IDEXX LABORATORIES INC. $88(Nasdaq symbol IDXX; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 56.9 million; Market cap: $5.0 billion; Price-to-sales ratio: 3.9; No dividends paid; TSINetwork Rating: Average; www.idexx.com) gets 80% of its revenue by making equipment that veterinarians use to detect diseases in pets.
The company also makes systems that detect contaminants in livestock and water (20% of revenue). It sells its products in over 100 countries.
In the three months ended June 30, 2012, Idexx earned $51.3 million. That’s up 5.5% from $48.7 million a year earlier. The company spent $27.4 million on share repurchases in the latest quarter. Due to fewer shares outstanding, earnings per share rose 9.6%, to $0.91 from $0.83. Revenue rose 5.6%, to $335.6 million from $317.9 million.
The company’s Pro-Cyte Dx hematology analyzer continues to sell well. This device processes animal blood tests in just two minutes. That makes veterinarians less reliant on outside labs and lowers their costs. Sales of pet-testing equipment rose 8.2% during the quarter.
However, sales of testing products for livestock declined 3.8%. That’s mainly because of new rules in Europe that increased the age at which cows must be tested for mad cow disease. As a result, fewer cattle required mandatory testing.
The company spent $20.1 million, or 6.0% of its revenue, on research in the latest quarter. That’s up 7.7% from $18.6 million, or 5.9% of its revenue, a year earlier. This spending is helping the company refine its testing products. Idexx is also creating new online databases that let vets review a pet’s medical history.
Idexx feels its revenue will rise by 8% to 9% in 2012. It also expects to earn $3.05 to $3.10 a share for the year. However, that’s down from its earlier forecast of $3.07 to $3.12 a share. The shares trade at 29.5 times the midpoint of the new range. That high p/e ratio makes the stock vulnerable to a sudden drop if Idexx fails to meet its revenue or earnings growth targets.
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