CORRECTING and REPLACING IDEXX Laboratories Announces Third Quarter Results
IDEXX Laboratories reported strong Q3 2024 results with 7% revenue growth reaching $976 million. The company achieved 6% organic growth, driven by Companion Animal Group (CAG) performance and Water revenue growth of 13%. Earnings per share reached $2.80, up 11% as reported.
The company adjusted its 2024 revenue guidance to $3,865-$3,890 million, a reduction of $38 million, reflecting near-term impacts on growth from macro conditions affecting U.S. veterinary clinic visits. The updated EPS outlook range is $10.37-$10.53, maintaining consistent projections supported by solid operating margin performance and benefits from lower projected interest expense.
IDEXX Laboratories ha riportato risultati solidi per il terzo trimestre del 2024, con una crescita dei ricavi del 7% che ha raggiunto $976 milioni. L'azienda ha ottenuto una crescita organica del 6%, sostenuta dalle performance del Companion Animal Group (CAG) e da una crescita dei ricavi dell'acqua del 13%. Gli utili per azione sono stati di $2,80, in aumento dell'11% rispetto a quanto riportato.
L'azienda ha rivisto al ribasso le previsioni di fatturato per il 2024 a $3.865-$3.890 milioni, una riduzione di $38 milioni, riflettendo gli impatti a breve termine sulla crescita delle condizioni macroeconomiche che influenzano le visite alle cliniche veterinarie negli Stati Uniti. L'aggiornamento delle previsioni EPS è compreso tra $10,37 e $10,53, mantenendo proiezioni coerenti supportate da solidi margini operativi e vantaggi derivanti dalle minori spese per interessi previste.
IDEXX Laboratories informó resultados sólidos para el tercer trimestre de 2024, con un crecimiento de ingresos del 7% alcanzando $976 millones. La compañía logró un crecimiento orgánico del 6%, impulsado por el desempeño del Grupo de Animales de Compañía (CAG) y un crecimiento de los ingresos por agua del 13%. Las ganancias por acción alcanzaron los $2.80, un aumento del 11% según lo reportado.
La compañía ajustó su guía de ingresos para 2024 a $3,865-$3,890 millones, una reducción de $38 millones, reflejando los impactos a corto plazo en el crecimiento debido a las condiciones macroeconómicas que afectan las visitas a clínicas veterinarias en EE.UU. El nuevo pronóstico EPS se sitúa entre $10.37 y $10.53, manteniendo proyecciones consistentes respaldadas por un sólido rendimiento del margen operativo y beneficios de menores gastos por intereses proyectados.
IDEXX Laboratories는 2024년 3분기 강력한 실적을 보고했으며 7%의 매출 성장으로 9억 7600만 달러에 도달했습니다. 회사는 Companion Animal Group (CAG)의 성과와 13%의 수익성장에 힘입어 6%의 유기적 성장을 달성했습니다. 주당 순이익은 $2.80로 11% 증가했습니다.
회사는 2024년 매출 전망을 $3,865-$3,890백만으로 조정했으며, 이는 $38백만의 감소를 반영하며, 미국의 수의학 클리닉 방문에 영향을 미치는 거시적 조건으로 인한 단기 성장에 미치는 영향을 나타냅니다. 업데이트된 EPS 전망 범위는 $10.37-$10.53으로, 안정적인 운영 마진 실적과 낮은 이자 비용의 혜택에 의해 지원되는 일관된 예측을 유지하고 있습니다.
IDEXX Laboratories a annoncé de bons résultats pour le troisième trimestre 2024, avec une croissance des revenus de 7%, atteignant 976 millions de dollars. L'entreprise a réalisé une croissance organique de 6%, soutenue par la performance du Companion Animal Group (CAG) et une croissance des revenus liés à l'eau de 13%. Le bénéfice par action s'est élevé à 2,80 $, en hausse de 11% par rapport aux rapports précédents.
L'entreprise a ajusté ses prévisions de revenus pour 2024 à 3,865-3,890 millions de dollars, une diminution de 38 millions de dollars, reflétant les impacts à court terme sur la croissance dus aux conditions macroéconomiques affectant les visites dans les cliniques vétérinaires américaines. L'perspective mise à jour pour le BPA se situe entre 10,37 $ et 10,53 $, maintenant des prévisions cohérentes soutenues par une solide performance des marges opérationnelles et les avantages d'une diminution des frais d'intérêts projetés.
IDEXX Laboratories meldete starke Ergebnisse für das 3. Quartal 2024 mit einem Umsatzwachstum von 7%, das $976 Millionen erreichte. Das Unternehmen erzielte ein organisches Wachstum von 6%, unterstützt durch die Leistungen der Companion Animal Group (CAG) und einem Umsatzwachstum im Wasserbereich von 13%. Der Gewinn pro Aktie lag bei $2,80, was einem Anstieg von 11% entspricht.
Das Unternehmen passte seine Umsatzprognose für 2024 auf $3.865-$3.890 Millionen an, was einer Reduktion um $38 Millionen entspricht und die kurzfristigen Auswirkungen auf das Wachstum durch makroökonomische Bedingungen widerspiegelt, die die Besuche in US-Tierarztpraxen betreffen. Der aktualisierte EPS-Ausblick liegt im Bereich von $10,37 bis $10,53 und bietet konsistente Prognosen, unterstützt durch eine solide Betriebsmargenleistung und Vorteile aus niedrigeren erwarteten Zinsaufwendungen.
- None.
- None.
