WESTBROOK, Maine, Feb. 1, 2019 /PRNewswire/ --
- Achieves revenue growth in Q4 of 9% on a reported basis and
10% on an organic basis, driven by CAG Diagnostics recurring
revenue growth of 12% reported and 13% organic
- Reports 15% year-over-year increase in Catalyst placements
at new or competitive accounts in Q4, supporting full year growth
of 21% in IDEXX's premium instrument installed base
- Delivers full year EPS of $4.26, representing 45% growth on a reported
basis and 36% on a comparable constant currency basis
- Reaffirms 2019 revenue guidance of $2,385 million - $2,425
million, reflecting consistent expectations for reported
revenue growth of 8% - 9.5% and organic revenue growth of 9.5% -
11%
- Raises 2019 EPS outlook range by $0.04 from the midpoint of prior guidance to
$4.66 - $4.78, reflecting flow through of strong 2018
profit performance, partially offset by lower estimates for
projected share-based compensation tax benefits
IDEXX Laboratories, Inc. (NASDAQ: IDXX), a global leader in
veterinary diagnostics, veterinary practice software and water
microbiology testing, reports revenues of $549 million for the fourth quarter of 2018, an
increase of 9% compared to the prior year period on a reported
basis and 10% on an organic basis. Fourth quarter results were
driven by continued strong gains in Companion Animal Group ("CAG")
Diagnostics recurring revenue globally. Earnings per diluted share
("EPS") were $0.98 on a reported
basis for the fourth quarter, representing EPS growth of 128% and
comparable constant currency EPS growth of 40%.
Revenue for the full year of $2,213
million increased 12% on a reported and organic basis,
driven by 14% reported and 13% organic growth in CAG Diagnostics
recurring revenue. For the full year 2018, EPS of $4.26 increased 45% on a reported basis and 36%
on a comparable constant currency basis, supported by a reported
120 basis points of operating margin improvement, or 130 basis
points on a constant currency basis, and benefits from the 2017 Tax
Cuts and Jobs Act ("U.S. Tax Reform").
Based on its continued strong momentum, the Company is
reaffirming its full year 2019 revenue growth outlook of 8% - 9.5%
on a reported basis and 9.5% - 11% on an organic basis. The
Company is also increasing its EPS guidance range to $4.66 - $4.78, an
increase of $0.04 at the midpoint of
prior 2019 guidance shared on the Q3 2018 conference call,
reflecting approximately $0.06 per
share in incremental benefits from the flow through of strong 2018
operating margin performance and tax rate upsides, partially offset
by $0.02 of per share reduction in
projected share-based compensation tax benefits reflecting recent
share prices. This EPS outlook incorporates the Company's refined
goals for constant currency operating margin improvement of 50 - 80
basis points in 2019, building on its strong 2018 results.
"IDEXX delivered another quarter of strong performance,
evidenced by consistent 13% gains in CAG Diagnostics recurring
revenue and 21% expansion of our global premium
instrument installed base. We also delivered outstanding bottom
line results, while advancing incremental investments in our
employees, innovation and expanded sales and marketing
capability. We are well-positioned to build on our business
momentum and high level of execution in 2019 with the investments
we have made in the business over the last year," said Jonathan Ayers, the Company's Chairman and Chief
Executive Officer.
"Our sustained high growth reinforces the enduring long-term
potential we see for our markets around the world as our customers
advance their standards of care by leveraging IDEXX's unique
innovations. Our global opportunity for growth is supported by
evolving pet owners' attitudes, particularly with the millennial
generation, towards the importance of care for their family
members, and by veterinary practices deepening their appreciation
for the value of diagnostics in both sick animal and preventive
care."
Fourth Quarter Performance Highlights
Companion Animal Group
The Companion Animal Group generated 10% reported and 12%
organic revenue growth for the quarter. CAG Diagnostics recurring
revenue growth remained strong at 12% reported and 13% organic,
including a $4.5 million, or
approximately 1% in growth rate benefit attributable to the
adoption of ASU 2014-09, Revenue from Contracts with Customers (the
"New Revenue Standard"), primarily related to the modified
retrospective restatement. Veterinary software services and
diagnostic imaging systems revenue growth increased 9% on a
reported basis and 8% on an organic basis.
- IDEXX VetLab® consumables generated 17%
reported and 19% organic revenue growth, supported by our expanding
premium instrument base and benefits from new test innovations,
including Catalyst® SDMA. IDEXX VetLab premium
diagnostic instrument placements grew 8% to a record number of
3,957, including 2,042 Catalyst placements, reflecting 10% growth,
1,170 premium hematology instrument additions and 745 IDEXX SediVue
Dx® analyzer placements.
- Reference laboratory diagnostic and consulting services
generated 10% reported and 11% organic revenue growth. These
results were driven by mid-teen organic growth in the U.S., with
strong organic volume gains with existing customers, solid net
price realization and net customer additions. International
reference lab organic revenue growth reached mid-single-digit
levels in the quarter, with overall gains moderated by low growth
in select markets.
- Rapid assay products generated revenue growth of 5% on a
reported and organic basis, with continued gains in
SNAP® 4Dx® Plus Tests, specialty and first
generation rapid test volumes.
Water
Water achieved revenue growth of 5% on a reported basis and 8%
on an organic basis in the fourth quarter, supported by strong
growth in international markets.
Livestock, Poultry and Dairy ("LPD")
LPD revenue declined 9% on a reported basis and 5% on an organic
basis for the quarter, reflecting comparisons to strong year-end
government program and distributor ordering in the prior year,
impacts related to African swine fever outbreaks in China, which reduced demand for diagnostic
testing in the quarter, as well as continued pressure on dairy
testing in key markets related to low milk pricing.
