Company Quick10K Filing
Idexx Laboratories
Price274.80 EPS5
Shares88 P/E55
MCap24,091 P/FCF79
Net Debt-104 EBIT540
TEV23,987 TEV/EBIT44
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-04-30
10-K 2019-12-31 Filed 2020-02-14
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-02-15
10-Q 2018-09-30 Filed 2018-11-01
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-02-16
10-Q 2017-09-30 Filed 2017-10-31
10-Q 2017-06-30 Filed 2017-08-01
10-Q 2017-03-31 Filed 2017-04-28
10-K 2016-12-31 Filed 2017-02-17
10-Q 2016-09-30 Filed 2016-11-01
10-Q 2016-06-30 Filed 2016-08-02
10-Q 2016-03-31 Filed 2016-04-29
10-K 2015-12-31 Filed 2016-02-17
10-Q 2015-09-30 Filed 2015-10-28
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-04-28
10-K 2014-12-31 Filed 2015-02-17
10-Q 2014-09-30 Filed 2014-10-24
10-Q 2014-06-30 Filed 2014-07-25
10-Q 2014-03-31 Filed 2014-04-25
10-K 2013-12-31 Filed 2014-02-18
10-Q 2013-09-30 Filed 2013-10-22
10-Q 2013-06-30 Filed 2013-07-23
10-Q 2013-03-31 Filed 2013-04-23
10-K 2012-12-31 Filed 2013-02-19
10-Q 2012-09-30 Filed 2012-10-19
10-Q 2012-06-30 Filed 2012-07-20
10-Q 2012-03-31 Filed 2012-04-20
10-K 2011-12-31 Filed 2012-02-17
10-Q 2011-09-30 Filed 2011-10-21
10-Q 2011-06-30 Filed 2011-07-22
10-Q 2011-03-31 Filed 2011-04-21
10-K 2010-12-31 Filed 2011-02-22
10-Q 2010-09-30 Filed 2010-10-22
10-Q 2010-06-30 Filed 2010-07-23
10-Q 2010-03-31 Filed 2010-04-23
10-K 2009-12-31 Filed 2010-02-19
8-K 2020-07-31 Earnings, Exhibits
8-K 2020-05-06
8-K 2020-04-30
8-K 2020-04-10
8-K 2020-04-02
8-K 2020-03-23
8-K 2020-01-31
8-K 2019-10-31
8-K 2019-10-23
8-K 2019-08-05
8-K 2019-08-01
8-K 2019-07-24
8-K 2019-07-16
8-K 2019-06-28
8-K 2019-05-08
8-K 2019-05-01
8-K 2019-03-14
8-K 2019-02-01
8-K 2018-11-01
8-K 2018-08-01
8-K 2018-06-13
8-K 2018-05-09
8-K 2018-05-04
8-K 2018-02-14
8-K 2018-02-01
8-K 2018-01-05

IDXX 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Note 1. Basis of Presentation and Principles of Consolidation
Note 2. Accounting Policies
Note 3. Revenue Recognition
Note 4. Acquisitions
Note 5. Share - Based Compensation
Note 6. Credit Losses
Note 7. Inventories
Note 8. Leases
Note 9. Other Current and Long - Term Assets
Note 10. Accrued Liabilities
Note 11. Debt
Note 12. Repurchases of Common Stock
Note 13. Income Taxes
Note 14. Accumulated Other Comprehensive Income
Note 15. Earnings per Share
Note 16. Commitments, Contingencies and Guarantees
Note 17. Segment Reporting
Note 18. Fair Value Measurements
Note 19. Hedging Instruments
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 idxx2020q210-qexhibit32.htm
EX-31.2 idxx2020q210-qexhibit31.htm
EX-32.1 idxx2020q210-qexhibit3.htm
EX-32.2 idxx2020q210-qexhibit33.htm

Idexx Laboratories Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1.81.41.00.60.2-0.22012201420172020
Assets, Equity
0.70.60.40.30.10.02012201420172020
Rev, G Profit, Net Income
0.30.20.0-0.1-0.3-0.42012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION 
WASHINGTON, D.C. 20549 
FORM 10-Q 
 
(Mark One) 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the quarterly period ended June 30, 2020
OR 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the transition period from _______________ to _______________. 
  
