0001564590-21-053288.txt : 20211102 0001564590-21-053288.hdr.sgml : 20211102 20211102063304 ACCESSION NUMBER: 0001564590-21-053288 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20211102 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20211102 DATE AS OF CHANGE: 20211102 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IDEXX LABORATORIES INC /DE CENTRAL INDEX KEY: 0000874716 STANDARD INDUSTRIAL CLASSIFICATION: IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES [2835] IRS NUMBER: 010393723 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-19271 FILM NUMBER: 211369187 BUSINESS ADDRESS: STREET 1: ONE IDEXX DRIVE CITY: WESTBROOK STATE: ME ZIP: 04092-2041 BUSINESS PHONE: 2075560300 MAIL ADDRESS: STREET 1: ONE IDEXX DRIVE CITY: WESTBROOK STATE: ME ZIP: 04092-2041 FORMER COMPANY: FORMER CONFORMED NAME: IDEXX CORP / DE DATE OF NAME CHANGE: 19600201 8-K 1 idxx-8k_20211102.htm 8-K idxx-8k_20211102.htm
false IDEXX LABORATORIES INC /DE 0000874716 0000874716 2021-11-02 2021-11-02

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): November 2, 2021 

IDEXX LABORATORIES, INC.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

Delaware

 

000-19271

 

01-0393723

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

 

 

 

 

 

One IDEXX Drive, Westbrook, Maine

 

 

 

04092

(Address of principal executive offices)

 

 

 

(ZIP Code)

207. 556.0300

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

 

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Common Stock, $0.10 par value per share

 

IDXX

 

NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐ 

 

 


 

 

Item 2.02

Results of Operations and Financial Condition.

 

On November 2, 2021, IDEXX Laboratories, Inc. (the “Company”) announced its financial results for the quarter ended September 30, 2021. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

 

In accordance with general instructions to Form 8-K, the information in this Form 8-K and the Exhibit 99.1 attached hereto is being furnished under Item 2.02 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

 

 

Item 9.01

Financial Statements and Exhibits.

 

(d)Exhibits

 

The following exhibit relating to Item 2.02 shall be deemed to be furnished, and not filed.

 

Exhibit No.

Description of Exhibit

99.1

Press Release entitled “IDEXX Laboratories Announces Third Quarter Results,” issued by the Company on November 2, 2021

 

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IDEXX LABORATORIES, INC.

 

 

 

 

 

 

 

Date: November 2, 2021

 

 

 

By:

 

/s/ Brian P. McKeon

 

 

 

 

 

 

Brian P. McKeon

 

 

 

 

 

 

Executive Vice President,

Chief Financial Officer and Treasurer

 

 

 EX-99.1 2 d223244dex991.htm EX-99.1

Exhibit 99.1

IDEXX Laboratories Announces Third Quarter Results

WESTBROOK, Maine, Nov. 2, 2021 /PRNewswire/ --

  • Achieves third quarter revenue growth of 12% as reported and 10% on an organic basis compared to high prior year growth levels
  • Results driven by continued strong CAG business momentum, reflected in CAG Diagnostics recurring revenue growth of 13% reported and 11.5% organic and record Q3 global premium instrument placements
  • Delivers EPS of $2.03, representing 20% growth as reported and 12% on a comparable basis
  • Updates 2021 guidance to higher end of previous guidance ranges, reflecting revenue growth outlook of 17.5% - 18% as reported and 15.5% - 16% organic, and EPS growth of 24% - 25% as reported and 26% - 27% on a comparable basis

IDEXX Laboratories, Inc. (NASDAQ: IDXX), a global leader in veterinary diagnostics, veterinary practice software and water microbiology testing, today announced third quarter results, as well as an update on U.S. companion animal diagnostics trends.

Third Quarter Results

The Company reports revenues of $810 million for the third quarter of 2021, an increase of 12% as reported and 10% organically. Third quarter results were driven by Companion Animal Group ("CAG") Diagnostics recurring revenue growth of 13% reported and 11% organic, with continued solid gains in the U.S. and internationally supporting two-year average annual reported revenue growth of 18% and organic growth of 16%. Overall revenue growth was also driven by 34% reported and 33% organic growth in CAG Diagnostics capital instrument revenue, and Water revenue growth of 15% reported and 13% organic.

Earnings per diluted share ("EPS") of $2.03 for the third quarter was supported by operating margin gains of 410 basis points on a reported basis, which benefited from lapping of a prior year $27.5 million accrual related to an ongoing litigation matter, and 20 basis points on a comparable basis, compared to high prior year levels which included benefits from pandemic-related cost controls. EPS results also benefited from $0.05 per share in tax benefits from share-based compensation.

"The IDEXX team delivered another quarter of excellent performance, reflected in high CAG Diagnostics recurring revenue growth and record Q3 levels of premium instrument placements, with strong gains across our major in-clinic platforms," said Jay Mazelsky, the Company's President and Chief Executive Officer. "This performance reflects the benefits of our ongoing investments in innovation and global commercial capability, aligned with the significant untapped growth potential we see for our business. We also continued to expand our cloud-based software capability through the integration of ezyVet and strong growth in recurring software and diagnostic imaging services. As we support high CAG growth levels, our operating teams are doing an outstanding job in ensuring continued high levels of product availability and customer service. We're well positioned to build on this success as we move forward and drive accelerated advancement of the global standard of healthcare for companion animals."

