-direct sales strategy for US
companion animal diagnostics, reflecting planned increases in
global commercial resources. Operating margins decreased from 19.4%
in the prior year period to 18.8%. Adjusting for transition
expenses mentioned above, operating margins would have increased to
20.1% compared to the prior year period.
The accompanying financial tables provide more information
concerning our revenue and other operating results for the three
months and nine months ended September 30,
2014.
Financial Outlook
The following guidance for 2014 and 2015 reflects the
assumptions that the value of the US dollar relative to other
currencies will remain at our current assumptions of the euro at
$1.27, the British pound at
$1.61, the Canadian dollar at
$0.89, the Australian dollar at
$0.88 and the Japanese yen at ¥108 to
the US dollar for the balance of 2014 and the full year of 2015,
and that the Federal R&D tax credit is not renewed for 2014 or
2015.
Outlook for 2014
The Company has and expects to continue to incur transitional
impacts in 2014 associated with the change to an all-direct sales
strategy in the US. The Company now estimates that transition
impacts in aggregate will reduce 2014 revenue by $18 to $23 million and 2014 operating profit and
EPS by $31 to $37 million and
$0.40 to $0.47, respectively. These
impacts include a drawdown of distributor inventories in the fourth
quarter that the Company now expects will result in a one-time
reduction in revenue and operating profit of approximately
$18 to $23 million and $15 to $19 million, respectively. The higher end
of the estimated impact range corresponds with the full estimated
impact of the inventory drawdown impact related to the move to the
all-direct sales strategy. The transition impacts also include
$6 million in incremental expense as
the Company ramps up sales and operating resources ahead of the
transition, and $10 to $12 million
associated with project management and other one-time costs
required to implement the strategy.
The Company has updated its organic revenue growth guidance for
2014 to 9.5% to reflect growth trends at the high end of its
previous guidance range. Operating margin is expected to be in line
with the Company's previous guidance of relatively consistent
operating margins for the full year compared to 2013. Favorable
operating performance, reduced tax expense, and a reduction in
outstanding shares are partially offset by unfavorable impacts of
foreign exchange, resulting in an increase from our previous
Adjusted EPS guidance of $3.79 to
$3.86 to our current Adjusted EPS guidance of $3.85 to $3.90. The recent strengthening of the
US dollar is projected to reduce reported revenues and EPS by
approximately $10 million and
$0.04, respectively, as compared to
our prior 2014 outlook. The following table summarizes our 2014
guidance:
Amounts in
millions except per share data
|
|
|
|
Guidance
Range
|
Year-over-
Year Growth
|
Adjusted
Revenue4
|
$1,505 -
$1,510
|
~9.5%4
|
Adjusted
EPS3
|
$3.85 -
$3.90
|
12% to
14%3
|
Free Cash
Flow5
|
100% to 110% of net
income
|
|
Capital
Expenditures
|
~ $75
|
|
The following table reconciles EPS to Adjusted EPS:
|
Guidance
Range
2014
|
|
2013
|
|
Low
|
High
|
|
|
EPS
|
$3.42
|
$3.54
|
|
$3.48
|
|
|
|
|
|
Incremental expenses
associated with plan to
transition to an
all-direct sales strategy:
|
|
|
|
|
- Non-recurring
transition costs
|
$0.15
|
$0.13
|
|
|
- Expense
ramp-up in advance of January 1,
2015 transition to new sales strategy
|
$0.08
|
|
|
Impact of distributor
inventory drawdown
expected in Q4 of 2014
|
$0.24
|
$0.19
|
|
|
Non-recurring income
tax benefit related to the
deferral of intercompany profits
|
($0.04)
|
|
|
Third-party service
provider bankruptcy
|
-
|
-
|
|
$0.05
|
Federal R&D tax
credit related to 2012 and 2013
|
-
|
-
|
|
($0.10)
|
|
|
|
|
|
Adjusted
EPS
|
$3.85
|
$3.90
|
|
$3.43
|
Adjusted EPS
Growth
|
12%
|
14%
|
|
|
Changes in net foreign exchange rates are projected to reduce
Adjusted EPS growth by 2% in 2014.