COMMISSION FILE NUMBER: 000-19271 

idxx-20200630_g1.jpg
  IDEXX LABORATORIES, INC. 
(Exact name of registrant as specified in its charter) 
Delaware01-0393723
(State or other jurisdiction of incorporation 
or organization)
(IRS Employer Identification No.)
One IDEXX DriveWestbrookMaine04092
(Address of principal executive offices)(ZIP Code)
207-556-0300
(Registrant’s telephone number, including area code)

Securities Registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.10 par value per shareIDXXNASDAQ Global Select Market
        Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨


        Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ý No  ¨

        Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large Accelerated FilerAccelerated filer
Non-accelerated filerSmaller reporting company
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. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. The number of shares outstanding of the registrant’s Common Stock, $0.10 par value per share, was 85,054,677, on July 27, 2020.



GLOSSARY OF TERMS AND SELECTED ABBREVIATIONS

        In order to aid the reader, we have included certain terms and abbreviations used throughout this Quarterly Report on Form 10-Q below:
Term/ Abbreviation
 
Definition
 
AOCIAccumulated other comprehensive income or loss
ASU 2016-13
ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
CAGCompanion Animal Group, a reporting segment that provides veterinarians diagnostic products and services and information management solutions that enhance the health and well-being of pets
Credit FacilityOur unsecured revolving credit facility, also referred to as line of credit
FASBU.S. Financial Accounting Standards Board
LPDLivestock, Poultry and Dairy, a reporting segment that provides diagnostic products and services for livestock and poultry health and to ensure the quality and safety of milk and improve dairy efficiency
OPTI Medical
OPTI Medical Systems, Inc., a wholly-owned subsidiary of IDEXX Laboratories Inc., located in Roswell, Georgia. This business provides point-of-care and laboratory diagnostics (including electrolyte and blood gas analyzers and related consumable products) for the human medical diagnostics market. The Roswell facility also manufactures electrolytes slides (instrument consumables) to run Catalyst One®, Catalyst Dx®, and blood gas analyzers and consumables for the veterinary market; also referred to as OPTI.
Organic revenue growthA non-GAAP financial measure and represents the percentage change in revenue, as compared to the same period for the prior year, net of the effect of changes in foreign currency exchange rates, certain business acquisitions and divestitures. Organic revenue growth should be considered in addition to, and not as a replacement for or as a superior measure to, revenues reported in accordance with U.S. GAAP, and may not be comparable to similarly titled measures reported by other companies.
PCRPolymerase chain reaction, a technique used to amplify small segments of DNA
R&DResearch and Development
Reported revenue growthRepresents the percentage change in revenue reported in accordance with U.S. GAAP, as compared to the same period in the prior year
SaaSSoftware-as-a-service
SECU.S. Securities and Exchange Commission
Senior Note AgreementsNote purchase agreements for the private placement of senior notes, referred to as senior notes or long-term debt
U.S. GAAPAccounting principles generally accepted in the United States of America
WaterWater, a reporting segment that provides water microbiology testing products




IDEXX LABORATORIES, INC. 
Quarterly Report on Form 10-Q 
Table of Contents 

  
Item No. Page
  
PART I—FINANCIAL INFORMATION 
 





PART II—OTHER INFORMATION
 
໿






PART I— FINANCIAL INFORMATION 
Item 1.  Financial Statements.  
IDEXX LABORATORIES, INC. AND SUBSIDIARIES 

CONDENSED CONSOLIDATED BALANCE SHEETS 
(in thousands, except per share amounts) 
(Unaudited)

