IDEXX Laboratories Announces Third Quarter Results

WESTBROOK, Maine, Oct. 22, 2013 /PRNewswire/ -- IDEXX Laboratories, Inc. (NASDAQ: IDXX), today reported that revenues for the third quarter of 2013 increased 7.2% to $338.3 million, from $315.5 million for the third quarter of 2012. Organic revenue growth[1] was 7.4% in the third quarter of 2013 versus the same period of the prior year. Earnings per diluted share ("EPS") for the quarter ended September 30, 2013 increased 13% to $0.86, compared to $0.76 for the same period in the prior year.

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

"For the quarter, I am pleased with the Company's 7.4% organic revenue growth, driven by the Companion Animal Group's 8.7% organic growth. This performance represents a significant improvement from first half organic growth of 4.4% for the total Company and 5.3% for the Companion Animal Group, respectively," said Jonathan Ayers, the Company's Chairman and Chief Executive Officer.

"The third quarter saw the first full quarter of the sales transformation of our North American diagnostic sales professionals to a new, customer centric, sales role. In all, our sales professionals performed well against their diagnostic sales goals. While unit instrument placements were a little short of our expectation, the quality of placements was outstanding, supporting continued strong instrument consumable growth. We are encouraged that the one fifth of the regions that were in the new sales model for the second full quarter achieved instrument placements that were almost 20% higher than the prior year's third quarter. Further, we saw in the third quarter that more frequent sales representative visits resulted in both stronger loyalty and additional testing from our reference lab customers," Ayers added.

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 third quarter of 2013 were $283.8 million compared to $262.4 million for the third quarter of 2012. Organic revenue growth of 8.7% was due to balanced performance across all annuity portions of CAG, including reference laboratory diagnostic and consulting services, VetLab® consumables and Rapid Assay products. The revenue increase in reference laboratory diagnostic and consulting services was largely the result of higher sales volumes driven by the acquisition of new customers, increased testing volumes from existing customers, improved customer retention, and, to a lesser extent, price increases. The revenue increase in VetLab consumables was primarily the result of higher sales volumes of consumables used with our Catalyst Dx® instruments due to the quality of our placements and our increasing installed base of instruments. Changes in foreign currency exchange rates reduced revenue growth by 0.9%, which was partly offset by revenue from acquisitions.

Water. Water revenues for the third quarter of 2013 were $23.2 million compared to $22.2 million for the third quarter of 2012. Organic revenue growth of 5.3% was due primarily to higher sales of our Colilert® products and increased sales volumes of our Filta-Max® products, driven by new account acquisitions. Changes in foreign currency exchange rates reduced revenue growth by 0.7%.

Livestock, Poultry and Dairy. Livestock, Poultry and Dairy ("LPD") revenues for the third quarter of 2013 were $25.1 million compared to $24.7 million for the third quarter of 2012. Revenue from the acquisition of a Brazilian distributor and changes in foreign currency exchange rates contributed 2.8% and 1.1%, respectively, to revenue growth. The 2.1% decline in organic revenue was due primarily to lower sales volumes of Bovine Spongiform Encephalopathy ("BSE") tests resulting from changes in European Union testing requirements, partly offset by higher sales volumes of certain swine tests.

Additional Operating Results for the Third Quarter

Gross profit for the third quarter of 2013 increased $15.1 million, or 8.9%, to $185.8 million from $170.6 million for the third quarter of 2012. As a percentage of total revenue, gross profit increased to 54.9% from 54.1%. The increase in the gross profit percentage was due primarily to price increases for our reference laboratory diagnostic and consulting services and a combination of higher relative sales of higher margin VetLab consumables and lower relative sales of lower margin VetLab instruments.

Selling, general and administrative ("SG&A") expense for the third quarter of 2013 was $98.7 million, or 29.2% of revenue, compared to $87.4 million, or 27.7% of revenue, for the third quarter of 2012. The increase in SG&A expense was due primarily to higher personnel-related costs associated with expanding and transitioning our sales force that previously represented either in-house or reference laboratory diagnostics to diagnostic consultants who now represent all CAG diagnostic modalities. Research and development ("R&D") expense for the third quarter of 2013 was $21.6 million, or 6.4% of revenue, compared to $20.3 million, or 6.5% of revenue for the third quarter of 2012. The increase in R&D expense resulted primarily from increased personnel-related costs and higher external consulting and development costs.

