IDEXX Laboratories, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Revises Earnings Guidance for the Year 2012
January 27, 2012 at 07:00 am
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IDEXX Laboratories, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company's revenues increased 8% to $307.2 million, from $283.8 million a year ago. Income from operations was $55.3 million compared to $50.8 million a year ago. Income before provision for income taxes was $54.7 million compared to $50.5 million a year ago. Net income attributable to stockholders was $38.0 million, or $0.67 diluted earnings per share as compared to $36.4 million, or $0.62 diluted per share a year ago.
For the year 2011, the company's revenues increased 10% to $1.219 billion, from $1.103 billion for the year ended December 31, 2010. Income from operations was $236.2 million compared to $203.9 million a year ago. Income before provision for income taxes was $234.4 million compared to $202.1 million a year ago. Net income attributable to stockholders was $167.8 million, or $2.78 diluted earnings per share as compared to $141.3 million, or $2.37 diluted per share a year ago. Net cash provided by operating activities was $220.7 million compared to $178.8 million a year ago. Purchases of property and equipment were $52.5 million compared to $39 million a year ago. Free cash flow was $184.2 million compared to $158.1 million a year ago. Net debt as on December 31, 2011 was $62 million.
The company provided earnings guidance for the year 2012. For the year the company's revenues are expected to be $1.30 to $1.31 billion, which represents reported revenue growth of 7% to 8% relative to 2011. EPS are expected to be $3.04 to $3.10, compared to previous guidance of $3.00 to $3.10. Free cash flow is expected to be approximately 110% of net income. Capital expenditures are expected to be approximately $60 million. The company expects the tax rate to be between 31.5% and 32% for the full year. The projected tax rate is approximately 50 to 100 basis points higher mid-2011, primarily due to the fact that we have not incorporated the benefit of the federal R&D tax credit into our 2010 rate.
IDEXX Laboratories, Inc. is a world leader in the design, development and marketing of diagnostic test instruments for animal health monitoring and analysis of dairy products and water. Net sales break down by area of application as follows:
- veterinary diagnoses for pets (91.6%);
- water quality analysis (4.6%);
- veterinary diagnoses for livestock and poultry (3.3%): solutions that help detect infectious diseases in ruminants, pigs, poultry and horses. The group also offers test solutions for dairy products;
- other (0.5%).
Net sales by source of income break down between product sales (57.1%) and services (42.9%).
Net sales are distributed geographically as follows: the United States (65.3%), Canada (4.1%), Americas (2.3%), Germany (4.1%), the United Kingdom (3.3%), France (2.7%), Italy (1.5%), Spain (1.4%), Switzerland (0.9%), the Netherlands (0.8%), Europe/Middle East/Africa (4.8%), Australia (2.6%), Japan (2.1%), China (1.2%) and Asia/Pacific (2.9%).
IDEXX Laboratories, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Revises Earnings Guidance for the Year 2012
IDEXX LABORATORIES, INC. 
