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IDEXX Laboratories Announces Third Quarter Results
Date:10/21/2011

WESTBROOK, Maine, Oct. 21, 2011 /PRNewswire/ -- IDEXX Laboratories, Inc. (NASDAQ: IDXX), today reported that revenues for the third quarter of 2011 increased 12% to $301.0 million, from $269.6 million for the third quarter of 2010. Organic revenue growth, as defined below, was 8%. Earnings per diluted share ("EPS") for the quarter ended September 30, 2011 increased 12% to $0.66, compared to $0.59 for the same period in the prior year.

Organic revenue growth excludes the impact of changes in foreign currency exchange rates, which contributed 4% to revenue growth, and revenue from acquisitions subsequent to June 30, 2010, which contributed less than 1% to revenue growth in the third quarter of 2011.

"Our strategy of bringing innovations to our global markets continues to deliver," stated Jonathan Ayers, Chairman and Chief Executive Officer. "In an economic environment that remains challenging, our organic growth of 8% in the third quarter demonstrates our continued success in bringing an integrated portfolio of products and services to our veterinary and other customers, as well as strong commercial execution in markets around the world."

"Our initiatives aimed at helping veterinarians practice better medicine, run more efficient practices and increase their relevance with pet owners, continue to show momentum. I was particularly pleased with our strong instrument placement success, including an almost 40% year over year growth in placements of our Catalyst Dx® chemistry analyzer, which bodes well for future consumable sales growth. Our other large line of business, the global reference laboratory and consulting services business, achieved 10% organic growth for the third consecutive quarter. Our pace of innovation continues with the recent release of Cornerstone® 8.2, the latest version of our flagship practice management system, as well as the launch of our I-Vision Mobile™ application, which allows veterinarians to view and share digital radiograph images using a mobile tablet. These latest innovations demonstrate our continued commitment to helping veterinarians efficiently manage diagnostic information and communicate that information effectively to clients."

Revenue PerformancePlease 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 third quarter of 2011 were $248.1 million compared to $222.9 million for the third quarter of 2010. Organic revenue growth of 8% was due primarily to growth in our reference laboratory diagnostic and consulting services business and in our instrument and consumables business. In the reference laboratory diagnostic and consulting services business, revenues increased due to higher sales volume driven primarily by the acquisition of new customers and, to a lesser extent, an increase in net sales prices. The revenue increase in our instruments and consumables business was largely the result of higher unit sales volume of our Catalyst Dx® and ProCyte Dx® instruments and related consumables. Changes in foreign currency exchange rates contributed 3% to revenue growth.

Water.  Water revenues for the third quarter of 2011 were $21.6 million compared to $20.0 million for the third quarter of 2010. Organic revenue growth of 4% was due primarily to higher Colilert® product sales volume driven by new account acquisitions, partly offset by lower average unit sales prices of this product. Changes in foreign currency exchange rates contributed 4% to revenue growth.

Livestock and Poultry Diagnostics.  Livestock and Poultry Diagnostics ("LPD") revenues for the third quarter of 2011 were $20.7 million compared to $17.5 million for the third quarter of 2010. Organic revenue growth of 10% was primarily the result of higher sales volumes of certain bovine tests, especially in Germany where we have won several government tenders in connection with a country-wide eradication program for a virus impacting beef and dairy production yields. This growth was partly offset by lower sales volumes of certain swine tests and lower sales of Bovine Spongiform Encephalopathy ("BSE" or "mad cow disease") tests resulting from the changes in European Union BSE testing requirements. Effective July 1, 2011, the age at which healthy cattle to be slaughtered are required to be tested for BSE in the European Union was increased from 48 months to 72 months, which is reducing the population of cattle tested for this disease. Changes in foreign currency exchange rates contributed 8% to revenue growth.

Additional Operating Results for the Third Quarter Gross profit for the third quarter of 2011 increased $16.5 million, or 12%, to $158.7 million from $142.2 million for the third quarter of 2010. As a percentage of total revenue, gross profit remained steady at 53%.

Research and development ("R&D") expense for the third quarter of 2011 was $19.4 million, or 6% of revenue, compared to $17.2 million, or 6% of revenue for the third quarter of 2010. The increase in R&D expense was due primarily to increased personnel-related costs.

Selling, general and administrative ("SG&A") expense for the third quarter of 2011 was $83.2 million, or 28% of revenue, compared to $75.2 million, or 28% of revenue, for the third quarter of 2010. The increase in SG&A expense resulted primarily from the net unfavorable impact of changes in foreign currency exchange rates and higher sales and marketing personnel-related costs.

