Summary
IDEXX LABORATORIES INC /DE (IDXX) reported a solid first quarter for 2012, with total revenue increasing by 10.3% year-over-year to $322.7 million. This growth was primarily driven by the Companion Animal Group (CAG) segment, which saw a 11.4% increase in revenue, bolstered by strong performance in reference laboratory services and instruments/consumables. The company also demonstrated improved profitability, with net income attributable to IDEXX stockholders rising by 11.3% to $40.7 million, leading to a diluted EPS of $0.72. Operationally, the company generated $15.2 million in cash from operating activities, though this was lower than the prior year due to working capital changes. Investing activities used $7.3 million, primarily for capital expenditures, and financing activities used $6.6 million, including reduced share repurchases compared to the prior year. The company maintained a strong liquidity position with $185.5 million in cash and cash equivalents and $45.0 million in remaining borrowing availability under its credit facility, indicating continued financial stability.
Financial Highlights
50 data points| Revenue | $322.68M |
| Cost of Revenue | $147.90M |
| Gross Profit | $174.77M |
| R&D Expenses | $20.56M |
| Operating Income | $60.41M |
| Interest Expense | $1.19M |
| Net Income | $40.74M |
| EPS (Basic) | $0.37 |
| EPS (Diluted) | $0.36 |
| Shares Outstanding (Basic) | 110.42M |
| Shares Outstanding (Diluted) | 112.88M |
Key Highlights
- 1Total revenue increased 10.3% to $322.7 million for the first quarter of 2012 compared to the same period in 2011.
- 2Net income attributable to IDEXX stockholders increased 11.3% to $40.7 million, with diluted EPS of $0.72, up from $0.62 in the prior year.
- 3The Companion Animal Group (CAG) segment, the largest revenue contributor, grew 11.4% year-over-year, driven by strong performance in reference laboratory services and instruments/consumables.
- 4Gross profit increased by 12.8% to $174.8 million, and operating income grew 12.8% to $60.4 million.
- 5Cash from operations was $15.2 million, a decrease from $25.2 million in the prior year, primarily due to changes in working capital.
- 6The company had $185.5 million in cash and cash equivalents and $45.0 million in availability under its credit facility as of March 31, 2012.
- 7Share repurchases were reduced to $27.6 million in Q1 2012 from $39.9 million in Q1 2011.