-
Achieves third quarter revenue growth of
7% as reported and6% organic, supported by CAG Diagnostics recurring revenue growth of7% as reported and organic.
- Organic revenue growth supported by benefits from IDEXX execution drivers including continued solid new business gains and double-digit year-over-year global premium installed base growth.
-
Delivers EPS of
$2.80 11% as reported and12% on a comparable basis, supported by operating margin expansion of 110 basis points as reported and 100 basis points on a comparable basis.
-
Adjusts 2024 revenue guidance to
$3,865 million $3,890 million $38 million 1% at midpoint, incorporating expectations for near-term negative impacts on growth related to macro and sector conditions constraining pet owner visits and demand atU.S. veterinary clinics.
-
Updates 2024 revenue growth guidance to
5.5% -6.2% as reported and5.3% -6.0% organic, driven by projected CAG Diagnostics recurring revenue growth of5.6% -6.2% as reported and5.8% -6.4% organic.
-
Narrows 2024 EPS outlook to
$10.37 $10.53
Also, in the table "2024 Growth and Financial Performance Outlook", in the "Updated" column, the row "Comparable margin expansion" should read: 30 bps - 60 bps (instead of: 70 bps - 100 bps)
The updated release reads:
IDEXX LABORATORIES ANNOUNCES THIRD QUARTER RESULTS
-
Achieves third quarter revenue growth of
7% as reported and6% organic, supported by CAG Diagnostics recurring revenue growth of7% as reported and organic.
- Organic revenue growth supported by benefits from IDEXX execution drivers including continued solid new business gains and double-digit year-over-year global premium installed base growth.
-
Delivers EPS of
$2.80 11% as reported and12% on a comparable basis, supported by operating margin expansion of 110 basis points as reported and 100 basis points on a comparable basis.
-
Adjusts 2024 revenue guidance to
$3,865 million $3,890 million $38 million 1% at midpoint, incorporating expectations for near-term negative impacts on growth related to macro and sector conditions constraining pet owner visits and demand atU.S. veterinary clinics.
-
Updates 2024 revenue growth guidance to
5.5% -6.2% as reported and5.3% -6.0% organic, driven by projected CAG Diagnostics recurring revenue growth of5.6% -6.2% as reported and5.8% -6.4% organic.
-
Narrows 2024 EPS outlook to
$10.37 $10.53
IDEXX Laboratories, Inc. (NASDAQ: IDXX), a global leader in pet healthcare innovation, today announced third quarter results.
Third Quarter Results
The Company reports revenues of
Third quarter earnings per diluted share (“EPS”) were
“IDEXX teams continued their strong execution in the third quarter as demonstrated by solid net customer gains, continued growth in our premium IDEXX VetLab® instrument installed base, and nearly 700 pre-orders of IDEXX inVue Dx™ Cellular Analyzer, which will begin shipping later in the fourth quarter,” said Jay Mazelsky, President and Chief Executive Officer. "Customers especially value IDEXX technology solutions like inVue Dx that provide meaningful clinical insights while giving time back to busy practice staff.”
Third Quarter Performance Highlights
Companion Animal Group
The Companion Animal Group generated revenue growth of
Additional
Solid global growth was achieved across IDEXX's testing modalities.
-
IDEXX VetLab® consumables generated
11% reported and organic revenue growth, with double-digit gains in theU.S. and International regions supported by strong installed base growth across premium instrument platforms and benefits from equivalent days effects.
-
Reference laboratory diagnostic and consulting services generated
3% reported and2% organic revenue growth, driven by solid International growth.
-
Rapid assay products revenues grew
6% as reported and organic, driven by solid gains in theU.S. , including benefits from higher net price realization and equivalent days effects.
Veterinary software, services and diagnostic imaging systems revenues grew
Water
Water revenues grew
Livestock, Poultry and Dairy (“LPD”)
LPD revenues declined
Gross Profit and Operating Profit
Gross profits increased
Operating margin was
2024 Growth and Financial Performance Outlook
The Company is updating its full year revenue growth guidance range to
The Company maintained a consistent full year reported operating margin outlook of
The Company narrowed its EPS outlook range to
The following table provides the Company's updated outlook for annual key financial metrics in 2024 with a comparison to the prior outlook:
Amounts in millions except per share data and percentages
2024 Growth and Financial Performance Outlook |
|
|
|
|
|
|
|
|
|
|
Updated |
|
Prior |
||||
Revenue |
|
|
- |
|
|
|
- |
|
Reported growth |
|
|
- |
|
|
|
- |
|
Organic growth |
|
|
- |
|
|
|
- |
|
CAG Diagnostics Recurring Revenue Growth |
|
|
|
|
|
|
|
|
Reported growth |
|
|
- |
|
|
|
- |
|
Organic growth |
|
|
- |
|
|
|
- |
|
Operating Margin |
|
|
- |
|
|
|
- |
|
Operating margin expansion |
|
(130 bps) |
- |
(100 bps) |
|
(130 bps) |
- |
(100 bps) |
Negative impact of ongoing litigation matter |
|
~160 bps |
|
~160 bps |
||||
Comparable margin expansion |
|
30 bps |
- |
60 bps |
|
30 bps |
- |
60 bps |
Negative impact of 2023 customer contract resolution payment |
|
~ 40 bps |
|
~ 40 bps |
||||
EPS |
|
|
- |
|
|
|
- |
|
Reported growth |
|
|
- |
|
|
|
- |
|
Negative impact of ongoing litigation matter |
|
~ |
|
~ |
||||
Comparable growth |
|
|
- |
|
|
|
- |
|
Negative impact of 2023 customer contract resolution payment |
|
~ |
|
~ |
||||
Other Key Metrics |
|
|
|
|
|
|
|
|
Net interest expense |
|
~ |
|
~ |
||||
Share-based compensation tax benefit |
|
~ |
|
~ |
||||
Share-based compensation tax rate benefit |
|
~ |
|
~ |
||||
Effective tax rate |
|
~ |
|
~ |
||||
Share-based compensation EPS impact |
|
~ |
|
~ |
||||
Reduction in average shares outstanding |
|
|
- |
|
|
|
- |
|
Operating Cash Flow (% of Net Income) |
|
|
|
|
||||
Free Cash Flow (% of Net Income) |
|
|
|
|
||||
Capital Expenditures |
|
~ |
|
~ |
||||
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 2024.