Supplementary Analysis of ResultsThe accompanying financial tables provide more information concerning our revenue and other operating results for the three and nine months ended September 30, 2011.

Outlook for Full Year 2011 and 2012 The Company provides the following updated guidance for the full year of 2011 and preliminary guidance for 2012. 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 2011 and 2012. Fluctuations in foreign currency exchange rates from current levels could have a significant positive or negative impact on our actual results of operations in both years.

2011

  • Revenues are expected to be approximately $1.215 billion, updated from guidance of $1.205 to $1.215 billion provided in July of this year, which represents reported growth of approximately 10% and organic growth of approximately 8%.
  • Diluted earnings per share are expected to be in the range of $2.71 to $2.74, an increase from our previous guidance of $2.68 to $2.73.
  • Free cash flow is expected to be approximately 115% of net income.(1)
  • Capital expenditures are expected to be approximately $55 million.

  • 2012

  • Revenues are expected to be in the range of $1.295 to $1.315 billion, which represents reported revenue growth of 6% to 8% compared to projected revenue for 2011. Organic revenue growth, which excludes a projected 1% unfavorable impact from foreign currency related changes, is estimated to be in the range of 7% to 9%.
  • Diluted earnings per share are expected to be in the range of $3.00 to $3.10.  

  • (1) Free cash flow is a non-GAAP measure. It indicates the cash generated from operations and tax benefits attributable to stock option exercises and vesting of restricted stock units, 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. With respect to this particular forward-looking projection, the Company is unable to provide a quantitative reconciliation at this time as the inputs to the measurement are difficult to predict and estimate and are primarily dependent on future events.

    Increased Share Repurchase AuthorizationThe Company also announced today that its Board of Directors has authorized the repurchase by the Company of an additional four million shares of its common stock in the open market (including through Rule 10b5-1 plans) or in negotiated transactions. These shares are in addition to 1,623,304 shares remaining as of September 30, 2011 under a previous Board authorization. The timing and amount of any repurchases will be at the discretion of the Company's management.

    Conference Call and Webcast InformationIDEXX Laboratories will be hosting a conference call today at 9:00 a.m. (eastern) to discuss its third quarter results and management's outlook. To participate in the conference call, dial 1-612-288-0337 or 1-800-230-1085 and reference confirmation code 220384. An audio replay will be available through October 28, 2011 by dialing 1-320-365-3844 and referencing replay code 220384.

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

    About IDEXX Laboratories, Inc.IDEXX Laboratories, Inc. is a leader in pet healthcare innovation, serving practicing veterinarians around the world with a broad range of diagnostic and information technology-based products and services. IDEXX products enhance the ability of veterinarians to provide advanced medical care, improve staff efficiency and build more economically successful practices. IDEXX is also a worldwide leader in providing diagnostic tests and information for livestock and poultry and tests for the quality and safety of water and milk. Headquartered in Maine, IDEXX Laboratories employs more than 4,900 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. Forward-looking statements can be identified by the use of words such as "expects," "may," "anticipates," "intends," "would," "will," "plans," "believes," "estimates," "should," and similar words and expressions. These statements are based on management's 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 Company's ability to achieve economies of scale in its worldwide network of laboratories; the impact of a weak economy on demand for the Company's products and services; the effectiveness of the Company's sales and marketing activities; the Company's ability to identify acquisition opportunities, complete acquisitions and integrate acquired businesses; disruptions, shortages or pricing changes that affect the Company's purchases of products and materials from third parties, including from sole source suppliers; the 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 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 impact of distributor purchasing decisions on sales of the Company's products that are sold through distribution; the impact of competition, technological change, and veterinary hospital consolidation on the markets for the Company's products; changes or trends in veterinary medicine that affect the rate of use of the Company's products and services by veterinarians; the impact of the Company's inexperience in the human point-of-care market; 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; the loss of key employees; class action litigation due to stock price volatility; the effect on the Company's stock price if quarterly or annual operations results do not meet expectations of market analysts or investors in future periods; and potential exposures related to our worldwide provision for income taxes. A further description of these and other factors can be found in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2011, in the section captioned "Risk Factors."IDEXX Laboratories, Inc. and SubsidiariesConsolidated Statement of OperationsAmounts in thousands except per share data (Unaudited)Three Months EndedNine Months EndedSept. 30,Sept. 30,Sept. 30,Sept. 30,2011201020112010Revenue:Revenue$
    300,954

