| IDEXX Laboratories Announces Second Quarter Results |
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IDEXX Laboratories, Inc.today reported that revenues for the second quarter of 2010 increased 6% to $281.5 million, from $265.7 million for the second quarter of 2009. Organic revenue growth, as defined below, was 5%. Earnings per diluted share ("EPS") for the quarter ended June 30, 2010 increased 13% to $0.62, compared to $0.55 for the same period in the prior year. Organic revenue growth excludes the impact of changes in foreign currency exchange rates and revenue from businesses acquired or divested subsequent to the beginning of the prior year period, each of which contributed less than 1% to revenue growth in the second quarter of 2010. "I am very pleased with our second quarter results," stated Jonathan Ayers, Chairman and Chief Executive Officer. "Our achievement of 5% organic revenue growth in an economic environment that remains challenging is a testament to our continued success in bringing innovative products and services to our veterinary and other customers. Earnings were ahead of our projection in April despite currency headwinds caused by a stronger U.S. dollar. This performance was due to continued gains in operating efficiency and our focus on disciplined expense management. Capital placements in the second quarter were strong, led by sales of our Catalyst Dx® chemistry analyzer and our line of digital radiography systems. Total chemistry placements for the quarter, which include our VetTest® and Catalyst Dx® analyzers, grew nearly 15% to 950, of which 556 were Catalyst Dx® analyzers. We remain on track to place 2,400 Catalyst Dx® analyzers in 2010. Already in the third quarter we have launched ProCyte Dx(TM), our new hematology analyzer, and early customer response to this revolutionary new instrument has been highly enthusiastic. We remain confident in the fundamental strength of our business model and in the long-term growth prospects for our core markets. Our focus on operating efficiency and disciplined expense management has enabled us to maintain our full year earnings per share guidance despite the strengthening of the U.S. dollar since we provided guidance in April and a slightly more conservative view of the pace of the recovery in our markets." Revenue Performance Please refer to the table below entitled "Revenues and Revenue Growth Analysis by Product and Service Categories" in conjunction with the following discussion. Companion Animal Group. Companion Animal Group ("CAG") revenues for the second quarter of 2010 were $232.3 million compared to $217.3 million for the second quarter of 2009. Changes in foreign currency exchange rates and incremental revenues attributable to a business acquired in August 2009 each contributed less than 1% to revenue growth. Organic growth of 6% was primarily the result of higher testing volume in our laboratory diagnostic and consulting services business and increased sales volume of IDEXX VetLab® instruments and consumables. To a lesser extent, organic growth was favorably impacted by higher sales volume of companion animal radiography systems. These favorable effects were partly offset by lower average unit sales prices resulting from economic and competitive conditions. Water. Water segment revenues for the second quarter of 2010 were $19.4 million compared to $19.2 million for the second quarter of 2009. Changes in foreign currency exchange rates contributed less than 1% to revenue growth. Organic revenue growth of 1% was the result of higher Colilert® sales volume, partly offset by higher relative sales of Colilert® products in geographies where products are sold at lower unit sales prices. Livestock and Poultry Diagnostics. During the second quarter of 2010, we changed the name of our Production Animal Services segment to Livestock and Poultry Diagnostics ("LPD") to more accurately describe to customers and others the products and services provided by this business. LPD revenues for the second quarter of 2010 were $19.2 million compared to $19.6 million for the second quarter of 2009. The decline in revenue was attributable to changes in foreign currency exchange rates, partly offset by organic revenue growth of less than 1% as higher sales volumes of certain bovine tests were substantially offset by lower average unit sales prices for certain bovine tests and lower sales volumes of certain swine tests. Additional Operating Results for the Second Quarter Gross profit for the second quarter of 2010 increased $10.8 million, or 8%, to $149.3 million from $138.4 million for the second quarter of 2009. As a percentage of total revenue, gross profit increased to 53.0% from 52.1%. The increase in the gross profit percentage was primarily attributable to reduced overall manufacturing costs associated with our IDEXX VetLab® instruments and lower depreciation on instruments placed at customer sites under usage agreements. Lower costs of service and higher selling prices in our laboratory diagnostic and consulting services business also contributed to the increase in gross profit percentage. These favorable effects were partly offset by lower average unit sales prices. Research and development ("R&D") expense for the second quarter of 2010 was $17.2 million, or 6.1% of revenue, compared to $16.6 million, or 6.2% of revenue for the second quarter of 2009. The increase in R&D expense was primarily due to increased headcount and increased personnel-related costs. Selling, general and administrative ("SG&A") expense for the second quarter of 2010 was $77.2 million, or 27.4% of revenue, compared to $72.7 million, or 27.3% of revenue, for the second quarter of 2009. The increase in SG&A expense resulted primarily from increased headcount and increased personnel-related costs. The net unfavorable impact of changes in foreign currency exchange rates and an increase in costs attributable to information technology investments also contributed to the increase in SG&A expense. Supplementary Analysis of Results The accompanying financial tables provide more information concerning our revenue and other operating results for the three and six months ended June 30, 2010. Outlook for 2010 The Company provides the following updated guidance for the full year of 2010. 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 2010. Fluctuations in foreign currency exchange rates from current levels could have a significant positive or negative impact on our actual results of operations in 2010. -- Revenues are expected to be in the range of $1.090 to $1.100 billion,
updated from guidance of $1.100 to $1.115 billion provided in April of
this year, which represents reported and organic revenue growth of 6%
to 7%. This change in the revenue outlook is largely due to the
strengthening of the U.S. dollar against certain currencies since the
date of our previous guidance.