Outlook for 2015
The Company provides the following guidance for 2015:
Amounts in
millions except per share data
|
|
Guidance
Range
|
Growth
Definition
|
Year-over-Year
Growth
|
Revenue
|
$1,690 -
$1,710
|
Normalized Organic
Revenue Growth2
|
13% to 14%
|
|
|
Normalized Organic
Revenue Growth,
|
|
|
|
Excluding Margin
Capture6
|
9.5% to
10.5%
|
|
|
Reported
|
14% to 15%
|
EPS
|
$4.38 -
$4.48
|
Adjusted
|
13% to
16%3
|
|
|
Reported
|
26% to 29%
|
The normalized organic revenue growth, excluding margin capture
above of 9.5% to 10.5% compares to our prior guidance of 9% to 10%,
reflecting the strong growth trends we are seeing in our
businesses. The favorable deferred revenue impact of our
Catalyst One introductory offer increases revenue growth for the
full year 2015 by approximately 0.5%. We expect that the recent
strengthening of the US dollar will lower reported revenue growth
by an additional ~1.5% in 2015 and EPS by ~$0.09, which is included in our guidance. Our
2015 profit outlook reflects expectations for relatively flat
operating margins compared to 2014, excluding transitional impacts,
despite unfavorable foreign exchange changes. We also expect an
effective tax rate of 30.5%, a reduction in weighted average shares
outstanding of approximately 7.0% to 7.5%, and interest expense,
net of interest income, of $28 million to
$30 million reflecting current and projected
borrowings.
The preliminary 2015 revenue and profit outlook excludes
potential negative impacts from a carryover of distributor
inventory. While we expect this to be minimal, there is the
potential for an impact of up to $5
million of revenue and $4
million operating profit, or $0.05 per share EPS, in the first quarter of 2015
related to this change.
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 8:30 a.m. (Eastern) to discuss its
third quarter results and management's outlook. To participate in
the conference call, dial 1-800-230-1074 or 1-612-234-9960 and
reference confirmation code 338991. An audio replay will be
available through Friday, October 31,
2014 by dialing 1-320-365-3844 and referencing replay code
338991.
The call will also be available via live or archived webcast on
the IDEXX Laboratories' website at http://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.
1 Organic revenue growth is a non-GAAP financial
measure. 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 2014 excludes the impact of changes in
foreign currency exchange rates, which had essentially no impact on
revenue growth, and revenue from business acquisitions, which
contributed 0.6% 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, 2014.
2 Normalized organic revenue growth is a non-GAAP
financial measure. Management 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. Our rapid assay products and
VetLab instrument consumables are currently sold by third party
distributors, who purchase products from us and sell them to end
users, such as veterinary practices. As a result, distributor
inventory levels have an impact on our reported sales, and
distributor inventory levels may be affected by many factors, which
may not be directly related to underlying end-user demand for our
products. Normalized organic revenue growth excludes the impact of
changes in our significant distributors' inventory levels on
organic revenue growth for the relevant period. We are unable
to obtain data for sales to end users from certain less significant
third party distributors internationally. We do not believe the
impact of changes in these international distributors' inventories
would have a material impact on our growth rates. Reconciliation of
organic revenue growth to normalized organic revenue growth for the
third quarter of 2014 includes the following positive impacts to
organic revenue growth from changes in our significant
distributors' inventory levels; Total Company 1.6%, CAG Diagnostics
Recurring 2.2%; VetLab consumables 4.6%, and Rapid Assay 3.9%. 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,
2014.
3 Adjusted 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. Adjusted EPS and Adjusted EPS growth
exclude impacts in the second half of 2014 related to our
transition to an all-direct sales strategy, a non-recurring income
tax benefit related to the deferral of intercompany profits
recorded in the third quarter of 2014, a charge resulting from a
third-party service provider bankruptcy in 2013, the impact of the
retroactive extension of the Federal R&D tax credit associated
with the 2012 tax year that was recorded in the first quarter of
2013, and the full year impact of the 2013 Federal R&D tax
credit. See the supplementary analysis of results below for a
reconciliation of EPS to Adjusted EPS for the three and nine months
ended September 30, 2014. See
the table within our Outlook for 2014 above for a reconciliation of
EPS to Adjusted EPS for the full year 2014. Our Outlook above
for the full year 2015 Adjusted EPS Growth of 13% to 16% is as
compared to the mid-point of the 2014 Adjusted EPS guidance range
noted in our Outlook for 2014.
