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IDEXX Laboratories Announces Second Quarter Results
Date:7/24/2009

WESTBROOK, Maine, July 24 /PRNewswire-FirstCall/ -- IDEXX Laboratories, Inc. (Nasdaq: IDXX), today reported that revenues for the second quarter of 2009 were $265.7 million compared to $280.6 million for the second quarter of 2008. Organic revenue growth, as defined below, was 5%. Earnings per diluted share ("EPS") for the quarter ended June 30, 2009 were $0.55 compared to $0.63 for the same period in the prior year. Excluding incremental EPS that resulted from sales of pharmaceutical products that were subsequently divested or discontinued in 2008, EPS in the second quarter of 2008 would have been $0.54, and thus EPS growth without this contribution was 2%.

Organic revenue growth excludes the impact of changes in currency exchange rates, which reduced revenue growth by approximately 5%, and revenue from businesses acquired or divested subsequent to the beginning of the prior year period, including pharmaceutical products that were divested in the fourth quarter of 2008. Pharmaceutical revenues and related earnings in the second quarter of 2008 were exceptionally high due to the sale of the remaining inventory of PZI VET((R)) in connection with the discontinuation of that product.

"Our second quarter results reflect our continued focus on productivity in the current economic environment," said Jonathan Ayers, Chief Executive Officer. "Economic weakness reduced pet visits to U.S. veterinary clinics, our largest customer segment, by an estimated 4% year over year, similar to the first quarter of 2009. We nonetheless achieved 5% organic growth during the period. This growth was led by sales of our Catalyst Dx((R)) chemistry analyzers and consumables, which transitioned out of limited launch phase and into full commercialization in the second quarter, per our expectation. We are very pleased with customer adoption of this next generation system in Q2 and the performance of the instrument system in the field. We continue to expect around 2000 placements for the year."

"We also saw relative strength in certain other business areas, including our laboratory services business, and geographies, such as China."

"We continue to find efficiencies in our operating expenses while not cutting back on the critical investments that allow us to achieve our objectives, both operational and strategic. Operating expense productivity is becoming a way of life at IDEXX, and is an integral part of our plan for 2009 and beyond."

"We also benefited modestly, versus our last guidance in April, from the weakening of the U.S. dollar in relation to the currencies of our international markets. This positive impact from foreign currency exchange in relation to our outlook three months ago, assuming no changes for the balance of the year from levels exhibited over the last two months, causes us to increase our guidance in revenues and EPS slightly for the year."

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 second quarter of 2009 were $217.3 million compared to $230.0 million for the second quarter of 2008. The decrease in CAG revenue was due primarily to the absence of pharmaceutical product sales in the second quarter of 2009, as noted above, and the unfavorable impact of changes in foreign currency exchange rates. Organic growth of 5% was largely the result of increased sales of IDEXX VetLab((R) )instruments and consumables, driven by sales of our Catalyst Dx((R) )chemistry analyzer and SNAPshot Dx((R)) analyzer, both of which we began shipping to customers at the end of the first quarter of 2008. To a lesser extent, organic growth also was driven by price increases realized on sales of laboratory and consulting services. The impact of higher IDEXX VetLab((R) )instruments and consumables volumes was partly offset by lower sales volume and lower average unit sales prices for LaserCyte((R)) hematology analyzers.

Water. Water segment revenues for the second quarter of 2009 were $19.2 million compared to $20.2 million for the second quarter of 2008. The decrease in Water revenue was due primarily to the unfavorable impact of changes in foreign currency exchange rates, which reduced reported revenue by 7%. Organic growth of 2% was due to the favorable impact of higher average unit sales prices partly offset by lower sales volumes.

Production Animal Segment. Production Animal Segment ("PAS") revenues for the second quarter of 2009 were $19.6 million compared to $21.5 million for the second quarter of 2008. The decrease in PAS revenue was due primarily to the unfavorable impact of changes in foreign currency exchange rates, which reduced reported revenue by 10%. Organic growth of 1% was due to the favorable impact of higher average unit sales prices partly offset by lower sales volumes.

