Interest Income, Net
Net interest income was $1.4 million for the six months ended June 30, 2006 and 2005. The impact of higher effective interest rates was substantially offset by lower invested cash balances and, to a lesser extent, to interest expense incurred on the mortgage assumed in connection with the Westbrook, Maine facility purchase in May 2006.
Provision for Income Taxes
Our effective tax rate was 32.8% for the six months ended June 30, 2006, compared with 33.5% for the six months ended June 30, 2005. The majority of the decrease in our effective tax rate during the six months ended June 30, 2006 related to a reduction of previously recorded international deferred tax liabilities as a result of obtaining certain multi-year tax incentives during the quarter ended June 30, 2006. Other rate reductions resulted from the release of a valuation allowance on international deferred tax assets as a result of a subsidiary demonstrating consistent sustained profitability. These discrete rate-reducing adjustments totaled $1.3 million and were partly offset by the nonrecognition, in the current period, of tax benefits on compensation expense for incentive stock options and employee stock purchase rights that were recognized in accordance with SFAS No. 123(R) effective January 1, 2006 and by the December 31, 2005 expiration of U.S. tax benefits related to research and development expense. We expect our effective tax rate to be 32% to 33% for the twelve months ending December 31, 2006.
Recent Accounting Pronouncements
A discussion of recent accounting pronouncements is included in Note 2(p) to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2005 and in Note 1 to the condensed consolidated financial statements included in this Form 10-Q.
Liquidity and Capital Resources
Liquidity
We fund the capital needs of our business through cash generated from operations. At June 30, 2006 and December 31, 2005, we had $77.1 million and $132.7 million of cash and cash equivalents and short-term investments, respectively, and working capital of $148.5 million and $192.7 million, respectively.
We consider the operating earnings of non-United States subsidiaries to be indefinitely invested outside the U.S. Subject to this policy, we manage our worldwide cash requirements considering available funds among all of our subsidiaries. While the repatriation of foreign earnings could have adverse tax consequences, foreign cash balances are generally available without legal restrictions to fund ordinary business operations.
We believe that current cash and cash equivalents, short-term investments and funds generated from operations will be sufficient to fund our operations, capital purchase requirements, and strategic growth needs.
Sources and Uses of Cash
Cash provided by operating activities was $44.8 million for the six months ended June 30, 2006, compared to $38.1 million for the same period in 2005. The increase in cash provided by operating activities, compared to the same period of the prior year, was due, in part, to increased cash flow from net income. The total of net income and net noncash charges was $54.9 million for the six months ended June 30, 2006, compared to $51.9 million for the same period of the prior year. During the six months ended June 30, 2006, cash decreased $10.1 million due to changes in operating assets and liabilities, compared to $13.8 million for the same period in 2005, resulting in a year-to-year change of $3.6 million. The decrease in cash used by changes in operating assets and liabilities, compared to the same period in 2005, was primarily attributable to $14.8 million of additional cash provided by an increase of accounts payable and accrued liabilities during the six months ended June 30, 2006, partly offset by $10.3 million of incremental cash used to purchase inventory. Reported cash flows from operations were negatively impacted by a change in accounting for the tax benefits from exercises of stock options and disqualifying dispositions of shares acquired in connection with our adoption of SFAS No. 123(R) on January 1, 2006, which reduced reported cash flows from operations by $5.9 million for the six months ended June 30, 2006. For the six months ended June 30, 2006, this portion of the tax benefit on exercises of stock options and disqualifying dispositions of shares was classified as a cash flow from financing activities, whereas the benefit was classified as a cash flow from operating activities in prior years.
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The greater incremental increase in inventories and the incremental cash provided by accounts payable and accrued expenses were primarily due to the timing of VetTest® slide receipts in the first quarter of 2006. Our supplier deferred certain shipments to us of VetTest® slides from the fourth quarter of 2005 to the first quarter of 2006. The incremental increase in cash provided by accrued expenses was also due to the timing of estimated tax payments compared to the same period in 2005. The $2.3 million increase in depreciation and amortization was due primarily to purchases of property and equipment and intangible asset acquisitions during 2005 and the six months ended June 30, 2006.