-- EPS are expected to be in the range of $2.23 to $2.28, which is
unchanged from our previous guidance as improved business performance
is expected to offset the negative impact from changes in foreign
currency exchange rates.
-- Free cash flow is expected to be approximately 110% of net income. (1)
(1) Free cash flow is a non-GAAP measure. It 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. 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 will be hosting a conference call today at 9:00 a.m. (eastern) to discuss its second quarter results and management's outlook. To participate in the conference call, dial 1-612-332-0718 or 1-800-288-8960 and reference confirmation code 165207. An audio replay will be available through July 30, 2010 by dialing 1-320-365-3844 and referencing replay code 165207. The call will also be available via live or archived webcast on the IDEXX 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 to build more economically successful practices. IDEXX is also a worldwide leader in providing livestock and poultry diagnostic tests and tests for the quality and safety of water and milk. Headquartered in Maine, IDEXX Laboratories, Inc. employs more than 4,800 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 impact of changes and disruptions in financial and currency markets; 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 expectation 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 Annual Report on Form 10-K for the year ended December 31, 2009, and quarterly report on Form 10-Q for the quarter ended March 31, 2010, in the section captioned "Risk Factors." Three Months Ended
------------------
June 30, June 30,
2010 2009
---- ----
Revenue: Revenue $281,482 $265,723
Expenses
and
Cost of
Income: revenue 132,198 127,283
-------- ------- -------
Gross profit 149,284 138,440
Sales and
marketing 44,167 41,876
General and
administrative 33,076 30,794
Research and
development 17,206 16,594
------------- ------ ------
Income from
operations 54,835 49,176
Interest
expense, net 551 403
------------- --- ---
Income before
provision
for income
taxes 54,284 48,773
Provision for
income taxes 17,087 15,106
-------------- ------ ------
Net
Income: Net income 37,197 33,667
Less: Net
income
attributable
to
noncontrolling
interest 4 -
--------------- --- ---
Net income
attributable
to IDEXX
Laboratories,
Inc.
stockholders $37,193 $33,667
------------- ------- -------
Earnings per
share: Basic $0.64 $0.57
------------ ----- -----
Earnings per
share:
Diluted $0.62 $0.55
------------- ----- -----
Shares
outstanding:
Basic 57,747 58,911
------------- ------ ------
Shares
outstanding:
Diluted 59,646 60,697
------------- ------ ------
Six Months Ended
----------------
June 30, June 30,
2010 2009
---- ----
Revenue: Revenue $550,007 $502,178
Expenses
and
Cost of
Income: revenue 258,362 239,305
-------- ------- -------
Gross profit 291,645 262,873
Sales and
marketing 88,583 82,861
General and
administrative 65,884 59,862
Research and
development 33,915 32,533
------------- ------ ------
Income from
operations 103,263 87,617
Interest
expense, net 863 799
------------- --- ---
Income before
provision
for income
taxes 102,400 86,818
Provision for
income taxes 32,175 27,080
-------------- ------ ------
Net
Income: Net income 70,225 59,738
Less: Net
income
attributable
to
noncontrolling
interest 6 -
--------------- --- ---
Net income
attributable
to IDEXX
Laboratories,
Inc.
