IDEXX LABORATORIES INC. $52 (Nasdaq symbol IDXX; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 58.6 million; Market cap: $3 billion; Price-to-sales ratio: 3.1; WSSF Rating: Average) makes equipment that veterinarians uses to detect diseases in animals. Idexx also makes systems that detect contaminants in water and milk.
Because of the weak economy, fewer pet owners are taking their animals to veterinarians for routine screenings. This has hurt sales of Idexx’s systems and supplies. As well, Idexx gets 40% of its sales from outside the U.S. This leaves it vulnerable to a high U.S. dollar.
These factors drove down Idexx’s earnings by 14.5% in the three months ended June 30, 2009, to $33.7 million from $39.4 million a year earlier. Earnings per share fell 12.7%, to $0.55 from $0.63, on fewer outstanding shares. Revenue was down 5.3%, to $265.7 million from $280.6 million. Idexx spends about 5% of its revenue on research.
Idexx’s $84.7 million in long-term debt is a low 3% of its market cap. As well, it holds cash of $103.7 million, or $1.77 a share.
The recent drop in the U.S. dollar should help lift Idexx’s earnings in the second half of 2009. The company should earn $1.90 a share over the entire year. The stock trades at 27.4 times that amount. That’s reasonable in light of Idexx’s strong reputation and high research costs.
Idexx is a buy.
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