logo
Plus   Neg
Share
Email

IDEXX Labs Withdraws 2020 Guidance

IDEXX Laboratories Inc. (IDXX) said it has withdrawn 2020 guidance due to the unpredictability of the duration and magnitude of impacts from the COVID-19 pandemic on veterinary service providers.

The company said it has enhanced its liquidity and financial flexibility by increasing its credit facility to $1 billion with extended maturity to 2023 and issuing $200 million in 10-year, 2.5% fixed-rate notes.

The company noted that it has advanced actions to reduce quarterly operating expenses by approximately $25 million compared to original plan levels. These actions include the temporary reduction of the salaries of chief executive officer by 30%, officers and senior executives by 20% and the majority of other salaried employees by 10%, as well as the suspension of cash compensation for IDEXX's Board of Directors.

The savings will mitigate near-term financial impacts from potential revenue declines related to COVID-19 stay-at-home policies and social distancing procedures, the company said in a statement.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Amazon.com, Inc. can be held liable for damages caused by defective goods sold on its Marketplace including third parties, according to a ruling by a California appeals court. The California Fourth District Court of Appeals was pronouncing the ruling in a case where a defective replacement laptop battery caught fire and inflicted a woman with third-degree burns. Facebook has launched "Voting Information Center" on Facebook and Instagram platforms, with a view to boosting the number of Americans vote in the upcoming U.S. presidential election in November. The social media giant's latest initiative is expected to help 4 million voters register this year, and help them navigate a 'confusing election process'. Epic Games Inc., the developer of popular game Fortnite, has filed lawsuits against both Apple Inc. and Google after they removed the game from their app stores. The development reflects disputes related to app store fee the tech giants take from each purchase. Epic Games, which has been against the 30 percent revenue cut the two tech giants take from paid apps, added a direct payment option.
Follow RTT