Cash of $4.1 million was provided by investing activities for the six months ended June 30, 2006, compared to cash provided of $11.1 million for the same period in 2005. The decrease in cash provided by investing activities for 2006, compared to the same period in 2005, was primarily due to the $11.5 million in cash used for the purchase of land and buildings in 2006. Additionally, during the six months ended June 30, 2006, we used $7.6 million more cash to acquire intangible assets and businesses, compared to the same period of 2005. This incremental decrease is partially offset by the increase in cash provided by net sales of short- and long-term investments of $15.0 million.
We paid cash of $11.5 million to purchase our Westbrook, Maine facility, $13.8 million to purchase other fixed assets and $0.9 million to acquire rental instruments sold under recourse during the six months ended June 30, 2006. We anticipate total capital expenditures in 2006 of $60 to $65 million, including capital expenditures associated with the purchase of our Westbrook, Maine facility.
The board of directors has authorized the repurchase of up to 16,000,000 shares of our common stock in the open market or in negotiated transactions. At June 30, 2006, we had 973,000 shares remaining under our share repurchase authorization. See Note 11 to the condensed consolidated statements included in this Form 10-Q for additional information about our share repurchases.
Other Commitments, Contingencies and Guarantees
Significant commitments, contingencies and guarantees at June 30, 2006 are consistent with those discussed in our Annual Report on Form 10-K for the year ended December 31, 2005 in the section captioned “Management’s Discussion and Analysis of Financial Condition and Results of Operations— Liquidity and Capital Resources,” and in Note 11 to the consolidated financial statements, except as described below.
In connection with our acquisition of our Westbrook, Maine facility in May 2006, we assumed a mortgage that is payable in equal monthly installments of approximately $0.1 million through May 1, 2015. Annual mortgage principal payments as of June 30, 2006, based on the fair market value of the mortgage at the assumption date, are as follows(in thousands):
Years Ending December 31,
| Amount
| |
|---|
| 2006 | | | $ | 269 | |
| 2007 | | | | 675 | |
| 2008 | | | | 717 | |
| 2009 | | | | 762 | |
| 2010 | | | | 809 | |
| Thereafter | | | | 4,218 | |
|
| |
| | | | $ | 7,450 | |
|
| |
The purchase of our Westbrook, Maine facility relieved us from associated future lease commitments. This transaction, partly offset by other transactions whereby we entered into facility lease agreements in the normal course of business, resulted in net reductions to the minimum annual rental obligations disclosed in our Annual Report on Form 10-K for the year ended December 31, 2005 in Note 11 to the consolidated financial statements of approximately $0.5 million in 2007 and in 2008, $0.6 million in 2009, and $1.4 million in 2010.
In connection with the acquisitions of certain businesses and intangible assets during the six months ended June 30, 2006, we agreed to make additional purchase price payments of up to $2.1 million, of which $0.4 million is contingent on the achievement by certain acquired businesses of certain milestones. We also assumed other long-term liabilities of $1.5 million.
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We previously had a 40% equity interest in a joint venture to market production animal diagnostic products in China. In April 2006, we paid $0.6 million to acquire an additional 55% equity interest in the joint venture from our partner. We also committed to pay an additional $0.2 million over two years in consideration for the additional equity. In addition, the joint venture entered into a contract with the joint venture partner where the partner will provide promotional and agency services and will receive sales commissions at rates escalating from 2.5% to 8.5% annually based on sales volume.
During the three months ended June 30, 2006, we incurred additional commitments to a supplier to purchase approximately $20 million of products through 2009. Should we fail to meet these purchase obligations, we are subject to penalties of ten percent of the sales value of the unpurchased quantities of products that would be required to satisfy the minimum volume commitments.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Our financial market risk consists primarily of foreign currency exchange rate risk. We operate subsidiaries in 15 foreign countries and transact business in local currencies. We attempt to hedge the majority of our cash flow on intercompany sales to minimize foreign currency exposure.
