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IDEXX Laboratories Announces Second Quarter Results
"Our results for both the second quarter and the first half of the year
demonstrate the consistency of our revenue and profit model. The economic
environment contributed to slightly slower organic revenue growth compared to
recent quarters after taking into account exceptional revenues from one of our
pharmaceutical products; however, we had strong earnings growth and above plan
operating margins," said
"We also continue to achieve milestones in the controlled launch of our next generation point-of-care instrument systems, Catalyst Dx(TM) and SNAPshot Dx(TM). We are gaining customer experience with the early placements and, as part of the controlled launch process, are incorporating refinements in the instruments' design and software, all while building a backlog of orders for higher volume shipments in the second half of the year."
Revenue Performance
Companion Animal Group ("CAG") revenue for the second quarter of 2008
increased 19% to
Water segment revenue for the second quarter of 2008 increased 18% to
Production Animal Segment ("PAS") revenue for the second quarter of 2008
increased 15% to
Year-to-Date Results
Year-to-date revenue increased 18% to
Year-to-date diluted EPS increased 61% to
Additional Operating Results for the Second Quarter
Gross profit for the second quarter of 2008 increased
Research and development ("R&D") expense for the second quarter of 2008
was
Selling, general and administrative ("SG&A") expense for the second
quarter of 2008 was
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
Outlook
The Company offers the following revised guidance for the full year of 2008:
-- Revenue is expected to be
-- Diluted EPS are expected to be
-- Non-GAAP diluted EPS are expected to be
Conference Call and Webcast Information
IDEXX Laboratories will be hosting a conference call today at
The call will also be available via live or archived Webcast on the IDEXX Laboratories' web site at http://www.idexx.com.
About IDEXX Laboratories
IDEXX Laboratories, Inc. is a leader in companion animal health, serving
practicing veterinarians around the world with innovative, technology-based
offerings, including a broad range of diagnostic products and services,
practice management systems and pharmaceuticals. IDEXX products enhance the
ability of veterinarians to provide advanced medical care 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
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 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 effects of deep or sustained economic weakness on pet owner
decisions regarding pet health care; 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
Contact: Merilee Raines, Chief Financial Officer, 1-207-556-8155
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,
2008 2007 2008 2007
Revenue: Revenue $280,570 $237,046 $529,644 $448,201
Expenses
and Cost of
Income: revenue 129,310 122,825 248,548 225,401
Gross profit 151,260 114,221 281,096 222,800
Sales and
marketing 44,214 36,747 88,215 72,329
General and
administrative 29,881 27,690 59,702 53,839
Research
and development 18,274 17,317 35,569 33,288
Income from
operations 58,891 32,467 97,610 63,344
Interest
expense, net 643 834 1,128 806
Income before
provision for
income taxes 58,248 31,633 96,482 62,538
Provision for
income taxes 18,884 9,969 29,567 19,847
Net
Income: Net income $39,364 $21,664 $66,915 $42,691
Earnings per
share: Basic $0.66 $0.35 $1.11 $0.69
Earnings per
share: Diluted $0.63 $0.34 $1.06 $0.66
Shares
outstanding:
Basic 60,029 61,697 60,448 61,984
Shares
outstanding:
Diluted 62,440 64,400 63,017 64,758
Historical share and per share data has been retroactively restated to
reflect the additional shares of common stock that were distributed on
November 26, 2007 as a result of the two-for-one split of our outstanding
common stock.
IDEXX Laboratories, Inc. and Subsidiaries
Key Operating Information (Unaudited)
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2008 2007 2008 2007
Key Operating Gross profit 53.9% 48.2% 53.1% 49.7%
Ratios (as a Sales,
percentage of marketing,
revenue): general and
administrative
expense 26.4% 27.2% 27.9% 28.2%
Research and
development
expense 6.5% 7.3% 6.7% 7.4%
Income from
operations (1) 21.0% 13.7% 18.4% 14.1%
International International
Revenue: revenue
(in thousands) $113,928 $94,098 $217,256 $174,967
International
revenue as a
percentage of
total revenue 40.6% 39.7% 41.0% 39.0%
(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)
Three Months Ended
Income from
Gross Profit Operations
June 30, June 30, June 30, June 30,
2008 2007 2008 2007
GAAP measurement $151,260 $114,221 $58,891 $32,467
% of revenue 53.9% 48.2% 21.0% 13.7%
Write-downs of
certain pharmaceutical
assets (1) - 10,138 - 10,138
Acquisition-related
purchase accounting
and acquisition
integration costs (2) - 644 - 808
Non-GAAP comparative
measurements (3) $151,260 $125,003 $58,891 $43,413
% of revenue 53.9% 52.7% 21.0% 18.3%
Three Months Ended
Earnings per Share
Net Income Diluted
June 30, June 30, June 30, June 30,
2008 2007 2008 2007
GAAP measurement $39,364 $21,664 $0.63 $0.34
% of revenue 14.0% 9.1%
Write-downs of
certain pharmaceutical
assets (1) - 6,392 - 0.10
Acquisition-related
purchase accounting
and acquisition
integration costs (2) - 528 - 0.01
Non-GAAP comparative
measurements (3) $39,364 $28,584 $0.63 $0.44
% of revenue 14.0% 12.1%
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 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 the write-down of certain pharmaceutical assets is not
indicative of future performance because significant costs of a similar
nature are not likely to recur within a reasonable period. We believe that
we do not have other large inventory investments where the relationship of
inventory to current sales volume creates significant exposure to
valuation risk. During the second quarter of 2007, we recognized a $9.1
million write-down of raw materials inventory and a $1.0 million write-off
of a prepaid royalty license associated with Navigator(R) paste, a
nitazoxanide product for the treatment of equine protozoal
myeloencephalitis. We have written down these assets because the
third-party contract manufacturer of finished goods recently gave
notification that it will discontinue manufacturing the product in 2009.