Estimated Foreign Currency Exchange Rate Impacts |
|
2024 |
|
|
|
Revenue growth rate impact |
|
(~ 20 bps) |
CAG Diagnostics recurring revenue growth rate impact |
|
(~ 20 bps) |
Operating margin growth impact |
|
~ 0 bps |
EPS impact |
|
(~ |
EPS growth impact |
|
~ |
|
|
|
Go-Forward Foreign Currency Exchange Rate Assumptions |
|
2024 |
In |
|
|
euro |
|
|
British pound |
|
|
Canadian dollar |
|
|
Australian dollar |
|
|
Relative to the |
|
|
Japanese yen |
|
|
Chinese renminbi |
|
|
Brazilian real |
|
|
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 2024 results and management’s outlook. 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. The live call also will be accessible by telephone. To listen to the live conference call, please dial 1-800-289-0462 or 1-323-794-2442 and reference passcode 205740.
About IDEXX Laboratories, Inc.
IDEXX is a global leader in pet healthcare innovation. Our diagnostic and software products and services create clarity in the complex, constantly evolving world of veterinary medicine. We support longer, fuller lives for pets by delivering insights and solutions that help the veterinary community around the world make confident decisions—to advance medical care, improve efficiency, and build thriving practices. Our innovations also help ensure the safety of milk and water across the world and maintain the health and well-being of people and livestock. IDEXX Laboratories, Inc. is a member of the S&P 500® Index. Headquartered in
Note Regarding Forward-Looking Statements
This earnings release and the statements to be made in the accompanying earnings conference call contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements about the Company’s business prospects and estimates of the Company’s financial results for future periods. Forward-looking statements are included above under "Third Quarter Results", "2024 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 our expectations regarding financial performance; revenue growth and EPS outlooks; operating and free cash flow forecast; projected impact of foreign currency exchange rates and interest rates; projected operating margins and expenses and capital expenditures; projected tax, tax rate and EPS benefits from share-based compensation arrangements; projected effective tax rates (including benefit from an expected release of a non-recurring tax reserve), reduction of average shares outstanding and net interest expense;
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
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 2024 results as follows: decreased gross profit growth by
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 represents the percent change in revenue, as compared to the same period for the prior year, net of 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. 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 and nine months ended September 30, 2024. Please refer to the constant currency note above for a summary of foreign currency exchange rate impacts. Please refer to the 2024 Growth and Financial Performance Outlook section of this earnings release for estimated full year 2024 organic revenue growth for the Company and CAG Diagnostics recurring revenue growth. 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 benefit projected full year 2024 revenue growth by
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.
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 |
|
2024 |
|
2023 |
|
|
|
2024 |
|
2023 |
|
|||||||||
Gross Profit (as reported) |
|
$ |
596,038 |
|
|
$ |
547,982 |
|
9 |
% |
|
$ |
1,808,267 |
|
|
$ |
1,663,803 |
|
9 |
% |
Gross margin |
|
|
61.1 |
% |
|
|
59.9 |
% |
120 |
bps |
|
|
61.4 |
% |
|
|
60.3 |
% |
110 |
bps |
Less: comparability adjustments |
|
|
|
|
|
|
|
|
|
|
||||||||||
Change from currency |
|
|
(1,081 |
) |
|
|
— |
|
|
|
|
(4,201 |
) |
|
|
— |
|
|
||
Comparable gross profit growth |
|
$ |
597,119 |
|
|
$ |
547,982 |
|
9 |
% |
|
$ |
1,812,468 |
|
|
$ |
1,663,803 |
|
9 |
% |
Comparable gross margin and gross margin gain (or growth) |
|
|
61.2 |
% |
|
|
59.9 |
% |
140 |
bps |
|
|
61.5 |
% |
|
|
60.3 |
% |
120 |
bps |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating expenses (as reported) |
|
$ |
292,146 |
|
|
$ |
272,699 |
|
7 |
% |
|
$ |
941,616 |
|
|
$ |
811,977 |
|
16 |
% |
Less: comparability adjustments |
|
|
|
|
|
|
|
|
|
|
||||||||||
Change from currency |
|
|
(2,286 |
) |
|
|
— |
|
|
|
|
(2,591 |
) |
|
|
— |
|
|
||
Ongoing litigation matter |
|
|
— |
|
|
|
— |
|
|
|
|
61,500 |
|
|
|
— |
|
|
||
Comparable operating expense growth |
|
$ |
294,432 |
|
|
$ |
272,699 |
|
8 |
% |
|
$ |
882,707 |
|
|
$ |
811,977 |
|
9 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from operations (as reported) |
|
$ |
303,892 |
|
|
$ |
275,283 |
|
10 |
% |
|
$ |
866,651 |
|
|
$ |
851,826 |
|
2 |
% |
Operating margin |
|
|
31.2 |
% |
|
|
30.1 |
% |
110 |
bps |
|
|
29.4 |
% |
|
|
30.9 |
% |
(140 |
) bps |
Less: comparability adjustments |
|
|
|
|
|
|
|
|
|
|
||||||||||
Change from currency |
|
|
1,205 |
|
|
|
— |
|
|
|
|
(1,610 |
) |
|
|
— |
|
|
||
Ongoing litigation matter |
|
|
— |
|
|
|
— |
|
|
|
|
(61,500 |
) |
|
|
— |
|
|
||
Comparable operating profit growth |
|
$ |
302,687 |
|
|
$ |
275,283 |
|
10 |
% |
|
$ |
929,761 |
|
|
$ |
851,826 |
|
9 |
% |
Comparable operating margin and operating margin gain (or growth) |
|
|
31.0 |
% |
|
|
30.1 |
% |
100 |
bps |
|
|
31.5 |
% |
|
|
30.9 |
% |
70 |
bps |
Amounts presented may not recalculate due to rounding. |
||||||||||||||||||||
Projected 2024 comparable operating margin expansion outlined in the 2024 Growth and Financial Performance Outlook section of this earnings release reflects: (i) projected full year 2024 reported operating margin is adjusted for impacts of the discrete expense accrual related to an ongoing litigation matter in the second quarter of 2024; and (ii) projected full year 2024 reported operating margin includes an immaterial impact from year-over-year foreign currency exchange rate changes at noted exchange rates.