Gross Profit and Operating Profit
Gross profits increased 10%, and gross margin increased to 54.7%
from 53.8% in the prior year period. On a constant currency basis,
gross margin was 70 basis points higher than fourth quarter 2017,
supported by continued solid net price gains and strong growth in
consumable revenues, partially offset by unfavorable impacts from
instrument program mix under the New Revenue Standard.
Operating margin was 21.0% in the quarter, 170 basis points
higher than the prior year period results on a reported and
constant currency basis, supported by gross margin gains and
operating expense leverage on high revenue growth.
2019 Financial Outlook
The following guidance for 2019 reflects the assumptions that
for the remainder of 2019, the value of foreign currencies will
remain at the following rates in U.S. dollars:
- the euro at $1.13;
- the British pound at $1.28;
- the Canadian dollar at $0.75;
and
- the Australian dollar at $0.70;
and relative to the U.S. dollar:
- the Japanese yen at ¥112;
- the Chinese renminbi at RMB 7.00;
and
- the Brazilian real at R$3.79.
Outlook for 2019
The Company is reaffirming its 2019 revenue outlook of
$2,385 million - $2,425 million, supported by reported revenue
growth of 8% - 9.5% and organic revenue growth of 9.5% - 11%. At
the foreign exchange rate assumptions in 2019 noted above, we
continue to estimate that the effect of the stronger U.S. dollar
will reduce full year 2019 reported revenue growth by approximately
1.5%, EPS growth by approximately 1%, and EPS by an estimated
$0.03 per share, including the net
impact of projected hedge gains of approximately $10 million in 2019.
We are increasing our 2019 EPS outlook to $4.66 - $4.78 per
share, an increase of $0.04 at the
midpoint of the earlier guidance range, or targeted growth of 9% -
12% on a reported basis and 15% - 18% on a comparable constant
currency basis. The Company is projecting free cash flow at
approximately 60% - 65% of net income in 2019, including a
projected $70 million of capital
spending related to completion of our Westbrook, Maine headquarters expansion and
the relocation and expansion of our core laboratory in Germany. Spending for these two major projects
was $42 million in 2018. For 2019,
the Company projects total capital spending, including these major
projects, of approximately $160
million - $175 million.
The Company provides the following updated guidance for
2019:
Amounts in
millions except per share data and percentages
|
|
|
|
Guidance
Range
|
Growth
Definition
|
Year-over-year
Growth
|
|
|
|
|
|
|
|
Revenue
|
|
$2,385
|
|
-
|
$2,425
|
Reported
|
8 %
- 9.5 %
|
|
|
|
|
|
Organic Revenue
Growth
|
9.5 %
- 11 %
|
|
|
|
|
|
|
|
EPS
|
|
$4.66
|
|
-
|
$4.78
|
Reported
|
9 %
- 12 %
|
|
|
|
|
|
Comparable Constant
Currency
|
15 %
- 18 %
|
|
|
|
|
|
|
|
Operating Cash
Flow
|
~
|
100% - 105% of net
income
|
|
|
|
|
|
|
|
|
Free Cash
Flow
|
~
|
60% - 65% of net
income
|
|
|
|
|
|
|
|
|
Capital
Expenditures
|
~
|
$160 million - $175
million
|
|
We expect an effective tax rate of 20% - 21%, including
expectations for a benefit from share-based compensation accounting
of $6.5 million - $8.5 million or approximately 150 basis points.
We are projecting a reduction in weighted average shares
outstanding of approximately 1% to 1.5%, and interest expense, net
of interest income, of $37 million to
$38 million, reflecting current and
projected borrowings.
Conference Call and Webcast Information
IDEXX Laboratories, Inc. will be hosting a conference call today
at 8:30 a.m. (Eastern) to discuss its
fourth quarter and full year 2018 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 462085. Replay of
the conference call will be available through Friday, February 8, 2019 by dialing
1-800-475-6701 or 1-320-365-3844 and referencing replay code
462085. Individuals can access a live webcast of the conference
call through a link on the IDEXX website, www.idexx.com/investors.
An archived edition of the webcast will be available after
1:00 p.m. (Eastern) on that day via
the same link and will remain available for one year.
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
8,000 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 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 "2019 Financial
Outlook", "Outlook for 2019", and elsewhere and can be identified
by the use of words such as "expects", "may", "anticipates",
"intends", "would", "will", "plans", "believes", "estimates",
"projected", "should", and similar words and expressions. Our
forward-looking statements include statements relating to revenue
growth and EPS outlooks; operating and free cash flow forecast;
projected impacts of U.S. Tax Reform; projected impact of foreign
currency exchange rates; and projected operating margins and
expenses, capital expenditures, gains from foreign currency hedging
transactions, tax and EPS benefits from share-based compensation
arrangements, effective tax rates, 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. These forward-looking statements involve known
and unknown risks and uncertainties that may cause the Company's
actual results, levels of activity, performance or achievements to
be materially different from those expressed or implied by these
forward-looking statements. The Company specifically disclaims any
obligation to publicly update any forward-looking statement,
whether as a result of new information, future events or otherwise.
A description of the risks and uncertainties that could cause
results to differ materially from those described in the
forward-looking statements can be found in the Company's 2017
Annual Report on Form 10-K, the Company's Quarterly Report on Form
10-Q filed with the U.S. Securities and Exchange Commission (SEC)
on November 1, 2018 and the Company's
other filings with the SEC available at www.sec.gov.
Statement Regarding Non-GAAP Financial Measures
The following defines terms and conventions and provides
reconciliations 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.