Companion Animal Diagnostics Trends Update

Positive global trends in companion animal healthcare continue to support strong growth for CAG diagnostic products and services across regions. U.S. same-store clinical visit growth at veterinary practices was 2% in the third quarter, reflecting year-over-year growth of 2% for non-wellness visits and 1% for wellness visits. These clinical visit gains lap strong prior year period clinical visit growth of 7%, which included benefits from pent-up demand from delayed veterinary visits during the COVID-19 pandemic. On a two-year average annual basis, U.S. clinical visit growth remained above pre-pandemic levels. Average same-store revenue growth at U.S. veterinary practices was 7% in the third quarter (compared to 12% growth levels in the third quarter of 2020), driven by high growth in healthcare services, including increased utilization of diagnostics. Additional U.S. companion animal practice key metrics are available in the Q3 2021 Earnings Snapshot accessible on the IDEXX website, www.idexx.com/investors.

Third Quarter Performance Highlights

Companion Animal Group

The Companion Animal Group generated 15% reported and 13% organic revenue growth for the quarter, supported by CAG Diagnostics recurring revenue growth of 13% on a reported basis and 11% on an organic basis. Strong growth was achieved across IDEXX's major modalities in the third quarter compared to high gains in the prior year period. Overall CAG revenue growth included 34% reported growth and 33% organic growth in CAG Diagnostics capital instrument revenues, compared to constrained prior year levels that reflected pandemic impacts from restricted access for sales professionals to veterinary clinics.

  • IDEXX VetLab® consumables generated 16% reported and 14% organic revenue growth, supported by expansion of our global premium instrument installed base, high customer retention levels, increased testing utilization across regions, and moderate net price gains. 
  • Reference laboratory diagnostic and consulting services generated 11% reported and 10% organic revenue growth with consistent organic growth across regions, reflecting high same-store volume growth, strong gains across testing categories, and moderate net price gains.
  • Rapid assay products revenues grew 9% on both a reported and organic basis, with continued worldwide growth in vector-borne disease testing benefiting from strong overall sector conditions, high customer retention levels, and moderate net price gains.

Veterinary software, services and diagnostic imaging systems revenues grew 33% reported and 15% on an organic basis, driven by continued strong growth in recurring software services revenue and supported by high growth in diagnostic imaging system placements. Reported growth includes benefits from the recent acquisition of ezyVet, which closed in June.

Water

Water revenues grew 15% on a reported basis and 13% on an organic basis for the quarter, compared to declines in the prior year period of 5% reported and 4% organic driven by pandemic-related impacts. Strong revenue growth reflects increased demand for water testing, including non-compliance testing, as economies reopen.

Livestock, Poultry and Dairy ("LPD")

LPD revenues declined 21% as reported and 23% on an organic basis for the quarter, compared to 18% growth on a reported and organic basis in the prior year period, which benefited from the ramping of African Swine Fever (ASF) testing programs in China. Revenue growth was constrained by comparisons to high prior year levels and additional impacts in China related to changes in local ASF disease management approaches, lower pork prices and changes in government requirements related to livestock infectious disease testing programs. These impacts offset LPD revenue growth in other regions and are anticipated to pressure LPD revenues in future quarters.

Gross Profit and Operating Profit

Gross profits increased 12% as reported and 11% on a comparable basis. Gross margin of 58.4% decreased 10 basis points compared to prior year period results as reported and 20 basis points on a comparable basis. Gross margin benefited from continued high CAG Diagnostics recurring revenue growth and moderate net pricing gains offset by business mix impacts from high CAG Diagnostics capital instrument revenue growth, lower LPD and human OPTI COVID-19 PCR testing revenue levels, and investments to support high growth in the Labs business.

Operating margin was 27.9% in the quarter, 410 basis points higher than the prior year period which included the ongoing litigation matter. On a comparable basis, operating margins expanded 20 basis points compared to high prior year levels, which included benefits from pandemic-related cost controls. Operating expenses decreased 2% as reported and increased 10% on a comparable basis, reflecting comparisons to lower prior year levels impacted by early pandemic-related cost controls, as well as the advancement of investments in our global commercial and innovation capabilities. The Company is planning for moderately lower operating margins in the fourth quarter, compared to high prior year levels, reflecting projected business mix impacts and higher expected levels of operating expense growth, including advancement of commercial, innovation and project investments.

2021 Growth and Financial Performance Outlook

The following table provides the Company's outlook for annual key financial metrics in 2021:

Amounts in millions except per share data and percentages

 

 Growth and Financial Performance Outlook

2021






Revenue

$3,185

-

$3,200

Reported growth

17.5%

-

18%

Organic growth

15.5%

-

16%

CAG Diagnostics Recurring Revenue Growth




Reported growth

18.5%

-

19.5%

Organic growth

17%

-

17.5%

Operating Margin


28.8%

-

29.0%

Operating margin expansion

310

-

330 bps

Comparable margin expansion

200

-

225 bps

EPS

$8.30

-

$8.38

Reported growth

24%

-

25%

Comparable growth

26%

-

27%

Other Key Metrics




Net interest expense

~  $31.5

Share-based compensation tax benefit

~ $25.5

Share-based compensation tax rate benefit

~ 3%

Effective tax rate

~ 19%

Share-based compensation EPS impact

~ $0.29

Reduction in average shares outstanding

0%

-

0.2%

Operating Cash Flow

100% - 110% of net income

Free Cash Flow

80% - 85% of net income

Capital Expenditures

~ 150

The following table outlines estimates of foreign currency exchange rate impacts, net of foreign currency hedging transactions, and foreign currency exchange rate assumptions reflected in the above financial performance outlook for 2021. Compared to our prior financial guidance, updated foreign exchange rate assumptions result in approximate reductions of $5 million in revenue, $1.5 million in operating profits and $0.01 in EPS for the full year 2021.