    $
    269,628$
    911,488

    $
    819,635Expenses and Income:Cost of revenue142,287

    127,421423,863

    385,783Gross profit158,667

    142,207487,625

    433,852Sales and marketing50,682

    44,486152,641

    133,069General and administrative32,483

    30,70498,219

    96,588Research and development19,406

    17,20355,839

    51,118Income from operations56,096

    49,814180,926

    153,077Interest expense, net(478)

    (551)(1,200)

    (1,414)Income before provision for income taxes55,618

    49,263179,726

    151,663Provision for income taxes17,122

    14,54855,970

    46,723Net Income:Net income38,496

    34,715123,756

    104,940Less: Noncontrolling interest in subsidiary's (losses) earnings(11)

    21(20)

    27Net income attributable to  stockholders

    $
    38,507

    $
    34,694$
    23,776

    $
    4,913Earnings per share: Basic$
    .68

    $
    .60$
    2.17

    $
    .82Earnings per share: Diluted$
    .66

    $
    .59$
    2.11

    $
    .76Shares outstanding: Basic56,699

    57,62057,141

    57,799Shares outstanding: Diluted58,007

    59,27658,636

    59,691IDEXX Laboratories, Inc. and SubsidiariesSelected Operating Information (Unaudited)Three Months EndedNine Months EndedSept. 30,Sept. 30,Sept. 30,Sept. 30,2011201020112010OperatingGross profit52.7%

    52.7%53.5%

    52.9%Ratios (as aSales, marketing, general and percentage ofadministrative expense27.6%

    27.9%27.5%

    28.0%revenue):Research and development expense6.5%

    6.4%6.1%

    6.2%Income from operations (1)18.6%

    18.5%19.9%

    18.7%InternationalInternational revenue (in thousands)$
    26,750

    $
    ,713$
    386,905

    $
    329,073Revenue:International revenue as percentage oftotal revenue42.1%

    39.6%42.4%

    40.1%(1) Amounts presented may not recalculate due to rounding.IDEXX Laboratories, Inc. and SubsidiariesSegment InformationAmounts in thousands (Unaudited)Three Months EndedNine Months EndedSept. 30,Sept. 30,Sept. 30,Sept. 30,2011201020112010Revenue:CAG$
    248,074

    $
    222,909$
    748,397

    $
    76,646Water21,648

    20,04462,123

    57,356LPD20,675

    17,47669,981

    56,577Other10,557

    9,19930,987

    29,056Total$
    300,954

    $
    269,628$
    911,488

    $
    819,635Gross Profit:CAG$
    26,048

    $
    3,924$
    387,734

    $
    347,792Water14,317

    12,54238,676

    36,445LPD13,666

    11,81247,548

    38,295Other4,009

    4,10412,493

    13,087Unallocated Amounts627

    (175)1,174

    (1,767)Total$
    58,667

    $
    42,207$
    487,625

    $
    433,852Income fromOperations:CAG$
    44,296

    $
    40,535$
    45,137

    $
    28,497Water9,979

    8,56625,327

    24,228LPD3,648

    3,32017,974

    12,447Other34

    869(207)

    2,057Unallocated Amounts(1,861)

    (3,476)(7,305)

    (14,152)Total$
    56,096

    $
    49,814$
    80,926

    $
    53,077Gross Profit(as a percentageof revenue):CAG50.8%

    51.1%51.8%

    51.4%Water66.1%

    62.6%62.3%

    63.5%LPD66.1%

    67.6%67.9%

    67.7%Other38.0%

    44.6%40.3%

    45.0%Total52.7%

    52.7%53.5%

    52.9%Income fromOperations(as a percentageof revenue):CAG17.9%

    18.2%19.4%

    19.0%Water46.1%

    42.7%40.8%

    42.2%LPD17.6%

    19.0%25.7%

    22.0%Other0.3%

    9.5%(0.7%)

    7.1%Total18.6%

    18.5%19.9%

    18.7%IDEXX Laboratories, Inc. and SubsidiariesRevenues and Revenue Growth Analysis by Product and Service CategoriesAmounts in thousands (Unaudited)Three Months EndedNet RevenueSept. 30, 2011Sept. 30, 2010DollarChangePercentageChangePercentageChange fromCurrency (1)PercentageChange fromAcquisitions (2)Organic Growth(3)CAG