4 Adjusted Revenue is a non-GAAP financial
measure. Management believes that reporting Adjusted Revenue
provides useful information to investors by facilitating easier
comparisons of our revenue performance with prior and future
periods. Adjusted Revenue represents reported revenue
adjusted to exclude the impact of a one-time reduction in projected
revenue of $18 to $23 million in the
fourth quarter of 2014 associated with the drawdown of inventory
held by distributors related to our transition to an all-direct CAG
Diagnostics sales strategy in the US. 2014 Revenue as
reported is expected to be $1.482 to $1.492
billion. Year-over-year growth of Adjusted Revenue for
our full year 2014 outlook excludes the impact of the
aforementioned drawdown of inventory held by distributors on
organic revenue growth. Full year 2014 reported revenue
growth is projected at 7.6% to 8.4%. The unfavorable deferred
revenue impacts associated with our Catalyst One introductory offer
reduces revenue growth guidance for the full year 2014 by
0.5%.
5 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, 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 nine months ended September 30,
2014 and 2013. 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.
6 Normalized organic revenue growth, excluding margin
capture is a non-GAAP financial measure. Management believes that
reporting normalized organic revenue growth, excluding margin
capture provides useful information to investors by facilitating
easier comparisons of our normalized organic revenue growth
performance with prior and future periods. Normalized organic
revenue growth, excluding margin capture is normalized organic
revenue growth as described in the footnote 2 above, adjusted to
exclude the impact of margin gained in 2015 from selling our
products directly to our US based customers as opposed to through
third party distributors. The favorable deferred revenue
impact of our Catalyst One introductory offer increases revenue
growth for the full year 2015 by approximately 0.5%.
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 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
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 a recently announced 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 impact of increased competition, technological
advances by our competitors; 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 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; 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,
2013 and the Company's Quarterly Report on Form 10-Q for the
quarter ended September 30,
2014,in the sections captioned "Risk Factors,"
as well as the Company's other periodic reports filed with the
Securities and Exchange Commission.
Contact: Ed Garber, Director,
Investor Relations, 1-207-556-8155
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,
|
|
|
|
2014
|
2013
|
|
2014
|
2013
|
Revenue:
|
Revenue
|
|
$ 383,523
|
$ 338,297
|
|
$ 1,133,848
|
$ 1,022,985
|
Expenses
and
|
|
|
|
|
|
|
|
Income:
|
Cost of
revenue
|
|
170,187
|
152,514
|
|
499,897
|
455,532
|
|
Gross
profit
|
|
213,336
|
185,783
|
|
633,951
|
567,453
|
|
Sales and
marketing
|
|
70,602
|
60,079
|
|
206,470
|
179,641
|
|
General and
administrative
|
|
45,698
|
38,651
|
|
128,633
|
116,871
|
|
Research and
development
|
|
24,847
|
21,568
|
|
73,394
|
65,507
|
|
Income from
operations
|
|
72,189
|
65,485
|
|
225,454
|
