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IDEXX Laboratories Announces First Quarter Results
Date:4/24/2009

WESTBROOK, Maine, April 24 /PRNewswire-FirstCall/ -- IDEXX Laboratories, Inc. (Nasdaq: IDXX), today reported that revenues for the first quarter of 2009 were $236.5 million compared to $249.1 million for the first quarter of 2008. The decrease in revenues was due primarily to the unfavorable impact of changes in foreign currency exchange rates and the absence of pharmaceutical product sales in the first quarter of 2009, due to the divestiture in the fourth quarter of 2008 of our on-market pharmaceutical products. Organic growth, which is reported revenue growth adjusted to eliminate the effect of changes in foreign currency exchange rates and revenues from businesses acquired or divested subsequent to December 31, 2007, was 3% for the quarter. Earnings per diluted share ("EPS") were $0.43 for the quarters ended March 31, 2009 and 2008. Non-GAAP diluted EPS grew 5% when compared to first quarter 2008 non-GAAP diluted EPS of $0.41. A reconciliation of non-GAAP diluted EPS to earnings per share is included in the supplementary table provided below.

"I am very satisfied with our performance in the quarter, a time defined by economic uncertainty, global recession and a strong dollar that lowers our international and export revenues as reported in U.S. dollars," said Jonathan Ayers, Chairman and CEO. "Organic revenue growth of 3% for the company was a bit lower than anticipated, as most of our markets were impacted by the recession to a slightly larger degree than we expected in January. However, our successful focus on operating efficiency and cost control helped to more than offset this slower organic revenue growth."

"Despite our focus on expense control, we have continued to invest significantly in the development and commercialization of the innovative products and services that are central to our strategy. We made very substantial progress in the post-launch improvements of our new chemistry instrument, Catalyst Dx(TM), which has continued to improve the customer experience. We placed more instruments in the quarter than expected, and yet still maintained our expected backlog at the quarter end. We expect to exit our controlled launch of the analyzer in the second quarter and enter a period of more aggressive placements. As a result we continue to estimate 2,000 placements for the year."

"Since our last earnings call, we have also launched an important new cardiac test in our reference laboratories for both dogs and cats. The test, called Cardiopet(TM) proBNP, is the first blood test that provides the veterinarian with a simple protocol to determine if a pet has a cardiac condition. Cardiopet proBNP is yet another innovative diagnostic tool that we expect will further differentiate our global reference lab offering."

"Based upon the effects of the economy that we observed in the first quarter and our ability to control expenses during the period, we reduced our revenue outlook somewhat for the year while raising the lower end of our EPS expectations. We believe that our performance demonstrates the fundamental strength of our business model and that we will be well positioned for higher growth when economic conditions improve."

Revenue Performance

Please refer to the table below entitled "Revenues and Revenue Growth Analysis by Product and Service Categories" in conjunction with the following discussion.

Companion Animal Group. Companion Animal Group ("CAG") revenues for the first quarter of 2009 were $193.7 million compared to $202.8 million for the first quarter of 2008. The decrease in CAG revenues was due primarily to the unfavorable impact of changes in foreign currency exchange rates and the absence of pharmaceutical product sales in the first quarter of 2009, as noted above. Organic growth, as defined above, of 3% was largely the result of increased sales of laboratory and consulting services, driven by the impact of price increases, and increased IDEXX VetLab(R) sales, driven by sales of our Catalyst Dx(TM) chemistry analyzer and SNAPshot Dx(TM) analyzer, both of which we began shipping to customers at the end of the first quarter of 2008. The impact of higher average unit sales prices for IDEXX VetLab(R) consumables was largely offset by a decrease in sales volumes. These favorable items were partly offset by a decrease in rapid assay sales, resulting from lower average unit sales prices on canine and feline SNAP(R) tests due primarily to sales promotions offered within the quarter. SNAP(R) 3Dx(R) and SNAP(R)4Dx(R) volumes were appreciably higher in the first quarter of 2009 as compared to the first quarter of 2008 as a result of specific sales promotions offered for these products.