June 30, 2020December 31, 2019
ASSETS  
Current Assets:  
Cash and cash equivalents$105,293  $90,326  
Accounts receivable, net320,320  269,312  
Inventories229,377  195,019  
Other current assets124,622  124,982  
Total current assets779,612  679,639  
Long-Term Assets:
Property and equipment, net550,895  533,845  
Operating lease right-of-use assets82,407  80,607  
Goodwill235,426  239,724  
Intangible assets, net55,619  58,468  
Other long-term assets256,754  240,192  
Total long-term assets1,181,101  1,152,836  
TOTAL ASSETS$1,960,713  $1,832,475  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable$73,903  $72,172  
Accrued liabilities308,768  322,938  
Line of credit121,596  288,765  
Current portion of deferred revenue36,317  41,462  
Total current liabilities540,584  725,337  
Long-Term Liabilities:
Deferred income tax liabilities36,599  33,024  
Long-term debt899,562  698,910  
Long-term deferred revenue, net of current portion57,764  48,743  
Long-term operating lease liabilities 68,597  67,472  
Other long-term liabilities84,207  81,164  
Total long-term liabilities1,146,729  929,313  
Total liabilities1,687,313  1,654,650  
Commitments and Contingencies (Note 16)
Stockholders’ Equity:
Common stock, $0.10 par value: Authorized: 120,000 shares; Issued: 106,031 shares in 2020 and 105,711 shares in 2019; Outstanding: 85,049 shares in 2020 and 85,471 shares in 2019
10,603  10,571  
Additional paid-in capital1,247,456  1,213,517  
Deferred stock units: Outstanding: 147 units in 2020 and 143 units in 2019
5,402  4,462  
Retained earnings1,854,586  1,595,648  
Accumulated other comprehensive loss(57,032) (46,182) 
Treasury stock, at cost: 20,981 shares in 2020 and 20,240 shares in 2019
(2,788,052) (2,600,543) 
Total IDEXX Laboratories, Inc. stockholders’ equity272,963  177,473  
Noncontrolling interest437  352  
Total stockholders’ equity273,400  177,825  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$1,960,713  $1,832,475  
The accompanying notes are an integral part of these condensed consolidated financial statements.
3


IDEXX LABORATORIES, INC. AND SUBSIDIARIES 
 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME 
(in thousands, except per share amounts) 
(Unaudited)  

For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
2020201920202019
  
Revenue:  
Product revenue$366,058  $365,638  $730,831  $699,696  
Service revenue271,534  254,465  533,097  496,463  
Total revenue637,592  620,103  1,263,928  1,196,159  
Cost of Revenue:
Cost of product revenue124,024  127,893  249,478  245,276  
Cost of service revenue134,226  134,357  275,518  261,433  
Total cost of revenue258,250  262,250  524,996  506,709  
Gross profit379,342  357,853  738,932  689,450  
Expenses:
Sales and marketing94,181  101,364  210,324  207,948  
General and administrative60,268  59,955  126,080  120,316  
Research and development31,645  32,259  64,955  63,773  
Income from operations193,248  164,275  337,573  297,413  
Interest expense(9,495) (8,186) (17,187) (16,572) 
Interest income69  33  209  73  
Income before provision for income taxes183,822  156,122  320,595  280,914  
Provision for income taxes34,826  30,421  59,743  52,504  
Net income148,996  125,701  260,852  228,410  
Less: Net income (loss) attributable to noncontrolling interest56  (5) 85  23  
Net income attributable to IDEXX Laboratories, Inc. stockholders$148,940  $125,706  $260,767  $228,387  

Earnings per Share:
Basic$1.75  $1.46  $3.06  $2.65  
Diluted$1.72  $1.43  $3.01  $2.61  
Weighted Average Shares Outstanding:
Basic85,134  86,215  85,282  86,210  
Diluted86,402  87,615  86,568  87,594  
The accompanying notes are an integral part of these condensed consolidated financial statements.
໿