205,434
|
|
Interest expense,
net
|
|
3,981
|
1,007
|
|
8,761
|
2,132
|
|
Income before
provision for income taxes
|
|
68,208
|
64,478
|
|
216,693
|
203,302
|
|
Provision for income
taxes
|
|
16,045
|
18,786
|
|
60,693
|
58,745
|
Net
Income:
|
Net income
|
|
52,163
|
45,692
|
|
156,000
|
144,557
|
|
Less: Noncontrolling
interest in subsidiary's
|
|
|
|
|
|
|
|
earnings
|
|
21
|
4
|
|
55
|
15
|
|
Net income
attributable to stockholders
|
$ 52,142
|
$ 45,688
|
|
$ 155,945
|
$ 144,542
|
|
Earnings per share:
Basic
|
|
$
1.05
|
$
0.87
|
|
$
3.07
|
$
2.70
|
|
Earnings per share:
Diluted
|
|
$
1.03
|
$
0.86
|
|
$
3.03
|
$
2.66
|
|
Shares outstanding:
Basic
|
|
49,745
|
52,450
|
|
50,821
|
53,562
|
|
Shares outstanding:
Diluted
|
|
50,400
|
53,242
|
|
51,522
|
54,391
|
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,
|
|
|
|
2014
|
2013
|
|
2014
|
2013
|
Adjusted
|
Earnings per
share: Diluted (as Reported)
|
|
$
1.03
|
$
0.86
|
|
$
3.03
|
$
2.66
|
Earnings
|
Incremental expenses
associated with plan
|
|
|
|
|
|
|
per
Share
|
to transition to an
all-direct sales strategy:
|
|
|
|
|
|
|
|
Non-recurring
transition costs
|
|
0.06
|
-
|
|
0.05
|
-
|
|
Expense ramp-up in
advance of
|
|
|
|
|
|
|
|
January 1, 2015
transition to
|
|
|
|
|
|
|
|
new sales
strategy
|
|
0.01
|
-
|
|
0.01
|
-
|
|
Non-recurring income
tax benefit related to
|
|
|
|
|
|
|
|
the deferral of
intercompany profits
|
|
(0.04)
|
-
|
|
(0.04)
|
-
|
|
Third-party service
provider bankruptcy
|
|
-
|
-
|
|
-
|
0.05
|
|
Federal R&D tax
credit related to 2012
|
|
|
|
|
|
|
|
and 2013
|
|
-
|
(0.02)
|
|
-
|
(0.09)
|
|
Adjusted earnings per
share: Diluted1
|
|
$
1.05
|
$
0.84
|
|
$
3.04
|
$
2.62
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
2014
|
2013
|
|
2014
|
2013
|
Operating
|
Gross
profit
|
|
55.6%
|
54.9%
|
|
55.9%
|
55.5%
|
Ratios (as
a
|
Sales, marketing,
general and
|
|
|
|
|
|
|
percentage
of
|
administrative
expense
|
|
30.3%
|
29.2%
|
|
29.6%
|
29.0%
|
revenue):
|
Research and
development expense
|
|
6.5%
|
6.4%
|
|
6.5%
|
6.4%
|
|
Income from
operations1
|
|
18.8%
|
19.4%
|
|
19.9%
|
20.0%
|
|
|
|
|
|
|
|
|
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
|
|
|
|
2014
|
Revenue
|
|
2013
|
Revenue
|
Revenue:
|
CAG
|
|
$
320,724
|
|
|
$ 283,843
|
|
|
Water
|
|
25,747
|
|
|
23,247
|
|
|
LPD
|
|
29,648
|
|
|
25,131
|
|
|
Other
|
|
7,404
|
|
|
6,076
|
|
|
Total
|
|
$
383,523
|
|
|
$ 338,297
|
|
|
|
|
|
|
|
|
|
Gross
Profit:
|
CAG
|
|
$
176,036
|
54.9%
|
|
$ 152,359
|
53.7%
|
|
Water
|
|
17,341
|
67.4%
|
|
15,598
|
67.1%
|
|
LPD
|
|
17,970
|
60.6%
|
|
13,140
|
52.3%
|
|
Other
|
|
3,986
|
53.8%
|
|
2,978
|
49.0%
|
|
Unallocated
Amounts
|
|
(1,997)
|
N/A
|
|
1,708
|
N/A
|
|
Total
|
|
$
213,336
|
55.6%
|
|
$ 185,783
|
54.9%
|
|
|
|
|
|
|
|
|
Income
from
|
|
|
|
|
|
|
|
Operations:
|
CAG
|
|
$
62,608
|
19.5%
|
|
$ 52,711
|
18.6%
|
|
Water
|
|
11,367
|
44.1%
|
|
10,414
|
44.8%
|
|
LPD
|
|
3,886
|
13.1%
|
|
1,125
|
4.5%
|
|
Other
|
|
794
|
10.7%
|
|
612
|
10.1%
|
|
Unallocated
Amounts
|
|
(6,466)
|
N/A
|
|
623
|
N/A
|
|
Total
|
|
$
72,189
|
18.8%
|
|
$ 65,485
|
19.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
Percent
of
|
|
September
30,
|
Percent
of
|
|
|
|
2014
|
Revenue
|
|
2013
|
Revenue
|
Revenue:
|
CAG
|
|
$
949,009
|
|
|
$ 856,617
|
|
|
Water
|
|
71,655
|
|
|
66,297
|
|
|
LPD
|
|
93,738
|
|
|
81,448
|
|
|
Other
|
|
19,446
|
|
|
18,623
|
|
|
Total
|
|
$ 1,133,848
|
|
|
$ 1,022,985