Year-to-Date Results

Year-to-date revenues were $502.2 million compared to $529.6 million for the six months ended June 30, 2008. Organic growth for the six months ended June 30, 2009 was 4%.

Year-to-date diluted EPS were $0.98 compared to $1.06 for the six months ended June 30, 2008. As shown in the reconciliation of non-GAAP diluted EPS to earnings per share in the supplementary table provided below, non-GAAP diluted EPS for the six months ended June 30, 2008 were $1.04, of which approximately $0.08 per share related to pharmaceutical sales.

Additional Operating Results for the Second Quarter

Gross profit for the second quarter of 2009 decreased $12.8 million, or 8%, to $138.4 million from $151.3 million for the second quarter of 2008. As a percentage of total revenue, gross profit decreased to 52% from 54%. The decrease in gross profit percentage was due primarily to the absence of higher margin pharmaceutical product sales in the second quarter of 2009, to higher relative sales of lower margin IDEXX VetLab((R)) instruments and laboratory and consulting services, and to higher overall manufacturing costs. These unfavorable impacts were partly offset by the impact of higher selling prices, primarily for laboratory and consulting services.

Research and development ("R&D") expense for the second quarter of 2009 was $16.6 million, or 6% of revenue, compared to $18.3 million, or 6.5% of revenue for the second quarter of 2008. The decrease in R&D expense was due primarily to the absence of pharmaceutical business R&D spending in the second quarter of 2009.

Selling, general and administrative ("SG&A") expense for the second quarter of 2009 was $72.7 million, or 27% of revenue, compared to $74.1 million, or 26% of revenue, for the second quarter of 2008. The decrease in SG&A expense resulted primarily from the favorable impact of exchange rates on foreign currency denominated expenses and the absence of pharmaceutical business SG&A spending in the second quarter of 2009. These impacts were partly offset by increases in spending related to information technology, facilities, and other general support functions in the U.S. and Europe.

Supplementary Analysis of Results

The accompanying financial tables provide more information concerning our revenue and other operating results for the three and six months ended June 30, 2009, as well as a reconciliation of non-GAAP diluted EPS to earnings per share.

Outlook

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, for the balance of 2009, at levels exhibited for the past two months. 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 $1.02 billion, which represents relatively flat reported revenues compared to 2008 and organic revenue growth of approximately 5%. This guidance is higher than the previous guidance of approximately $1.0 billion provided in April 2009, driven by currency benefits from the weakening of the U.S. Dollar relative to other major currencies since April. Organic revenue growth of 5% is unchanged from our previous guidance.
  • Diluted EPS are expected to be $1.88 to $1.92, an increase from our previous guidance of $1.86 to $1.90 due principally to the anticipated currency benefits discussed above.
  • 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 second quarter results. To participate in the conference call, dial 1-612-234-9960 or 1-800-230-1085 and reference confirmation code 107556. An audio replay will be available through Friday July 31, 2009 by dialing 1-320-365-3844 and referencing replay code 107556.

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

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; the effects of interruptions to the Company's operations due to natural disasters or system failures; 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, and quarterly report on Form 10-Q for the quarter ended March 31, 2009, 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    Six Months Ended
                                   June 30,   June 30,  June 30,    June 30,
                                     2009        2008      2009        2008
               ------------------------------------------------------------
    Revenue:   Revenue            $265,723    $280,570 $502,178    $529,644
    Expenses
     and
    Income:    Cost of revenue     127,283     129,310  239,305     248,548
               ------------------------------------------------------------
               Gross profit        138,440     151,260  262,873     281,096
               Sales and marketing  41,876      44,214   82,861      88,215
               General and
                administrative      30,794      29,881   59,862      59,702
               Research and
                development         16,594      18,274   32,533      35,569
               ------------------------------------------------------------
               Income from
                operations          49,176      58,891   87,617      97,610
               Interest expense,
                net                    403         643      799       1,128
               ------------------------------------------------------------
               Income before
                provision for
                income taxes        48,773      58,248   86,818      96,482
               Provision for income
                taxes               15,106      18,884   27,080      29,567
               ------------------------------------------------------------
    Net Income: Net income         $33,667     $39,364  $59,738     $66,915
               ------------------------------------------------------------
               Earnings per share:
                Basic                $0.57       $0.66    $1.01       $1.11
               ------------------------------------------------------------
               Earnings per share:
                Diluted              $0.55       $0.63    $0.98       $1.06
               ------------------------------------------------------------
               Shares outstanding:
                Basic               58,911      60,029   59,041      60,448
               ------------------------------------------------------------
               Shares outstanding:
                Diluted             60,697      62,440   60,688      63,017
               ------------------------------------------------------------
    IDEXX Laboratories, Inc. and Subsidiaries
    Key Operating Information (Unaudited)