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, and 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 impacted fourth-quarter 2018 results as follows:
decreased revenue growth by 1.6%, decreased gross profit growth by
approximately 2%, increased gross profit margin growth by 20 basis
points, decreased operating expense growth by 1%, decreased
operating profit growth by 2%, had an immaterial impact on
operating profit margin growth, and decreased EPS growth by 2%.
Estimated currency changes impacted full year 2018 results as
follows: increased revenue growth by less than 1%, decreased
operating profit margin growth by 10 basis points, and had an
immaterial impact on EPS growth. Estimated currency changes
are also expected to decrease projected full year 2019 revenue
growth by approximately 1.5%, decrease projected full year 2019 CAG
Diagnostics recurring revenue growth by approximately 1.5%,
decrease projected operating profit margin growth by approximately
20 basis points, decrease projected 2019 EPS growth by
approximately 1%, and decrease first quarter revenue growth
by approximately 3%. 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 months and year ended
December 31, 2018.
Growth and organic revenue growth - All references to growth and
organic growth refer to growth compared to the equivalent prior
year period unless specifically noted. Organic revenue growth is a
non-GAAP financial measure that excludes the impact of changes in
foreign currency exchange rates and revenue from business
acquisitions. See the supplementary analysis of results below for a
reconciliation of reported revenue growth to organic revenue growth
for the three and twelve months ended December 31, 2018. See the constant
currency note above for the impacts of estimated currency changes
to fourth quarter and full year 2018, as well estimated full year
2019 organic revenue growth for the Company. The percentage
change in revenue resulting from acquisitions represents
incremental revenues attributable to business acquisitions that
have occurred since the beginning of the prior year period.
Effective January 1, 2018, we exclude
only acquisitions that are considered to be a business (consistent
with ASU 2017-01, "Business Combinations: (Topic 850) Clarifying
the Definition of a Business") from organic revenue growth. For
more detail on what acquisitions we consider to be a business in
computing organic growth, please see Management's Discussion and
Analysis of Financial Conditions and Results of Operations,
Non-GAAP Financial Measures, contained in the Company's Quarterly
Report on Form 10-Q for the quarter ended September 30, 2018. For the calculation of
projected full year and first quarter 2019 organic revenue growth,
and projected full year 2019 CAG Diagnostics recurring organic
revenue growth, the impacts of revenue from acquisitions is
immaterial.
Comparable constant currency EPS growth - Comparable
constant currency EPS growth is a non-GAAP financial measure that
excludes the tax effects of share-based compensation activity under
ASU 2016-09, a one-time negative impact related to the 2017 Tax
Cuts and Jobs Act ("U.S. Tax Reform"), and a discrete tax benefit
related to the expected utilization of foreign tax credits.
Management believes comparable constant currency EPS growth is a
more useful way to measure the Company's business performance than
EPS growth because it enables better period-over-period comparisons
of the fundamental financial results by excluding items that vary
independent of performance and provides greater transparency to
investors regarding a key metric used by management. Share-based
compensation activity is expected to increase projected EPS by
$0.07 to $0.10 for the full year 2019, increased fourth
quarter 2018 EPS by $0.01 compared to
$0.06 in the fourth quarter of 2017,
increased EPS by $0.24 for the full
year 2018, and increased EPS by $0.30
for full year 2017. A one-time negative impact related to the
enactment of the U.S. Tax Reform for the fourth quarter of 2017,
due to the deemed repatriation of the Company's foreign profits,
net of the remeasurement of deferred taxes at the lower enacted
corporate tax rate, reduced fourth quarter and full year 2017 EPS
by $0.34. A discrete tax
benefit related to the expected utilization of foreign tax credits
in 2017 increased fourth-quarter 2017 EPS by $0.01 and full year 2017 EPS by $0.04. These impacts and those described in the
constant currency note above reconcile reported EPS growth to
comparable constant currency EPS growth for the Company.
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, 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 years ended December 31,
2018 and 2017. Since adoption of ASU 2016-09 in 2017,
the tax benefit from share-based compensation is included in cash
generated from operations and will no longer be an adjustment in
our free cash flow calculation. To estimate projected 2019
free cash flow, we have deducted projected purchases of property
and equipment (also referred to as capital expenditures) of
~$160 -$175
million.
Debt to Adjusted EBITDA (Leverage Ratios) - Adjusted EBITDA,
gross debt, and net debt are non-GAAP financial measures.
Adjusted EBITDA is a non-GAAP financial measure of earnings before
interest, taxes, depreciation, amortization and share-based
compensation. Management believes that using Adjusted EBITDA,
gross debt and net debt in the Adjusted EBITDA ratio is a useful
and recognized measure for evaluating financial leverage. For
further information on how Adjusted EBITDA and the Debt to Adjusted
EBITDA Ratio are calculated, see the Company's Annual Report on
Form 10-K for the year ended December 31,
2017.
After-Tax Return on Invested Capital, Excluding Cash and
Investments ("ROIC"): After-Tax Return on Invested Capital,
Excluding Cash and Investments is a non-GAAP financial measure.
After-tax return on invested capital, excluding cash and
investments, represents our after-tax income from operations,
divided by our average invested capital, excluding cash and
investments, using beginning and ending balance sheet values.
Management believes that reporting after-tax return on invested
capital provides useful information to investors for evaluating the
efficiency and effectiveness of our use of capital. See the
supplementary table below for reconciliation of this non-GAAP
financial measure.