|
|
|
|
|
|
|
|
|
|
Gross
Profit:
|
CAG
|
|
$
522,908
|
55.1%
|
|
$ 464,301
|
54.2%
|
|
Water
|
|
47,379
|
66.1%
|
|
44,136
|
66.6%
|
|
LPD
|
|
58,612
|
62.5%
|
|
44,270
|
54.4%
|
|
Other
|
|
10,130
|
52.1%
|
|
9,235
|
49.6%
|
|
Unallocated
Amounts
|
|
(5,078)
|
N/A
|
|
5,511
|
N/A
|
|
Total
|
|
$
633,951
|
55.9%
|
|
$ 567,453
|
55.5%
|
|
|
|
|
|
|
|
|
Income
from
|
|
|
|
|
|
|
|
Operations:
|
CAG
|
|
$
188,820
|
19.9%
|
|
$ 167,377
|
19.5%
|
|
Water
|
|
29,547
|
41.2%
|
|
28,682
|
43.3%
|
|
LPD
|
|
17,669
|
18.8%
|
|
9,176
|
11.3%
|
|
Other
|
|
1,134
|
5.8%
|
|
1,888
|
10.1%
|
|
Unallocated
Amounts
|
|
(11,716)
|
N/A
|
|
(1,689)
|
N/A
|
|
Total
|
|
$
225,454
|
19.9%
|
|
$ 205,434
|
20.1%
|
|
|
|
|
|
|
|
|
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, 2014
|
|
|
September
30, 2013
|
|
Dollar
Change
|
|
Percentage
Change
|
|
Percentage
Change
from
Currency1
|
|
Percentage
Change
from
Acquisitions2
|
|
Organic Revenue
Growth3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAG
|
$
|
320,724
|
|
$
|
283,843
|
|
$
|
36,881
|
|
13.0
|
%
|
|
-
|
|
|
0.2
|
%
|
|
12.8
|
%
|
Water
|
|
25,747
|
|
|
23,247
|
|
|
2,500
|
|
10.8
|
%
|
|
0.5
|
%
|
|
1.3
|
%
|
|
9.0
|
%
|
LPD
|
|
29,648
|
|
|
25,131
|
|
|
4,517
|
|
18.0
|
%
|
|
0.1
|
%
|
|
4.0
|
%
|
|
13.9
|
%
|
Other
|
|
7,404
|
|
|
6,076
|
|
|
1,328
|
|
21.9
|
%
|
|
0.1
|
%
|
|
-
|
|
|
21.8
|
%
|
Total
|
$
|
383,523
|
|
$
|
338,297
|
|
$
|
45,226
|
|
13.4
|
%
|
|
-
|
|
|
0.6
|
%
|
|
12.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
|
Net
Revenue
|
September
30, 2014
|
|
|
September
30, 2013
|
|
Dollar
Change
|
|
Percentage
Change
|
|
Percentage
Change
from
Currency1
|
|
Percentage
Change
from
Acquisitions2
|
|
Organic Revenue
Growth3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
$
|
225,310
|
|
$
|
200,408
|
|
$
|
24,902
|
|
12.4
|
%
|
|
-
|
|
|
0.1
|
%
|
|
12.3
|
%
|
International
|
|
158,213
|
|
|
137,889
|
|
|
20,324
|
|
14.7
|
%
|
|
-
|
|
|
1.3
|
%
|
|
13.4
|
%
|
Total
|
$
|
383,523
|
|
$
|
338,297
|
|
$
|
45,226
|
|
13.4
|
%
|
|
-
|
|
|
0.6
|
%
|
|
12.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
|
Net CAG
Revenue
|
September
30, 2014
|
|
|
September
30, 2013
|
|
Dollar
Change
|
|
Percentage
Change
|
|
Percentage
Change
from
Currency1
|
|
Percentage
Change
from
Acquisitions2
|
|
Organic
Revenue
Growth3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAG Diagnostics
recurring revenue:
|
$
|
277,957
|
|
$
|
242,163
|
|
$
|
35,794
|
|
14.8
|
%
|
|
0.1
|
%
|
|
0.3
|
%
|
|
14.4
|
%
|
VetLab
consumables
|
|
90,971
|
|
|
76,080
|
|
|
14,891
|
|
19.6
|
%
|
|
0.3
|
%
|
|
-
|
|
|
19.3
|
%
|
VetLab service and
accessories
|
|
13,716
|
|
|
12,749
|
|
|
967
|
|
7.6
|
%
|
|
(0.3)
|
%
|
|
-
|
|
|
7.9
|
%
|
Rapid assay
products
|
|
46,777
|
|
|
43,042
|
|
|
3,735
|
|
8.7
|
%
|
|
(0.1)
|
%
|
|
-
|
|
|
8.8
|
%
|
Reference
laboratory diagnostic and
consulting services
|
|
126,493
|
|
|
110,292
|
|
|
16,201
|
|
14.7
|
%
|
|
-
|
|
|
0.7
|
%
|
|
14.0
|
%
|
CAG Diagnostics
capital - instruments
|
|
18,040
|
|
|
19,115
|
|
|
(1,075)
|
|
(5.6)
|
%
|
|
(0.9)
|
%
|
|
-
|
|
|
(4.7)
|
%
|
Customer information
management
and digital imaging systems
|
|
24,727
|
|
|
22,565
|
|
|
2,162
|
|
9.6
|
%
|
|
(0.3)
|
%
|
|
-
|
|
|
9.9
|
%
|
Net CAG
revenue
|
$
|
320,724
|
|
$
|
283,843
|
|
$
|
36,881
|
|
13.0
|
%
|
|
-
|
|
|
0.2
|
%
|
|
12.8
|
%
|
|
|
1 The
percentage change from currency is a non-GAAP financial measure.
