<SEC-DOCUMENT>0001144204-19-036896.txt : 20190904
<SEC-HEADER>0001144204-19-036896.hdr.sgml : 20190904
<ACCEPTANCE-DATETIME>20190731162041
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-19-036896
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190731

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IDEXX LABORATORIES INC /DE
		CENTRAL INDEX KEY:			0000874716
		STANDARD INDUSTRIAL CLASSIFICATION:	IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES [2835]
		IRS NUMBER:				010393723
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE IDEXX DRIVE
		CITY:			WESTBROOK
		STATE:			ME
		ZIP:			04092-2041
		BUSINESS PHONE:		2075560300

	MAIL ADDRESS:	
		STREET 1:		ONE IDEXX DRIVE
		CITY:			WESTBROOK
		STATE:			ME
		ZIP:			04092-2041

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	IDEXX CORP / DE
		DATE OF NAME CHANGE:	19600201
</SEC-HEADER>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">July 31, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Mark Brunhofer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Healthcare &amp; Insurance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, NE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, DC 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD STYLE="text-align: justify">IDEXX Laboratories, Inc.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Form 10-K for the Fiscal Year Ended December
31, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Filed on February 15, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">File No. 000-19271</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Mr. Brunhofer:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This letter sets forth below the detailed
response of IDEXX Laboratories, Inc. and its wholly-owned and majority-owned subsidiaries (collectively, &ldquo;we&rdquo;, &ldquo;us&rdquo;
or the &ldquo;Company&rdquo;) to the comment of the Staff (the &ldquo;Staff&rdquo;) of the Securities and Exchange Commission (the
&ldquo;Commission&rdquo;) in its letter to the Company dated July 19, 2019 with respect to the above-referenced Form 10-K (the
&ldquo;2018 Form 10-K&rdquo;). In responding to the Staff&rsquo;s comment, our response is preceded by a reproduction of the Staff&rsquo;s
comment. This letter has been filed with the Commission as correspondence through EDGAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We understand that you will be reviewing
our response and may have additional comments. We welcome any questions you may have and thank you for your attention to our filing.
Please feel free to contact our Chief Financial Officer at the telephone number provided at the end of this letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Form 10-K for the Fiscal Year Ended December 31, 2018</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Notes to Consolidated Financial Statements</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Note 3: Revenue Recognition, page F-18</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Staff Comment:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>On page F-19 you disclose that diagnostic
products and accessories revenues (including consumables) are recognized and invoiced at the time of shipment, which is when the
customer obtains control of the product based on legal title transfer. On page 35, you disclose that SediVue Dx consumables are
charged to customers upon utilization, which you refer to as pay-per-run. Please tell us your policy for recognizing revenue for
SediVue Dx consumables and how your recognition conforms with your disclosed recognition policy. In your response, tell us why
you do not charge a customer until after utilization and clarify when title passes. Reference for us the authoritative literature
relied upon to support your accounting.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>IDEXX Laboratories, Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">One IDEXX Drive, Westbrook, Maine
04092 USA, idexx.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">1-207-556-0300&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-800-548-<FONT STYLE="color: black">6733&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.
1-207</FONT>-556-4346</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Mark Brunhofer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">July 31, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>IDEXX Response: </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">SediVue Dx consumable revenues are recognized
upon customer utilization and represented less than 1% of IDEXX revenues for the year ended December 31, 2018. The Company&rsquo;s
revenue recognition policy for SediVue Dx differs from other IDEXX diagnostic products and accessories. For these other products
the customer obtains control and revenue is recognized at the time of shipment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company implemented a pay-per-run invoicing
model to incentivize adoption of the new automated urinalysis technology introduced with the SediVue Dx analyzer in 2016. The pay-per-run
invoicing model is intended to improve customer adoption rates by removing the cost to hold SediVue Dx consumables inventory. The
Company monitors the utilization of SediVue Dx consumables and automatically delivers enough consumables to ensure customers have
adequate inventory on-hand based on their anticipated usage. We believe that this auto-replenishment program further improves customer