Contact: John Ravis, Investor
Relations, 1-207-556-8155
IDEXX
Laboratories, Inc. and Subsidiaries
|
|
|
|
|
Condensed
Consolidated Statement of Operations
|
|
|
|
|
Amounts in
thousands except per share data (Unaudited)
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Revenue:
|
|
Revenue
|
|
$549,386
|
|
|
$506,121
|
|
|
$2,213,242
|
|
|
$1,969,058
|
|
Expenses and
Income:
|
|
Cost of
revenue
|
|
249,025
|
|
|
233,647
|
|
|
971,700
|
|
|
871,676
|
|
|
|
Gross
profit
|
|
300,361
|
|
|
272,474
|
|
|
1,241,542
|
|
|
1,097,382
|
|
|
|
Sales and
marketing
|
|
95,904
|
|
|
90,539
|
|
|
387,406
|
|
|
354,294
|
|
|
|
General and
administrative
|
|
58,972
|
|
|
55,318
|
|
|
244,938
|
|
|
220,878
|
|
|
|
Research and
development
|
|
30,138
|
|
|
28,809
|
|
|
117,863
|
|
|
109,182
|
|
|
|
Income from
operations
|
|
115,347
|
|
|
97,808
|
|
|
491,335
|
|
|
413,028
|
|
|
|
Interest expense,
net
|
|
(8,302)
|
|
|
(8,122)
|
|
|
(33,593)
|
|
|
(31,971)
|
|
|
|
Income before
provision for income taxes
|
|
107,045
|
|
|
89,686
|
|
|
457,742
|
|
|
381,057
|
|
|
|
Provision for income
taxes
|
|
21,368
|
|
|
51,396
|
|
|
80,695
|
|
|
117,788
|
|
Net
Income:
|
|
Net income
|
|
85,677
|
|
|
38,290
|
|
|
377,047
|
|
|
263,269
|
|
|
|
Less: Noncontrolling
interest in subsidiary's
earnings
|
|
39
|
|
|
33
|
|
|
16
|
|
|
125
|
|
|
|
Net income
attributable to stockholders
|
|
$85,638
|
|
|
$38,257
|
|
|
$377,031
|
|
|
$263,144
|
|
|
|
Earnings per share:
Basic
|
|
$0.99
|
|
|
$0.44
|
|
|
$4.34
|
|
|
$3.00
|
|
|
|
Earnings per share:
Diluted
|
|
$0.98
|
|
|
$0.43
|
|
|
$4.26
|
|
|
$2.94
|
|
|
|
Shares outstanding:
Basic
|
|
86,379
|
|
|
87,427
|
|
|
86,864
|
|
|
87,769
|
|
|
|
Shares outstanding:
Diluted
|
|
87,807
|
|
|
89,045
|
|
|
88,470
|
|
|
89,567
|
|
|
IDEXX
Laboratories, Inc. and Subsidiaries
|
|
|
|
|
Selected Operating
Information (Unaudited)
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Operating
Ratios
|
|
Gross
profit
|
|
54.7
|
%
|
|
53.8
|
%
|
|
56.1
|
%
|
|
55.7
|
%
|
(as a percentage
of revenue):
|
|
Sales, marketing,
general and administrative
expense
|
|
28.2
|
%
|
|
28.8
|
%
|
|
28.6
|
%
|
|
29.2
|
%
|
|
|
Research and
development expense
|
|
5.5
|
%
|
|
5.7
|
%
|
|
5.3
|
%
|
|
5.5
|
%
|
|
|
Income from
operations1
|
|
21.0
|
%
|
|
19.3
|
%
|
|
22.2
|
%
|
|
21.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
December
31,
|
|
Percent
of
|
|
December
31,
|
|
Percent
of
|
|
|
|
|
2018
|
|
Revenue
|
|
2017
|
|
Revenue
|
Revenue:
|
|
CAG
|
|
$479,011
|
|
|
|
|
$433,516
|
|
|
|
|
|
Water
|
|
30,289
|
|
|
|
|
28,864
|
|
|
|
|
|
LPD
|
|
33,923
|
|
|
|
|
37,215
|
|
|
|
|
|
Other
|
|
6,163
|
|
|
|
|
6,526
|
|
|
|
|
|
Total
|
|
$549,386
|
|
|
|
|
$506,121
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit:
|
|
CAG
|
|
$256,804
|
|
|
53.6
|
%
|
|
$230,876
|
|
|
53.3
|
%
|
|
|
Water
|
|
21,228
|
|
|
70.1
|
%
|
|
19,609
|
|
|
67.9
|
%
|
|
|
LPD
|
|
19,393
|
|
|
57.2
|
%
|
|
20,957
|
|
|
56.3
|
%
|
|
|
Other
|
|
2,911
|
|
|
47.2
|
%
|
|
3,162
|
|
|
48.5
|
%
|
|
|
Unallocated
Amounts
|
|
25
|
|
|
N/A
|
|
|
(2,130)
|
|
|
N/A
|
|
|
|
Total
|
|
$300,361
|
|
|
54.7
|
%
|
|
$272,474
|
|
|
53.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Income from
Operations:
|
|
CAG
|
|
$97,048
|
|
|
20.3
|
%
|
|
$85,700
|
|
|
19.8
|
%
|
|
|
Water
|
|
13,149
|
|
