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IDEXX Laboratories Announces Fourth Quarter and Full Year Results

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WESTBROOK, Maine, Jan. 27, 2012 /PRNewswire/ -- IDEXX Laboratories, Inc. (NASDAQ: IDXX), today reported that revenues for the fourth quarter of 2011 increased 8% to $307.2 million, from $283.8 million for the fourth quarter of 2010. Organic revenue growth, as defined below, was 7%. Earnings per diluted share ("EPS") for the quarter ended December 31, 2011 increased 8% to $0.67, compared to $0.62 for the same period in the prior year. Fourth quarter 2011 EPS includes a $3 million milestone payment earned related to the 2008 sale of product rights previously included in our pharmaceutical product line, which added $0.03 to EPS. Fourth quarter 2010 EPS of $0.62 included a similar milestone payment as well as the full year 2010 benefit from the reinstatement of the Federal Research and Development tax credit, which added a combined $0.06 to EPS.

(Logo:  http://photos.prnewswire.com/prnh/20110602/NE13041LOGO)

Organic revenue growth for the fourth quarter of 2011 excludes revenue from acquisitions, which contributed 1% to revenue growth, and the impact of changes in foreign currency exchange rates, which contributed less than 1% to revenue growth.

"I am pleased with our fourth quarter results, which marked the conclusion of a strong year," stated Jonathan Ayers, Chairman and Chief Executive Officer. "Our 7% organic growth in the fourth quarter, in an economic environment that is still not contributing significantly to our performance, demonstrates our continued success in bringing innovative products and services to our veterinary and other customers, as well as strong commercial execution in markets around the world."

"Our results reflect continued momentum of our initiatives aimed at helping veterinarians practice better medicine, run more efficient practices and increase their relevance with pet owners. Our global reference laboratory and consulting services business achieved 10% organic growth for the fourth consecutive quarter. Market response to our ProCyte Dx® and Catalyst Dx® instruments continues to be very positive around the world, as we achieved our highest quarterly placement levels for each of these instrument platforms, boding well for future consumable sales. Our pace of innovation continues with the launch of the Pet Health Network®, a valuable web-based resource through which pet owners can expand their knowledge of pet health. The Pet Health Network builds on our strong foundation of offerings that help veterinarians communicate the important role of diagnostic information to pet owners."  

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 fourth quarter of 2011 were $251.3 million compared to $229.0 million for the fourth quarter of 2010. Organic growth of 9% 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 volumes 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 sales volumes of our Catalyst Dx® and ProCyte Dx® instruments and related consumables. Revenue from acquisitions contributed 1% to revenue growth and changes in foreign currency exchange rates contributed less than 1% to revenue growth.

Water. Water segment revenues for the fourth quarter of 2011 were $20.0 million compared to $19.2 million for the fourth quarter of 2010. Organic revenue growth of 4% was due primarily to higher Colilert® product sales volume driven by new account acquisitions. Changes in foreign currency exchange rates contributed less than 1% to revenue growth.

Livestock and Poultry Diagnostics. Livestock and Poultry Diagnostics ("LPD") revenues for the fourth quarter of 2011 were $24.1 million compared to $24.6 million for the fourth quarter of 2010. The 3% decline in organic revenue was due, in part, to lower sales of Bovine Spongiform Encephalopathy ("BSE" or "mad cow disease") tests resulting from 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 to 72 months, which is reducing the population of cattle tested for this disease. Changes in foreign currency exchange rates contributed 1% to revenue growth.

Additional Operating Results for the Fourth Quarter

Gross profit for the fourth quarter of 2011 increased $14.1 million, or 10%, to $158.9 million from $144.8 million for the fourth quarter of 2010. As a percentage of total revenue, gross profit increased to 52% from 51%. The increase in the gross profit percentage was due primarily to higher relative sales of higher margin products and ongoing focus on cost reductions and product quality, resulting in decreased manufacturing, freight and distribution costs and improved instrument reliability. Fourth quarter gross profit percentage is typically lower than gross profit percentage for the full year due to higher relative sales of lower margin instruments in the fourth quarter.

