Summary
IDEXX Laboratories, Inc. (IDXX) reported its third-quarter and nine-month results for the period ending September 30, 2009. For the quarter, total revenue increased by 3.2% to $259.1 million, driven by growth in the Companion Animal Group (CAG). Net income for the quarter rose to $31.5 million ($0.52 per diluted share), an improvement from $25.7 million ($0.42 per diluted share) in the prior year's quarter. For the nine months, total revenue decreased by 2.5% to $761.3 million, while net income was largely flat at $91.3 million ($1.50 per diluted share) compared to $92.6 million ($1.48 per diluted share) in the prior year's period. Despite a challenging economic environment impacting some segments, particularly Production Animal and Water, the company demonstrated resilience, especially within its core Companion Animal Group. The company highlighted strategic acquisitions and effective cost management as contributing factors to its performance. The balance sheet shows a healthy cash position of $106.7 million, and the company maintained compliance with its credit facility covenants.
Financial Highlights
28 data points| Revenue | $259.12M |
| Cost of Revenue | $128.64M |
| Gross Profit | $130.48M |
| R&D Expenses | $16.58M |
| Operating Income | $44.20M |
| Interest Expense | $436K |
| Net Income | $31.54M |
| EPS (Basic) | $0.27 |
| EPS (Diluted) | $0.26 |
| Shares Outstanding (Basic) | 117.31M |
| Shares Outstanding (Diluted) | 121.34M |
Key Highlights
- 1Total revenue for the third quarter of 2009 increased by 3.2% to $259.1 million, primarily driven by the Companion Animal Group (CAG).
- 2Net income for the third quarter of 2009 increased to $31.5 million ($0.52 per diluted share) from $25.7 million ($0.42 per diluted share) in the prior year's quarter.
- 3For the first nine months of 2009, net income was $91.3 million ($1.50 per diluted share), largely consistent with $92.6 million ($1.48 per diluted share) in the same period of 2008.
- 4The Companion Animal Group (CAG) continues to be the primary revenue driver, showing a 4.7% revenue increase in Q3 2009.
- 5The company made strategic acquisitions during the nine-month period, including VDIC, Inc. and Pet Detect assets, bolstering its offerings in telemedicine and pet identification.
- 6Cash and cash equivalents increased to $106.7 million as of September 30, 2009, compared to $78.9 million at the end of 2008, indicating strong liquidity.
- 7The company reported $142.6 million outstanding under its revolving credit facility, with $56.8 million in remaining borrowing availability and compliance with debt covenants.