Water. Water segment revenues for the first quarter of 2009 were $15.9 million compared to $16.8 million for the first quarter of 2008. The decrease in Water revenues was due primarily to the unfavorable impact of changes in foreign currency exchange rates, which reduced reported revenue by 8%. Organic growth, as defined above, of 3% was due to the favorable impact of higher relative sales volume in countries where products sell at higher average unit sales prices, partly offset by lower sales volumes. Decreased sales volume was due primarily to lower sales volume of our Colilert(R) products, used to detect total coliforms and E. coli in water, attributable in part to lower sales in certain economically sensitive market segments.

Production Animal Segment. Production Animal Segment ("PAS") revenues for the first quarter of 2009 were $18.3 million compared to $21.2 million for the first quarter of 2008. The decrease in PAS revenues was due primarily to the unfavorable impact of changes in foreign currency exchange rates, which reduced reported revenue by 10%. Organically, PAS revenue declined by 4% due to lower sales volumes and lower average unit sales prices. Lower sales volumes were due largely to the completion of a bovine viral diarrhea virus ("BVDV") eradication program. Lower average unit sales prices were due primarily to increased price competition.

Additional Operating Results for the First Quarter

Gross profit for the first quarter of 2009 decreased $5.4 million, or 4%, to $124.4 million from $129.8 million for the first quarter of 2008. As a percentage of total revenue, gross profit increased slightly to 53% from 52% due primarily to the favorable impact of foreign currency hedge contracts and the favorable currency impact of foreign currency denominated expenses, net of the unfavorable impact that strengthening of the U.S. dollar had on sales denominated in foreign currencies, and to the impact of higher selling prices. These net favorable impacts were partly offset by higher costs of instrument service relating to the larger installed base of IDEXX VetLab(R) instruments.

Research and development ("R&D") expense for the first quarter of 2009 was $15.9 million, compared to $17.3 million for the first quarter of 2008, representing 7% of revenue in both periods. The decrease in R&D expense was due primarily to the absence of pharmaceutical business R&D spending in the first quarter of 2009.

Selling, general and administrative ("SG&A") expense for first quarter of 2009 was $70.1 million compared to $73.8 million for the first quarter of 2008, representing 30% of revenue in both periods. The decrease in SG&A expense resulted primarily from the favorable impact of exchange rates on foreign currency denominated expenses, the absence of pharmaceutical business SG&A spending in the first quarter of 2009, and lower spending on sales commissions, partly offset by higher personnel costs due, in part, to the addition of customer service, marketing and sales personnel.

Supplementary Analysis of Results

The accompanying financial tables provide more information concerning our revenue and other operating results for the three months ended March 31, 2009, as well as a reconciliation of non-GAAP diluted EPS to earnings per share.

Outlook for 2009

The Company provides the following updated guidance for the full year of 2009. This guidance reflects an assumption that the value of the U.S. dollar relative to other currencies will remain at its current level for the balance of 2009. Fluctuations in foreign currency exchange rates from current levels could have a significant positive or negative impact on our actual results of operations in 2009.

  • Revenues are expected to be approximately $1.0 billion, which represents a change in reported revenues of -2% compared to 2008 revenues and organic revenue growth of approximately 5%. This guidance is down from the previous guidance of $1.02 to $1.04 billion provided in January 2009, driven by a lower organic growth rate assumption reflecting our assumption that the economic conditions that we experienced in the first quarter -- slightly worse than we anticipated in January -- will continue throughout the year.
  • Diluted EPS are expected to be between $1.86 to $1.90 as compared to previous guidance of $1.84 to $1.90, reflecting the benefit of our continued focus on operational efficiency and expense management in an environment of lower organic revenue growth.
  • Free cash flow is expected to be approximately 100% of net income.