Selling, general and administrative ("SG&A") expense for the fourth quarter of 2011 was $83.4 million, or 27% of revenue, compared to $76.5 million, or 27% of revenue, for the fourth quarter of 2010. The increase in SG&A expense resulted primarily from higher sales and marketing personnel-related costs, partly offset by an incremental milestone payment earned during the quarter related to the 2008 sale of product rights previously included in our pharmaceutical product line, which was recorded as a reduction in expense. Research and development ("R&D") expense for the fourth quarter of 2011 was $20.2 million, or 7% of revenue, compared to $17.5 million, or 6% of revenue for the fourth quarter of 2010. The increase in R&D expense resulted primarily from increased personnel-related costs and higher external consulting and development costs.

Year-to-Date Results

Revenues for the year ended December 31, 2011 increased 10% to $1.219 billion, from $1.103 billion for the year ended December 31, 2010. Organic revenue growth for the year ended December 31, 2011 was 8%. Changes in foreign currency exchange rates contributed 2% to revenue growth and revenue from acquisitions contributed less than 1% to revenue growth for the year ended December 31, 2011.

EPS for the year ended December 31, 2011 increased 17% to $2.78, compared to $2.37 for the same period in the prior year. 2011 EPS includes an aggregate of $4 million in payments relating to the sale of certain product rights and to the sale of certain raw material inventory in connection with the 2008 restructuring of our pharmaceutical business, which added $0.04 to EPS. 2010 EPS included similar milestone payments, which added $0.03 to EPS.

Supplementary Analysis of Results

The accompanying financial tables provide more information concerning our revenue and other operating results for the three and twelve months ended December 31, 2011.

Outlook for 2012

The Company provides the following updated guidance for the full year of 2012. This guidance reflects an assumption that the value of the U.S. dollar relative to other currencies will remain at our current assumptions of the euro at $1.25, the British pound at $1.53 and the Canadian dollar at $0.97 for the balance of 2012.  Fluctuations in foreign currency exchange rates from current assumptions could have a significant positive or negative impact on our actual results of operations for 2012.

  • Revenues are expected to be $1.30 to $1.31 billion, which represents reported revenue growth of 7% to 8% relative to 2011. Organic revenue growth, which excludes a projected 1% favorable impact of 2011 acquisitions and an unfavorable projected currency impact of approximately 2%, is estimated to be in the range of 8% to 9%. The reduction of $5 million to the high end of our range provided in October 2011 is the result of the unfavorable impact of currency net of the favorable impact of acquisitions in the fourth quarter of 2011. The increase of $5 million to the low end of our range reflects these factors as well as an increase to the low end of our projected range of organic revenue growth.
  • EPS are expected to be $3.04 to $3.10, compared to our previous guidance of $3.00 to $3.10. Relative to our EPS guidance provided in October 2011, we expect a negative impact of currency will be offset by the favorable impacts of a slightly lower tax rate and lower weighted average share count. The increase to the low end of our guidance reflects these factors, as well as an increase to the low end of our organic revenue growth range.
  • Free cash flow is expected to be approximately 110% of net income.(1)
  • Capital expenditures are expected to be approximately $60 million.

(1) Free cash flow is a non-GAAP measure. It indicates the cash generated from operations and tax benefits attributable to share-based compensation arrangements, 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.

Conference Call and Webcast Information

IDEXX Laboratories will be hosting a conference call today at 9:00 a.m. (eastern) to discuss its fourth 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 234108. An audio replay will be available through February 3, 2012 by dialing 1-320-365-3844 and referencing replay code 234108.

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 cost improvements in its worldwide network of laboratories and in the manufacture of in-clinic instruments; 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 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 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 the resolution of the U.S. Federal Trade Commission investigation into our marketing and sales practices; 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 and small scale 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 impact of any 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 and the potential loss of tax incentives. 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 September 30, 2011, 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


Twelve Months Ended




December 31,

December 31,


December 31,

December 31,




2011

2010


2011

2010

Revenue:

Revenue


$        307,201

$        283,757


$        1,218,689

$        1,103,392

Expenses and








Income:

Cost of revenue


148,320

138,986


572,183

524,769


Gross profit


158,881

144,771


646,506

578,623


Sales and marketing


52,209

46,557


204,850

179,626


General and administrative


31,170

29,931


129,389

126,519


Research and development


20,203

17,479


76,042

68,597


Income from operations


55,299

50,804


236,225

203,881


Interest expense, net


(603)

(338)


(1,803)

(1,752)


Income before provision for income taxes


54,696

50,466


234,422

202,129


Provision for income taxes


16,698

14,086


72,668

60,809

Net Income:

Net income


37,998

36,380


161,754

141,320


Less: Noncontrolling interest in subsidiary's








(losses) earnings


(12)

9


(32)

36


Net income attributable to stockholders


$       38,010

$       36,371


$        161,786

$        141,284


Earnings per share: Basic


$           0.68

$           0.63


$              2.85

$              2.45


Earnings per share: Diluted


$           0.67

$           0.62


$              2.78

$              2.37


Shares outstanding: Basic


55,743

57,455


56,790

57,713


Shares outstanding: Diluted


56,923

59,108


58,214

59,559












IDEXX Laboratories, Inc. and Subsidiaries

Selected Operating Information (Unaudited)












Three Months Ended


Twelve Months Ended




December 31,

December 31,


December 31,

December 31,




2011

2010


2011

2010

Operating

Gross profit


51.7%

51.0%


53.0%

52.4%

Ratios (as a

Sales, marketing, general and







percentage of

administrative expense


27.1%

27.0%


27.4%

27.7%

revenue):

Research and development expense


6.6%

6.2%


6.2%

6.2%


Income from operations(1)


18.0%

17.9%


19.4%

18.5%

















International

International revenue (in thousands)


$        131,694

$        122,293


$         518,599

$         451,366

Revenue:

International revenue as percentage of








total revenue


42.9%

43.1%


42.6%

40.9%












(1) Amounts presented may not recalculate due to rounding.


IDEXX Laboratories, Inc. and Subsidiaries

Segment Information

Amounts in thousands (Unaudited)












Three Months Ended


Twelve Months Ended




December 31,

December 31,


December 31,

December 31,




2011

2010


2011

2010

Revenue:

CAG


$        251,325

$        229,009


$        999,722

$        905,655


Water


20,002

19,158


82,125

76,514


LPD


24,131

24,600


94,112

81,177


Other


11,743

10,990


42,730

40,046


Total


$        307,201

$        283,757


$     1,218,689

$     1,103,392









Gross Profit:

CAG


$        127,922

$        110,700


$        515,656

$        458,491


Water


12,879

11,786


51,555

48,231


LPD


16,071

16,892


63,619

55,187


Other


4,738

4,644


17,231

17,732


Unallocated Amounts


(2,729)

749


(1,555)

(1,018)


Total


$        158,881

$        144,771


$        646,506

$        578,623









Income from








Operations:

CAG


$          44,697

$          36,717


$        189,834

$        165,213


Water


8,517

7,385


33,844

31,613


LPD


5,765

7,156


23,739

19,603


Other


2,763

2,067


2,556

4,125


Unallocated Amounts


(6,443)

(2,521)


(13,748)

(16,673)


Total


$          55,299

$          50,804


$        236,225

$        203,881









Gross Profit








(as a percentage








of revenue):

CAG


50.9%

48.3%


51.6%

50.6%


Water


64.4%

61.5%


62.8%

63.0%


LPD


66.6%

68.7%


67.6%

68.0%


Other


40.3%

42.3%


40.3%

44.3%









Income from








Operations








(as a percentage








of  revenue):

CAG


17.8%

16.0%


19.0%

18.2%


Water


42.6%

38.6%


41.2%

41.3%


LPD


23.9%

29.1%


25.2%

24.2%


Other


23.5%

18.8%


6.0%

10.3%




IDEXX Laboratories, Inc. and Subsidiaries

Revenues and Revenue Growth Analysis by Product and Service Categories

Amounts in thousands (Unaudited)















Three Months Ended

Net Revenue

December 31, 2011



December 31, 2010


Dollar

Change


Percentage

Change


Percentage

Change from

Currency (1)


Percentage

Change from

Acquisitions (2)


Organic

Growth (3)






