    $

    248,074$

    222,909$

    25,16511.3

    %3.2

    %0.1

    %8.0

    %Water21,64820,0441,6048.0

    %3.5

    %-4.5

    %LPD20,67517,4763,19918.3

    %7.9

    %-10.4

    %Other10,5579,1991,35814.8

    %3.2

    %-11.6

    %Total

    $

    300,954$

    269,628$

    31,32611.6

    %3.5

    %0.1

    %8.0

    %Three Months EndedNet CAG RevenueSept. 30, 2011Sept. 30, 2010DollarChangePercentageChangePercentage Change from
    Currency (1)PercentageChange fromAcquisitions (2)Organic
    Growth(3)Instruments and consumables

    $

    99,719$

    88,481$

    11,23812.7

    %3.7

    %-9.0

    %Rapid assay products36,07335,5764971.4

    %1.5

    %-(0.1

    %)Reference laboratory diagnostic and consulting services 94,02782,53411,49313.9

    %3.9

    %0.2

    %9.8

    %Practice management systems and digital radiography18,25516,3181,93711.9

    %0.5

    %-11.4

    %Net CAG revenue

    $

    248,074$

    222,909$

    25,16511.3

    %3.2

    %0.1

    %8.0

    %(1) The percentage change from currency is a non-U.S. GAAP measure. It represents the percentage change in revenue resulting from the difference between the average exchange rates during the three months ended September 30, 2011 and the same period of the prior year applied to foreign currency denominated revenues for the three months ended September 30, 2011.(2) The percentage change from acquisitions is a non-U.S. GAAP measure. It represents the percentage change in revenue during the three months ended September 30, 2011 compared to the three months ended September 30, 2010 attributed to acquisitions subsequent to June 30, 2010.(3) Organic revenue growth is a non-U.S. GAAP measure and represents the percentage change in revenue during the three months ended September 30, 2011 compared to the three months ended September 30, 2010 net of acquisitions and the effect of changes in foreign currency exchange rates.IDEXX Laboratories, Inc. and SubsidiariesRevenues and Revenue Growth Analysis by Product and Service CategoriesAmounts in thousands (Unaudited)Nine Months EndedNet RevenueSept. 30, 2011Sept. 30, 2010DollarChangePercentageChangePercentageChange fromCurrency (1)PercentageChange fromAcquisitions (2)Organic Growth(3)CAG

    $

    748,397$

    676,646$

    71,75110.6

    %2.9

    %0.1

    %7.6

    %Water62,12357,3564,7678.3

    %3.3

    %-5.0

    %LPD69,98156,57713,40423.7

    %6.2

    %-17.5

    %Other30,98729,0561,9316.6

    %2.5

    %-4.1

    %Total

    $

    911,488$

    819,635$

    91,85311.2

    %3.1

    %0.1

    %8.0

    %Nine Months EndedNet CAG RevenueSept. 30, 2011Sept. 30, 2010DollarChangePercentageChangePercentageChange fromCurrency (1)PercentageChange fromAcquisitions (2)Organic Growth(3)Instruments and consumables

    $

    292,209$

    258,318$

    33,89113.1

    %3.5

    %-9.6

    %Rapid assay products118,883115,5003,3832.9

    %1.4

    %-1.5

    %Reference laboratory diagnostic and consulting  services 282,242248,42233,82013.6

    %3.6

    %0.1

    %9.9

    %Practice management systems and  digital radiography55,06354,4066571.2

    %0.5

    %-0.7

    %Net CAG revenue

    $

    748,397$

    676,646$

    71,75110.6

    %2.9

    %0.1

    %7.6

    %(1) The percentage change from currency is a non-U.S. GAAP measure. It represents the percentage change in revenue resulting from the difference between the average exchange rates during the nine months ended September 30, 2011 and the same period of the prior year applied to foreign currency denominated revenues for the nine months ended September 30, 2011.(2) The percentage change from acquisitions is a non-U.S. GAAP measure. It represents the percentage change in revenue during the nine months ended September 30, 2011 compared to the nine months ended September 30, 2010 attributed to acquisitions subsequent to December 31, 2009.(3) Organic revenue growth is a non-U.S. GAAP measure and represents the percentage change in revenue during the nine months ended September 30, 2011 compared to the nine months ended September 30, 2010 net of acquisitions and the effect of changes in foreign currency exchange rates.IDEXX Laboratories, Inc. and SubsidiariesConsolidated Balance SheetAmounts in thousands (Unaudited)September 30,December 31,20112010Assets:Current Assets:Cash and cash equivalents$
    81,499