Supplementary Analysis of Results

The accompanying financial tables provide more information concerning our revenue and other operating results for the three and nine months ended September 30, 2013.

Outlook for 2013 and 2014

The Company provides the following updated guidance for 2013 and preliminary guidance for 2014.

2013

  • Organic revenue growth in the fourth quarter is expected to be 8.0% to 8.4%, resulting in full year revenue of approximately $1.370 billion to $1.372 billion.
  • Diluted earnings per share for the full year are expected to be in the range of $3.44 to $3.48 per fully diluted share compared to our previous guidance range of $3.42 to $3.48 per fully diluted share.
  • Free cash flow[2] for the full year is expected to be approximately 95% to 100% of net income, consistent with our previous guidance.
  • Capital expenditures for the full year are expected to be approximately $90 million.

2014

  • Revenues for the full year are expected to be in the range of $1.48 billion to $1.50 billion, which represents reported revenue growth of 8% to 9% and organic revenue growth of 7% to 8% compared to projected revenue for 2013.
  • Diluted earnings per share for the full year are expected to be in the range of $3.76 to $3.86 per fully diluted share.

The above 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 $1.35, the British pound at $1.60, the Canadian dollar at $0.97, the Australian dollar at $0.94 and the Japanese Yen at ¥ 97 to the U.S. dollar for the balance of 2013 and 2014. For 2013, a 1% strengthening of the U.S. dollar would decrease revenue by approximately $5.0 million and operating profit by approximately $0.8 million on an annual basis. For 2014, a 1% strengthening of the U.S. dollar would decrease revenue by approximately $5.0 million and operating profit by approximately $1.0 million on an annual basis. Fluctuations in foreign currency exchange rates from current assumptions could have a significant positive or negative impact on our actual results of operations in both years.

Conference Call and Webcast Information

IDEXX Laboratories will be hosting a conference call today at 8:30 a.m. (Eastern) to discuss its third quarter results and management's outlook. To participate in the conference call, dial 1-612-332-0820 or 1-877-777-1968 and reference confirmation code 305268. An audio replay will be available through October 29, 2013 by dialing 1-320-365-3844 and referencing replay code 305268.

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, 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 approximately 5,500 people and offers products to customers in over 175 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 a change in the status of one of the Company's distributors on the Company's results of operations;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, veterinary hospital consolidation, and the prevalence of buying consortiums 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 June 30, 2013,in the section captioned "Risk Factors."

[1] Organic revenue is not a measure defined by generally accepted accounting principles in the United States of America ("GAAP"), otherwise referred to herein as a non-GAAP measure. Management believes that reporting organic revenue growth provides useful information to investors by facilitating easier comparisons of our revenue performance with prior and future periods and to our peers. Organic revenue growth for the third quarter of 2013 excludes the impact of changes in foreign currency exchange rates, which reduced revenue growth by 0.7% and revenue from business acquisitions, which contributed 0.5% to revenue growth. See the Supplementary Analysis of Results below for a reconciliation of reported revenue growth to organic revenue growth.

[2] Free cash flow is a non-GAAP measure. We calculate free cash flow as cash generated from operations, excluding tax benefits attributable to share-based compensation arrangements, reduced by our 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. Refer to our reconciliation below for our calculation of free cash flow for the nine months ended September 30, 2013 and 2012. 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.

Contact: Ed Garber, Director, Investor Relations, 1-207-556-8155

IDEXX Laboratories, Inc. and Subsidiaries







Consolidated Statement of Operations







Amounts in thousands except per share data (Unaudited)

















Three Months Ended


Nine Months Ended




September 30,

September 30,


September 30,

September 30,




2013

2012


2013

2012

Revenue:

Revenue


$ 338,297

$ 315,475


$ 1,022,985

$ 973,800

Expenses and








Income:

Cost of revenue


152,514

144,840


455,532

443,702


Gross profit


185,783

170,635


567,453

530,098


Sales and marketing


60,079

52,067


179,641

164,238


General and administrative


38,651

35,307


116,871

105,760


Research and development


21,568

20,349


65,507

60,964


Income from operations


65,485

62,912


205,434

199,136


Interest expense, net


1,007

400


2,132

1,603


Income before provision for income taxes


64,478

62,512


203,302

197,533


Provision for income taxes


18,786

19,639


58,745

62,606

Net Income:

Net income


45,692

42,873


144,557

134,927


Less: Noncontrolling interest in subsidiary's








earnings


4

20


15

14


Net income attributable to stockholders

$ 45,688

$ 42,853


$ 144,542

$ 134,913


Earnings per share: Basic


$ 0.87

$ 0.78


$ 2.70

$ 2.45


Earnings per share: Diluted


$ 0.86

$ 0.76


$ 2.66

$ 2.40


Shares outstanding: Basic


52,450

54,938


53,562

55,074


Shares outstanding: Diluted


53,242

56,088


54,391

56,270









IDEXX Laboratories, Inc. and Subsidiaries







Selected Operating Information (Unaudited)


















Three Months Ended


Nine Months Ended




September 30,

September 30,


September 30,

September 30,




2013

2012


2013

2012

Operating

Gross profit


54.9%

54.1%


55.5%

54.4%

Ratios (as a

Sales, marketing, general and







percentage of

administrative expense


29.2%

27.7%


29.0%

27.7%

revenue):

Research and development expense


6.4%

6.5%


6.4%

6.3%


Income from operations(1)


19.4%

19.9%


20.0%

20.4%

















International

International revenue (in thousands)


$ 137,889

$ 129,139


$ 420,653

$ 397,373

Revenue:

International revenue as percentage of








total revenue


40.7%

40.9%


41.1%

40.8%









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

IDEXX Laboratories, Inc. and Subsidiaries







Segment Information







Amounts in thousands (Unaudited)


















Three Months Ended


Three Months Ended




September 30,

Percent of


September 30,

Percent of




2013

Revenue


2012

Revenue

Revenue:

CAG


$ 283,843



$ 262,357



Water


23,247



22,223



LPD


25,131



24,696



Other


6,076



6,199



Total


$ 338,297



$ 315,475










Gross Profit:

CAG


$ 152,359

53.7%


$ 138,558

52.8%


Water


15,598

67.1%


14,489

65.2%


LPD


13,140

52.3%


14,632

59.2%


Other


2,978

49.0%


2,575

41.5%


Unallocated Amounts


1,708

N/A


381

N/A


Total


$ 185,783

54.9%


$ 170,635

54.1%









Income from








Operations:

CAG


$ 52,711

18.6%


$ 50,651

19.3%


Water


10,414

44.8%


10,128

45.6%


LPD


1,125

4.5%


3,873

15.7%


Other


612

10.1%


(488)

(7.9%)


Unallocated Amounts


623

N/A


(1,252)

N/A


Total


$ 65,485

19.4%


$ 62,912

19.9%









































Nine Months Ended


Nine Months Ended




September 30,

Percent of


September 30,

Percent of




2013

Revenue


2012

Revenue

Revenue:

CAG


$ 856,617



$ 808,724



Water


66,297



63,788



LPD


81,448



82,413



Other


18,623



18,875



Total


$ 1,022,985



$ 973,800










Gross Profit:

CAG


$ 464,301

54.2%


$ 425,867

52.7%


Water


44,136

66.6%


42,250

66.2%


LPD


44,270

54.4%


49,801

60.4%


Other


9,235

49.6%


8,151

43.2%


Unallocated Amounts


5,511

N/A


4,029

N/A


Total


$ 567,453

55.5%


$ 530,098

54.4%









Income from








Operations:

CAG


$ 167,377

19.5%


$ 157,337

19.5%


Water


28,682

43.3%


28,619

44.9%


LPD


9,176

11.3%


15,563

18.9%


Other


1,888

10.1%


(314)

(1.7%)


Unallocated Amounts


(1,689)

N/A


(2,069)

N/A


Total


$ 205,434

20.1%


$ 199,136

20.4%










IDEXX Laboratories, Inc. and Subsidiaries

Revenues and Revenue Growth Analysis by Product and Service Categories

Amounts in thousands (Unaudited)














Net Revenue

Three

Months

Ended

September

30, 2013



Three

Months

Ended

September

30, 2012


Dollar

Change


Percentage

Change


Percentage

Change from

Currency(1)


Percentage

Change from

Acquisitions(2)


Organic Revenue

Growth(3)


