Estimated Foreign Currency Exchange Rates and Impacts

2021






Revenue growth rate impact

~ 1.5%

CAG Diagnostics recurring revenue growth rate impact

~ 1.5%

Operating margin growth impact

~ 10 bps

EPS impact

~ $0.16

EPS growth impact

~ 2.0%






Foreign Currency Exchange Rate Assumptions




In U.S. dollars




euro

$1.14

British pound

$1.34

Canadian dollar

$0.79

Australian dollar

$0.73

Relative to the U.S. dollar




Japanese yen

¥115.00

Chinese renminbi

¥6.52

Brazilian real

R$5.59

Conference Call and Webcast Information

IDEXX Laboratories, Inc. will be hosting a conference call today at 8:30 a.m. (EDT) to discuss its third quarter 2021 results and management's outlook. To participate in the conference call, dial 1-888-771-4371 or 1-847-585-4405 and reference confirmation number 50241471. Individuals can access a live webcast of the conference call through a link on the IDEXX website, www.idexx.com/investors. An archived edition of the webcast will be available after 1:00 p.m. (EDT) on that day via the same link and will remain available for one year.

About IDEXX Laboratories, Inc.

IDEXX Laboratories, Inc. is a member of the S&P 500® Index and is a leader in pet healthcare innovation, offering diagnostic and software products and services that deliver solutions and insights to practicing veterinarians around the world. 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 and point-of-care and laboratory diagnostics for human medicine. Headquartered in Maine, IDEXX employs approximately 9,800 people and offers products to customers in over 175 countries. For more information about IDEXX, visit: www.idexx.com.

Note Regarding Forward-Looking Statements

This earnings 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 are included above under "Third Quarter Results", "Livestock, Poultry and Dairy ("LPD")", "Gross Profit and Operating Profit", "2021 Growth and Financial Performance Outlook", and elsewhere and can be identified by the use of words such as "expects", "may", "anticipates", "intends", "would", "will", "plans", "believes", "estimates", "projected", "should", and similar words and expressions. Our forward-looking statements include statements relating to the impact of the COVID-19 pandemic; our expectations regarding supply chain disruptions; revenue growth and EPS outlooks; operating and free cash flow forecast; projected impact of foreign currency exchange rates; projected operating margins and expenses and capital expenditures; projected tax, tax rate and EPS benefits from share-based compensation arrangements; and projected effective tax rates, reduction of average shares outstanding and net interest expense. These statements are intended to provide management's expectation of future events as of the date of this earnings release; are based on management's estimates, projections, beliefs and assumptions as of the date of this earnings release; and are not guarantees of future performance. These forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, among other things, the matters described under the headings "Business," "Risk Factors," "Legal Proceedings," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Quantitative and Qualitative Disclosures About Market Risk" in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and in the corresponding sections of the Company's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021, June 30, 2021, and September 30, 2021, as well as those described from time to time in the Company's other filings with the U.S. Securities and Exchange Commission available at www.sec.gov. The Company specifically disclaims any obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

Statement Regarding Non-GAAP Financial Measures

The following defines terms and conventions and provides reconciliations regarding certain measures used in this earnings release and/or the accompanying earnings conference call that are not required by, or presented in accordance with, generally accepted accounting principles in the United States of America ("GAAP"), otherwise referred to as non-GAAP financial measures. To supplement the Company's consolidated results presented in accordance with GAAP, the Company has disclosed non-GAAP financial measures that exclude or adjust certain items. Management believes these non-GAAP financial measures provide useful supplemental information for its and investors' evaluation of the Company's business performance and liquidity and are useful for period-over-period comparisons of the performance of the Company's business and its liquidity and to the performance and liquidity of our peers. While management believes that these non-GAAP financial measures are useful in evaluating the Company's business, this information should be considered as supplemental in nature and should not be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures reported by other companies.

Constant currency - Constant currency references are non-GAAP financial measures which exclude the impact of changes in foreign currency exchange rates and are consistent with how management evaluates our performance and comparisons with prior and future periods. We estimated the net impacts of currency on our revenue, gross profit, operating profit, and EPS results by restating results to the average exchange rates or exchange rate assumptions for the comparative period, which includes adjusting for the estimated impacts of foreign currency hedging transactions and certain impacts on our effective tax rates. These estimated currency changes impacted third quarter 2021 results as follows: increased gross profit growth by 1.0%, increased gross margin growth by 10 basis points, increased operating expense growth by 0.9%, increased operating profit growth by 1.2%, had an immaterial impact on operating profit margin growth, and increased EPS growth by 1.2%. Constant currency revenue growth represents the percentage change in revenue during the applicable period, as compared to the prior year period, excluding the impact of changes in foreign currency exchange rates. See the supplementary analysis of results below for revenue percentage change from currency for the three months ended September 30, 2021 and refer to the 2021 Growth and Financial Performance Outlook section of this earnings release for estimated foreign currency exchange rate impacts on 2021 projections and estimates. See the supplementary analysis of results in the Company's earnings release dated October 29, 2020 for LPD and Water revenue percentage changes from currency for the three months ended September 30, 2020.