    $
    56,915Accounts receivable, net134,923

    120,080Inventories137,143

    127,885Other current assets57,187

    55,711Total current assets510,752

    460,591Property and equipment, net213,868

    201,725Other long-term assets, net244,579

    234,828Total assets$
    969,199

    $
    897,144Liabilities and Stockholders' Equity:Current Liabilities:Accounts payable$
    31,032

    $
    22,669Accrued liabilities136,799

    118,598Debt154,903

    129,862Deferred revenue13,635

    13,983Total current liabilities336,369

    285,112Long-term debt, net of current portion2,735

    3,418Other long-term liabilities44,127

    34,333Total long-term liabilities46,862

    37,751Total stockholders' equity585,942

    574,235Noncontrolling interest26

    46Total equity585,968

    574,281Total liabilities and stockholders' equity$
    969,199

    $
    897,144IDEXX Laboratories, Inc. and SubsidiariesSelected Balance Sheet Information (Unaudited)Sept. 30,June 30,March 31,Dec. 31,Sept. 30,20112011201120102010SelectedBalance Sheet Days sales outstanding (1)

    43.141.2

    40.238.7

    41.9Information:Inventory turns (2)

    1.71.7

    1.81.8

    1.7(1) Days sales outstanding represents the average of the accounts receivable balances at the beginning and end of each quarter divided by revenue for that quarter, the result of which is then multiplied by 91.25 days.(2) Inventory turns represents inventory-related cost of product revenues for the 12 months preceding each quarter-end divided by the inventory balance at the end of the quarter.IDEXX Laboratories, Inc. and SubsidiariesConsolidated Statement of Cash FlowsAmounts in thousands (Unaudited)Nine Months EndedSept. 30,Sept. 30,20112010Operating:Cash Flows from Operating Activities:Net income$
    23,756

    $
    4,940Non-cash charges48,641

    48,424Changes in assets and liabilities5,130

    (10,088)Tax benefit from exercises of stock options and vesting of restricted stock units(14,009)

    (13,293)Net cash provided by operating activities163,518

    129,983Investing:Cash Flows from Investing Activities:Purchases of property and equipment(39,927)

    (28,646)Proceeds from disposition of pharmaceutical product lines3,000

    -Proceeds from sale of property and equipment223

    86Acquisitions of intangible assets and a business, net of cash acquired (2,600)

    (244)Net cash used by investing activities(39,304)

    (28,804)Financing:Cash Flows from Financing Activities:Borrowings on revolving credit facilities, net24,903

    7,135Payment of notes payable(643)

    (605)Repurchases of common stock(166,016)

    (117,157)Proceeds from the exercise of stock options and employee stock purchase plans26,080

    22,055Tax benefit from exercises of stock options and vesting of restricted stock units14,009

    13,293Net cash used by financing activities(101,667)

    (75,279)Net effect of changes in exchange rates on cash2,037

    884Net increase in cash and cash equivalents24,584

    26,784Cash and cash equivalents, beginning of period156,915

    106,728Cash and cash equivalents, end of period$
    81,499

    $
    33,512IDEXX Laboratories, Inc. and SubsidiariesFree Cash FlowAmounts in thousands (Unaudited)Nine Months EndedSept. 30,Sept. 30,20112010Free Cash Flow:Net cash provided by operating activities$
    3,518

    $
    29,983Financing cash flows attributable to tax benefits from exercise of stock options  and vesting of restricted stock units14,009

    13,293Purchases of property and equipment(39,927)

    (28,646)Free cash flow$
    37,600

    $
    4,630IDEXX Laboratories, Inc. and SubsidiariesCommon Stock RepurchasesAmounts in thousands except per share data (Unaudited)Three Months EndedNine Months EndedSept. 30,Sept. 30,Sept. 30,Sept. 30,2011201020112010Share repurchases during the period886

    5672,183

    2,080Average price paid per share$
    76.27

    $
    58.98$
    76.04

    $
    56.32The number of shares remaining under repurchase authorization as of September 30, 2011 totaled 1,623,304.Share repurchases does not include shares surrendered by employees in payment for the minimum required withholding taxes due on the vesting of restricted stock units and the settlement of deferred stock units.Contact: Merilee Raines, Chief Financial Officer, 1-207-556-8155


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