IDEXX Laboratories, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Earnings Guidance for the Full Year of 2016
January 29, 2016 at 05:30 pm IST
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IDEXX Laboratories, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported revenues of $399,685,000 compared with $351,959,000 for the same period a year ago. Income from operations was $66,911,000 compared with $34,801,000 for the same period a year ago. Income before provision for income taxes was $59,785,000 compared with $29,862,000 for the same period a year ago. Net income attributable to stockholders was $44,349,000 or $0.48 per diluted share compared with $25,961,000 or $0.27 per diluted share for the same period a year ago. Normalized organic revenue growth for the quarter was over 11%, supported by strong growth in the Companion Animal Group ("CAG") segment.
For the full year, the company reported revenues of $1,601,892,000 compared with $1,485,807,000 for the same period a year ago. Income from operations was $299,912,000 compared with $260,255,000 for the same period a year ago. Income before provision for income taxes was $273,141,000 compared with $246,555,000 for the same period a year ago. Net income attributable to stockholders was $192,078,000 or $2.05 per diluted share compared with $181,906,000 or $1.79 per diluted share for the same period a year ago. Net cash provided by operating activities was $216,364,000 compared with $235,846,000 for the same period a year ago. Purchases of property and equipment was $82,921,000 compared with $60,523,000 for the same period a year ago. Adjusted operating profit was $308.1 million compared with $295.6 million for the same period a year ago. Adjusted earnings per share was $2.11 compared with $2.00 for the same period a year ago.
The company provided earnings guidance for the full year of 2016. For the year, the company expects to report revenues in the range of $1,690 million to $1,710 million, earnings pres hare in the range of $2.10 to $2.17 and capital expenditures of $90 million. Excluding foreign currency change impacts, guidance aligns with constant currency Adjusted EPS growth of 12% to 15%. Free cash flow is projected at 95% to 100% of net income at 2016, consistent with strategic plan outlook. The company expected to maintain gross leverage levels of approximately 3x EBITDA and expect annual interest expense of $32 million in 2016. The company full year outlook reflects the projected effective tax rate of 30% to 30.5%, including benefits from the R&D tax credit.
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. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Earnings Guidance for the Full Year of 2016