Growth and organic revenue growth - All references to growth and organic growth refer to growth compared to the equivalent prior year period unless specifically noted. Organic revenue growth is a non-GAAP financial measure that excludes the impact of changes in foreign currency exchange rates, certain business acquisitions, and divestitures. 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 the performance of our peers. Two-year average organic growth rates are provided to facilitate easier comparisons between periods impacted by the COVID-19 pandemic with prior and future periods, calculated as the average of the growth rates over the two referenced periods. Organic revenue growth should be considered in addition to, and not as a replacement of or a superior measure to, revenue growth reported in accordance with GAAP. See the supplementary analysis of results below for a reconciliation of reported revenue growth to organic revenue growth for the three months ended September 30, 2021. Please refer to the 2021 Growth and Financial Performance Outlook section of this earnings release for estimated full year 2021 organic revenue growth for the Company and CAG Diagnostics recurring revenue. The percentage change in revenue resulting from acquisitions represents revenues during the current year period, limited to the initial 12 months from the date of the acquisition, that are directly attributable to business acquisitions. Revenue from acquisitions is expected to increase projected full year 2021 revenue growth by 50 basis points and increase CAG Diagnostics recurring revenue growth by 20 basis points. For a reconciliation of third quarter 2020 LPD organic revenue growth and Water organic revenue decline to revenue growth or decline (as applicable) reported in accordance with GAAP, see the supplementary analysis of results in the Company's earnings release dated October 29, 2020.

The reconciliation of the two-year average annual organic growth of CAG Diagnostics recurring revenue is as follows:

Reported Revenue Growth1

Percentage Change from

Currency

Percentage Change from Acquisitions

Organic Revenue Growth1

CAG Diagnostics recurring revenue growth rates for the quarter ended Sept. 30, 2021

12.5%

0.9%

0.1%

11.5%

CAG Diagnostics recurring revenue growth rates for the quarter ended Sept. 30, 2020

23.1%

1.0%

0.8%

21.3%







2-year average annual growth rates

17.8%

1.0%

0.5%

16.4%

1See Statement Regarding Non-GAAP Financial Measures, above. Amounts presented may not recalculate due to rounding.


Comparable growth metrics - Comparable gross profit growth, comparable gross margin gain (or growth), comparable operating expense growth, comparable operating profit growth and comparable operating margin gain (or growth) are non-GAAP financial measures and exclude the impact of changes in foreign currency exchange rates and non-recurring or unusual items (if any). Please refer to the constant currency note above for a summary of foreign currency exchange rate impacts. Management believes that reporting comparable gross profit growth, comparable gross margin gain (or growth), comparable operating expense growth, comparable operating profit growth and comparable operating margin gain (or growth) provides useful information to investors because it enables better period-over-period comparisons of the fundamental financial results by excluding items that vary independent of performance and provides greater transparency to investors regarding key metrics used by management. Comparable gross profit growth, comparable gross margin gain (or growth), comparable operating expense growth, comparable operating profit growth and comparable operating margin gain (or growth) should be considered in addition to, and not as replacements of or superior measures to, gross profit growth, gross margin gain, operating expense growth, operating profit growth and operating margin gain reported in accordance with GAAP. Comparable operating expense growth, comparable operating profit growth, and comparable operating margin gain (or growth) exclude a $27.5 million operating expense impact from an ongoing litigation matter recorded in the third quarter of 2020. This impact and those described in the constant currency note above reconcile reported operating expense growth, operating profit growth, and operating margin gain for the third quarter of 2021 to comparable operating expense growth, comparable operating profit growth, and comparable operating margin gain (or growth) for the same period.

The reconciliation of these non-GAAP financial measures is as follows:

Three Months Ended

Year-over-Year

Nine Months Ended

Year-over-Year

September 30

September 30

Change

September 30

September 30

Change

Dollar amounts in thousands

2021

2020

2021

2020

Gross Profit (as reported)

$

472,921

$

422,606

12

%

$

1,433,011

$

1,161,538

23

%

Gross margin

58.4

%

58.5

%

(10)

 bps

59.4

%

58.5

%

90

 bps

Less: comparability adjustments









Ongoing litigation matter

—

—


—

—

Change from currency

4,429

—


30,446

—

Comparable gross profit growth

$

468,492

$

422,606

11

%

$

1,402,565

$

1,161,538

21

%

Comparable gross margin and gross margin
gain (or growth)

58.3

%

58.5

%

(20)

bps

59.4

%

58.5

%

90

bps









Operating expenses (as reported)

$

246,959

$

250,750

(2)

%

$

700,174

$

652,109

7

%

Less: comparability adjustments









Ongoing litigation matter

—

27,500


—

27,500

Change from currency

2,315

—


10,516

—

Comparable operating expense growth

$

244,644

$

223,250

10

%

$

689,658

$

624,609

10

%









Income from operations (as reported)

$

225,962

$

171,856

32

%

$

732,837

$

509,429

44

%

Operating margin

27.9

%

23.8

%

410

 bps

30.4

%

25.7

%

470

 bps

Less: comparability adjustments









Ongoing litigation matter

—

(27,500)


—

(27,500)

Change from currency

2,114

—


19,930

—

Comparable operating profit growth

$

223,848

$

199,356

12

%

$

712,907

$

536,929

33

%

Comparable operating margin and operating
margin gain (or growth)

27.9

%

27.6

%

20

bps

30.2

%

27.0

%

310

bps

Amounts presented may not recalculate due to rounding.