|
43.4
|
%
|
|
12,195
|
|
|
42.2
|
%
|
|
|
LPD
|
|
5,973
|
|
|
17.6
|
%
|
|
6,584
|
|
|
17.7
|
%
|
|
|
Other
|
|
1,658
|
|
|
26.9
|
%
|
|
1,562
|
|
|
23.9
|
%
|
|
|
Unallocated
Amounts
|
|
(2,481)
|
|
|
N/A
|
|
|
(8,233)
|
|
|
N/A
|
|
|
|
Total
|
|
$115,347
|
|
|
21.0
|
%
|
|
$97,808
|
|
|
19.3
|
%
|
|
|
|
|
|
Twelve Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
|
December
31,
|
|
Percent
of
|
|
December
31,
|
|
Percent
of
|
|
|
|
|
2018
|
|
Revenue
|
|
2017
|
|
Revenue
|
Revenue:
|
|
CAG
|
|
$1,935,428
|
|
|
|
|
$1,703,377
|
|
|
|
|
|
Water
|
|
125,198
|
|
|
|
|
114,395
|
|
|
|
|
|
LPD
|
|
130,581
|
|
|
|
|
128,481
|
|
|
|
|
|
Other
|
|
22,035
|
|
|
|
|
22,805
|
|
|
|
|
|
Total
|
|
$2,213,242
|
|
|
|
|
$1,969,058
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit:
|
|
CAG
|
|
$1,066,509
|
|
|
55.1
|
%
|
|
$936,798
|
|
|
55.0
|
%
|
|
|
Water
|
|
88,092
|
|
|
70.4
|
%
|
|
79,365
|
|
|
69.4
|
%
|
|
|
LPD
|
|
74,960
|
|
|
57.4
|
%
|
|
72,140
|
|
|
56.1
|
%
|
|
|
Other
|
|
10,250
|
|
|
46.5
|
%
|
|
11,388
|
|
|
49.9
|
%
|
|
|
Unallocated
Amounts
|
|
1,731
|
|
|
N/A
|
|
|
(2,309)
|
|
|
N/A
|
|
|
|
Total
|
|
$1,241,542
|
|
|
56.1
|
%
|
|
$1,097,382
|
|
|
55.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Income from
Operations:
|
|
CAG
|
|
$429,483
|
|
|
22.2
|
%
|
|
$363,557
|
|
|
21.3
|
%
|
|
|
Water
|
|
56,607
|
|
|
45.2
|
%
|
|
50,616
|
|
|
44.2
|
%
|
|
|
LPD
|
|
19,412
|
|
|
14.9
|
%
|
|
16,464
|
|
|
12.8
|
%
|
|
|
Other
|
|
3,729
|
|
|
16.9
|
%
|
|
4,837
|
|
|
21.2
|
%
|
|
|
Unallocated
Amounts
|
|
(17,896)
|
|
|
N/A
|
|
|
(22,446)
|
|
|
N/A
|
|
|
|
Total
|
|
$491,335
|
|
|
22.2
|
%
|
|
$413,028
|
|
|
21.0
|
%
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
|
|
Percentage
|
|
Percentage
|
|
Organic
|
|
|
December
31,
|
|
December
31,
|
|
Dollar
|
|
Revenue
|
|
Change
from
|
|
Change
from
|
|
Revenue
|
Net
Revenue
|
|
2018
|
|
2017
|
|
Change
|
|
Growth1
|
|
Currency
|
|
Acquisitions
|
|
Growth1
|
CAG
|
|
$479,011
|
|
|
$433,516
|
|
|
$45,495
|
|
|
10.5
|
%
|
|
(1.4%)
|
|
|
0.1
|
%
|
|
11.7
|
%
|
United
States
|
|
314,434
|
|
|
278,396
|
|
|
36,038
|
|
|
12.9
|
%
|
|
—
|
|
|
0.2
|
%
|
|
12.8
|
%
|
International
|
|
164,577
|
|
|
155,120
|
|
|
9,457
|
|
|
6.1
|
%
|
|
(3.8%)
|
|
|
0.1
|
%
|
|
9.8
|
%
|
Water
|
|
30,289
|
|
|
28,864
|
|
|
1,425
|
|
|
4.9
|
%
|
|
(2.6%)
|
|
|
—
|
|
|
7.5
|
%
|
United
States
|
|
13,235
|
|
|
13,125
|
|
|
110
|
|
|
0.8
|
%
|
|
—
|
|
|
—
|
|
|
0.8
|
%
|
International
|
|
17,054
|
|
|
15,739
|
|
|
1,315
|
|
|
8.4
|
%
|
|
(5.0%)
|
|
|
—
|
|
|
13.4
|
%
|
LPD
|
|
33,923
|
|
|
37,215
|
|
|
(3,292)
|
|
|
(8.8)
|
%
|
|
(3.7%)
|
|
|
—
|
|
|
(5.1)
|
%
|
United
States
|
|
3,436
|
|
|
3,615
|
|
|
(179)
|
|
|
(5.0)
|
%
|
|
—
|
|
|
—
|
|
|
(5.0)
|
%
|
International
|
|
30,487
|
|
|
33,600
|
|
|
(3,113)
|
|
|
(9.3)
|
%
|
|
(4.1%)
|
|
|
—
|
|
|
(5.2)
|
%
|
Other
|
|
6,163
|
|
|
6,526
|
|
|
(363)
|
|
|
(5.6)
|
%
|
|
—
|
|
|
—
|
|
|
(5.6)
|
%
|
Total
Company
|
|
$549,386
|
|
|
$506,121
|
|
|
$43,265
|
|
|
8.5
|
%
|
|
(1.6%)
|
|
|
0.1
|
%
|
|
10.1
|
%
|
United
States
|
|
333,020
|
|
|
297,782
|
|
|
35,238
|
|
|
11.8
|
%
|
|
—
|
|
|
0.2
|
%
|
|
11.7
|
%
|
International
|
|
216,366
|
|
|
208,339
|
|
|
8,027
|
|
|
3.9
|
%
|
|
(3.9%)
|
|
|
—
|
|
|
7.7
|
%
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
|
|
Percentage