Effective January 1, 2014, this measure represents the percentage
change in revenue resulting from the difference between the average
exchange rates during the three months ended September 30, 2014 and
the same period of the prior year applied to foreign
currency-denominated revenues for the three months ended September
30, 2013. Under the Company's methodology used prior to January 1,
2014, the Company calculated the percentage change in revenue
resulting from the difference between the average exchange rates
during the most recently completed three-month period and the same
period of the prior year applied to foreign currency-denominated
revenues for the most recently completed three-month period. This
change in methodology, which was implemented to achieve operational
efficiencies, is not deemed material.
|
|
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, 2014 compared to the
three months ended September 30, 2013 attributed to acquisitions
subsequent to June 30, 2013.
|
|
3
Organic revenue growth is a non-GAAP financial measure and
represents the percentage change in revenue during the three months
ended September 30, 2014 compared to the three months ended
September 30, 2013 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, 2014
|
|
|
September
30, 2013
|
|
Dollar
Change
|
|
Percentage
Change
|
|
Percentage
Change
from
Currency1
|
|
Percentage
Change
from
Acquisitions2
|
|
Organic Revenue
Growth3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAG
|
$
|
949,009
|
|
$
|
856,617
|
|
$
|
92,392
|
|
10.8
|
%
|
|
-
|
|
|
0.2
|
%
|
|
10.6
|
%
|
Water
|
|
71,655
|
|
|
66,297
|
|
|
5,358
|
|
8.1
|
%
|
|
0.4
|
%
|
|
1.3
|
%
|
|
6.4
|
%
|
LPD
|
|
93,738
|
|
|
81,448
|
|
|
12,290
|
|
15.1
|
%
|
|
1.2
|
%
|
|
5.7
|
%
|
|
8.2
|
%
|
Other
|
|
19,446
|
|
|
18,623
|
|
|
823
|
|
4.4
|
%
|
|
0.2
|
%
|
|
-
|
|
|
4.2
|
%
|
Total
|
$
|
1,133,848
|
|
$
|
1,022,985
|
|
$
|
110,863
|
|
10.8
|
%
|
|
0.1
|
%
|
|
0.7
|
%
|
|
10.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
|
Net
Revenue
|
September
30, 2014
|
|
|
September
30, 2013
|
|
Dollar
Change
|
|
Percentage
Change
|
|
Percentage
Change
from
Currency1
|
|
Percentage
Change
from
Acquisitions2
|
|
Organic Revenue
Growth3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United
States
|
$
|
658,240
|
|
$
|
602,332
|
|
$
|
55,908
|
|
9.3
|
%
|
|
0.1
|
%
|
|
-
|
|
|
9.2
|
%
|
International
|
|
475,608
|
|
|
420,653
|
|
|
54,955
|
|
13.1
|
%
|
|
0.3
|
%
|
|
1.6
|
%
|
|
11.2
|
%
|
Total
|
$
|
1,133,848
|
|
$
|
1,022,985
|
|
$
|
110,863
|
|
10.8
|
%
|
|
0.1
|
%
|
|
0.7
|
%
|
|
10.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
|
|
|
|
|
Net CAG
Revenue
|
September
30, 2014
|
|
|
September
30, 2013
|
|
Dollar
Change
|
|
Percentage
Change
|
|
Percentage
Change
from
Currency1
|
|
Percentage
Change
from
Acquisitions2
|
|
Organic Revenue
Growth3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAG Diagnostics
recurring revenue:
|
$
|
818,327
|
|
$
|
734,989
|
|
$
|
83,338
|
|
11.3
|
%
|
|
-
|
|
|
0.2
|
%
|
|
11.1
|
%
|
VetLab
consumables
|
|
264,405
|
|
|
230,637
|
|
|
33,768
|
|
14.6
|
%
|
|
0.2
|
%
|
|
-
|
|
|
14.4
|
%
|
VetLab service and
accessories
|
|
40,332
|
|
|
37,312
|
|
|
3,020
|
|
8.1
|
%
|
|
0.5
|
%
|
|
-
|
|
|
7.6
|
%
|
Rapid assay
products
|
|
139,329
|
|
|
133,182
|
|
|
6,147
|
|
4.6
|
%
|
|