Projected 2021 comparable operating margin expansion outlined in the 2021 Growth and Financial Performance Outlook section of this earnings release reflects the following adjustments: (i) full year 2020 reported operating margin adjusted for impacts of the ongoing litigation matter charge in the third quarter of 2020, which reduced full year 2020 operating margin growth by approximately 100 basis points; and (ii) projected full year 2021 reported operating margin adjusted for estimated positive year-over-year foreign currency exchange rate change impact of approximately 10 basis points.

These impacts and those described in the constant currency note above reconcile reported gross profit growth, gross margin gain, operating expense growth, operating profit growth and operating margin gain (including projected 2021 operating margin expansion) to comparable gross profit growth, comparable gross margin gain, comparable operating expense growth, comparable operating profit growth and comparable operating margin gain for the Company.

Comparable EPS growth - Comparable EPS growth is a non-GAAP financial measure that represents the percentage change in earnings per share (diluted) ("EPS") for a measurement period, as compared to the prior base period, net of the impact of changes in foreign currency exchange rates from the prior base period and excluding the tax benefits of share-based compensation activity under ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, and non-recurring or unusual items (if any). Management believes comparable EPS growth is a more useful way to measure the Company's business performance than EPS growth because it enables better period-over-period comparisons of the fundamental financial results by excluding items that vary independent of performance and provides greater transparency to investors regarding a key metric used by management. Comparable EPS growth should be considered in addition to, and not as a replacement of or a superior measure to, EPS growth reported in accordance with GAAP. Please refer to the constant currency note above for a summary of foreign currency exchange rate impacts.

The reconciliation of this non-GAAP financial measure is as follows:

Three Months Ended

Year-over-Year

Nine Months Ended

Year-over-Year

September 30,

September 30,

Growth

September 30,

September 30,

Growth

2021

2020


2021

2020

Earnings per share (diluted)

$

2.03

$

1.69

20

%

$

6.71

$

4.70

43

%

Less: comparability adjustments











Ongoing litigation matter


(0.24)





(0.24)


Share-based compensation activity

0.05

0.18



0.29

0.31


Change from currency

0.02

—



0.18

—


Comparable EPS growth

$

1.96

$

1.75

12

%

$

6.24

$

4.63

35

%

Amounts presented may not recalculate due to rounding.

Projected 2021 comparable EPS growth outlined in the 2021 Growth and Financial Performance Outlook section of this earnings release reflects the following adjustments: (i) full year 2020 reported EPS adjusted for positive share-based compensation activity of $0.45 for full year 2020, negative ongoing litigation matter impact of $0.24 in the third quarter of 2020, and positive Swiss tax reform impact of $0.25 in the fourth quarter of 2020; and (ii) projected full year 2021 reported EPS adjusted for estimated positive share-based compensation activity of $0.29 and estimated positive year-over-year foreign currency exchange rate change impact of $0.16.

These impacts and those described in the constant currency note above reconcile reported EPS growth (including projected 2021 reported EPS growth) to comparable EPS growth for the Company.

Free cash flow - Free cash flow is a non-GAAP financial measure and means, with respect to a measurement period, the cash generated from operations during that period, reduced by the Company's investments in property and equipment. Management believes 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 property and equipment that are required to operate the business. Free cash flow should be considered in addition to, and not as a replacement of or a superior measure to, net cash provided by operating activities. See the supplementary analysis of results below for our calculation of free cash flow for the three months and nine months ended September 30, 2021 and 2020. To estimate projected 2021 free cash flow, we have deducted projected purchases of property and equipment (also referred to as capital expenditures) of approximately $150 million. To calculate trailing twelve-month net income to free cash flow ratio for the twelve months ended September 30, 2021, we have deducted purchases of property and equipment of approximately $102 million from net cash provided from operating activities of approximately $765 million, divided by net income of approximately $757 million.

Debt to Adjusted EBITDA (Leverage Ratios) - Adjusted EBITDA, gross debt, and net debt are non-GAAP financial measures. Adjusted EBITDA is a non-GAAP financial measure of earnings before interest, taxes, depreciation, amortization, non-recurring transaction expenses incurred in connection with acquisitions, share-based compensation expense, and certain other non-cash losses and charges. Management believes that reporting Adjusted EBITDA, gross debt and net debt in the Debt to Adjusted EBITDA ratios provides supplemental analysis to help investors further evaluate the Company's business performance and available borrowing capacity under the Company's credit facility. Adjusted EBITDA, gross debt, and net debt should be considered in addition to, and not as replacements of or superior measures to, net income or total debt reported in accordance with GAAP. For further information on how Adjusted EBITDA and the Debt to Adjusted EBITDA Ratios are calculated, see the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2021.

Notes and Definitions

Swiss tax reform impact - A one-time positive income tax impact related to the enactment of tax reform in Switzerland reflected in the fourth quarter of 2020, when the Company recorded an approximately $22 million deferred tax asset related to transitional benefits.