                                    Three Months Ended   Six Months Ended
                                    June 30,  June 30,  June 30,  June 30,
                                        2009      2008      2009      2008
    Key Operating   Gross profit       52.1%     53.9%     52.3%     53.1%
     Ratios (as a   Sales, marketing,
     percentage of   general and
     revenue):       administrative
                     expense           27.3%     26.4%     28.4%     27.9%
                    Research and
                     development
                     expense            6.2%      6.5%      6.5%      6.7%
                    Income from
                    operations (1)     18.5%     21.0%     17.4%     18.4%


    International   International
     Revenue:        revenue (in
                     thousands)     $105,999  $113,928  $196,411  $217,256
                    International
                     revenue as a
                     percentage of
                     total revenue     39.9%     40.6%     39.1%     41.0%

    (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)

                                             Six Months Ended
    ----------------------------------------------------------------------
                                                           Income from
                                   Gross Profit             Operations
                               June 30,    June 30,    June 30,   June 30,
                                  2009        2008         2009       2008
    ----------------------------------------------------------------------

    GAAP measurement          $262,873    $281,096     $87,617     $97,610
       % of revenue               52.3%       53.1%       17.4%       18.4%
      Discrete income
      tax benefits(1)                -           -           -           -
    ----------------------------------------------------------------------
    Non-GAAP comparative
     measurements(2)          $262,873    $281,096     $87,617     $97,610
    ----------------------------------------------------------------------
       % of revenue               52.3%       53.1%       17.4%       18.4%


                                                        Earnings per Share
                                    Net Income               Diluted
                                June 30,   June 30,    June 30,   June 30,
                                   2009      2008        2009       2008
    ----------------------------------------------------------------------

    GAAP measurement           $59,738     $66,915       $0.98       $1.06
     % of revenue                 11.9%       12.6%

    Discrete income
     tax benefits(1)                 -      (1,472)          -       (0.02)
    ----------------------------------------------------------------------
    Non-GAAP comparative
     measurements(2)           $59,738     $65,443       $0.98       $1.04
    ----------------------------------------------------------------------
     % of revenue                 11.9%       12.4

    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     Six Months Ended
                                   June 30,    June 30,  June 30,    June 30,
                                      2009        2008      2009        2008
    -------------------------------------------------------------------------
    Revenue:        CAG            $217,289    $229,982  $410,981    $432,773
                    Water            19,165      20,150    35,016      36,966
                    PAS              19,639      21,489    37,905      42,651
                    Other             9,630       8,949    18,276      17,254
    -------------------------------------------------------------------------
                    Total          $265,723    $280,570  $502,178    $529,644
    -------------------------------------------------------------------------

    Gross Profit:   CAG            $108,334    $120,481  $204,776    $222,035
                    Water            12,554      12,433    23,710      22,748
                    PAS              13,299      14,430    26,407      28,663
                    Other             4,193       3,820     7,741       7,378
                    Unallocated          60          96       239         272
    -------------------------------------------------------------------------
                    Total          $138,440    $151,260  $262,873    $281,096
    -------------------------------------------------------------------------

    Income from
    Operations:     CAG             $39,912     $47,488   $68,991     $76,612
                    Water             8,608       8,302    15,920      14,572
                    PAS               5,108       5,514    10,058      11,342
                    Other               (30)        265        99         507
                    Unallocated      (4,422)     (2,678)   (7,451)     (5,423)
    -------------------------------------------------------------------------
                    Total           $49,176     $58,891   $87,617     $97,610
    -------------------------------------------------------------------------