stockholders $70,219 $59,738
------------- ------- -------
Earnings per
share: Basic $1.21 $1.01
------------ ----- -----
Earnings per
share:
Diluted $1.17 $0.98
------------- ----- -----
Shares
outstanding:
Basic 57,890 59,041
------------- ------ ------
Shares
outstanding:
Diluted 59,875 60,688
------------- ------ ------
IDEXX Laboratories, Inc. and Subsidiaries
Selected Operating Information (Unaudited)
Three Months Ended Six Months Ended
------------------ ----------------
June 30, June 30, June 30, June 30,
2010 2009 2010 2009
---- ---- ---- ----
Operating Gross profit 53.0% 52.1% 53.0% 52.3%
Sales,
Ratios (as marketing,
a general and
percentage administrative
of expense 27.4% 27.3% 28.1% 28.4%
Research and
development
revenue): expense 6.1% 6.2% 6.2% 6.5%
Income from
operations(1) 19.5% 18.5% 18.8% 17.4%
---------------- ---- ---- ---- ----
International
revenue (in
International thousands) $113,701 $105,999 $222,360 $196,411
-------- -------- -------- --------
International
revenue as
Revenue: percentage of
total revenue 40.4% 39.9% 40.4% 39.1%
------------- ---- ---- ---- ----
(1) The sum of individual items may not equal the total due to
rounding.
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,
2010 2009 2010 2009
---- ---- ---- ----
Revenue: CAG $232,320 $217,289 $453,737 $410,981
Water 19,448 19,165 37,312 35,016
LPD 19,160 19,639 39,101 37,905
Other 10,554 9,630 19,857 18,276
Total $281,482 $265,723 $550,007 $502,178
----- -------- -------- -------- --------
Gross Profit: CAG $119,632 $108,334 $232,962 $204,776
Water 12,229 12,554 23,443 23,710
LPD 13,105 13,299 26,579 26,407
Other 4,248 4,193 8,401 7,741
Unallocated 70 60 260 239
----------- --- --- --- ---
Total $149,284 138,440 $291,645 $262,873
----- -------- ------- -------- --------
Income from
Operations: CAG $44,879 $39,912 $84,646 $68,991
Water 7,917 8,608 15,040 15,920
LPD 4,188 5,108 8,922 10,058
Other 202 (30) 462 99
Unallocated (2,351) (4,422) (5,807) (7,451)
----------- ------ ------ ------ ------
Total $54,835 $49,176 $103,263 $87,617
----- ------- ------- -------- -------
Gross Profit
(as a
percentage
of revenue): CAG 51.5% 49.9% 51.3% 49.8%
Water 62.9% 65.5% 62.8% 67.7%
LPD 68.4% 67.7% 68.0% 69.7%
Other 40.3% 43.5% 42.3% 42.4%
----- ---- ---- ---- ----
Total 53.0% 52.1% 53.0% 52.3%
----- ---- ---- ---- ----
Income from
Operations
(as a
percentage
of revenue): CAG 19.3% 18.4% 18.7% 16.8%
Water 40.7% 44.9% 40.3% 45.5%
LPD 21.9% 26.0% 22.8% 26.5%
Other 1.9% (0.3%) 2.3% 0.5%
----- --- ------ --- ---
Total 19.5% 18.5% 18.8% 17.4%
----- ---- ---- ---- ----
IDEXX Laboratories, Inc. and Subsidiaries
Revenues and Revenue Growth Analysis by Product and Service Categories
Amounts in thousands (Unaudited)
Three Months Ended
------------------
Net June 30, June 30, Dollar Percentage
Revenue 2010 2009 Change Change
-------- ----- ----- ------ ------
CAG $232,320 $217,289 $15,031 6.9%
Water 19,448 19,165 283 1.5%
LPD 19,160 19,639 (479) (2.4%)
Other 10,554 9,630 924 9.6%
----- ------ ----- --- ---
Total $281,482 $265,723 $15,759 5.9%
----- -------- -------- ------- ---
Net
Revenue Percentage Percentage Percentage
-------- Change Change Change Net of
from Currency(1) from Acquisitions/
------------- Acquisitions/ Divestitures
Divestitures(2) and Currency Effect(3)
-------------- --------------------
CAG 0.3% 0.7% 5.9%
Water 0.3% - 1.2%
LPD (2.8%) - 0.4%
Other (0.4%) - 10.0%
----- ----- --- -----
Total 0.0% 0.6% 5.3%
----- --- --- ---
Three Months Ended
------------------
Net CAG June 30, June 30, Dollar Percentage
Revenue 2010 2009 Change Change
-------- ----- ----- ------ ------
Instruments and
consumables $86,455 $83,732 $2,723 3.3%
Rapid assay products 40,481 41,567 (1,086) (2.6%)
Laboratory diagnostic
and consulting
services 86,048 77,876 8,172 10.5%
Practice information
systems and
digital radiography 19,336 14,114 5,222 37.0%
Net CAG revenue $232,320 $217,289 $15,031 6.9%
--------------- -------- -------- ------- ---
Percentage Percentage Percentage
Change Change Change Net of
Net from Currency(1) from Acquisitions/
CAG --------------- Acquisitions/ Divestitures
Revenue Divestitures(2) and Currency Effect(3)
-------- -------------- ---------------------
Instruments
and
consumables (0.6%) - 3.9%
Rapid
assay
products 0.4% - (3.0%)
Laboratory
diagnostic
and consulting
services 0.9% 1.8% 7.8%
Practice
information
systems
and digital
radiography 1.5% 1.0% 34.5%
Net CAG
revenue 0.3% 0.7% 5.9%
-------- --- --- ---
(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 June 30,
2010 and the same period of the prior year applied against foreign
currency denominated revenues for the three months ended June 30, 2010.
