July 29, 2010

IDEXX announces 6% increase for Q2 revenues

IDEXX Laboratories, Inc. reported that revenues for the second quarter of 2010 increased 6% to US$281.5 million, from US$265.7 million for the second quarter of 2009.

Earnings per diluted share (EPS) for the quarter ended June 30, 2010 increased 13% to US$0.62, compared to US$0.55 for the same period in the prior year.
 

Organic revenue growth was 5%; which excludes the impact of changes in foreign currency exchange rates and revenue from businesses acquired or divested subsequent to the beginning of the prior year period, each of which contributed less than 1% to revenue growth in the second quarter of 2010.
 

IDEXX chairman and CEO Jonathan Ayers said earnings were ahead of projection in April despite currency headwinds caused by a stronger US dollar. This performance was due to continued gains in operating efficiency and the company's focus on disciplined expense management, he said.

 
Meanwhile, total chemistry placements for the quarter, which include VetTest and Catalyst Dx analysers, grew nearly 15% to 950, of which 556 were Catalyst Dx analysers. Ayers said the company remains on track to place 2,400 Catalyst Dx analysers in 2010.