    Gross Profit
    (as a
     percentage
     of revenue):   CAG                49.9%       52.4%     49.8%       51.3%
                    Water              65.5%       61.7%     67.7%       61.5%
                    PAS                67.7%       67.2%     69.7%       67.2%
                    Other              43.5%       42.7%     42.4%       42.8%

    Income from
    Operations
    (as a
     percentage
     of revenue):   CAG                18.4%       20.6%     16.8%       17.7%
                    Water              44.9%       41.2%     45.5%       39.4%
                    PAS                26.0%       25.7%     26.5%       26.6%
                    Other              (0.3%)       3.0%      0.5%        2.9%
    IDEXX Laboratories, Inc. and Subsidiaries
    Revenues by Product and Service Categories
    Amounts in thousands (Unaudited)
                                          Three Months Ended
    -----------------------------------------------------------------------
                                June 30,  June 30,   Dollar   Percentage
    Net Revenue                    2009     2008     Change       Change
    -----------------------------------------------------------------------

    CAG                        $217,289   $229,982  $(12,693)     (5.5%)
    Water                        19,165     20,150      (985)     (4.9%)
    PAS                          19,639     21,489    (1,850)     (8.6%)
    Other                         9,630      8,949       681       7.6%
    -----------------------------------------------------------------------
    Total                      $265,723   $280,570  $(14,847)     (5.3%)
    -----------------------------------------------------------------------

                                                                 Percentage
                                                                Change Net of
                                                 Percentage     Acquisitions/
                                    Percentage   Change from    Divestitures
                                    Change from  Acquisitions/  and Currency
    Net Revenue                     Currency(1)  Divestitures(2)  Effect(3)
    -----------------------------------------------------------------------
    CAG                               (4.6%)        (6.2%)          5.3%
    Water                             (6.6%)           -            1.7%
    PAS                               (9.9%)           -            1.3%
    Other                             (2.1%)           -            9.7%
         Total                        (5.1%)        (5.1%)          4.9%
                                           Three Months Ended
    -----------------------------------------------------------------------
                                June 30,  June 30,    Dollar   Percentage
    Net Revenue                    2009     2008      Change       Change
    -----------------------------------------------------------------------

    Instruments and consumables  $83,732    $80,777    $2,955      3.7%
    Rapid assay products          41,567     41,618       (51)    (0.1%)
    Laboratory and consulting
     services                     77,876     79,341    (1,465)    (1.8%)
    Practice information
     management systems and
     digital radiography          14,114     14,015        99      0.7%
    Pharmaceutical products            -     14,231   (14,231)  (100.0%)
    -----------------------------------------------------------------------
     Net CAG revenue           $217,289    $229,982  $(12,693)    (5.5%)
    -----------------------------------------------------------------------


                                                                 Percentage
                                                               Change Net of
                                                 Percentage     Acquisitions/
                                    Percentage   Change from    Divestitures
                                    Change from  Acquisitions/  and Currency
    Net Revenue                     Currency(1)  Divestitures(2)  Effect(3)
    -----------------------------------------------------------------------
    Instruments and consumables         (5.7%)           -          9.4%
    Rapid assay products                (1.8%)           -          1.7%
    Laboratory and consulting
     services                           (6.4%)           -          4.6%
    Practice information management
     systems and digital radiography    (1.8%)           -          2.5%
    Pharmaceutical products                 -       (100.0%)          -
      Net CAG revenue                   (4.6%)        (6.2%)        5.3%

    (1) Represents the percentage change in revenue attributed to the effect
    of changes in currency rates from the three months ended June 30, 2009 to
    the three months ended June 30, 2008.

    (2) Represents the percentage change in revenue during the three months
    ended June 30, 2009 compared to the three months ended June 30, 2008
    attributed to incremental revenues from businesses acquired or revenues
    lost from businesses divested or discontinued subsequent to March 31,
    2008.