CAG

$

251,325


$

229,009


$

22,316


9.7

%


0.3

%


0.9

%


8.5

%

Water


20,002



19,158



844


4.4

%


0.2

%


-



4.2

%

LPD


24,131



24,600



(469)


(1.9

%)


0.7

%


-



(2.6

%)

Other


11,743



10,990



753


6.9

%


0.9

%


-



6.0

%

Total

$

307,201


$

283,757


$

23,444


8.3

%


0.3

%


0.8

%


7.2

%


























Three Months Ended

Net CAG Revenue

December 31,

2011



December 31,

2010


Dollar

Change


Percentage

Change


Percentage

Change from

Currency (1)


Percentage

Change from

Acquisitions (2)


Organic Growth(3)






















Instruments and consumables

$

102,377


$

95,921


$

6,456


6.7

%


0.3

%


-



6.4

%

Rapid assay products


35,459



31,038



4,421


14.2

%


0.1

%


-



14.1

%

Reference laboratory diagnostic and consulting services


91,677



81,244



10,433


12.8

%


0.2

%


2.7

%


9.9

%

Practice management systems and digital radiography


21,812



20,806



1,006


4.8

%


(0.1

%)


-



4.9

%

Net CAG revenue

$

251,325


$

229,009


$

22,316


9.7

%


0.3

%


0.9

%


8.5

%

























(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 December 31, 2011 and the same period of the prior year applied to foreign currency denominated revenues for the three months ended December 31, 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 December 31, 2011 compared to the three months ended December 31, 2010 attributed to acquisitions subsequent to September 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 December 31, 2011 compared to the three months ended December 31, 2010 net of acquisitions and the effect of changes in foreign currency exchange rates.

IDEXX Laboratories, Inc. and Subsidiaries

Revenues and Revenue Growth Analysis by Product and Service Categories

Amounts in thousands (Unaudited)















Twelve Months Ended

Net Revenue

December 31, 2011



December 31, 2010


Dollar

Change


Percentage

Change


Percentage

Change from

Currency (1)


Percentage

Change from

Acquisitions (2)


Organic

Growth (3)






















CAG

$

999,722


$

905,655


$

94,067


10.4

%


2.3

%


0.3

%


7.8

%

Water


82,125



76,514



5,611


7.3

%


2.5

%


-



4.8

%

LPD


94,112



81,177



12,935


15.9

%


4.5

%


-



11.4

%

Other


42,730



40,046



2,684


6.7

%


2.1

%


-



4.6

%

Total

$

1,218,689


$

1,103,392


$

115,297


10.4

%


2.4

%


0.2

%


7.8

%


























Twelve Months Ended

Net CAG Revenue

December 31,

2011



December 31,

2010


Dollar

Change


Percentage

Change


Percentage

Change from

Currency (1)


Percentage

Change from

Acquisitions (2)


Organic Growth(3)






















Instruments and consumables

$

394,586


$

354,239


$

40,347


11.4

%


2.7

%


-



8.7

%

Rapid assay products


154,342



146,538



7,804


5.3

%


1.2

%


-



4.1

%

Reference laboratory diagnostic and consulting services


373,919



329,666



44,253


13.4

%


2.7

%


0.8

%


9.9

%

Practice management systems and digital radiography


76,875



75,212



1,663


2.2

%


0.4

%


-



1.8

%

Net CAG revenue

$

999,722


$

905,655


$

94,067


10.4

%


2.3

%


0.3

%


7.8

%

























(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 twelve months ended December 31, 2011 and the same period of the prior year applied to foreign currency denominated revenues for the twelve months ended December 31, 2011.

(2) The percentage change from acquisitions is a non-U.S. GAAP measure. It represents the percentage change in revenue during the twelve months ended December 31, 2011 compared to the twelve months ended December 31, 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 twelve months ended December 31, 2011 compared to the twelve months ended December 31, 2010 net of acquisitions and the effect of changes in foreign currency exchange rates.