Conference Call and Webcast Information

IDEXX Laboratories will be hosting a conference call today at 9:00 a.m. (eastern) to discuss its first quarter results. To participate in the conference call, dial 800-230-1059 or 612-288-0329 and reference confirmation code 996071. An audio replay will be available through May 1, 2009 by dialing 320-365-3844 and referencing replay code 996071.

The call will also be available via live or archived Webcast on the IDEXX Laboratories' web site at www.idexx.com.

Annual Meeting

IDEXX Laboratories, Inc. today announced that it will host a simultaneous Webcast of its Annual Meeting of Stockholders, to be held on Wednesday, May 6, 2009, at 10:00 a.m. (eastern) at the Portland Marriott at Sable Oaks in South Portland, Maine.

Chairman and CEO, Jonathan Ayers will chair the meeting. Investors may listen to the Annual Meeting and view a presentation live via a link on the Company's web site, www.idexx.com. An archived edition of the meeting will be available after 1:00 p.m. (eastern) on that day via the same link.

About IDEXX Laboratories

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 to build more economically successful practices. IDEXX is also a worldwide leader in providing diagnostic tests and information for the production animal industry and tests for the quality and safety of water and milk. Headquartered in Maine, IDEXX Laboratories employs more than 4,700 people and offers products to customers in over 100 countries.

Note Regarding Forward-Looking Statements

This press 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. These statements are based on management's expectations of future events as of the date of this press 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 develop, manufacture, introduce and market new products and enhancements to existing products; the impact of a weak economy on demand for the Company's products and services; the impact of changes and disruptions in financial and currency markets; the effectiveness of the Company's sales and marketing activities; disruptions, shortages or pricing changes that affect the Company's purchases of products and materials from third parties, including from sole source suppliers; the Company's ability to identify acquisition opportunities, complete acquisitions and integrate acquired businesses; the impact of competition, technological change, and veterinary hospital consolidation on the markets for the Company's products; the Company's ability to manufacture complex biologic products; 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 distributor purchasing decisions on sales of the Company's products that are sold through distribution; changes or trends in veterinary medicine that affect the rate of use of the Company's products and services by veterinarians; 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; the effects of operations outside the U.S., including from currency fluctuations, different regulatory, political and economic conditions, and different market conditions; and the loss of key employees. 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, 2008, in the section captioned "Risk Factors."

    IDEXX Laboratories, Inc. and Subsidiaries
    Consolidated Statement of Operations
    Amounts in thousands except per share data (Unaudited)

                                                Three Months Ended
                                                March 31, March 31,
                                                    2009      2008
    Revenue:   Revenue                          $236,455  $249,074
    Expenses
    and
    Income:    Cost of revenue                   112,022   119,238
               Gross profit                      124,433   129,836
               Sales and marketing                40,985    44,001
               General and administrative         29,068    29,821
               Research and development           15,939    17,295
               Income from operations             38,441    38,719
               Interest expense, net                 396       485
               Income before provision for
                income taxes                      38,045    38,234
               Provision for income taxes         11,974    10,683
    Net
    Income:    Net income                        $26,071   $27,551
               Earnings per share: Basic           $0.44     $0.45
               Earnings per share: Diluted         $0.43     $0.43
               Shares outstanding: Basic          59,172    60,865
               Shares outstanding: Diluted        60,606    63,558



    IDEXX Laboratories, Inc. and Subsidiaries
    Key Operating Information (Unaudited)

                                                 Three Months Ended
                                                March 31,  March 31,
                                                     2009       2008
    Key
    Operating      Gross profit                      52.6%      52.1%
    Ratios (as a   Sales, marketing,
    percentage      general and
    of revenue):    administrative expense           29.6%      29.6%
                   Research and
                    development expense               6.7%       6.9%
                   Income from operations (1)        16.3%      15.5%


    International  International revenue
    Revenue:        (in thousands)                $90,412   $103,328
                   International revenue
                    as a percentage of
                    total revenue                    38.2%      41.5%

    (1) The sum of individual items may not equal the total due to rounding.