These impacts described above reconcile reported gross profit growth, gross margin gain, operating expense growth, operating profit growth and operating margin gain (including projected 2024 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 |
|||||||
|
|
2024 |
|
2023 |
|
|
|
2024 |
|
2023 |
|
|
|||||||
Earnings per share (diluted) |
|
$ |
2.80 |
|
$ |
2.53 |
|
11 |
% |
|
$ |
8.05 |
|
|
$ |
7.75 |
|
4 |
% |
Less: comparability adjustments |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Share-based compensation activity |
|
|
— |
|
|
0.04 |
|
|
|
|
0.11 |
|
|
|
0.14 |
|
|
||
Ongoing litigation matter |
|
|
— |
|
|
— |
|
|
|
|
(0.56 |
) |
|
|
— |
|
|
||
Change from currency |
|
|
0.01 |
|
|
— |
|
|
|
|
(0.01 |
) |
|
|
— |
|
|
||
Comparable EPS growth |
|
|
2.79 |
|
|
2.49 |
|
12 |
% |
|
|
8.51 |
|
|
|
7.61 |
|
12 |
% |
Amounts presented may not recalculate due to rounding. |
|||||||||||||||||||
Projected 2024 comparable EPS growth outlined in the 2024 Growth and Financial Performance Outlook section of this earnings release reflects adjustments to projected full year 2024 reported EPS for: (i) estimated positive share-based compensation activity of
These impacts and those described in the constant currency note above reconcile reported EPS growth (including projected 2024 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 and nine months ended September 30, 2024 and 2023. To estimate projected 2024 free cash flow, we have deducted projected purchases of property and equipment (also referred to as capital expenditures) of approximately
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, 2023 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2024.
Notes and Definitions
Discrete litigation expense accrual - During the second quarter of 2024, the Company increased its previously established
Ongoing litigation matter - The Company is a defendant in an ongoing litigation matter involving an alleged breach of contract for underpayment of royalty payments made from 2004 through 2017 under an expired patent license agreement. The Company's total accrual of
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, |
||||
|
|
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Revenue: |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
Expenses and Income: |
|
Cost of revenue |
|
379,505 |
|
|
367,545 |
|
|
1,134,949 |
|
|
1,095,549 |
|
|
|
Gross profit |
|
596,038 |
|
|
547,982 |
|
|
1,808,267 |
|
|
1,663,803 |
|
|
|
Sales and marketing |
|
146,281 |
|
|
135,698 |
|
|
438,399 |
|
|
424,034 |
|
|
|
General and administrative |
|
91,887 |
|
|
89,034 |
|
|
341,154 |
|
|
248,804 |
|
|
|
Research and development |
|
53,978 |
|
|
47,967 |
|
|
162,063 |
|
|
139,139 |
|
|
|
Income from operations |
|
303,892 |
|
|
275,283 |
|
|
866,651 |
|
|
851,826 |
|
|
|
Interest expense, net |
|
(4,983 |
) |
|
(7,392 |
) |
|
(13,207 |
) |
|
(30,318 |
) |
|
|
Income before provision for income taxes |
|
298,909 |
|
|
267,891 |
|
|
853,444 |
|
|
821,508 |
|
|
|
Provision for income taxes |
|
66,068 |
|
|
55,660 |
|
|
181,726 |
|
|
170,987 |
|
Net Income: |
|
Net income attributable to stockholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: Basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding: Basic |
|
82,304 |
|
|
83,097 |
|
|
82,675 |
|
|
83,058 |
|
|
|
Shares outstanding: Diluted |
|
83,056 |
|
|
83,993 |
|
|
83,478 |
|
|
83,990 |
|
IDEXX Laboratories, Inc. and Subsidiaries |
|
|
|
|
|
|
|
|||||||
Selected Operating Information (Unaudited) |
|
|
|
|
|
|
|
|||||||
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
|
|
|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
||||
|
|
|
|
2024 |
|
2023 |