|
|
Percentage
|
|
Organic
|
|
|
December
31,
|
|
December
31,
|
|
Dollar
|
|
Revenue
|
|
Change
from
|
|
Change
from
|
|
Revenue
|
Net CAG
Revenue
|
|
2018
|
|
2017
|
|
Change
|
|
Growth1
|
|
Currency
|
|
Acquisitions
|
|
Growth1
|
CAG Diagnostics
recurring revenue:
|
|
$401,654
|
|
|
$359,765
|
|
|
$41,889
|
|
|
11.6
|
%
|
|
(1.4%)
|
|
|
—
|
|
|
13.0
|
%
|
IDEXX VetLab
consumables
|
|
156,595
|
|
|
133,693
|
|
|
22,902
|
|
|
17.1
|
%
|
|
(1.8%)
|
|
|
—
|
|
|
18.9
|
%
|
Rapid assay
products
|
|
48,341
|
|
|
46,224
|
|
|
2,117
|
|
|
4.6
|
%
|
|
(0.8%)
|
|
|
—
|
|
|
5.4
|
%
|
Reference
laboratory diagnostic
and consulting services
|
|
178,486
|
|
|
161,924
|
|
|
16,562
|
|
|
10.2
|
%
|
|
(1.2%)
|
|
|
—
|
|
|
11.4
|
%
|
CAG Diagnostics
services and accessories
|
|
18,232
|
|
|
17,924
|
|
|
308
|
|
|
1.7
|
%
|
|
(1.6%)
|
|
|
—
|
|
|
3.3
|
%
|
CAG Diagnostics
capital – instruments
|
|
37,264
|
|
|
36,945
|
|
|
319
|
|
|
0.9
|
%
|
|
(2.4%)
|
|
|
—
|
|
|
3.3
|
%
|
Veterinary software,
services and
diagnostic imaging systems
|
|
40,093
|
|
|
36,806
|
|
|
3,287
|
|
|
8.9
|
%
|
|
(0.4%)
|
|
|
1.6
|
%
|
|
7.7
|
%
|
Net CAG
revenue
|
|
$479,011
|
|
|
$433,516
|
|
|
$45,495
|
|
|
10.5
|
%
|
|
(1.4%)
|
|
|
0.1
|
%
|
|
11.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1See
Statements Regarding Non-GAAP Financial Measures, above. Amounts
presented may not recalculate due to rounding.
|
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)
|
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
|
|
Percentage
|
|
Percentage
|
|
Organic
|
|
|
December
31,
|
|
December
31,
|
|
Dollar
|
|
Revenue
|
|
Change
from
|
|
Change
from
|
|
Revenue
|
Net
Revenue
|
|
2018
|
|
2017
|
|
Change
|
|
Growth1
|
|
Currency
|
|
Acquisitions
|
|
Growth1
|
CAG
|
|
$1,935,428
|
|
|
$1,703,377
|
|
|
$232,051
|
|
|
13.6
|
%
|
|
0.7
|
%
|
|
0.1
|
%
|
|
12.8
|
%
|
United
States
|
|
1,277,146
|
|
|
1,125,364
|
|
|
151,782
|
|
|
13.5
|
%
|
|
—
|
|
|
0.1
|
%
|
|
13.4
|
%
|
International
|
|
658,282
|
|
|
578,013
|
|
|
80,269
|
|
|
13.9
|
%
|
|
2.1
|
%
|
|
—
|
|
|
11.7
|
%
|
Water
|
|
125,198
|
|
|
114,395
|
|
|
10,803
|
|
|
9.4
|
%
|
|
0.2
|
%
|
|
—
|
|
|
9.3
|
%
|
United
States
|
|
58,774
|
|
|
55,482
|
|
|
3,292
|
|
|
5.9
|
%
|
|
—
|
|
|
—
|
|
|
5.9
|
%
|
International
|
|
66,424
|
|
|
58,913
|
|
|
7,511
|
|
|
12.7
|
%
|
|
0.3
|
%
|
|
—
|
|
|
12.4
|
%
|
LPD
|
|
130,581
|
|
|
128,481
|
|
|
2,100
|
|
|
1.6
|
%
|
|
1.0
|
%
|
|
—
|
|
|
0.6
|
%
|
United
States
|
|
13,932
|
|
|
14,108
|
|
|
(176)
|
|
|
(1.3)
|
%
|
|
—
|
|
|
—
|
|
|
(1.3)
|
%
|
International
|
|
116,649
|
|
|
114,373
|
|
|
2,276
|
|
|
2.0
|
%
|
|
1.1
|
%
|
|
—
|
|
|
0.9
|
%
|
Other
|
|
22,035
|
|
|
22,805
|
|
|
(770)
|
|
|
(3.4)
|
%
|
|
0.3
|
%
|
|
—
|
|
|
(3.7)
|
%
|
Total
Company
|
|
$2,213,242
|
|
|
$1,969,058
|
|
|
$244,184
|
|
|
12.4
|
%
|
|
0.7
|
%
|
|
0.1
|
%
|
|
11.6
|
%
|
United
States
|
|
1,357,909
|
|
|
1,203,547
|
|
|
154,362
|
|
|
12.8
|
%
|
|
—
|
|
|
0.1
|
%
|
|
12.7
|
%
|
International
|
|
855,333
|
|
|
765,511
|
|
|
89,822
|
|
|
11.7
|
%
|
|
1.8
|
%
|
|
—
|
|
|
9.9
|
%
|
|
|
|
Twelve Months
Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
|
|
Percentage
|
|
Percentage
|
|
Organic
|
|
|
December
31,
|
|
December
31,
|
|
Dollar
|
|
Revenue
|
|
Change
from
|
|
Change
from
|
|
Revenue
|
Net CAG
Revenue
|
|