IDEXX Laboratories, Inc. and Subsidiaries

Consolidated Balance Sheet

Amounts in thousands (Unaudited)















December 31,

December 31,







2011

2010

Assets:

Current Assets:








Cash and cash equivalents





$           183,895

$          156,915


Accounts receivable, net





141,275

120,080


Inventories





133,099

127,885


Other current assets





65,958

55,711


Total current assets





524,227

460,591


Property and equipment, net





216,777

201,725


Other long-term assets, net





289,810

234,828


Total assets





$       1,030,814

$         897,144

Liabilities and








Stockholders'








Equity:

Current Liabilities:








Accounts payable





$            36,551

$           22,669


Accrued liabilities





141,383

118,598


Debt





243,917

129,862


Deferred revenue





15,028

13,983


Total current liabilities





436,879

285,112


Long-term debt, net of current portion





2,501

3,418


Other long-term liabilities





51,841

34,333


Total long-term liabilities





54,342

37,751










Total stockholders' equity 



539,579

574,235


Noncontrolling interest




14

46


Total equity




539,593

574,281


Total liabilities and stockholders' equity




$       1,030,814

$        897,144

























IDEXX Laboratories, Inc. and Subsidiaries







Selected Balance Sheet Information (Unaudited)

















December 31,


September 30,

June 30,


March 31,

December 31,



2011


2011

2011


2011

2010

Selected                  









Balance Sheet

Days sales outstanding(1)

41.0


43.1

41.2


40.2

38.7

Information:

Inventory turns(2)

1.8


1.7

1.7


1.8

1.8










(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 sales for the 12 months preceding each quarter-end divided by the inventory balance at the end of the quarter.




IDEXX Laboratories, Inc. and Subsidiaries

Consolidated Statement of Cash Flows

Amounts in thousands (Unaudited)















Twelve Months Ended







December 31,

December 31,







2011

2010

Operating:

Cash Flows from Operating Activities:








Net income





$     161,754

$       141,320


Non-cash charges





68,441

58,774


Changes in assets and liabilities



6,512

(3,135)


Tax benefit from share-based compensation arrangements


(16,007)

(18,126)


Net cash provided by operating activities





220,700

178,833

Investing:

Cash Flows from Investing Activities:








Purchases of property and equipment





(52,464)

(38,908)


Proceeds from disposition of pharmaceutical product line



3,000

-


Proceeds from sale of property and equipment




225

112


Acquisitions of intangible assets and businesses, net of cash acquired



(47,757)

(394)


Investment in notes receivable



-

(4,000)


Net cash used by investing activities




(96,996)

(43,190)

Financing:

Cash Flows from Financing Activities:








Borrowings on revolving credit facilities, net



113,903

10,143


Payment of notes payable





(863)

(813)


Repurchases of common stock





(255,505)

(143,090)


Proceeds from the exercise of stock options and employee stock purchase plans


28,801

28,865


Tax benefit from share-based compensation arrangements


16,007

18,126


Net used by financing activities




(97,657)

(86,769)


Net effect of changes in exchange rates on cash





933

1,313


Net increase in cash and cash equivalents





26,980

50,187


Cash and cash equivalents, beginning of period




156,915

106,728


Cash and cash equivalents, end of period





$     183,895

$      156,915

















IDEXX Laboratories, Inc. and Subsidiaries







Free Cash Flow







Amounts in thousands (Unaudited)













Twelve Months Ended







December 31,

December 31,







2011

2010

Free Cash








Flow:

Net cash provided by operating activities





$     220,700

$      178,833


Financing cash flows attributable to tax benefits from share-based compensation arrangements


16,007

18,126


Purchases of property and equipment





(52,464)

(38,908)


Free cash flow





$      184,243

$      158,051












IDEXX Laboratories, Inc. and Subsidiaries

Common Stock Repurchases

Amounts in thousands except per share data (Unaudited)





Three Months Ended


Twelve Months Ended




December 31,

December 31,


December 31,

December 31,




2011

2010


2011

2010


Share repurchases during the period


1,236

407


3,419

2,487


Average price paid per share


$           72.43

$           63.73


$           74.74

$           57.53










Shares remaining under repurchase authorization as of December 31, 2011 totaled 4,387,707.                                  










Share repurchases do 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

SOURCE IDEXX Laboratories, Inc.



RELATED LINKS
http://www.idexx.com

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