Additionally, product sales have been significantly lower than projected.
Due in part to an estimated production volume which is low, we believe
that we will not be able to enter into a replacement manufacturing
arrangement on economically feasible terms and that we will not be able to
obtain the product after termination of the existing manufacturing
arrangement. We applied the statutory income tax rate of the applicable
tax jurisdiction to calculate the after-tax impact of this discrete item.
(2) We believe that the change from period to period due to specific
acquisition-related purchase accounting and integration costs is not
representative of ongoing operations and is not indicative of future
performance. Specific acquisition-related discrete costs do not include
amortization expense related to acquired intangible assets. We applied the
statutory income tax rates of the applicable tax jurisdictions to
calculate the after-tax impact of these discrete items.
(3) 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
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,
2008 2007 2008 2007
GAAP measurement $281,096 $222,800 $97,610 $63,344
% of revenue 53.1% 49.7% 18.4% 14.1%
Write-downs of
certain pharmaceutical
assets (1) - 10,138 - 10,138
Acquisition-related
purchase accounting
and acquisition
integration costs (2) - 1,892 - 2,242
Discrete income
tax benefits (3) - - - -
Non-GAAP comparative
measurements (4) $281,096 $234,830 $97,610 $75,724
% of revenue 53.1% 52.4% 18.4% 16.9%
Six Months Ended
Earnings per Share
Net Income Diluted
June 30, June 30, June 30, June 30,
2008 2007 2008 2007
GAAP measurement $66,915 $42,691 $1.06 $0.66
% of revenue 12.6% 9.5%
Write-downs of
certain
pharmaceutical
assets (1) - 6,392 - 0.10
Acquisition-related
purchase accounting
and acquisition
integration costs (2) - 1,432 - 0.02
Discrete income
tax benefits (3) (1,472) - (0.02) -
Non-GAAP
comparative
measurements (4) $65,443 $50,515 $1.04 $0.78
% of revenue 12.4% 11.3%
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 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 the write-down of certain pharmaceutical assets is not
indicative of future performance because significant costs of a similar
nature are not likely to recur within a reasonable period. We believe that
we do not have other large inventory investments where the relationship of
inventory to current sales volumes creates significant exposure to
valuation risk. During the second quarter of 2007, we recognized a $9.1
million write-down of raw materials inventory and a $1.0 million write-off
of a prepaid royalty license associated with Navigator(R) paste, a
nitazoxanide product for the treatment of equine protozoal
myeloencephalitis. We have written down these assets because the
third-party contract manufacturer of finished goods recently gave
notification that it will discontinue manufacturing the product in 2009.
Additionally, product sales have been significantly lower than projected.
Due in part to an estimated production volume which is low, we believe
that we will not be able to enter into a replacement manufacturing
arrangement on economically feasible terms and that we will not be able to
obtain the product after termination of the existing manufacturing
arrangement. We applied the statutory income tax rate of the applicable
tax jurisdiction to calculate the after-tax impact of this discrete item.
(2) We believe that the change from period to period due to specific
acquisition-related purchase accounting and integration costs is not
representative of ongoing operations and is not indicative of future
performance. Specific acquisition-related discrete costs do not include
amortization expense related to acquired intangible assets. We applied the
statutory income tax rates of the applicable tax jurisdictions to
calculate the after-tax impact of these discrete items.
(3) 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.