The primary purpose of our foreign currency hedging activities is to protect against the volatility associated with foreign currency transactions. Corporate policy prescribes the range of allowable hedging activity. We primarily utilize forward exchange contracts with durations of less than 18 months. Gains and losses related to qualifying hedges of foreign currency from commitments or anticipated transactions are deferred in prepaid expenses or accruals, as appropriate, and are included in the basis of the underlying transaction. Our hedging strategy is consistent with prior periods. Our hedging strategy provides that we employ the full amount of our hedges for the succeeding year at the conclusion of our budgeting process for that year, which is complete by the end of the preceding year. Quarterly, we enter into contracts to hedge incremental portions of anticipated foreign currency transactions for the following year. Accordingly, our risk with respect to foreign currency exchange rate fluctuations may vary throughout each annual cycle. At June 30, 2006, we had $1.8 million in net unrealized losses on foreign exchange contracts designated as hedges recorded in other comprehensive income, which is net of $0.9 million in taxes.
Item 4. Controls and Procedures
Disclosure Controls and Procedures
Our management is responsible for establishing and maintaining disclosure controls and procedures, as defined by the Securities and Exchange Commission in its Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934. Generally, these are controls and procedures designed to ensure that the information required to be disclosed in the reports that we file or submit under the Securities Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. Our chief executive officer and chief financial officer have concluded that, as of the end of the period covered by this report, our disclosure controls and procedures are effective to achieve their stated purpose.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended June 30, 2006 that materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
PART II OTHER INFORMATION
Item 1A. Risk Factors
Our future operating results involve a number of risks and uncertainties. Actual events or results may differ materially from those discussed in this report. Factors that could cause or contribute to such differences include, but are not limited to, the factors discussed below, as well as those discussed elsewhere in this report. The risk factor entitled “Our Sales are Dependent on Distributor Purchasing Patterns” has been revised from the comparable risk factor in our Form 10-Q for the quarter ended March 31, 2006.
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| | IDEXX’s Future Growth and Profitability Depend on Several Factors |
The future success of our business depends upon our ability to successfully implement various strategies, including:
| • | Developing, manufacturing and marketing new products with new features and capabilities, including pharmaceutical products; a new clinical chemistry instrument; and rapid assay, water testing and production animal diagnostic products, as well as improving and enhancing existing products; |
| • | Developing and implementing new technology and licensing strategies; and identifying, completing and integrating acquisitions that enhance our existing businesses or create new business areas for us; |
| • | Increasing the value to our customers of our companion animal products and services by enhancing the connectivity of these products, including the connectivity among the IDEXX VetLab® instrument suite, Cornerstone® practice information management system, the IDEXX-PACS™ software and IDEXX Reference Laboratories; |
| • | Expanding our market by expanding the installed base of our instrumentation through customer acquisition and retention and increasing use of our products by our customers; |
| • | Strengthening our sales and marketing activities both within the U.S. and in geographies outside of the U.S.; and |
| • | Reducing the costs of manufacturing our products and providing services through operating efficiencies and increased focus on quality. |
However, we may not be able to successfully implement some or all of these strategies and increase or sustain our rate of growth or profitability.
| | Our Products and Services Are Subject to Various Government Regulations |
In the U.S., the manufacture and sale of our products are regulated by agencies such as the U.S. Department of Agriculture (“USDA”), FDA and the U.S. Environmental Protection Agency (“EPA”). Most diagnostic tests for animal health applications, including our canine, feline, poultry and livestock tests, must be approved by the USDA prior to sale. Our water testing products must be approved by the EPA before they can be used by customers in the U.S. as a part of a water quality monitoring program required by the EPA. Our pharmaceutical and dairy testing products require approval by the FDA. The manufacture and sale of our products are subject to similar laws in many foreign countries. Any failure to comply with legal and regulatory requirements relating to the manufacture and sale of our products in the U.S. or in other countries could result in fines and sanctions against us or removals of our products from the market, which could have a material adverse effect on our results of operations.
We have entered into an agreement with the FDA under which we have agreed, among other things, to perform selected specified lot release and stability testing of our SNAP® beta-lactam dairy-testing products and to provide related data to the FDA. If the FDA were to determine that one or more lots of product failed to meet applicable criteria for product performance or stability, the FDA could take various actions, including requiring us to recall products or restricting our ability to sell these products.