2024 |
|
2023 |
|||||
Operating Ratios |
|
Gross profit |
|
61.1 |
% |
|
59.9 |
% |
|
61.4 |
% |
|
60.3 |
% |
(as a percentage of revenue): |
|
Sales, marketing, general and administrative expense |
|
24.4 |
% |
|
24.5 |
% |
|
26.5 |
% |
|
24.4 |
% |
|
|
Research and development expense |
|
5.5 |
% |
|
5.2 |
% |
|
5.5 |
% |
|
5.0 |
% |
|
|
Income from operations1 |
|
31.2 |
% |
|
30.1 |
% |
|
29.4 |
% |
|
30.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||
1Amounts presented may not recalculate due to rounding. |
|
|
|
|
|
|
|
|||||||
IDEXX Laboratories, Inc. and Subsidiaries |
|
|
|
|
|
|
|
|
|||||
Segment Information |
|
|
|
|
|
|
|
||||||
Amounts in thousands (Unaudited) |
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
Three Months Ended |
|||||||||
|
|
|
|
September 30, 2024 |
|
Percent of Revenue |
|
September 30, 2023 |
|
Percent of Revenue |
|||
Revenue: |
|
CAG |
|
|
|
|
|
|
|
|
|
||
|
|
Water |
|
50,162 |
|
|
|
44,450 |
|
|
|
||
|
|
LPD |
|
28,992 |
|
|
|
29,747 |
|
|
|
||
|
|
Other |
|
4,399 |
|
|
|
4,170 |
|
|
|
||
|
|
Total |
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|||
Gross Profit: |
|
CAG |
|
|
|
61.0 |
% |
|
|
|
|
59.6 |
% |
|
|
Water |
|
34,755 |
|
69.3 |
% |
|
31,034 |
|
|
69.8 |
% |
|
|
LPD |
|
14,627 |
|
50.5 |
% |
|
15,836 |
|
|
53.2 |
% |
|
|
Other |
|
2,195 |
|
49.9 |
% |
|
1,821 |
|
|
43.7 |
% |
|
|
Total |
|
|
|
61.1 |
% |
|
|
|
|
59.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||
Income from Operations: |
|
CAG |
|
|
|
31.1 |
% |
|
|
|
|
30.3 |
% |
|
|
Water |
|
23,608 |
|
47.1 |
% |
|
20,328 |
|
|
45.7 |
% |
|
|
LPD |
|
889 |
|
3.1 |
% |
|
2,405 |
|
|
8.1 |
% |
|
|
Other |
|
2,313 |
|
52.6 |
% |
|
(808 |
) |
|
(19.4 |
%) |
|
|
Total |
|
|
|
31.2 |
% |
|
|
|
|
30.1 |
% |
|
|
|
|
Nine Months Ended |
|||||||||
|
|
|
|
September 30, 2024 |
|
Percent of Revenue |
|
September 30, 2023 |
|
|
Percent of Revenue |
||
Revenue: |
|
CAG |
|
|
|
|
|
|
|
|
|
|
|
|
|
Water |
|
139,959 |
|
|
|
|
126,362 |
|
|
|
|
|
|
LPD |
|
87,503 |
|
|
|
|
88,866 |
|
|
|
|
|
|
Other |
|
12,181 |
|
|
|
|
13,033 |
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit: |
|
CAG |
|
|
|
61.4 |
% |
|
|
|
|
60.2 |
% |
|
|
Water |
|
97,326 |
|
69.5 |
% |
|
88,621 |
|
|
70.1 |
% |
|
|
LPD |
|
45,419 |
|
51.9 |
% |
|
46,975 |
|
|
52.9 |
% |
|
|
Other |
|
5,754 |
|
47.2 |
% |
|
4,450 |
|
|
34.1 |
% |
|
|
Total |
|
|
|
61.4 |
% |
|
|
|
|
60.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Operations: |
|
CAG |
|
|
|
29.5 |
% |
|
|
|
|
31.2 |
% |
|
|
Water |
|
63,542 |
|
45.4 |
% |
|
57,119 |
|
|
45.2 |
% |
|
|
LPD |
|
3,254 |
|
3.7 |
% |
|
5,664 |
|
|
6.4 |
% |
|
|
Other |
|
1,527 |
|
12.5 |
% |
|
(1,574 |
) |
|
(12.1 |
%) |
|
|
Total |
|
|
|
29.4 |
% |
|
|
|
|
30.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2024 |
|
September 30, 2023 |
|
Dollar Change |
|
Reported Revenue Growth1 |
|
Percentage Change from
|
|
Percentage Change from Acquisitions |
|
Organic Revenue Growth1 |
|||||
Net Revenue |
|
|
|
|
|
|
|
||||||||||||
CAG |
|
|
|
|
|
|
|
|
6.5 |
% |
|
0.1 |
% |
|
0.4 |
% |
|
6.0 |
% |
|
|
604,170 |
|
573,830 |
|
30,340 |
|
|
5.3 |
% |
|
— |
|
|
0.6 |
% |
|
4.6 |
% |
International |
|
287,820 |
|
263,330 |
|
24,490 |
|
|
9.3 |
% |
|
0.3 |
% |
|
— |
|
|
9.0 |
% |
Water |
|
50,162 |
|
44,450 |
|
5,712 |
|
|
12.9 |
% |
|
(0.3 |
%) |
|
— |
|
|
13.2 |
% |
|
|
26,671 |
|
22,804 |
|
3,867 |
|
|
17.0 |
% |
|
— |
|
|
— |
|
|
17.0 |
% |
International |
|
23,491 |
|
21,646 |
|
1,845 |
|
|
8.5 |
% |
|
(0.6 |
%) |
|
— |
|
|
9.2 |
% |
LPD |
|
28,992 |
|
29,747 |
|
(755 |
) |
|
(2.5 |
%) |
|
(0.2 |
%) |
|
— |
|
|
(2.4 |
%) |
|
|
5,561 |
|
5,040 |
|
521 |
|
|
10.3 |
% |
|
— |
|
|