(0.2)
|
%
|
|
-
|
|
|
4.8
|
%
|
Reference
laboratory diagnostic and consulting services
|
|
374,261
|
|
|
333,858
|
|
|
40,403
|
|
12.1
|
%
|
|
(0.1)
|
%
|
|
0.4
|
%
|
|
11.8
|
%
|
CAG Diagnostics
capital - instruments
|
|
55,508
|
|
|
55,702
|
|
|
(194)
|
|
(0.3)
|
%
|
|
0.5
|
%
|
|
-
|
|
|
(0.8)
|
%
|
Customer information
management and
digital imaging systems
|
|
75,174
|
|
|
65,926
|
|
|
9,248
|
|
14.0
|
%
|
|
(0.5)
|
%
|
|
-
|
|
|
14.5
|
%
|
Net CAG
revenue
|
$
|
949,009
|
|
$
|
856,617
|
|
$
|
92,392
|
|
10.8
|
%
|
|
-
|
|
|
0.2
|
%
|
|
10.6
|
%
|
|
|
1 The
percentage change from currency is a non-GAAP financial measure.
Effective January 1, 2014, this measure represents the percentage
change in revenue resulting from the difference between the average
exchange rates during the nine months ended September 30, 2014 and
the same period of the prior year applied to foreign
currency-denominated revenues for the nine months ended September
30, 2013. Under our Company's methodology used prior to January 1,
2014, the Company calculated the percentage change in revenue
resulting from the difference between the average exchange rates
during the most recently completed nine-month period and the same
period of the prior year applied to foreign currency-denominated
revenues for the most recently completed nine-month period. This
change in methodology, which was implemented to achieve operational
efficiencies, is not deemed material.
|
|
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, 2014 compared to the
nine months ended September 30, 2013 attributed to acquisitions
subsequent to December 31, 2012.
|
|
3Organic
revenue growth is a non-GAAP financial measure and represents the
percentage change in revenue during the nine months ended September
30, 2014 compared to the nine months ended September 30, 2013 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,
|
|
|
|
|
|
|
2014
|
2013
|
Assets:
|
Current
Assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
|
|
$
292,735
|
$ 279,058
|
|
Accounts receivable,
net
|
|
|
|
|
160,467
|
158,038
|
|
Inventories
|
|
|
|
|
156,007
|
133,427
|
|
Other current
assets
|
|
|
|
|
93,412
|
82,183
|
|
Total current
assets
|
|
|
|
|
702,621
|
652,706
|
|
Property and
equipment, net
|
|
|
|
|
291,701
|
281,214
|
|
Other long-term
assets, net
|
|
|
|
|
296,310
|
296,596
|
|
Total
assets
|
|
|
|
|
$ 1,290,632
|
$ 1,230,516
|
Liabilities
and
|
|
|
|
|
|
|
|
Stockholders'
|
|
|
|
|
|
|
|
Equity:
|
Current
Liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
|
|
$
58,255
|
$ 29,941
|
|
Accrued
liabilities
|
|
|
|
|
167,449
|
148,919
|
|
Debt
|
|
|
|
|
375,000
|
278,035
|
|
Deferred
revenue
|
|
|
|
|
29,560
|
21,458
|
|
Total current
liabilities
|
|
|
|
|
630,264
|
478,353
|
|
Long-term debt, net
of current portion
|
|
|
|
|
350,000
|
150,359
|
|
Other long-term
liabilities
|
|
|
|
|
80,897
|
83,590
|
|
Total long-term
liabilities
|
|
|
|
|
430,897
|
233,949
|
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
|
229,388
|
518,186
|
|
Noncontrolling
interest
|
|
|
|
83
|
28
|
|
Total
equity
|
|
|
|
229,471
|
518,214
|
|
Total liabilities
and stockholders' equity
|
|
|
|
$
1,290,632
|
$
1,230,516
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IDEXX
Laboratories, Inc. and Subsidiaries
|
|
|
|
|
Selected Balance