    (3) Organic growth

    IDEXX Laboratories, Inc. and Subsidiaries
    Revenues by Product and Service Categories
    Amounts in thousands (Unaudited)
                                            Six Months Ended
    ---------------------------------------------------------------------
                                June 30,  June 30,    Dollar   Percentage
    Net Revenue                    2009     2008      Change       Change
    ---------------------------------------------------------------------
    CAG                        $410,981    $432,773    $(21,792)   (5.0%)
    Water                        35,016      36,966      (1,950)   (5.3%)
    PAS                          37,905      42,651      (4,746)  (11.1%)
    Other                        18,276      17,254       1,022     5.9%
    ---------------------------------------------------------------------
         Total                 $502,178    $529,644    $(27,466)   (5.2%)
    ---------------------------------------------------------------------

                                                                 Percentage
                                                               Change Net of
                                                 Percentage     Acquisitions/
                                    Percentage   Change from    Divestitures
                                    Change from  Acquisitions/  and Currency
    Net Revenue                     Currency(1)  Divestitures(2)  Effect(3)
    -----------------------------------------------------------------------
    CAG                                (5.2%)       (4.1%)         4.3%
    Water                              (7.4%)          -           2.1%
    PAS                                (9.7%)          -          (1.4%)
    Other                              (2.0%)          -           7.9%
         Total                         (5.7%)       (3.3%)         3.8%


                                            Six Months Ended
    ---------------------------------------------------------------------
                                June 30,  June 30,    Dollar   Percentage
    Net Revenue                    2009     2008      Change       Change
    ---------------------------------------------------------------------
    Instruments and
     consumables                $155,967  $156,387     $(420)     (0.3%)
    Rapid assay products          79,244    80,329    (1,085)     (1.4%)
    Laboratory and
     consulting services         146,568   149,448    (2,880)     (1.9%)
    Practice information
     management systems and
     digital radiography          29,148    29,040      108        0.4%
    Pharmaceutical products           54    17,569  (17,515)     (99.7%)
    ---------------------------------------------------------------------
      Net CAG
       revenue                  $410,981  $432,773 $(21,792)      (5.0%)
    ---------------------------------------------------------------------

                                                                 Percentage
                                                               Change Net of
                                                 Percentage     Acquisitions/
                                    Percentage   Change from    Divestitures
                                    Change from  Acquisitions/  and Currency
    Net Revenue                     Currency(1)  Divestitures(2)  Effect(3)
    -----------------------------------------------------------------------

    Instruments and
     consumables                      (6.4%)            -           6.1%
    Rapid assay
     products                         (1.8%)            -           0.4%
      Laboratory and
       consulting
       services                       (7.1%)            -           5.2%
      Practice
       information
       management
       systems and
       digital
       radiography                    (2.4%)            -           2.8%
    Pharmaceutical
     products                            -         (100.0%)         0.3%
      Net CAG revenue                 (5.2%)         (4.1%)         4.3%

    (1) Represents the percentage change in revenue attributed to the effect
    of changes in currency rates from the six months ended June 30, 2009 to
    the six months ended June 30, 2008.

    (2) Represents the percentage change in revenue during the six months
    ended June 30, 2009 compared to the six months ended June 30, 2008
    attributed to incremental revenues from businesses acquired or revenues
    lost from businesses divested or discontinued subsequent to December 31,
    2007.

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

                                                        June 30, December 31,
                                                           2009      2008
                    ---------------------------------------------------------
    Assets:         Current Assets:
                    Cash and cash equivalents           $103,744   $78,868
                    Accounts receivable, net             118,782   111,498
                    Inventories                          122,924   115,926
                    Other current assets                  38,887    49,598
                    ---------------------------------------------------------
                    Total current assets                 384,337   355,890
                    ---------------------------------------------------------
                    Property and equipment, at cost      333,002   320,198
                    Less: accumulated depreciation       143,342   130,552
                    ---------------------------------------------------------
                    Property and equipment, net          189,660   189,646
                    ---------------------------------------------------------
                    Other long-term assets, net          224,513   219,901
                    ---------------------------------------------------------
                    Total assets                        $798,510  $765,437
                    ---------------------------------------------------------
    Liabilities and
    Stockholders'
    Equity:         Current Liabilities:
                    Accounts payable                    $26,472   $28,006
                    Accrued expenses                    100,218   104,616
                    Debt                                 75,586   151,385
                    Deferred revenue                     10,834    11,285
                    ---------------------------------------------------------
                    Total current liabilities           213,110   295,292
                    ---------------------------------------------------------
                    Long-term debt, net of current
                     portion                              4,694     5,094
                    Line of credit, net of current
                     portion                             80,000         -
                    Other long-term liabilities          30,132    26,857
                    ---------------------------------------------------------
                    Total long-term liabilities         114,826    31,951
                    ---------------------------------------------------------