(2) Represents the percentage change in revenue during the three months
ended June 30, 2010 compared to the three months ended June 30, 2009
attributed to incremental revenues from businesses acquired or revenues
lost from businesses divested or discontinued subsequent to March 31,
2009.
(3) Organic Growth
IDEXX Laboratories, Inc. and Subsidiaries
Revenues and Revenue Growth Analysis by Product and Service Categories
Amounts in thousands (Unaudited)
Six Months Ended
----------------
June June
30, 30,
Net Revenue 2010 2009 Dollar Percentage
----------- ----- ----- Change Change
------ ------
CAG $453,737 $410,981 $42,756 10.4%
Water 37,312 35,016 2,296 6.6%
LPD 39,101 37,905 1,196 3.2%
Other 19,857 18,276 1,581 8.7%
----- ------ ------ ----- ---
Total $550,007 $502,178 $47,829 9.5%
----- -------- -------- ------- ---
Net
Revenue Percentage Percentage Percentage
-------- Change Change Change Net of
from Currency(1) from Acquisitions/
------------- Acquisitions/ Divestitures
Divestitures(2) and Currency Effect(3)
-------------- --------------------
CAG 1.8% 0.8% 7.8%
Water 2.3% - 4.3%
LPD 0.8% - 2.4%
Other 0.6% - 8.1%
----- --- --- ---
Total 1.7% 0.6% 7.2%
----- --- --- ---
Six Months Ended
----------------
June June
30, 30,
Net CAG Revenue 2010 2009 Dollar Percentage
--------------- ----- ----- Change Change
------ ------
Instruments and
consumables $169,837 $155,967 $13,870 8.9%
Rapid assay products 79,924 79,244 680 0.9%
Laboratory diagnostic
and consulting
services 165,888 146,568 19,320 13.2%
Practice information
systems and
digital radiography 38,088 29,148 8,940 30.7%
Pharmaceutical
products - 54 (54) (100.0%)
-------------- --- --- --- -----
Net CAG revenue $453,737 $410,981 $42,756 10.4%
--------------- -------- -------- ------- ----
Net CAG
Revenue Percentage Percentage Percentage
-------- Change Change Change Net of
from Currency(1) from Acquisitions/
------------- Acquisitions/ Divestitures
Divestitures(2) and Currency Effect(3)
-------------- --------------------
Instruments
and
consumables 1.4% - 7.5%
Rapid
assay
products 0.9% - 0.0%
Laboratory
diagnostic
and
consulting
services 2.9% 1.9% 8.4%
Practice
information
systems
and
digital
radiography 1.8% 0.8% 28.1%
Pharmaceutical
products - (100.0%) -
--------------- --- ------ ---
Net CAG
revenue 1.8% 0.8% 7.8%
------- --- --- ---
(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 six months
ended June 30, 2010 and the same period of the prior year applied
against foreign currency denominated revenues for the six months
ended June 30, 2010.
(2) Represents the percentage change in revenue during the six months
ended June 30, 2010 compared to the six months ended June 30, 2009
attributed to incremental revenues from businesses acquired or
revenues lost from businesses divested or discontinued subsequent to
December 31, 2008.