(4) 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,
2008 2007 2008 2007
Revenue: CAG $230,752 $194,025 $434,361 $367,458
Water 20,150 17,105 36,966 31,510
PAS 21,489 18,683 42,651 35,494
Other 8,179 7,233 15,666 13,739
Total $280,570 $237,046 $529,644 $448,201
Gross Profit: CAG $120,800 $89,049 $222,785 $175,379
Water 12,433 10,809 22,748 20,041
PAS 14,430 11,302 28,663 22,265
Other 3,501 2,931 6,628 4,845
Unallocated 96 130 272 270
Total $151,260 $114,221 $281,096 $222,800
Income from
Operations: CAG $47,807 $23,179 $77,362 $46,764
Water 8,302 7,156 14,572 12,798
PAS 5,514 3,760 11,342 7,725
Other (54) (101) (243) (514)
Unallocated (2,678) (1,527) (5,423) (3,429)
Total $58,891 $32,467 $97,610 $63,344
Gross Profit
(as a
percentage
of revenue): CAG 52.4% 45.9% 51.3% 47.7%
Water 61.7% 63.2% 61.5% 63.6%
PAS 67.2% 60.5% 67.2% 62.7%
Other 42.8% 40.5% 42.3% 35.3%
Income from
Operations
(as a
percentage
of revenue): CAG 20.7% 11.9% 17.8% 12.7%
Water 41.2% 41.8% 39.4% 40.6%
PAS 25.7% 20.1% 26.6% 21.8%
Other (0.7%) (1.4%) (1.6%) (3.7%)
IDEXX Laboratories, Inc. and Subsidiaries
Revenues by Product and Service Categories
Amounts in thousands (Unaudited)
Three Months Ended
Percentage
Change
Net of
Percentage Acqui-
Percentage Change sitions
Change from and
from Acqui- Currency
Net June 30, June 30, Dollar Percentage Currency sitions Effect
Revenue 2008 2007 Change Change (1) (2) (3)
CAG $230,752 $194,025 $36,727 18.9% 4.0% 0.4% 14.5%
Water 20,150 17,105 3,045 17.8% 4.2% - 13.6%
PAS 21,489 18,683 2,806 15.0% 11.4% - 3.6%
Other 8,179 7,233 946 13.1% 5.1% - 8.0%
Total $280,570 $237,046 $43,524 18.4% 4.7% 0.3% 13.4%
Three Months Ended
Percentage
Change
Net of
Percentage Acqui-
Percentage Change sitions
Change from and
from Acqui- Currency
Net CAG June 30, June 30, Dollar Percentage Currency sitions Effect
Revenue 2008 2007 Change Change (1) (2) (3)
Instruments
and
consumables $80,777 $71,490 $9,287 13.0% 4.7% - 8.3%
Rapid assay
products 41,265 36,588 4,677 12.8% 1.9% - 10.9%
Laboratory
and
consulting
services 79,341 68,548 10,793 15.7% 5.2% 1.2% 9.3%
Practice
information
management
systems
and digital
radiography 14,015 11,697 2,318 19.8% 1.7% - 18.1%
Pharmaceutical
products 15,354 5,702 9,652 169.3% - - 169.3%
Net CAG
revenue $230,752 $194,025 $36,727 18.9% 4.0% 0.4% 14.5%
(1) Represents the percentage change in revenue attributed to the effect
of changes in currency rates from the three months ended June 30, 2008
to the three months ended June 30, 2007.
(2) Represents the percentage change in revenue attributed to incremental
revenues during the three months ended June 30, 2008 compared to the
three months ended June 30, 2007 from businesses acquired since
April 1, 2007.
(3) Organic growth
IDEXX Laboratories, Inc. and Subsidiaries
Revenues by Product and Service Categories
Amounts in thousands (Unaudited)
Six Months Ended
Percentage
Change
Net of
Percentage Acqui-
Percentage Change sitions
Change from and
from Acqui- Currency
Net June 30, June 30, Dollar Percentage Currency sitions Effect
Revenue 2008 2007 Change Change (1) (2) (3)
CAG $434,361 $367,458 $66,903 18.2% 4.1% 1.5% 12.6%
Water 36,966 31,510 5,456 17.3% 4.4% - 12.9%
PAS 42,651 35,494 7,157 20.2% 11.7% 5.8% 2.7%
Other 15,666 13,739 1,927 14.0% 4.9% 6.5% 2.6%
Total $529,644 $448,201 $81,443 18.2% 4.8% 1.9% 11.5%
Six Months Ended
Percentage
Change
Net of
Percentage Acqui-
Percentage Change sitions
Change from and
from Acqui- Currency
Net CAG June 30, June 30, Dollar Percentage Currency sitions Effect
Revenue 2008 2007 Change Change (1) (2) (3)
Instruments
and
consumables $156,387 $138,446 $17,941 13.0% 4.8% - 8.2%
Rapid assay
products 79,487 67,825 11,662 17.2% 2.1% - 15.1%
Laboratory
and
consulting
services 149,448 126,436 23,012 18.2% 5.2% 4.3% 8.7%
Practice
information
management
systems
and digital
radiography 29,040 24,222 4,818 19.9% 1.9% - 18.0%
Pharmaceutical
products 19,999 10,529 9,470 89.9% - - 89.9%
Net CAG
revenue $434,361 $367,458 $66,903 18.2% 4.1% 1.5% 12.6%
(1) Represents the percentage change in revenue attributed to the effect
of changes in currency rates from the six months ended June 30, 2008
to the six months ended June 30, 2007.