— |
|
|
10.3 |
% |
International |
|
23,431 |
|
24,707 |
|
(1,276 |
) |
|
(5.2 |
%) |
|
(0.2 |
%) |
|
— |
|
|
(5.0 |
%) |
Other |
|
4,399 |
|
4,170 |
|
229 |
|
|
5.5 |
% |
|
— |
|
|
— |
|
|
5.5 |
% |
Total Company |
|
|
|
|
|
|
|
|
6.6 |
% |
|
0.1 |
% |
|
0.4 |
% |
|
6.1 |
% |
|
|
638,058 |
|
603,046 |
|
35,012 |
|
|
5.8 |
% |
|
— |
|
|
0.6 |
% |
|
5.2 |
% |
International |
|
337,485 |
|
312,481 |
|
25,004 |
|
|
8.0 |
% |
|
0.2 |
% |
|
— |
|
|
7.8 |
% |
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
September 30, 2024 |
|
September 30, 2023 |
|
Dollar Change |
|
Reported Revenue Growth1 |
|
Percentage Change from Currency |
|
Percentage Change from Acquisitions |
|
Organic Revenue Growth1 |
|||||
Net CAG Revenue |
|
|
|
|
|
|
|
||||||||||||
CAG Diagnostics recurring revenue: |
|
|
|
|
|
|
|
|
6.7 |
% |
|
0.1 |
% |
|
— |
|
|
6.7 |
% |
IDEXX VetLab consumables |
|
329,128 |
|
296,042 |
|
33,086 |
|
|
11.2 |
% |
|
0.1 |
% |
|
— |
|
|
11.1 |
% |
Rapid assay products |
|
92,774 |
|
87,562 |
|
5,212 |
|
|
6.0 |
% |
|
(0.2 |
%) |
|
— |
|
|
6.2 |
% |
Reference laboratory diagnostic and consulting services |
|
328,383 |
|
320,294 |
|
8,089 |
|
|
2.5 |
% |
|
0.1 |
% |
|
— |
|
|
2.4 |
% |
CAG Diagnostics services and accessories |
|
33,158 |
|
30,060 |
|
3,098 |
|
|
10.3 |
% |
|
0.1 |
% |
|
— |
|
|
10.2 |
% |
CAG Diagnostics capital – instruments |
|
29,528 |
|
32,254 |
|
(2,726 |
) |
|
(8.4 |
%) |
|
0.3 |
% |
|
— |
|
|
(8.7 |
%) |
Veterinary software, services and diagnostic imaging systems: |
|
79,019 |
|
70,948 |
|
8,071 |
|
|
11.4 |
% |
|
0.1 |
% |
|
5.2 |
% |
|
6.1 |
% |
Recurring revenue |
|
64,644 |
|
54,607 |
|
10,037 |
|
|
18.4 |
% |
|
0.1 |
% |
|
6.8 |
% |
|
11.5 |
% |
Systems and hardware |
|
14,375 |
|
16,341 |
|
(1,966 |
) |
|
(12.0 |
%) |
|
— |
|
|
— |
|
|
(12.0 |
%) |
Net CAG revenue |
|
|
|
|
|
|
|
|
6.5 |
% |
|
0.1 |
% |
|
0.4 |
% |
|
6.0 |
% |
|
|
Three Months Ended |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
September 30,
|
|
September 30,
|
|
Dollar
|
|
Reported
|
|
Percentage
|
|
Percentage
|
|
Organic
|
||||||
|
|
|
|
|
|
|
|
|||||||||||||
CAG Diagnostics recurring revenue: |
|
$ |
783,443 |
|
$ |
733,958 |
|
$ |
49,485 |
|
6.7 |
% |
|
0.1 |
% |
|
— |
|
6.7 |
% |
|
|
|
522,530 |
|
|
497,109 |
|
|
25,421 |
|
5.1 |
% |
|
— |
|
|
— |
|
5.1 |
% |
International |
|
|
260,913 |
|
|
236,849 |
|
|
24,064 |
|
10.2 |
% |
|
0.3 |
% |
|
— |
|
9.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
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, 2024 |
|
September 30, 2023 |
|
Dollar Change |
|
Reported Revenue Growth1 |
|
Percentage Change from
|
|
Percentage Change from Acquisitions |
|
Organic Revenue Growth1 |
|||||
Net Revenue |
|
|
|
|
|
|
|
||||||||||||
CAG |
|
|
|
|
|
|
|
|
6.8 |
% |
|
(0.2 |
%) |
|
0.4 |
% |
|
6.7 |
% |
|
|
1,835,049 |
|
1,732,752 |
|
102,297 |
|
|
5.9 |
% |
|
— |
|
|
0.5 |
% |
|
5.4 |
% |
International |
|
868,524 |
|
798,339 |
|
70,185 |
|
|
8.8 |
% |
|
(0.6 |
%) |
|
— |
|
|
9.4 |
% |
Water |
|
139,959 |
|
126,362 |
|
13,597 |
|
|
10.8 |
% |
|
(0.4 |
%) |
|
— |
|
|
11.1 |
% |
|
|
73,331 |
|
63,932 |
|
9,399 |
|
|
14.7 |
% |
|
— |
|
|
— |
|
|
14.7 |
% |
International |
|
66,628 |
|
62,430 |
|
4,198 |
|
|
6.7 |
% |
|
(0.7 |
%) |
|
— |
|
|
7.5 |
% |
LPD |
|
87,503 |
|
88,866 |
|
(1,363 |
) |
|
(1.5 |
%) |
|
(0.6 |
%) |
|
— |
|
|
(0.9 |
%) |
|
|
15,840 |
|
14,005 |
|
1,835 |
|
|
13.1 |
% |
|
— |
|
|
— |
|
|
13.1 |
% |
International |
|
71,663 |
|
74,861 |
|
(3,198 |
) |
|
(4.3 |
%) |
|
(0.7 |
%) |
|
— |
|
|
(3.6 |
%) |
Other |
|
12,181 |
|
13,033 |
|
(852 |
) |
|
(6.5 |
%) |
|
— |
|
|
— |
|
|
(6.5 |
%) |
Total Company |
|
|
|
|
|
|
|
|
6.7 |
% |
|
(0.2 |
%) |