Ongoing litigation matter - The Company established an accrual of $27.5 million in the third quarter of 2020 related to an ongoing matter involving an alleged breach of contract for underpayment of royalty payments made from 2004 through 2017 under an expired patent license agreement. The accrual amount represents the amount of a possible loss that we have determined to be probable and estimable, and the actual cost of resolving this matter may be higher or lower than the amount accrued.

IDEXX Laboratories, Inc. and Subsidiaries






Condensed 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,


2021

2020

2021

2020

Revenue:

Revenue

$810,421

$721,789

$2,414,270

$1,985,717

Expenses and Income:

Cost of revenue

337,500

299,183

981,259

824,179


Gross profit

472,921

422,606

1,433,011

1,161,538


Sales and marketing

124,434

108,202

358,277

318,526


General and administrative

82,098

105,031

226,194

231,111


Research and development

40,427

37,517

115,703

102,472


Income from operations

225,962

171,856

732,837

509,429


Interest expense, net

(7,012)

(7,902)

(22,066)

(24,880)


Income before provision for income taxes

218,950

163,954

710,771

484,549


Provision for income taxes

43,772

17,633

128,698

77,376

Net Income:

Net income

175,178

146,321

582,073

407,173


Less: Noncontrolling interest in subsidiary's earnings

(57)

102

(1)

187


Net income attributable to stockholders

$175,235

$146,219

$582,074

$406,986


Earnings per share: Basic

$2.06

$1.71

$6.82

$4.77


Earnings per share: Diluted

$2.03

$1.69

$6.71

$4.70


Shares outstanding: Basic

85,123

85,314

85,325

85,293


Shares outstanding: Diluted

86,511

86,690

86,712

86,635

IDEXX Laboratories, Inc. and Subsidiaries






Selected Operating Information (Unaudited)










Three Months Ended

Nine Months Ended


September 30, 2021

September 30, 2020

September 30, 2021

September 30, 2020




Operating Ratios

Gross profit

58.4

%

58.5

%

59.4

%

58.5

%

(as a percentage of revenue):

Sales, marketing, general and administrative expense

25.5

%

29.5

%

24.2

%

27.7

%

Research and development expense

5.0

%

5.2

%

4.8

%

5.2

%

Income from operations1

27.9

%

23.8

%

30.4

%

25.7

%









1Amounts presented may not recalculate due to rounding.






IDEXX Laboratories, Inc. and Subsidiaries

Segment Information

Amounts in thousands (Unaudited)











Three Months Ended


September 30, 2021

Percent of Revenue

September 30, 2020

Percent of Revenue





Revenue:

CAG

$732,495



$638,017




Water

38,143



33,272




LPD

29,126



36,971




Other

10,657



13,529




Total

$810,421



$721,789













Gross Profit:

CAG

$423,871

57.9

%

$368,297

57.7

%

Water

26,694

70.0

%

23,064

69.3

%

LPD

16,848

57.8

%

22,768

61.6

%

Other

5,508

51.7

%

8,477

62.7

%

Total

$472,921

58.4

%

$422,606

58.5

%









Income from Operations:

CAG

$201,947

27.6

%

$139,434

21.9

%

Water

17,599

46.1

%

15,243

45.8

%

LPD

3,600

12.4

%

10,505

28.4

%

Other

2,816

26.4

%

6,674

49.3

%

Total

$225,962

27.9

%

$171,856

23.8

%

IDEXX Laboratories, Inc. and Subsidiaries

Segment Information

Amounts in thousands (Unaudited)











Nine Months Ended


September 30, 2021

Percent of Revenue

September 30, 2020

Percent of Revenue





Revenue:

CAG

$2,170,857



$1,756,113




Water

109,374



95,537




LPD

101,920



103,369




Other

32,119



30,698




Total

$2,414,270



$1,985,717













Gross Profit:

CAG

$1,277,531

58.8

%

$1,012,107

57.6

%

Water

75,906

69.4

%

67,491

70.6

%

LPD

63,255

62.1

%

63,919

61.8

%

Other

16,319

50.8

%

18,021

58.7

%

Total

$1,433,011

59.4

%

$1,161,538

58.5

%









Income from Operations:

CAG

$649,892

29.9

%

$426,062

24.3

%

Water

49,599

45.3

%

43,383

45.4

%

LPD

24,276

23.8

%

28,417

27.5

%

Other

9,070

28.2

%

11,567

37.7

%

Total

$732,837

30.4

%

$509,429

25.7

%

IDEXX Laboratories, Inc. and Subsidiaries

Revenues and Revenue Growth Analysis by Product and Service Categories and by Domestic and International Markets

Amounts in thousands (Unaudited)

Three Months Ended


























September 30,
2021

September 30,
2020

Dollar Change

Reported Revenue Growth1

Percentage Change from
Currency 

Percentage Change from Acquisitions

Organic Revenue Growth1

Net Revenue


CAG

$732,495

$638,017

$94,478

14.8

%

0.9

%

1.2

%

12.7

%

United States

484,903

428,105

56,798

13.3

%

—

1.7

%

11.5

%

International

247,592

209,912

37,680

18.0

%

2.8

%

0.2

%

14.9

%

Water

38,143

33,272

4,871

14.6

%

1.9

%

—

12.7

%

United States

19,216

16,634

2,582

15.5

%

—

—

15.5

%

International

18,927

16,638

2,289

13.8

%

3.8

%

—

10.0

%

LPD

29,126

36,971

(7,845)