CAG

$

283,843


$

262,357


$

21,486


8.2%


(0.9%)


0.4%


8.7%

Water


23,247



22,223



1,024


4.6%


(0.7%)


-


5.3%

LPD


25,131



24,696



435


1.8%


1.1%


2.8%


(2.1%)

Other


6,076



6,199



(123)


(2.0%)


0.3%


-


(2.3%)

Total

$

338,297


$

315,475


$

22,822


7.2%


(0.7%)


0.5%


7.4%



































Net CAG Revenue

Three

Months

Ended

September

30, 2013



Three

Months

Ended

September

30, 2012


Dollar

Change


Percentage

Change


Percentage

Change from

Currency(1)


Percentage

Change from

Acquisitions(2)


Organic Revenue
Growth(3)


















VetLab® instruments

$

19,085


$

21,730


$

(2,645)


(12.2%)


(2.0%)


-


(10.2%)

VetLab consumables


75,813



67,703



8,110


12.0%


(0.7%)


-


12.7%

VetLab service and accessories


13,047



11,892



1,155


9.7%


(2.6%)


-


12.3%

Rapid assay products


43,042



39,315



3,727


9.5%


(0.5%)


-


10.0%

Reference laboratory diagnostic and

consulting services


110,291



101,449



8,842


8.7%


(0.9%)


0.3%


9.3%

Customer information management and

digital imaging systems


22,565



20,268



2,297


11.3%


(0.4%)


3.1%


8.6%

Net CAG revenue

$

283,843


$

262,357


$

21,486


8.2%


(0.9%)


0.4%


8.7%


















(1)The percentage change from currency is a non-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, 2013 and the same period of the prior year applied to foreign currency denominated revenues for the three months ended September 30, 2013.

(2)The percentage change from acquisitions is a non-GAAP measure. It represents the percentage change in revenue during the three months ended September 30, 2013 compared to the three months ended September 30, 2012 attributed to acquisitions subsequent to June 30, 2012.

(3)Organic revenue growth is a non-GAAP measure and represents the percentage change in revenue during the three months ended September 30, 2013 compared to the three months ended September 30, 2012 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)















Net Revenue

Nine

Months

Ended

September

30, 2013



Nine

Months

Ended

September

30, 2012


Dollar

Change


Percentage

Change


Percentage

Change from

Currency(1)


Percentage

Change from

Acquisitions(2)


Organic Revenue

Growth(3)


















CAG

$

856,617


$

808,724


$

47,893


5.9%


(0.8%)


0.3%


6.4%

Water


66,297



63,788



2,509


3.9%


(0.6%)


-


4.5%

LPD


81,448



82,413



(965)


(1.2%)


0.1%


0.8%


(2.1%)

Other


18,623



18,875



(252)


(1.3%)


0.1%


-


(1.4%)

Total

$

1,022,985


$

973,800


$

49,185


5.1%


(0.7%)


0.4%


5.4%



































Net CAG Revenue

Nine

Months

Ended

September

30, 2013



Nine

Months

Ended

September

30, 2012


Dollar

Change


Percentage

Change


Percentage

Change from

Currency(1)


Percentage

Change from

Acquisitions(2)


Organic Revenue

Growth(3)


















VetLab® instruments

$

55,622


$

65,553


$

(9,931)


(15.1%)


(1.1%)


-


(14.0%)

VetLab consumables


229,805



206,398



23,407


11.3%


(0.8%)


-


12.1%

VetLab service and accessories


38,225



35,614



2,611


7.3%


(2.8%)


-


10.1%

Rapid assay products


133,182



128,556



4,626


3.6%


(0.7%)


-


4.3%

Reference laboratory diagnostic and

consulting services


333,857



309,696



24,161


7.8%


(0.7%)


0.2%


8.3%

Customer information management and

digital imaging systems


65,926



62,907



3,019


4.8%


(0.2%)


3.2%


1.8%

Net CAG revenue

$

856,617


$

808,724


$

47,893


5.9%


(0.8%)


0.3%


6.4%


















(1)The percentage change from currency is a non-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, 2013 and the same period of the prior year applied to foreign currency denominated revenues for the nine months ended September 30, 2013.

(2)The percentage change from acquisitions is a non-GAAP measure. It represents the percentage change in revenue during the nine months ended September 30, 2013 compared to the nine months ended September 30, 2012 attributed to acquisitions subsequent to December 31, 2011.