Commercialization of animal health pharmaceuticals in the U.S. requires prior approval by the FDA. To obtain such approvals, we are required to submit substantial clinical, manufacturing and other data to the FDA. Regulatory approval for products submitted to the FDA may take several years and, following approval, the FDA continues to regulate all aspects of the manufacture, labeling, storage, record keeping and promotion of pharmaceutical products. Failure to obtain, or delays in obtaining, FDA approval for new pharmaceutical products would have a negative impact on our future growth.
| | We Purchase Materials for Our Products from a Limited Number of Sources |
We currently purchase many products and materials from single sources or a limited number of sources. Some of the products that we purchase from these sources are proprietary, and, therefore, cannot be readily replaced by alternative sources. These products include our VetTest® Chemistry, VetAutoread™ Hematology, VetLyte® Electrolyte, and VetStat™ Electrolyte and Blood Gas Analyzers and related consumables; certain digital radiography system components, specifically image capture plates and readers; active ingredients for pharmaceutical products; and certain components of our SNAP® rapid assay devices, water testing products and LaserCyte® Hematology Analyzers. If we are unable to obtain adequate quantities of these products in the future, we could face cost increases or reductions or delays in product shipments, which could have a material adverse effect on our results of operations.
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We currently purchase the slides sold for use in our VetTest® Chemistry Analyzers; our electrolyte instruments, components and consumables; and our VetAutoread™ Hematology Analyzers, components and consumables under agreements with suppliers under which we have minimum purchase obligations. If demand for any of the products purchased under these agreements is insufficient to support our minimum purchase obligations for those products, we could incur losses related to those obligations. In addition, because we purchase the products at predetermined prices, our profits on sales of these products could decline if we are unable to maintain current pricing levels for such products.
| | Our Biologic Products Are Complex and Difficult to Manufacture |
Many of our rapid assay and production animal diagnostic products are biologics, which are products that are comprised of materials from living organisms, such as antibodies, cells and sera. Manufacturing biologic products is highly complex. Unlike products that rely on chemicals for efficacy (such as most pharmaceuticals), biologics are difficult to characterize due to the inherent variability of biological input materials. Difficulty in characterizing biological materials or their interactions creates greater risk in the manufacturing process. We attempt to mitigate risk associated with the manufacture of biologics by continuing to improve the characterization of all of our input materials, utilizing multiple vendors, manufacturing some of these materials ourselves and maintaining substantial inventories of materials that have demonstrated the appropriate characteristics. However, there can be no assurance that we will be able to maintain adequate sources of biological materials or that biological materials that we maintain in inventory will yield finished products that satisfy applicable product release criteria. Our inability to obtain necessary biological materials or to successfully manufacture biologic products that incorporate such materials could have a material adverse effect on our results of operations.
| | Our Success Is Heavily Dependent Upon Our Proprietary Technologies |
We rely on a combination of patent, trade secret, trademark and copyright laws to protect our proprietary rights. If we do not have adequate protection of our proprietary rights, our business may be affected by competitors who develop substantially equivalent technologies that compete with us.
We cannot ensure that we will obtain issued patents, that any patents issued or licensed to us will remain valid, or that any patents owned or licensed by us will provide protection against competitors with similar technologies. Even if our patents cover products sold by our competitors, the time and expense of litigating to enforce our patent rights could be substantial, and could have a material adverse effect on our results of operations. In addition, expiration of patent rights could result in substantial new competition in the markets for products previously covered by those patent rights.
In the past, we have received notices claiming that our products infringe third-party patents and we may receive such notices in the future. Patent litigation is complex and expensive, and the outcome of patent litigation can be difficult to predict. We cannot ensure that we will win a patent litigation case or negotiate an acceptable resolution of such a case. If we lose, we may be stopped from selling certain products and/or we may be required to pay damages and/or ongoing royalties as a result of the lawsuit. Any such adverse result could have a material adverse effect on our results of operations.
| | Our Sales Are Dependent on Distributor Purchasing Patterns |
We sell many of our products, including substantially all of the rapid assays and instrument consumables sold in the U.S., through distributors. Distributor purchasing patterns can be unpredictable and may be influenced by factors unrelated to the end-user demand for our products. In addition, our agreements with distributors may generally be terminated by the distributors for any reason on 60 days notice. Because significant product sales are made to a limited number of distributors, the loss of a distributor or unanticipated changes in the frequency, timing or size of distributor purchases, could have a negative effect on our results of operations. Our financial performance, therefore, is subject to an unexpected downturn in product demand and may be unpredictable.