(21.2)

%

1.3

%

—

(22.5)

%

United States

4,177

3,784

393

10.4

%

—

—

10.4

%

International

24,949

33,187

(8,238)

(24.8)

%

1.4

%

—

(26.2)

%

Other

10,657

13,529

(2,872)

(21.2)

%

(0.1)

%

—

(21.1)

%

Total Company

$810,421

$721,789

$88,632

12.3

%

1.0

%

1.1

%

10.2

%

United States

514,343

454,836

59,507

13.1

%

—

1.6

%

11.4

%

International

296,078

266,953

29,125

10.9

%

2.6

%

0.1

%

8.2

%















Three Months Ended


























September 30,
2021

September 30,
2020

Dollar Change

Reported Revenue Growth1

Percentage Change from

Currency

Percentage Change from Acquisitions

Organic Revenue Growth1

Net CAG Revenue


CAG Diagnostics recurring revenue:

$638,358

$567,416

$70,942

12.5

%

0.9

%

0.1

%

11.5

%

IDEXX VetLab consumables

252,714

218,605

34,109

15.6

%

1.2

%

—

14.4

%

Rapid assay products

76,974

70,593

6,381

9.0

%

0.4

%

—

8.6

%

Reference laboratory diagnostic and
consulting services

282,301

254,223

28,078

11.0

%

0.8

%

0.2

%

10.0

%

CAG Diagnostics services and accessories

26,369

23,995

2,374

9.9

%

0.8

%

—

9.1

%

CAG Diagnostics capital – instruments

39,401

29,336

10,065

34.3

%

1.3

%

—

33.0

%

Veterinary software, services and diagnostic
imaging systems

54,736

41,265

13,471

32.6

%

0.5

%

17.4

%

14.7

%

Net CAG revenue

$732,495

$638,017

$94,478

14.8

%

0.9

%

1.2

%

12.7

%













1See Statements Regarding Non-GAAP Financial Measures, above. Amounts presented may not recalculate due to rounding.

IDEXX Laboratories, Inc. and Subsidiaries

Revenues and Revenue Growth Analysis by Product and Service Categories and by Domestic and International Markets

Amounts in thousands (Unaudited)

Nine Months Ended


























September 30, 2021

September 30, 2020

Dollar Change

Reported Revenue Growth1

Percentage Change from
Currency 

Percentage Change from Acquisitions

Organic Revenue Growth1

Net Revenue


CAG

$2,170,857

$1,756,113

$414,744

23.6

%

2.4

%

0.7

%

20.6

%

United States

1,415,565

1,188,493

227,072

19.1

%

—

0.9

%

18.3

%

International

755,292

567,620

187,672

33.1

%

7.6

%

0.3

%

25.1

%

Water

109,374

95,537

13,837

14.5

%

3.1

%

—

11.4

%

United States

53,531

47,510

6,021

12.7

%

—

—

12.7

%

International

55,843

48,027

7,816

16.3

%

6.1

%

—

10.2

%

LPD

101,920

103,369

(1,449)

(1.4)

%

4.0

%

—

(5.4)

%

United States

11,441

10,803

638

5.9

%

—

—

5.9

%

International

90,479

92,566

(2,087)

(2.3)

%

4.4

%

—

(6.6)

%

Other

32,119

30,698

1,421

4.6

%

2.0

%

—

2.7

%

Total Company

$2,414,270

$1,985,717

$428,553

21.6

%

2.5

%

0.6

%

18.5

%

United States

1,502,219

1,257,617

244,602

19.4

%

—

0.8

%

18.6

%

International

912,051

728,100

183,951

25.3

%

6.9

%

0.2

%

18.2

%















Nine Months Ended


























September 30,
2021

September 30,
2020

Dollar Change

Reported Revenue Growth1

Percentage Change from

Currency

Percentage Change from Acquisitions

Organic Revenue Growth1

Net CAG Revenue


CAG Diagnostics recurring revenue:

$1,916,938

$1,565,595

$351,343

22.4

%

2.4

%

0.2

%

19.8

%

IDEXX VetLab consumables

755,158

603,379

151,779

25.2

%

3.2

%

—

22.0

%

Rapid assay products

230,472

192,681

37,791

19.6

%

1.1

%

—

18.5

%

Reference laboratory diagnostic and consulting services

851,757

703,300

148,457

21.1

%

2.2

%

0.4

%

18.6

%

CAG Diagnostics services and accessories

79,551

66,235

13,316

20.1

%

2.9

%

—

17.2

%

CAG Diagnostics capital – instruments

105,645

72,040

33,605

46.6

%

3.6

%

—

43.1

%

Veterinary software, services and diagnostic imaging systems

148,274

118,478

29,796

25.1

%

0.9

%

7.9

%

16.4

%

Net CAG revenue

$2,170,857

$1,756,113

$414,744

23.6

%

2.4

%

0.7

%

20.6

%













1See Statements Regarding Non-GAAP Financial Measures, above. Amounts presented may not recalculate due to rounding.

