IDEXX Q4 Profit Declines - Quick Facts

(RTTNews) - IDEXX Laboratories Inc. (IDXX) reported fourth-quarter net income to shareholders of $25.96 million or $0.54 per share, compared to $43.26 million or $0.82 per share, prior year. Adjusted earnings per share was $0.95, for the quarter.

On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.80 for the quarter. Analysts' estimates typically exclude special items.

Revenue decreased to $351.96 million from $354.07 million last year. Analysts expected revenue of $373.18 million for the quarter.

The company said continued strong normalized organic revenue growth was offset in the quarter by a one-time $25 million reduction in US channel inventory related to the transition to a fully-direct CAG Diagnostics sales strategy in the US and foreign exchange impacts from a stronger US dollar, resulting in a 1% reported revenue decline. Adjusting for one-time channel inventory reductions, the effect of foreign exchange rate changes, and revenue attributable to acquisitions, normalized organic revenue growth for the quarter was 9%, supported by 11.5% normalized organic growth in CAG Diagnostics recurring revenues in the fourth quarter.

For 2015, the company updated its financial guidance, in part to reflect the significant strengthening of the US dollar relative to foreign currencies. Revenue is expected to be in the range of $1.64 billion to $1.66 billion, and EPS is expected to be in the range of $4.33-$4.43. Analysts expect the company to report 2015 earnings per share of $4.39 on revenue of $1.69 billion.