    IDEXX Laboratories, Inc. and Subsidiaries
    Non-GAAP Financial Measures
    Amounts in thousands except per share data (Unaudited)

                                        Three Months Ended
                                                      Income from
                                  Gross Profit        Operations
                              March 31,  March 31,  March 31, March 31,
                                2009      2008       2009      2008

    GAAP measurement          $124,433  $129,836   $38,441  $38,719
      % of revenue                52.6%     52.1%     16.3%    15.5%
      Discrete income
       tax benefits (1)              -         -         -        -
    Non-GAAP comparative
     measurements (2)         $124,433  $129,836   $38,441  $38,719
      % of revenue                52.6%     52.1%     16.3%    15.5%


                                        Three Months Ended
                                                    Earnings per Share
                                 Net Income            Diluted
                              March 31,  March 31, March 31, March 31,
                                 2009     2008      2009      2008

    GAAP measurement          $26,071  $27,551     $0.43     $0.43
      % of revenue               11.0%    11.1%
      Discrete income
       tax benefits (1)             -   (1,472)        -     (0.02)
    Non-GAAP comparative
     measurements (2)         $26,071  $26,079     $0.43     $0.41
      % of revenue               11.0%    10.5%

    Management believes adjusted diluted EPS is a useful non-GAAP
    financial measure to evaluate the results of ongoing operations,
    excluding significant specified events, period over period, and
    therefore believes that investors may find this information useful in
    addition to the GAAP results.

    We use these supplemental non-GAAP financial measures to evaluate the
    Company's comparative financial performance. The specified items that
    are excluded in these non-GAAP measures are actual charges and
    benefits that impact net income and cash flows, however, we believe
    that it is useful to evaluate our core business performance period
    over period excluding these specified items, in addition to relying
    upon GAAP financial measures.

    (1) We believe that certain significant discrete income tax items
    create impacts on financial measures that are not indicative of
    future performance because the items are not likely to recur within a
    reasonable period. For 2008, the separately identified discrete
    income tax benefit was due to a reduction in international deferred
    tax liabilities due to lower anticipated international tax rates.

    (2) The sum of the individual items may not equal the non-GAAP
    measurement due to rounding of the individual items in this
    presentation.



    IDEXX Laboratories, Inc. and Subsidiaries
    Segment Information
    Amounts in thousands (Unaudited)

                                                   Three Months Ended
                                                  March 31,   March 31,
                                                       2009        2008
    Revenue:        CAG                            $193,692    $202,791
                    Water                            15,851      16,816
                    PAS                              18,266      21,162
                    Other                             8,646       8,305
                    Total                          $236,455    $249,074

    Gross Profit:   CAG                             $96,442    $101,554
                    Water                            11,156      10,315
                    PAS                              13,108      14,233
                    Other                             3,548       3,558
                    Unallocated                         179         176
                    Total                          $124,433    $129,836

    Income (Loss)
    from
    Operations:     CAG                             $29,079     $29,124
                    Water                             7,312       6,270
                    PAS                               4,950       5,828
                    Other                               129         242
                    Unallocated                      (3,029)     (2,745)
                    Total                           $38,441     $38,719

    Gross Profit
    (as a
    percentage
    of revenue):    CAG                                49.8%       50.1%
                    Water                              70.4%       61.3%
                    PAS                                71.8%       67.3%
                    Other                              41.0%       42.8%

    Income from
    Operations
    (as a
    percentage
    of revenue):    CAG                                15.0%       14.4%
                    Water                              46.1%       37.3%
                    PAS                                27.1%       27.5%
                    Other                               1.5%        2.9%



    IDEXX Laboratories, Inc. and Subsidiaries
    Revenues and Revenue Growth Analysis by Product and Service Categories
    Amounts in thousands (Unaudited)