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Distributors of veterinary products have entered into business combinations resulting in fewer distribution companies. Consolidation within distribution channels would increase our customer concentration level, which could increase the risks described in the preceding paragraph.
| | Our Markets Are Competitive and Subject to Rapid and Substantial Technological Change |
We face intense competition within the markets in which we sell our products and services. We expect that future competition will become even more intense, and that we will have to compete with changing and improving technologies. Some of our competitors and potential competitors, including large pharmaceutical and diagnostic companies, have substantially greater capital, manufacturing, marketing, and research and development resources than we do.
| | Changes in Diagnostic Testing Could Negatively Affect Our Operating Results |
The market for diagnostic tests could be negatively impacted by the introduction or broad market acceptance of vaccines or preventatives for the diseases and conditions for which we sell diagnostic tests and services. Eradication or substantial declines in the prevalence of certain diseases also could lead to a decline in diagnostic testing for such diseases. Our production animal services business in particular is subject to fluctuations resulting from changes in disease prevalence and government-mandated testing programs. Such declines in diagnostic testing could have a material adverse effect on our results of operations.
| | International Revenue Accounts for a Significant Portion of Our Total Revenue |
Some of our revenue is attributable to sales of products and services to customers outside the U.S. Various risks associated with foreign operations may impact our international sales. Possible risks include fluctuations in the value of foreign currencies, disruptions in transportation of our products, the differing product and service needs of foreign customers, difficulties in building and managing foreign operations, import/export duties and quotas, and unexpected regulatory, economic or political changes in foreign markets. Prices that we charge to foreign customers may be different than the prices we charge for the same products in the U.S. due to competitive, market or other factors. As a result, the mix of domestic and international sales in a particular period could have a material impact on our results for that period. In addition, many of the products for which our selling price may be denominated in foreign currencies are manufactured, sourced, or both, in the U.S. and our costs are incurred in U.S. dollars. We utilize nonspeculative forward currency exchange contracts to mitigate foreign currency exposure. However, an appreciation of the U.S. dollar relative to the foreign currencies in which we sell these products would reduce our operating margins.
| | The Loss of Our President, Chief Executive Officer and Chairman Could Adversely Affect Our Business |
We rely on the management and leadership of Jonathan W. Ayers, our President, Chief Executive Officer and Chairman. We do not maintain key man life insurance coverage for Mr. Ayers. The loss of Mr. Ayers could have a material impact on our business.
| | We Could Be Subject to Class Action Litigation Due to Stock Price Volatility, which, if Occurs, Could Result in Substantial Costs or Large Judgments Against Us |
The market for our common stock may experience extreme price and volume fluctuations, which may be unrelated or disproportionate to our operating performance or prospects. In the past, securities class action litigation has often been brought against companies following periods of volatility in the market prices of their securities. We may be the target of similar litigation in the future. Securities litigation could result in substantial costs and divert our management’s attention and resources, which could have a negative effect on our business, operating results and financial condition.
| | If Our Quarterly Results of Operations Fluctuate, This Fluctuation May Cause Our Stock Price to Decline, Resulting in Losses to You |
Our prior operating results have fluctuated due to a number of factors, including seasonality of certain product lines; changes in our accounting estimates; the impact of acquisitions; timing of distributor purchases, product launches, research and development expenditures, litigation and claim-related expenditures; changes in competitors’ product offerings; and other matters. Similarly, our future operating results may vary significantly from quarter to quarter due to these and other factors, many of which are beyond our control. If our operating results or projections of future operating results do not meet the expectations of market analysts or investors in future periods, our stock price may fall.