IDEXX Laboratories, Inc. and Subsidiaries

Condensed Consolidated Balance Sheet

Amounts in thousands (Unaudited)


September 30,
2021

December 31, 2020

Assets:

Current Assets:





Cash and cash equivalents

$145,203

$383,928


Accounts receivable, net

376,760

331,429


Inventories

258,484

209,873


Other current assets

157,590

137,508


Total current assets

938,037

1,062,738


Property and equipment, net

573,385

555,167


Other long-term assets, net

874,322

676,656


Total assets

$2,385,744

$2,294,561

Liabilities and Stockholders'





Equity:

Current Liabilities:





Accounts payable

$86,684

$74,558


Accrued liabilities

431,047

415,648


Current portion of long-term debt

74,990

49,988


Deferred revenue

41,128

42,567


Total current liabilities

633,849

582,761


Long-term debt, net of current portion

778,025

858,492


Other long-term liabilities, net

218,410

220,513


Total long-term liabilities

996,435

1,079,005


Total stockholders' equity


754,754

632,088


Noncontrolling interest

706

707


Total stockholders' equity

755,460

632,795


Total liabilities and stockholders' equity

$2,385,744

$2,294,561

IDEXX Laboratories, Inc. and Subsidiaries

Select Balance Sheet Information (Unaudited)


September 30,
2021

June 30,
2021

March 31,
2021

December 31,
2020

September 30,
2020

Selected Balance Sheet Information:

Days sales outstanding1

42.7

42.2

41.8

42.2

41.5


Inventory turns2

1.9

2.1

2.0

2.1

1.9













1Days 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.

2Inventory turns represent inventory-related cost of product revenue for the twelve months preceding each quarter-end divided by the average inventory balances at the beginning and end of each quarter.

IDEXX Laboratories, Inc. and Subsidiaries

Condensed Consolidated Statement of Cash Flows

Amounts in thousands (Unaudited)


Nine Months Ended


September 30, 2021

September 30, 2020


Operating:

Cash Flows from Operating Activities:





Net income

$582,073

$407,173


Non-cash adjustments to net income

118,261

98,798


Changes in assets and liabilities

(154,752)

(76,842)


Net cash provided by operating activities

545,582

429,129

Investing:

Cash Flows from Investing Activities:





Purchases of property and equipment

(87,761)

(92,768)


Acquisition of intangible assets, businesses and equity investments

(161,166)

(918)


Net cash used by investing activities

(248,927)

(93,686)

Financing:

Cash Flows from Financing Activities:





Repayments on revolving credit facilities, net

—

(289,625)


Issuance of senior debt

—

200,000


Payment of senior debt

(50,000)

—


Debt issuance costs

—

(4,995)


Payments of acquisition-related contingent considerations

(1,500)

(1,580)


Repurchases of common stock

(502,021)

(182,815)


Proceeds from exercises of stock options and employee stock purchase plans

37,428

39,230


Shares withheld for statutory tax withholding payments on restricted stock

(15,501)

(9,029)


Net cash used by financing activities

(531,594)

(248,814)


Net effect of changes in exchange rates on cash

(3,786)

(1,368)


Net (decrease) increase in cash and cash equivalents

(238,725)

85,261


Cash and cash equivalents, beginning of period

383,928

90,326


Cash and cash equivalents, end of period

$145,203

$175,587

IDEXX Laboratories, Inc. and Subsidiaries

Free Cash Flow

Amounts in thousands except per share data (Unaudited)

Three Months Ended

Nine Months Ended

September 30,
2021

September 30,
2020

September 30,
2021

September 30,
2020


Free Cash Flow:

Net cash provided by operating activities

$187,205

$193,116

$545,582

$429,129

Investing cash flows attributable to purchases of property and equipment

(45,017)

(19,210)

(87,761)

(92,768)

Free cash flow1

$142,188

$173,906

$457,821

$336,361









1See Statements Regarding Non-GAAP Financial Measures, above.

IDEXX Laboratories, Inc. and Subsidiaries






Common Stock Repurchases






Amounts in thousands except per share data (Unaudited)








Three Months Ended

Nine Months Ended

September 30,
2021

September 30,
2020

September 30,
2021

September 30,
2020



Shares repurchased in the open market

274

—

892

721

Shares acquired through employee surrender for statutory tax withholding

1

1

29

31

Total shares repurchased

275

1

921

752









Cost of shares repurchased in the open market

$183,315

$—

$510,937

$179,623

Cost of shares for employee surrenders

515

360

15,501

9,029

Total cost of shares

$183,830

$360

$526,438

$188,652









Average cost per share – open market repurchases

$668.33

$—

$572.10

$249.20

Average cost per share – employee surrenders

$688.35

$393.12

$547.90

$292.03

Average cost per share – total

$668.38

$393.12

$571.36

$250.96

Contact: John Ravis, Investor Relations, 1-207-556-8155



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Document and Entity Information
Nov. 02, 2021
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Nov. 02, 2021
Entity Registrant Name IDEXX LABORATORIES INC /DE
Entity Central Index Key 0000874716
Entity Emerging Growth Company false
Entity File Number 000-19271
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 01-0393723
Entity Address, Address Line One One IDEXX Drive
Entity Address, City or Town Westbrook
Entity Address, State or Province ME
Entity Address, Postal Zip Code 04092
City Area Code 207
Local Phone Number 556.0300
Entity Information, Former Legal or Registered Name Not Applicable
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.10 par value per share
Trading Symbol IDXX
Security Exchange Name NASDAQ
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