                    Total stockholders' equity          470,574   438,194
                    ---------------------------------------------------------
                    Total liabilities and stockholders'
                     equity                            $798,510  $765,437
                    ---------------------------------------------------------



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

                           June 30, March 31,  Dec. 31,  Sept. 30,  June 30,
                             2009      2009       2008      2008      2008
                   ---------------------------------------------------------
    Key
    Balance Sheet Days sales
    Information:   out-
                   standing  40.2      43.8      41.9      42.3      39.9
                  Inventory
                   turns      1.8       1.6       2.0       1.9       2.1



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

                                                       Six Months Ended
                                                   June 30,        June 30,
                                                     2009           2008
               ------------------------------------------------------------
    Operating: Cash Flows from Operating
                Activities:
               Net income                          $59,738         $66,915
               Non-cash charges                     33,677          27,354
               Changes in current assets
                and liabilities, net of
                acquisitions                      (22,534)        (26,129)
               ------------------------------------------------------------
               Net cash provided by operating
                activities                         $70,881         $68,140
               ------------------------------------------------------------
    Investing: Cash Flows from Investing
                Activities:
               Purchase of property and
                equipment                         (21,087)        (42,564)
               Proceeds from disposition of
                pharmaceutical product lines         1,377               -
               Proceeds from sale of property
                and equipment                        1,076               -
               Acquisition of businesses and
                intangible assets                        -         (8,514)
               Acquisition of equipment leased
                to customers                         (273)           (429)
               ------------------------------------------------------------
               Net cash used by investing
                activities                       $(18,907)       $(51,507)
               ------------------------------------------------------------
    Financing: Cash Flows from Financing
                Activities:
               Borrowings on revolving
                credit facilities, net               3,782          85,948
               Payment of other notes payable        (436)           (357)
               Purchase of treasury stock         (39,725)       (102,331)
               Proceeds from the exercise
                of stock options and
                employee stock purchase plans        6,888           9,174
               Tax benefit from exercise of
                stock options and vesting
                of restricted stock units            1,355           3,198
               ------------------------------------------------------------
               Net cash used by financing
                activities                       $(28,136)        $(4,368)
               ------------------------------------------------------------
               Net effect of changes in
                exchange rates on cash               1,038           2,640
               ------------------------------------------------------------
               Net increase in cash and
                cash equivalents                    24,876          14,905
               ------------------------------------------------------------
               Cash and cash equivalents,
                beginning of period                 78,868          60,360
               ------------------------------------------------------------
               Cash and cash equivalents,
                end of period                     $103,744         $75,265
               ------------------------------------------------------------


    IDEXX Laboratories, Inc. and Subsidiaries
    Free Cash Flow
    Amounts in thousands (Unaudited)
                                                        Six Months Ended
                                                   June 30,        June 30,
                                                     2009            2008
               ------------------------------------------------------------
    Free Cash
    Flow:      Net cash provided by operating
                activities                         $70,881         $68,140
               Financing cash flows
                attributable to tax benefits
                from exercise of stock options       1,355           3,198
               Purchase of fixed assets           (21,087)        (42,564)
               Acquisition of equipment
                leased to customers                  (273)           (429)
               ------------------------------------------------------------
               Free cash flow                      $50,876         $28,345
               ------------------------------------------------------------

               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   Six Months Ended
                                     June 30,  June 30,  June 30,  June 30,
                                        2009      2008      2009      2008
    ------------------------------------------------------------------------
    Share repurchases during
     the period                          593     1,002     1,061     1,952
    Average price paid per share      $41.72    $50.89    $37.46    $52.42

    Shares remaining under
     repurchase authorization
     as of June 30, 2009               3,152

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


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SOURCE IDEXX Laboratories, Inc.
Copyright©2009 PR Newswire.
All rights reserved


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