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| | Future Operating Results Could Be Materially Affected By the Resolution of Various Uncertain Tax Positions and Adversely Affected by Potential Changes to Tax Incentives |
In the ordinary course of our business, there are many transactions and calculations where the ultimate tax determination is uncertain. Significant judgment is required in determining our worldwide provision for income taxes and our income tax filings are regularly under audit by tax authorities. We believe that we have adequately accrued for all potential tax liabilities and, although we believe our tax estimates are reasonable, the final determination of tax audits could be materially different than that which is reflected in historical income tax provisions and accruals. Additionally, we benefit from certain tax incentives offered by various jurisdictions. If we are unable to meet the requirements of such incentives, our inability to use these benefits could have a material negative effect on future earnings.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
During the three months ended June 30, 2006, we repurchased our shares as described below:
Period
| Total Number of
Shares Purchased
(a)
| | Average
Price Paid
per Share
(b)
| | Total Number of
Shares Purchased
as Part of
Publicly
Announced Plans
or Programs
(c)
| | Maximum Number of
Shares that May Yet
Be Purchased Under
the Plans or
Programs
(d)
| |
|---|
| April 1, 2006 to April 30, 2006 | | | | 120,000 | | $ | 82.76 | | | 120,000 | | | 1,390,930 | |
| May 1, 2006 to May 31, 2006 | | | | 176,000 | | | 78.79 | | | 176,000 | | | 1,214,930 | |
| June 1, 2006 to June 30, 2006 | | | | 242,000 | | | 77.42 | | | 242,000 | | | 972,930 | |
|
| | |
| | |
| Total | | | | 538,000 | | $ | 79.06 | | | 538,000 | | | 972,930 | |
|
| | |
| | |
Our Board of Directors has approved the repurchase of up to 16,000,000 shares of our common stock in the open market or in negotiated transactions. The plan was approved and announced on August 13, 1999, and subsequently amended on October 4, 1999, July 21, 2000, October 20, 2003, October 12, 2004, and October 12, 2005, and does not have a specified expiration date. The repurchases made during the six months ended June 30, 2006 were made in open market transactions. There were no other repurchase plans outstanding during the six months ended June 30, 2006, and no repurchase plans expired during the period.
Item 4. Submission of Matters to a Vote of Security Holders
Our 2006 Annual Meeting of Stockholders was held on May 10, 2006.
Nominees William T. End, Barry C. Johnson, PhD and Brian P. McKeon were elected to serve as Class I Directors for three-year terms expiring in 2009. The following Class II Directors of the Company were not up for reelection in 2006 and have three-year terms that expire in 2008: Thomas Craig, Errol B. De Souza, PhD and Rebecca M. Henderson, PhD. The following Class III Directors were not up for reelection and have three-year terms that expire in 2007: Jonathan W. Ayers and Robert J. Murray.
The results of the voting at the 2006 Annual Meeting of Stockholders (pursuant to a record date of March 20, 2006) were as follows:
| | (1) | Election of Directors: 29,224,537 shares were voted to elect nominee William T. End as a Class I Director for a three-year term expiring in 2009 and 120,059 shares were voted to withhold authority; 29,223,829 shares were voted to elect nominee Barry C. Johnson, PhD as a Class I Director for a three-year term expiring in 2009 and 122,209 shares were voted to withhold authority; and 29,223,829 shares were voted to elect nominee Brian P. McKeon as a Class I Director for a three-year term expiring in 2009 and 120,767 share were voted to withhold authority. There were no broker non-votes on this proposal. |
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| | (2) | Approval of amendment to our Restated Certificate of Incorporation. For: 26,357,887; Against: 2,962,662; Abstain: 24,044; Broker non-votes: 0. |
| | (3) | Ratification of PricewaterhouseCoopers LLP as Independent Public Accountants for the year ending December 31, 2006. For: 29,143,424; Against: 187,331; Abstain: 13,841; Broker non-votes: 0. |
Item 6. Exhibits
| | 3(i) | Restated Certificate of Incorporation, as amended. |
| | 31.1 | Certification by Chief Executive Officer. |
| | 31.2 | Certification by Vice President, Chief Financial Officer and Treasurer. |
| | 32.1 | Certification by Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| | 32.2 | Certification by Vice President, Chief Financial Officer and Treasurer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| |
|---|
| | |
| | IDEXX LABORATORIES, INC. |
| | |
| /s/Merilee Raines
|
| Date: August 3, 2006 | Merilee Raines
Vice President, Chief Financial Officer and Treasurer
(Principal Financial Officer) |
38
Exhibit Index
| | 3(i) | Restated Certificate of Incorporation, as amended. |
| | 31.1 | Certification by Chief Executive Officer. |
| | 31.2 | Certification by Vice President, Chief Financial Officer and Treasurer. |
| | 32.1 | Certification by Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| | 32.2 | Certification by Vice President, Chief Financial Officer and Treasurer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