Sheet Information (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
June
30,
|
March
31,
|
|
December
31,
|
September
30,
|
|
|
2014
|
|
2014
|
2014
|
|
2013
|
2013
|
Selected
|
|
|
|
|
|
|
|
|
Balance
Sheet
|
Days sales
outstanding1
|
39.2
|
|
40.8
|
42.8
|
|
39.9
|
41.9
|
Information:
|
Inventory
turns2
|
1.8
|
|
1.8
|
1.8
|
|
1.9
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
|
September
30,
|
September
30,
|
|
|
|
|
|
|
2014
|
2013
|
Operating:
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
$ 156,000
|
$ 144,557
|
|
Non-cash
charges
|
|
|
|
|
51,943
|
54,083
|
|
Changes in assets and
liabilities
|
|
|
10,181
|
(10,621)
|
|
Tax benefit from
share-based compensation arrangements
|
|
(9,581)
|
(7,438)
|
|
Net cash provided by
operating activities
|
|
|
|
|
208,543
|
180,581
|
Investing:
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
|
|
|
(42,504)
|
(61,459)
|
|
Proceeds from
disposition of pharmaceutical product lines
|
|
|
-
|
3,500
|
|
Acquisitions of
intangible assets
|
|
|
|
(175)
|
(1,024)
|
|
Proceeds from sale of
equity investment
|
|
|
|
5,400
|
-
|
|
Acquisitions of a
business, net of cash acquired
|
|
|
(7,516)
|
(10,101)
|
|
Net cash used by
investing activities
|
|
|
|
(44,795)
|
(69,084)
|
Financing:
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
Borrowings on
revolving credit facilities, net
|
|
|
98,000
|
185,200
|
|
Issuance of long-term
debt
|
|
|
200,000
|
-
|
|
Payment of notes
payable
|
|
|
|
|
(1,394)
|
(858)
|
|
Repurchases of common
stock
|
|
|
|
|
(468,968)
|
(282,910)
|
|
Debt issue
costs
|
|
|
|
|
(1,357)
|
-
|
|
Proceeds from the
exercise of stock options and employee stock purchase
plans
|
|
18,361
|
21,734
|
|
Tax benefit from
share-based compensation arrangements
|
|
9,581
|
7,438
|
|
Net cash used by
financing activities
|
|
|
|
(145,777)
|
(69,396)
|
|
Net effect of changes
in exchange rates on cash
|
|
|
|
|
(4,294)
|
(1,276)
|
|
Net increase in cash
and cash equivalents
|
|
|
|
|
13,677
|
40,825
|
|
Cash and cash
equivalents, beginning of period
|
|
|
|
279,058
|
223,986
|
|
Cash and cash
equivalents, end of period
|
|
|
|
|
$ 292,735
|
$ 264,811
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IDEXX
Laboratories, Inc. and Subsidiaries
|
|
|
|
|
|
|
Free Cash
Flow1
|
|
|
|
|
|
|
Amounts in
thousands (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
|
|
|
|
September
30,
|
September
30,
|
|
|
|
|
|
|
2014
|
2013
|
Free
Cash
|
|
|
|
|
|
|
|
Flow:
|
Net cash provided by
operating activities
|
|
|
|
|
$ 208,543
|
$
180,581
|
|
Financing cash flows
attributable to tax benefits from share-based compensation
arrangements
|
|
9,581
|
7,438
|
|
Purchases of property
and equipment
|
|
|
|
|
(42,504)
|
(61,459)
|
|
Free cash
flow
|
|
|
|
|
$ 175,620
|
$
126,560
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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,
|
|
|
|
2014
|
2013
|
|
2014
|
2013
|
|
Share repurchases
during the period
|
|
2,198
|
802
|
|
3,789
|
3,187
|
|
Average price paid
per share
|
|
$
123.98
|
$ 95.52
|
|
$ 125.17
|
$ 90.14
|
|
|
|
|
|
|
|
|
|
Shares remaining
under repurchase authorization as of September 30, 2014 totaled
4,215,623.
|
|
|
|
|
|
|
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.
|
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SOURCE IDEXX Laboratories, Inc.