|
0.3 |
% |
|
6.6 |
% |
|
|
1,929,213 |
|
1,815,066 |
|
114,147 |
|
|
6.3 |
% |
|
— |
|
|
0.5 |
% |
|
5.8 |
% |
International |
|
1,014,003 |
|
944,286 |
|
69,717 |
|
|
7.4 |
% |
|
(0.6 |
%) |
|
— |
|
|
8.0 |
% |
|
|
Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
September 30, 2024 |
|
September 30, 2023 |
|
Dollar Change |
|
Reported Revenue Growth1 |
|
Percentage Change from Currency |
|
Percentage Change from Acquisitions |
|
Organic Revenue Growth1 |
|||||
Net CAG Revenue |
|
|
|
|
|
|
|
||||||||||||
CAG Diagnostics recurring revenue: |
|
|
|
|
|
|
|
|
6.7 |
% |
|
(0.2 |
%) |
|
— |
|
|
6.9 |
% |
IDEXX VetLab consumables |
|
971,405 |
|
890,891 |
|
80,514 |
|
|
9.0 |
% |
|
(0.3 |
%) |
|
— |
|
|
9.3 |
% |
Rapid assay products |
|
282,379 |
|
266,934 |
|
15,445 |
|
|
5.8 |
% |
|
(0.2 |
%) |
|
— |
|
|
6.0 |
% |
Reference laboratory diagnostic and consulting services |
|
1,020,094 |
|
973,580 |
|
46,514 |
|
|
4.8 |
% |
|
(0.1 |
%) |
|
— |
|
|
4.9 |
% |
CAG Diagnostics services and accessories |
|
98,163 |
|
91,931 |
|
6,232 |
|
|
6.8 |
% |
|
(0.4 |
%) |
|
— |
|
|
7.2 |
% |
CAG Diagnostics capital – instruments |
|
98,912 |
|
99,452 |
|
(540 |
) |
|
(0.5 |
%) |
|
(0.4 |
%) |
|
— |
|
|
(0.1 |
%) |
Veterinary software, services and diagnostic imaging systems: |
|
232,620 |
|
208,303 |
|
24,317 |
|
|
11.7 |
% |
|
— |
|
|
4.4 |
% |
|
7.3 |
% |
Recurring revenue |
|
187,461 |
|
160,039 |
|
27,422 |
|
|
17.1 |
% |
|
— |
|
|
5.7 |
% |
|
11.5 |
% |
Systems and hardware |
|
45,159 |
|
48,264 |
|
(3,105 |
) |
|
(6.4 |
%) |
|
(0.1 |
%) |
|
— |
|
|
(6.4 |
%) |
Net CAG revenue |
|
|
|
|
|
|
|
|
6.8 |
% |
|
(0.2 |
%) |
|
0.4 |
% |
|
6.7 |
% |
|
|
Nine Months Ended |
|
|
|
|
|
|
|
|
|
|
|||||
|
|
September 30, 2024 |
|
September 30, 2023 |
|
Dollar Change |
|
Reported Revenue Growth1 |
|
Percentage Change from
|
|
Percentage Change from Acquisitions |
|
Organic Revenue Growth1 |
|||
CAG Diagnostics recurring revenue: |
|
|
|
|
|
|
|
6.7 |
% |
|
(0.2 |
%) |
|
— |
|
6.9 |
% |
|
|
1,590,037 |
|
1,505,837 |
|
84,200 |
|
5.6 |
% |
|
— |
|
|
— |
|
5.6 |
% |
International |
|
782,004 |
|
717,499 |
|
64,505 |
|
9.0 |
% |
|
(0.6 |
%) |
|
— |
|
9.6 |
% |
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, 2024 |
|
December 31, 2023 |
|
|
|
|
|
||
Assets: |
|
Current Assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
|
|
|
Accounts receivable, net |
|
511,250 |
|
457,445 |
|
|
Inventories |
|
389,804 |
|
380,282 |
|
|
Other current assets |
|
224,054 |
|
203,595 |
|
|
Total current assets |
|
1,433,744 |
|
1,495,254 |
|
|
Property and equipment, net |
|
717,745 |
|
702,177 |
|
|
Other long-term assets, net |
|
1,199,277 |
|
1,062,494 |
|
|
Total assets |
|
|
|
|
Liabilities and Stockholders' |
|
|
|
|
|
|
Equity: |
|
Current Liabilities: |
|
|
|
|
|
|
Accounts payable |
|
|
|
|
|
|
Accrued liabilities |
|
511,047 |
|
478,712 |
|
|
Line of credit |
|
250,000 |
|
250,000 |
|
|
Current portion of long-term debt |
|
99,140 |
|
74,997 |
|
|
Deferred revenue |
|
38,434 |
|
37,195 |
|
|
Total current liabilities |
|
1,009,224 |
|
951,547 |
|
|
Long-term debt, net of current portion |
|
524,758 |
|
622,883 |
|
|
Other long-term liabilities, net |
|
198,730 |
|
200,965 |
|
|
Total long-term liabilities |
|
723,488 |
|
823,848 |
|
|
Total stockholders' equity |
|
1,618,054 |
|
1,484,530 |
|
|
Total liabilities and stockholders' equity |
|
|
|
|
IDEXX Laboratories, Inc. and Subsidiaries |
||||||||||||
Selected Balance Sheet Information (Unaudited) |
||||||||||||
|
|
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
Selected Balance Sheet Information: |
|
Days sales outstanding1 |
|
48.9 |
|
47.3 |
|
45.7 |
|
46.1 |
|
45.6 |