adoption rates by removing the need for customers to monitor and order inventory. Customers receive one monthly invoice for SediVue
Dx consumables based on utilization and have no obligation to pay for or return unused or damaged consumables.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company considered the guidance
on transfer of control in paragraphs ASC 606-10-25-23 through 25-26, as well as the indicators of transfer of control
as described in ASC 606-10-25-30 in determining the revenue recognition policy for SediVue Dx consumables. The Company
concluded that transfer of control for consumables sold under a pay-per-run arrangement occurs at the time consumables are
utilized. The Company concluded control of the consumables transferred upon utilization of the consumable because that is the
point when the Company has a present right to payment and the risks and rewards of ownership transfer, which we believe are
the key indicators in this assessment. While other control indicators such as legal title passing to customers upon shipment
and physical possession by customers upon delivery, we do not believe these factors would change this assessment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company&rsquo;s revenue recognition
policy for SediVue Dx consumables is not described in <I>Note 3: Revenue Recognition</I> because, as discussed above, Sedivue Dx
consumable revenues are not material to IDEXX revenues. However, in response to the Staff&rsquo;s comment, the Company intends
to include in its future periodic filings, beginning with the June 30, 2019 Form 10-Q, revised disclosure to clarify that diagnostic
products and accessories revenues are predominately recognized at the time of shipment. The revised disclosure will be similar
to the following (change in <B>bold type face</B>), based on the Notes to the Consolidated Financial Statements, Note 3: Revenue
Recognition, Diagnostic Products and Accessories on page F-19 in the Company&rsquo;s 2018 Form 10-K:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: red"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; color: red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Mark Brunhofer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">July 31, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page <FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; color: red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><I>&ldquo;<U>Diagnostic Products
and Accessories</U>. Diagnostic products and accessories revenues, including IDEXX VetLab consumables and accessories, rapid assay,
LPD, Water, and OPTI testing products, are <B>predominantly</B> recognized and invoiced at the time of shipment, which is when
the customer obtains control of the product based on legal title transfer and we have the right to payment. Shipping costs reimbursed
by the customer are included in revenue and cost of sales. As a practical expedient, we do not account for shipping activities
as a separate performance obligation.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Further, in response to the Staff&rsquo;s
comments and to clarify the Company&rsquo;s reference to pay-per-run within the Description of Business Segments as part of Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations, the Company intends to include in its future filings,
beginning with the 2019 Form 10-K, expanded disclosure related to revenue recognition for consumables similar to the following
(changes in <B>bold type face</B>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><I>&ldquo;Our SediVue Dx instrument
was launched in North America early in 2016 and in the U.K. and Australia in the fourth quarter of 2016. During 2017, we continued
to launch SediVue Dx internationally. As of December 31, 2018, our premium SediVue Dx analyzers provided for an active installed
base of nearly 6,600 units globally, as compared to approximately 4,000 units in 2017 and approximately 1,500 units in 2016. This
instrument and single-use consumable system provides a highly accurate way to automate the process of examining urine under a microscope.&nbsp;We
provide customers with SediVue Dx consumables that are charged upon utilization, which we refer to as pay-per-run, as compared
to other instruments where we charge upon shipment of consumables. <B>This pay-per-run consumable revenue stream is contributing
to our continuing growth, however is not currently material relative to IDEXX&rsquo;s overall revenue.&rdquo;</B></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*************************</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hope that the foregoing satisfactorily
responds to the Staff&rsquo;s comment. We request that should you require further clarification or additional information, please
direct any questions or comments regarding the foregoing to Brian P. McKeon, our Chief Financial Officer, at (207) 556-6396.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Brian P. McKeon</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">cc:</TD><TD>Mr. <FONT STYLE="font-size: 10pt">Jim Rosenberg, Office of Healthcare and Insurance, Division of Corporation Finance, U.S.
Securities and Exchange Commission</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Ms. Sharon E. Underberg, General Counsel</P>



<P STYLE="margin: 0">&nbsp;</P>

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