(2) Represents the percentage change in revenue attributed to incremental
revenues during the six months ended June 30, 2008 compared to the six
months ended June 30, 2007 from businesses acquired since January 1,
2007.
(3) Organic growth
IDEXX Laboratories, Inc. and Subsidiaries
Consolidated Balance Sheet
Amounts in thousands (Unaudited)
June 30, December 31,
2008 2007
Assets: Current Assets:
Cash and cash equivalents $75,265 $60,360
Accounts receivable, net 120,565 108,384
Inventories 106,182 98,804
Other current assets 37,052 38,115
Total current assets 339,064 305,663
Property and equipment,
at cost 292,515 255,176
Less: accumulated depreciation 125,911 113,324
Property and equipment, net 166,604 141,852
Other long-term assets, net 259,221 254,664
Total assets $764,889 $702,179
Liabilities and
Stockholders'
Equity: Current Liabilities:
Accounts payable $25,357 $32,510
Accrued expenses 103,966 107,248
Debt 158,715 72,956
Deferred revenue 11,014 10,678
Total current liabilities 299,052 223,392
Long-term debt, net of
current portion 5,350 5,727
Other long-term liabilities 32,026 34,737
Total long-term liabilities 37,376 40,464
Stockholders' Equity:
Common stock 9,502 9,450
Additional paid-in capital 532,950 514,773
Deferred stock units 2,546 2,201
Retained earnings 652,777 585,862
Treasury stock, at cost (800,325) (696,668)
Accumulated other
comprehensive income 31,011 22,705
Total stockholders' equity 428,461 438,323
Total liabilities and
stockholders' equity $764,889 $702,179
IDEXX Laboratories, Inc. and Subsidiaries
Key Balance Sheet Information (Unaudited)
June 30, December 31,
2008 2007
Key
Balance Sheet Days sales outstanding 39.9 39.4
Information: Inventory turns 2.1 2.3
IDEXX Laboratories, Inc. and Subsidiaries
Consolidated Statement of Cash Flows
Amounts in thousands (Unaudited)
Six Months Ended
June 30, June 30,
2008 2007
Operating: Cash Flows from Operating Activities:
Net income $66,915 $42,691
Non-cash charges 27,354 25,401
Changes in current assets and
liabilities, net of
acquisitions and disposals (26,129) (5,375)
Net cash provided by
operating activities $68,140 $62,717
Investing: Cash Flows from Investing Activities:
Decrease in investments, net - 35,000
Purchase of property and equipment (42,564) (26,235)
Acquisition of businesses and
intangible assets (8,514) (85,507)
Acquisition of equipment leased
to customers (429) (525)
Net cash used by investing activities $(51,507) $(77,267)
Financing: Cash Flows from Financing Activities:
Borrowings on revolving credit
facilities, net 85,591 77,785
Purchase of treasury stock (102,331) (92,114)
Proceeds from exercise of
stock options 9,174 11,986
Tax benefit from exercise of
stock options 3,198 4,070
Net cash provided (used) by
financing activities $(4,368) $1,727
Net effect of exchange rate changes 2,640 745
Net increase (decrease) in cash and
cash equivalents 14,905 (12,078)
Cash and cash equivalents, beginning
of period 60,360 61,666
Cash and cash equivalents, end of
period $75,265 $49,588
IDEXX Laboratories, Inc. and Subsidiaries
Free Cash Flow
Amounts in thousands (Unaudited)
Six Months Ended
June 30, June 30,
2008 2007
Free Cash
Flow: Net cash provided by operating
activities $68,140 $62,717
Financing cash flows attributable
to tax benefits from exercise of
stock options 3,198 4,070
Purchase of fixed assets (42,564) (26,235)
Acquisition of equipment leased
to customers (429) (525)
Free cash flow $28,345 $40,027
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,
2008 2007 2008 2007
Share repurchases during
the period 1,002 1,309 1,952 2,119
Average price paid
per share $50.89 $44.07 $52.42 $43.47
Shares remaining under
repurchase authorization
as of June 30, 2008 4,900
IDEXX Laboratories, Inc. and Subsidiaries
Earnings per Share Adjusted for Stock Split (Unaudited)
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2008 2007 2008 2007
Basic
As reported $0.66 $0.70 $1.11 $1.38
Adjusted for stock split $0.66 $0.35 $1.11 $0.69
Diluted
As reported $0.63 $0.67 $1.06 $1.32
Adjusted for stock split $0.63 $0.34 $1.06 $0.66
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