(3)Organic revenue growth is a non-GAAP measure and represents the percentage change in revenue during the nine months ended September 30, 2013 compared to the nine months ended September 30, 2012 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)





















September 30,

December 31,







2013

2012

Assets:

Current Assets:








Cash and cash equivalents





$ 264,811

$ 223,986


Accounts receivable, net





151,568

138,324


Inventories





145,987

140,946


Other current assets





62,857

66,281


Total current assets





625,223

569,537


Property and equipment, net





274,158

245,177


Other long-term assets, net





295,857

288,888


Total assets





$ 1,195,238

$ 1,103,602

Liabilities and








Stockholders'








Equity:

Current Liabilities:








Accounts payable





$ 38,131

$ 35,288


Accrued liabilities





134,161

137,746


Debt





398,219

213,107


Deferred revenue





22,441

20,192


Total current liabilities





592,952

406,333


Long-term debt, net of current portion





624

1,394


Other long-term liabilities





66,767

59,618


Total long-term liabilities





67,391

61,012










Total stockholders' equity



534,846

636,223


Noncontrolling interest




49

34


Total equity




534,895

636,257


Total liabilities and stockholders' equity




$ 1,195,238

$ 1,103,602

























IDEXX Laboratories, Inc. and Subsidiaries







Selected Balance Sheet Information (Unaudited)

















September 30,


June 30,

March 31,


December 31,

September 30,



2013


2013

2013


2012

2012

Selected









Balance Sheet

Days sales outstanding(1)

41.9


41.2

40.8


39.9

41.7

Information:

Inventory turns (2)

1.7


1.7

1.7


1.8

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 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)





















Nine Months Ended







September 30,

September 30,







2013

2012

Operating:

Cash Flows from Operating Activities:








Net income





$ 144,557

$ 134,927


Non-cash charges





54,083

49,520


Changes in assets and liabilities



(11,473)

(20,777)


Tax benefit from share-based compensation arrangements


(7,438)

(10,182)


Net cash provided by operating activities





179,729

153,488

Investing:

Cash Flows from Investing Activities:








Purchases of property and equipment





(60,607)

(43,230)


Proceeds from disposition of pharmaceutical product lines



3,500

3,000


Proceeds from sale of property and equipment




-

45


Acquisition of intangible assets



(1,024)

(900)


Acquisition of a business, net of cash acquired



(10,101)

-


Net cash used by investing activities




(68,232)

(41,085)

Financing:

Cash Flows from Financing Activities:








Borrowings (repayment) on revolving credit facilities, net



185,200

(11,000)


Payment of notes payable





(858)

(682)


Repurchases of common stock





(282,910)

(91,152)


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


21,734

17,156


Tax benefit from share-based compensation arrangements


7,438

10,182


Net cash used by financing activities




(69,396)

(75,496)


Net effect of changes in exchange rates on cash





(1,276)

639


Net increase in cash and cash equivalents





40,825

37,546


Cash and cash equivalents, beginning of period




223,986

183,895


Cash and cash equivalents, end of period





$ 264,811

$ 221,411

















IDEXX Laboratories, Inc. and Subsidiaries







Free Cash Flow(1)







Amounts in thousands (Unaudited)













Nine Months Ended







September 30,

September 30,







2013

2012

Free Cash








Flow:

Net cash provided by operating activities





$ 179,729

$ 153,488


Royalty prepayment to obtain exclusive patent rights





-

6,250


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


7,438

10,182


Purchases of property and equipment





(60,607)

(43,230)


Free cash flow





126,560

$ 126,690









(1) Free cash flow is a non-GAAP measure. We calculate free cash flow as cash generated from operations, excluding our royalty prepayment in the first quarter of 2012, and tax benefits attributable to share-based compensation arrangements, reduced by our 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


Nine Months Ended




September 30,

September 30,


September 30,

September 30,




2013

2012


2013

2012


Share repurchases during the period


802

387


3,187

1,089


Average price paid per share


$ 95.52

$ 93.75


$ 90.14

$ 87.80










Shares remaining under repurchase authorization as of September 30, 2013 totaled 3,774,285.










Share repurchases 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.


SOURCE IDEXX Laboratories, Inc.



RELATED LINKS
http://www.idexx.com

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