                                  Three Months Ended
                                                                       Per-
                                                                     centage
                                                                      Change
                                                                        Net
                                                                        of
                                                                 Per-   Acq-
                                                               centage uisi-
                                                               Change  tions/
                                                                from Divesti-
                                                         Per-   Acq-    tures
                                                        centage uisi-   and
                                                        Change  tions/  Curr-
                                                Per-     from  Divesti-  ency
    Net         Mar. 31,   Mar. 31,   Dollar   centage Currency tures  Effect
     Revenue       2009      2008     Change   Change    (1)     (2)    (3)


    CAG        $193,692  $202,791   $(9,099)  (4.5%)   (6.0%)  (1.6%)    3.1%
    Water        15,851    16,816      (965)  (5.7%)   (8.3%)      -     2.6%
    PAS          18,266    21,162    (2,896) (13.7%)   (9.7%)      -    (4.0%)
    Other         8,646     8,305       341    4.1%    (1.8%)      -     5.9%
         Total $236,455  $249,074  $(12,619)  (5.1%)   (6.4%)  (1.3%)    2.6%



                                  Three Months Ended
                                                                       Per-
                                                                     centage
                                                                      Change
                                                                        Net
                                                                        of
                                                                 Per-   Acq-
                                                               centage uisi-
                                                               Change  tions/
                                                                from Divesti-
                                                         Per-   Acq-    tures
                                                        centage uisi-   and
                                                        Change  tions/  Curr-
                                                Per-     from  Divesti-  ency
    Net CAG     Mar. 31,   Mar. 31,   Dollar   centage Currency tures  Effect
     Revenue       2009      2008     Change   Change    (1)     (2)    (3)

    Instruments
     and
     consumables $72,235    $75,610   $(3,375)  (4.5%)   (7.3%)    -     2.8%
    Rapid assay
     products     37,677     38,711    (1,034)  (2.7%)   (1.7%)    -    (1.0%)
    Laboratory and
     consulting
     services     68,692     70,107    (1,415)  (2.0%)   (7.8%)    -     5.8%
    Practice
     information
     management
     systems
     and digital
     radiography  15,034     15,025         9    0.1%    (3.0%)    -     3.1%
    Pharmaceutical
     products         54      3,338    (3,284) (98.4%)      - (100.0%)   1.6%
      Net CAG
       revenue  $193,692   $202,791   $(9,099)  (4.5%)   (6.0%) (1.6%)   3.1%

    (1) Represents the percentage change in revenue attributed to the effect
    of changes in currency rates from the three months ended March 31, 2009 to
    the three months ended March 31, 2008.

    (2) Represents the percentage change in revenue during the three months
    ended March 31, 2009 compared to the three months ended March 31, 2008
    attributed to incremental revenues from businesses acquired or revenues
    lost from businesses divested subsequent to December 31, 2007.

    (3) Organic growth



    IDEXX Laboratories, Inc. and Subsidiaries
    Consolidated Balance Sheet
    Amounts in thousands (Unaudited)

                                                     March 31,   December 31,
                                                          2009       2008
    Assets:          Current Assets:
                     Cash and cash equivalents         $86,295    $78,868
                     Accounts receivable, net          115,253    111,498
                     Inventories                       123,575    115,926
                     Other current assets               42,660     49,598
                     Total current assets              367,783    355,890
                     Property and equipment,
                      at cost                          322,949    320,198
                     Less: accumulated
                      depreciation                     136,241    130,552
                     Property and equipment, net       186,708    189,646
                     Other long-term assets, net       216,013    219,901
                     Total assets                     $770,504   $765,437
    Liabilities and
    Stockholders'
    Equity:          Current Liabilities:
                     Accounts payable                  $23,541    $28,006
                     Accrued expenses                   91,477    104,616
                     Debt                              166,294    151,385
                     Deferred revenue                   10,831     11,285
                     Total current liabilities         292,143    295,292
                     Long-term debt, net of
                      current portion                    4,896      5,094
                     Other long-term
                      liabilities                       27,637     26,857
                     Total long-term
                      liabilities                       32,533     31,951