4


IDEXX LABORATORIES, INC. AND SUBSIDIARIES 
 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 
(in thousands) 
(Unaudited) 
For the Three Months Ended
June 30,
For the Six Months Ended
June 30,
2020201920202019
  
Net income$148,996  $125,701  $260,852  $228,410  
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments7,006  3,104  (15,200) 1,681  
Unrealized (loss) gain on Euro-denominated notes, net of tax (benefit) expense of $(532) and $(202) in 2020 and $(309) and $158 in 2019
(1,689) (980) (642) 500  
Unrealized (loss) gain on investments, net of tax (benefit) expense of $(93) and $(181) in 2020 and $(14) and $114 in 2019
(295) (45) (574) 362  
Unrealized gain (loss) on derivative instruments:
Unrealized gain (loss) on foreign currency exchange contracts, net of tax (benefit) expense of $(805) and $1,247 in 2020 and $(21) and $203 in 2019
(3,888) 67  5,538  1,110  
Unrealized gain (loss) on cross currency swaps, net of tax expense (benefit) expense of $(283) and $586 in 2020 and $(148) and $159 in 2019
(1,447) (563) 2,602  868  
Reclassification adjustment for (gain) included in net income, net of tax (expense) of $(339) and $(579) in 2020 and $(358) and $(607) in 2019
(1,473) (2,151) (2,574) (3,313) 
Unrealized (loss) gain on derivative instruments(6,808) (2,647) 5,566  (1,335) 
Other comprehensive (loss) gain, net of tax(1,786) (568) (10,850) 1,208  
Comprehensive income147,210  125,133  250,002  229,618  
Less: Comprehensive income (loss) attributable to noncontrolling interest56  (5) 85  23  
Comprehensive income attributable to IDEXX Laboratories, Inc.$147,154  $125,138  $249,917  $229,595  
  
The accompanying notes are an integral part of these condensed consolidated financial statements.
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5


IDEXX LABORATORIES, INC.  AND SUBSIDIARIES 
 
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
(in thousands, except per share amounts) 
(Unaudited)  
Common Stock   
Number of Shares
$0.10 Par Value
Additional Paid-in CapitalDeferred Stock UnitsRetained EarningsAccumulated Other Comprehensive LossTreasury StockNoncontrolling InterestTotal Stockholders’ Equity (Deficit)
Balance December 31, 2019105,711  $10,571  $1,213,517  $4,462  $1,595,648  $(46,182) $(2,600,543) $352  $177,825  
Cumulative effect of accounting changes (Note 2)—  —  —  —  (1,829) —  —  —  (1,829) 
Net income—  —  —  —  111,827  —  —  29  111,856  
Other comprehensive loss, net—  —  —  —  —  (9,064) —  —  (9,064) 
Repurchases of common stock, net—  —  —  —  —  —  (187,767) —  (187,767) 
Common stock issued under stock plans203  20  9,730  —  —  —  —  —  9,750  
Share-based compensation cost—  —  7,238  46  —  —  —  —  7,284  
Balance March 31, 2020105,914  $10,591  $1,230,485  $4,508  $1,705,646  $(55,246) $(2,788,310) $381  $108,055  
Net income—  —  —  —  148,940  —  —  56  148,996  
Other comprehensive loss, net—  —  —  —  —  (1,786) —  —  (1,786) 
Issuances of common stock, net—  —  —  —  —  —  258  —  258  
Common stock issued under stock plans117  12  10,068  —  —  —  —  —  10,080  
Deferred stock units activity—  —  (894) 894  —  —  —  —    
Share-based compensation cost—  —  7,797  —  —  —  —  —  7,797  
Balance June 30, 2020106,031  $10,603  $1,247,456  $5,402  $1,854,586  $(57,032) $(2,788,052) $437  $273,400  

Balance December 31, 2018105,087  $10,509  $1,138,216  $4,524  $1,167,928  $(41,791) $(2,288,899) $280  $(9,233) 
Net income—  —  —  —  102,681  —  —  28  102,709  
Other comprehensive income, net—  —