IDEXX Laboratories Announces Federal Trade Commission Preliminary Approval of Consent Agreement
WESTBROOK, Maine, December 21, 2012—IDEXX Laboratories, Inc. (NASDAQ, IDXX) announced today that the Commissioners of the U.S. Federal Trade Commission (“FTC”) have preliminarily approved the consent agreement previously reached between the Company and the staff of the FTC Bureau of Competition.
Pursuant to FTC protocol, a proposed draft complaint and the proposed consent agreement, which includes a draft consent order, will be placed on public record for a 30-day comment period, after which the FTC will evaluate any public comment before finalizing the agreement and order.
“We are very pleased that the Commission has acted quickly in preliminarily approving the consent agreement that we reached with the Bureau of Competition staff just a couple of weeks ago,” said Jonathan Ayers, Chairman and Chief Executive Officer. “While we admit no wrongdoing and continue to believe that our distribution practices do not violate the antitrust laws as these same practices have been upheld in previous litigation victories, this is another important step toward final resolution of the multi-year FTC investigation, which we now expect to occur early in 2013.”
About IDEXX Laboratories
IDEXX Laboratories, Inc. is a leader in pet healthcare innovation, serving practicing veterinarians around the world with a broad range of diagnostic and information technology-based products and services. IDEXX products enhance the ability of veterinarians to provide advanced medical care, improve staff efficiency and build more economically successful practices. IDEXX is also a worldwide leader in providing diagnostic tests and information for livestock and poultry and tests for the quality and safety of water and milk. Headquartered in Maine, IDEXX Laboratories employs more than 5,000 people and offers products to customers in over 100 countries.
Note Regarding Forward-Looking Statements
This press release contains statements about the Consent Agreement the Company has entered into with the FTC staff, the preliminary approval of the Consent Agreement by the Commissioners of the FTC, and the impact of the Consent Agreement and such approval on the FTC’s investigation of the Company’s distribution arrangements that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as “expects,” “may,” “anticipates,” “intends,” “would,” “will,” “plans,” “believes,” “estimates,” “should,” and similar words and expressions. These statements are based on management's expectations of future events as of the date of this press release, and the Company assumes no obligation to update any forward-looking statements as a result of new information or future events or developments. Actual results could differ materially from management’s expectations. Factors that could cause or contribute to such differences include the uncertainty of the resolution of the FTC investigation into our marketing and sales practices and the other factors relating to our business and prospects that are discussed in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2012, in the section captioned "Risk Factors.”
Chief Financial Officer