                     Stockholders' Equity:
                     Common stock                        9,563      9,539
                     Additional paid-in capital        553,446    547,692
                     Deferred stock units                4,146      3,647
                     Retained earnings                 728,102    702,031
                     Treasury stock, at cost          (846,448)  (830,390)
                     Accumulated other
                      comprehensive income (loss)       (2,981)     5,675
                     Total stockholders'
                      equity                           445,828    438,194
                     Total liabilities and
                      stockholders' equity            $770,504   $765,437



    IDEXX Laboratories, Inc. and Subsidiaries
    Key Balance Sheet Information (Unaudited)

                                               March  December     March
                                                 31,       31,       31,
                                                2009      2008       2008
    Key
    Balance
    Sheet            Days sales outstanding     43.8      41.9       42.6
    Information:     Inventory turns             1.6       2.0        2.0



    IDEXX Laboratories, Inc. and Subsidiaries
    Consolidated Statement of Cash Flows
    Amounts in thousands (Unaudited)

                                                     Three Months Ended
                                                    March 31,  March 31,
                                                         2009       2008
    Operating:  Cash Flows from Operating
                 Activities:
                Net income                            $26,071    $27,551
                Non-cash charges                       17,427     11,282
                Changes in current assets and
                 liabilities, net of acquisitions     (30,874)   (41,622)
                Net cash provided (used) by
                 operating activities                 $12,624    $(2,789)
    Investing:  Cash Flows from Investing
                 Activities:
                Purchase of property and equipment     (9,114)   (17,049)
                Proceeds from disposition of
                 pharmaceutical product lines           1,377          -
                Proceeds from sale of property
                 and equipment                          1,046          -
                Acquisition of businesses and
                 intangible assets                          -     (7,533)
                Acquisition of equipment leased
                 to customers                            (188)      (226)
                Net cash used by investing
                 activities                           $(6,879)  $(24,808)
    Financing:  Cash Flows from Financing
                 Activities:
                Borrowings on revolving credit
                 facilities, net                       15,019     67,942
                Payment of other notes payable           (190)      (177)
                Purchase of treasury stock            (14,986)   (51,355)
                Proceeds from the exercise of stock
                 options and employee stock purchase
                 plans                                  3,281      5,974
                Tax benefit from exercise of stock
                 options and vesting of restricted stock
                 units                                    161      2,384
                Net cash provided by financing
                 activities                            $3,285    $24,768
                Net effect of exchange rate changes    (1,603)     2,689
                Net increase (decrease) in
                 cash and cash equivalents              7,427       (140)
                Cash and cash equivalents,
                 beginning of period                   78,868     60,360
                Cash and cash equivalents, end
                 of period                            $86,295    $60,220


    IDEXX Laboratories, Inc. and Subsidiaries
    Free Cash Flow
    Amounts in thousands (Unaudited)
                                                     Three Months Ended
                                                    March 31,  March 31,
                                                         2009       2008
    Free Cash
    Flow:       Net cash provided (used) by
                 operating activities                 $12,624    $(2,789)
                Financing cash flows attributable to
                 tax benefits from exercise of stock
                 options                                  161      2,384
                Purchase of fixed assets               (9,114)   (17,049)
                Acquisition of equipment leased
                 to customers                            (188)      (226)
                Free cash flow                         $3,483   $(17,680)


    Free cash flow indicates the cash generated from operations and tax
    benefits attributable to stock option exercises, reduced by investments in
    fixed assets. We feel 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.  We believe 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
                                              March 31,  March 31,
                                                   2009       2008

       Share repurchases during the period          468        950
       Average price paid per share              $32.05     $54.03

       Shares remaining under repurchase
        authorization as of March 31, 2009        3,745


    Contact: Merilee Raines, Chief Financial Officer, 1-207-556-8155


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SOURCE IDEXX Laboratories, Inc.
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