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IDEXX Laboratories Announces Fourth Quarter and Full Year 2017 Results

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WESTBROOK, Maine, Feb. 1, 2018 /PRNewswire/ —

Achieves revenue growth in Q4 of 14% on a reported basis and 12% on an organic basis, driven by CAG Diagnostics recurring revenue growth of 15% reported and 13% organic Reports unprecedented 3,650 premium instrument placements in Q4, representing 15% year-over-year growth, supported by 25% growth in Catalyst® placements and 37% growth in SediVue Dx® placements to 747 units Delivers full year diluted EPS of $2.94, including $31 million or a $0.34 per share one-time charge related to U.S. Tax Reform. Full year 2017 EPS increased 20% year over year on a reported basis and 21% on a comparable constant currency basis Increases 2018 revenue guidance by $65 million to $2,205 million – $2,245 million, reflecting expected reported revenue growth of 12% – 14% and organic revenue growth of 9.5% – 11.5% Raises 2018 EPS outlook range by $0.55 from the midpoint of prior guidance to $4.04 – $4.18, reflecting expectations for continued strong operating performance, a lower effective tax rate related to U.S. Tax Reform, and benefits from foreign exchange 

IDEXX Laboratories, Inc. (NASDAQ: IDXX), a global leader in veterinary diagnostics, veterinary practice software and water microbiology testing, reports revenues of $506 million for the fourth quarter of 2017, an increase of 14% compared to the prior year period on a reported basis and 12% on an organic basis. Fourth quarter results were supported by accelerated gains in Companion Animal Group (“CAG”) Diagnostics recurring revenue, and broad-based strength across the IDEXX portfolio and regions. Earnings per diluted share (“EPS”) were $0.43 on a reported basis for the fourth quarter, reflecting a decline of 26% year over year, burdened with a one-time negative impact of $0.34 per share related to the enactment of the 2017 Tax Cuts and Jobs Act (“U.S. Tax Reform”), due to the deemed repatriation of the Company’s foreign profits, net of the remeasurement of deferred taxes at the lower enacted corporate tax rate.  Normalizing for this one-time negative tax impact, and for a $0.07 per share benefit from other tax items, EPS growth was 19% on a comparable constant currency basis in the fourth quarter.  

Revenue for the full year of $1,969 million increased 11% on a reported basis and 10% on an organic basis, driven by 13% reported and organic growth in global CAG Diagnostics recurring revenue. For the full year 2017, EPS

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