(3) Organic Growth
IDEXX Laboratories, Inc. and Subsidiaries
Consolidated Balance Sheet
Amounts in thousands (Unaudited)
December
June 30, 31,
2010 2009
---- ----
Assets: Current Assets:
Cash and cash equivalents $117,975 $106,728
Accounts receivable, net 127,138 115,107
Inventories, net 122,032 110,425
Other current assets 43,407 44,078
-------------------- ------ ------
Total current assets 410,552 376,338
-------------------- ------- -------
Property and equipment, at
cost 355,028 346,592
Less: accumulated
depreciation 158,314 146,646
------------------ ------- -------
Property and equipment,
net 196,714 199,946
------------------------ ------- -------
Other long-term assets,
net 226,469 232,243
------------------------ ------- -------
Total assets $833,735 $808,527
------------ -------- --------
Liabilities
and
Stockholders'
Equity: Current Liabilities:
Accounts payable $23,190 $19,133
Accrued liabilities 99,629 104,959
Debt 134,700 119,603
Deferred revenue 13,681 12,610
---------------- ------ ------
Total current liabilities 271,200 256,305
------------------------- ------- -------
Long-term debt, net of
current portion 3,856 4,281
Other long-term
liabilities 34,402 33,362
---------------- ------ ------
Total long-term
liabilities 38,258 37,643
---------------- ------ ------
Total IDEXX Laboratories, Inc.
stockholders' equity 524,261 514,569
Noncontrolling interest 16 10
----------------------- --- ---
Total stockholders' equity 524,277 514,579
-------------------------- ------- -------
Total liabilities and
stockholders' equity $833,735 $808,527
---------------------- -------- --------
IDEXX Laboratories, Inc. and Subsidiaries
Selected Balance Sheet Information (Unaudited)
Dec. Sept.
Jun. 30, Mar. 31, 31, 30, Jun. 30,
2010 2010 2009 2009 2009
---- ---- ---- ---- ----
Selected
Balance Days sales
Sheet outstanding 41.8 41.7 38.9 41.2 40.2
Information: Inventory turns 1.9 2.0 1.9 1.8 1.8
IDEXX Laboratories, Inc. and Subsidiaries
Consolidated Statement of Cash Flows
Amounts in thousands (Unaudited)
Six Months Ended
----------------
June 30, June 30,
2010 2009
---- ----
Cash Flows from Operating
Operating: Activities:
Net income $70,225 $59,738
Non-cash charges 31,089 35,032
Changes in current assets and
liabilities (16,857) (22,534)
Tax benefit from exercises of stock
options and vesting of restricted
stock units (9,372) (1,355)
------------------------------------
Net cash provided by operating
activities 75,085 70,881
------------------------------- ------ ------
Cash Flows from Investing
Investing: Activities:
Purchase of property and equipment (17,437) (21,360)
Proceeds from disposition of
pharmaceutical product lines - 1,377
Proceeds from sale of property and
equipment 64 1,076
Acquisitions of intangible assets (144) -
--------------------------------- ---- ---
Net cash used by investing
activities (17,517) (18,907)
--------------------------- ------- -------
Cash Flows from Financing
Financing: Activities:
Borrowings on revolving credit
facilities, net 15,099 3,782
Payment of other notes payable (400) (436)
Purchase of treasury stock (83,724) (39,725)
Proceeds from the exercises of stock
options and employee stock purchase
plans 16,446 6,888
Tax benefit from exercises of stock
options and vesting of restricted
stock units 9,372 1,355
----- -----
Net used by financing activities (43,207) (28,136)
-------------------------------- ------- -------
Net effect of changes in exchange
rates on cash (3,114) 1,038
---------------------------------- ------ -----
Net increase in cash and cash
equivalents 11,247 24,876
------------------------------ ------ ------
Cash and cash equivalents, beginning
of period 106,728 78,868
------------------------------------- ------- ------
Cash and cash equivalents, end of
period $117,975 $103,744
--------------------------------- -------- --------
IDEXX Laboratories, Inc. and Subsidiaries
Free Cash Flow
Amounts in thousands (Unaudited)
Six Months Ended
----------------
June 30, June 30,
2010 2009
---- ----
Free
Cash
Net cash provided by operating
Flow: activities $75,085 $70,881
Financing cash flows attributable to
tax benefit from exercises of stock
options
and vesting of restricted stock
units 9,372 1,355
Purchase of property and equipment (17,437) (21,360)
---------------------------------- ------- -------
Free cash flow $67,020 $50,876
-------------- ------- -------
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,
2010 2009 2010 2009
---- ---- ---- ----
Share repurchases during the period 422 593 1,513 1,061
Average price paid per share $61.66 $41.72 $55.32 $37.46
Shares remaining under repurchase
authorization as of June 30, 2010 4,780
Share repurchases does not include shares surrendered by employees in
payment for the minimum required withholding taxes due on the
exercise of stock options, the vesting of restricted stock units and
the settlement of deferred stock units, and in payment for the
exercise price of stock options.
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