2018
|
|
2017
|
|
Change
|
|
Growth1
|
|
Currency
|
|
Acquisitions
|
|
Growth1
|
CAG Diagnostics
recurring revenue:
|
|
$1,654,530
|
|
|
$1,451,701
|
|
|
$202,829
|
|
|
14.0
|
%
|
|
0.8
|
%
|
|
—
|
|
|
13.2
|
%
|
IDEXX VetLab
consumables
|
|
617,237
|
|
|
518,774
|
|
|
98,463
|
|
|
19.0
|
%
|
|
0.8
|
%
|
|
—
|
|
|
18.1
|
%
|
Rapid assay
products
|
|
217,541
|
|
|
205,309
|
|
|
12,232
|
|
|
6.0
|
%
|
|
0.4
|
%
|
|
—
|
|
|
5.6
|
%
|
Reference
laboratory diagnostic
and consulting services
|
|
746,794
|
|
|
660,142
|
|
|
86,652
|
|
|
13.1
|
%
|
|
0.9
|
%
|
|
—
|
|
|
12.2
|
%
|
CAG Diagnostics
services and accessories
|
|
72,958
|
|
|
67,476
|
|
|
5,482
|
|
|
8.1
|
%
|
|
0.8
|
%
|
|
—
|
|
|
7.4
|
%
|
CAG Diagnostics
capital – instruments
|
|
134,264
|
|
|
119,963
|
|
|
14,301
|
|
|
11.9
|
%
|
|
0.6
|
%
|
|
—
|
|
|
11.3
|
%
|
Veterinary software,
services and diagnostic imaging systems
|
|
146,634
|
|
|
131,713
|
|
|
14,921
|
|
|
11.3
|
%
|
|
0.1
|
%
|
|
1.3
|
%
|
|
10.0
|
%
|
Net CAG
revenue
|
|
$1,935,428
|
|
|
$1,703,377
|
|
|
$232,051
|
|
|
13.6
|
%
|
|
0.7
|
%
|
|
0.1
|
%
|
|
12.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1See
Statements Regarding Non-GAAP Financial Measures, above. Amounts
presented may not recalculate due to rounding.
|
IDEXX
Laboratories, Inc. and Subsidiaries
|
Condensed
Consolidated Balance Sheet
|
Amounts in
thousands (Unaudited)
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
2018
|
|
2017
|
Assets:
|
|
Current
Assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$123,794
|
|
|
$187,675
|
|
|
|
Marketable
securities
|
|
—
|
|
|
284,255
|
|
|
|
Accounts receivable,
net
|
|
248,855
|
|
|
234,597
|
|
|
|
Inventories
|
|
173,303
|
|
|
164,318
|
|
|
|
Other current
assets
|
|
108,220
|
|
|
101,140
|
|
|
|
Total current
assets
|
|
654,172
|
|
|
971,985
|
|
|
|
Property and
equipment, net
|
|
437,270
|
|
|
379,096
|
|
|
|
Other long-term
assets, net
|
|
445,907
|
|
|
362,335
|
|
|
|
Total
assets
|
|
$1,537,349
|
|
|
$1,713,416
|
|
Liabilities and
Stockholders'
|
|
|
|
|
|
|
Equity
(Deficit):
|
|
Current
Liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$69,534
|
|
|
$66,968
|
|
|
|
Accrued
liabilities
|
|
260,683
|
|
|
253,418
|
|
|
|
Line of
credit
|
|
398,937
|
|
|
655,000
|
|
|
|
Deferred
revenue
|
|
41,290
|
|
|
29,181
|
|
|
|
Total current
liabilities
|
|
770,444
|
|
|
1,004,567
|
|
|
|
Long-term
debt
|
|
601,348
|
|
|
606,075
|
|
|
|
Other long-term
liabilities, net
|
|
174,790
|
|
|
156,616
|
|
|
|
Total long-term
liabilities
|
|
776,138
|
|
|
762,691
|
|
|
|
Total stockholders'
deficit
|
|
(9,513)
|
|
|
(54,106)
|
|
|
|
Noncontrolling
interest
|
|
280
|
|
|
264
|
|
|
|
Total
stockholders' deficit
|
|
(9,233)
|
|
|
(53,842)
|
|
|
|
Total liabilities
and stockholders' deficit
|
|
$1,537,349
|
|
|
$1,713,416
|
|
IDEXX
Laboratories, Inc. and Subsidiaries
|
Select Balance Sheet
Information (Unaudited)
|
|
|
|
|
December 31,
2018
|
|
September 30,
2018
|
|
June 30,
2018
|
|
March 31,
2018
|
|
December 31,
2017
|
Selected Balance
Sheet Information:
|
|
Days sales
outstanding1
|
|
42.6
|
|
|
44.3
|
|
|
41.2
|
|
|
42.0
|
|
|
41.7
|
|
|
|
Inventory
turns2
|
|
2.3
|
|
|
2.1
|
|
|
2.2
|
|
|
2.0
|
|
|
2.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Days
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.