|
|
Inventory turns2 |
|
1.3 |
|
1.4 |
|
1.3 |
|
1.3 |
|
1.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 are calculated as the ratio of four times our inventory-related cost of product revenue for the quarter, 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, 2024 |
|
September 30, 2023 |
||
|
|
|
|
|
||||
Operating: |
|
Cash Flows from Operating Activities: |
|
|
|
|
||
|
|
Net income |
|
|
|
|
|
|
|
|
Non-cash adjustments to net income |
|
119,761 |
|
|
120,390 |
|
|
|
Changes in assets and liabilities |
|
(124,503 |
) |
|
(114,252 |
) |
|
|
Net cash provided by operating activities |
|
666,976 |
|
|
656,659 |
|
Investing: |
|
Cash Flows from Investing Activities: |
|
|
|
|
||
|
|
Purchases of property and equipment |
|
(91,667 |
) |
|
(101,075 |
) |
|
|
Acquisition of a business |
|
(76,694 |
) |
|
— |
|
|
|
Proceeds from net investment hedges |
|
1,142 |
|
|
6,256 |
|
|
|
Net cash used by investing activities |
|
(167,219 |
) |
|
(94,819 |
) |
Financing: |
|
Cash Flows from Financing Activities: |
|
|
|
|
||
|
|
Repayments under credit facility, net |
|
— |
|
|
(329,000 |
) |
|
|
Payments of senior notes |
|
(75,000 |
) |
|
— |
|
|
|
Payments for the acquisition-related holdbacks |
|
— |
|
|
(1,879 |
) |
|
|
Repurchases of common stock |
|
(591,042 |
) |
|
(35,070 |
) |
|
|
Proceeds from exercises of stock options and employee stock purchase plans |
|
31,237 |
|
|
35,704 |
|
|
|
Shares withheld for statutory tax withholding payments on restricted stock |
|
(10,486 |
) |
|
(9,907 |
) |
|
|
Net cash used by financing activities |
|
(645,291 |
) |
|
(340,152 |
) |
|
|
Net effect of changes in exchange rates on cash |
|
238 |
|
|
(2,538 |
) |
|
|
Net (decrease) increase in cash and cash equivalents |
|
(145,296 |
) |
|
219,150 |
|
|
|
Cash and cash equivalents, beginning of period |
|
453,932 |
|
|
112,546 |
|
|
|
Cash and cash equivalents, end of period |
|
|
|
|
|
|
IDEXX Laboratories, Inc. and Subsidiaries |
||||||||||||||
Free Cash Flow |
||||||||||||||
Amounts in thousands (Unaudited) |
||||||||||||||
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
|
|
|
September 30, 2024 |
|
September 30, 2023 |
|
September 30, 2024 |
|
September 30, 2023 |
||||
|
|
|
|
|
|
|
||||||||
Free Cash Flow: |
|
Net cash provided by operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing cash flows attributable to purchases of property and equipment |
|
(28,089 |
) |
|
(34,094 |
) |
|
(91,667 |
) |
|
(101,075 |
) |
|
|
Free cash flow1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
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, 2024 |
|
September 30, 2023 |
|
September 30, 2024 |
|
September 30, 2023 |
|
|
|
|
|
||||
Shares repurchased in the open market |
|
459 |
|
65 |
|
1,177 |
|
65 |
Shares acquired through employee surrender for statutory tax withholding |
|
1 |
|
1 |
|
19 |
|
20 |
Total shares repurchased |
|
460 |
|
66 |
|
1,196 |
|
85 |
|
|
|
|
|
|
|
|
|
Cost of shares repurchased in the open market |
|
|
|
|
|
|
|
|
Cost of shares for employee surrenders |
|
218 |
|
231 |
|
10,486 |
|
9,907 |
Total cost of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average cost per share – open market repurchases |
|
|
|
|
|
|
|
|
Average cost per share – employee surrenders |
|
|
|
|
|
|
|
|
Average cost per share – total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030123813/en/
John Ravis, Investor Relations, 1-207-556-8155
Source: IDEXX Laboratories, Inc.
FAQ
What was IDEXX (IDXX) revenue growth in Q3 2024?
What is IDEXX's (IDXX) revised revenue guidance for 2024?
What was IDEXX's (IDXX) Q3 2024 earnings per share?
How did IDEXX's (IDXX) Water segment perform in Q3 2024?