|
2Inventory
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)
|
|
|
|
|
Twelve Months
Ended
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
2018
|
|
2017
|
Operating:
|
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
Net income
|
|
$377,047
|
|
|
$263,269
|
|
|
|
Non-cash
charges
|
|
114,677
|
|
|
101,627
|
|
|
|
Changes in assets and
liabilities
|
|
(91,640)
|
|
|
8,380
|
|
|
|
Net cash provided by
operating activities
|
|
400,084
|
|
|
373,276
|
|
Investing:
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
Purchases of property
and equipment
|
|
(115,751)
|
|
|
(74,384)
|
|
|
|
Purchase of
marketable securities
|
|
(87)
|
|
|
(334,164)
|
|
|
|
Proceeds from the
sale and maturities of marketable securities
|
|
284,125
|
|
|
286,759
|
|
|
|
Acquisitions of
intangible assets and equity investment
|
|
(7,185)
|
|
|
(2,320)
|
|
|
|
Acquisitions of
businesses, net of cash acquired
|
|
(22,500)
|
|
|
(14,579)
|
|
|
|
Net cash provided
(used) by investing activities
|
|
138,602
|
|
|
(138,688)
|
|
Financing:
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
(Repayments)
borrowings on revolving credit facilities, net
|
|
(256,040)
|
|
|
44,000
|
|
|
|
Payment of
acquisition-related contingent considerations
|
|
(1,266)
|
|
|
—
|
|
|
|
Repurchases of common
stock
|
|
(369,319)
|
|
|
(282,565)
|
|
|
|
Proceeds from
exercises of stock options and employee stock purchase
plans
|
|
38,201
|
|
|
38,622
|
|
|
|
Shares withheld for
statutory tax withholding on restricted stock
|
|
(9,375)
|
|
|
(8,073)
|
|
|
|
Net cash used by
financing activities
|
|
(597,799)
|
|
|
(208,016)
|
|
|
|
Net effect of changes
in exchange rates on cash
|
|
(4,768)
|
|
|
6,202
|
|
|
|
Net (decrease)
increase in cash and cash equivalents
|
|
(63,881)
|
|
|
32,774
|
|
|
|
Cash and cash
equivalents, beginning of period
|
|
187,675
|
|
|
154,901
|
|
|
|
Cash and cash
equivalents, end of period
|
|
$123,794
|
|
|
$187,675
|
|
IDEXX
Laboratories, Inc. and Subsidiaries
|
Free Cash
Flow
|
Amounts in
thousands except per share data (Unaudited)
|
|
|
|
|
Twelve Months
Ended
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
2018
|
|
2017
|
Free Cash
Flow:
|
|
Net cash provided by
operating activities
|
|
$400,084
|
|
|
$373,276
|
|
|
|
Investing cash flows
attributable to purchases of property and equipment
|
|
(115,751)
|
|
|
(74,384)
|
|
|
|
Free cash
flow1
|
|
$284,333
|
|
|
$298,892
|
|
|
|
|
|
|
|
|
1See
Statements Regarding Non-GAAP Financial Measures, above.
|
IDEXX
Laboratories, Inc. and Subsidiaries
|
|
|
|
After-Tax Return
on Invested Capital, Excluding Cash and Investments
("ROIC")
|
|
|
|
Amounts in
thousands (Unaudited)
|
|
|
|
Numerator (amounts in
thousands)
|
For the Year
Ended
December 31,
2018
|
|
|
Income from
operations (as reported)
|
$491,335
|
|
|
|
After-tax income from
operations1
|
$404,718
|
|
|
|
Denominator (dollar amounts in
thousands)
|
As
of
December 31,
2018
|
|
As
of
December 31,
2017
|
Total shareholders'
equity (deficit)
|
(9,513)
|
|
|
(54,106)
|
|
Noncontrolling
interest
|
280
|
|
|
264
|
|
Line of
credit
|
398,937
|
|
|
655,000
|
|
Long-term
debt
|
601,348
|
|
|
606,075
|
|
Deferred income tax
assets
|
(8,481)
|
|
|
(7,698)
|
|
Deferred income tax
liabilities
|
29,267
|
|
|
25,353
|
|
Total invested
capital
|
$1,011,838
|
|
|
$1,224,888
|
|
Less cash
and cash equivalents
|
123,794
|
|
|
187,675
|
|
Less marketable securities
|
—
|
|
|
284,255
|
|
Total invested
capital, excluding cash and investments
|
$888,044
|
|
|
$752,958
|
|
Average invested
capital, excluding cash and investments2
|
820,501
|
|
|
|
After-tax return on
invested capital, excluding cash and investments
|
49
|
%
|
|
|
|
|
|
|
1After-tax income from operations
represents income from operations reduced by our reported effective
tax rate, excluding the impact of non-recurring tax
items.
|
2Average invested capital, excluding
cash and investments, represents the average of the amount of total
invested capital, excluding cash and investments.
|
IDEXX
Laboratories, Inc. and Subsidiaries
|
|
|
|
|
Common Stock
Repurchases
|
|
|
|
|
Amounts in
thousands except per share data (Unaudited)
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Shares repurchased in
the open market
|
|
489
|
|
|
351
|
|
|
1,773
|
|
|
1,749
|
|
Shares acquired
through employee surrender for statutory tax withholding
|
|
2
|
|
|
2
|
|
|
52
|
|
|
57
|
|
Total shares
repurchased
|
|
491
|
|
|
353
|
|
|
1,825
|
|
|
1,806
|
|
|
|
|
|
|
|
|
|
|
Cost of shares
repurchased in the open market
|
|
$103,482
|
|
|
$54,977
|
|
|
$368,691
|
|
|
$270,297
|
|
Cost of shares for
employee surrenders
|
|
265
|
|
|
245
|
|
|
9,375
|
|
|
8,074
|
|
Total cost of
shares
|
|
$103,747
|
|
|
$55,222
|
|
|
$378,066
|
|
|
$278,371
|
|
|
|
|
|
|
|
|
|
|
Average cost per
share – open market repurchases
|
|
$211.41
|
|
|
$156.57
|
|
|
$207.92
|
|
|
$154.51
|
|
Average cost per
share – employee surrenders
|
|
$201.40
|
|
|
$156.44
|
|
|
$182.18
|
|
|
$142.55
|
|
Average cost per
share – total
|
|
$211.38
|
|
|
$156.57
|
|
|
$207.19
|
|
|
$154.13
|
|
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SOURCE IDEXX Laboratories, Inc.