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Idexx Sees Q2 Revenue Increase With ‘Strong’ Capital Placements



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Idexx Laboratories Inc.’s companion animal division reported today revenue of $232.3 million for its second quarter ended June 30, compared to revenue of $217.3 million in the year-ago period. The Westbrook, Maine-based company said changes in foreign currency exchange rates and incremental revenue attributable to a business acquired in August 2009 each contributed less than 1 percent to revenue growth.

“Capital placements in the second quarter were strong, led by sales of our Catalyst Dx chemistry analyzer and our line of digital radiography systems,” said Jonathan Ayers, chairman and chief executive officer.

Total chemistry placements for the quarter, which include the VetTest and Catalyst Dx analyzers, grew almost 15 percent to 950. The company remains on track to place 2,400 Catalyst Dx analyzers in 2010, according to Ayers.

Year to date, the companion animal division reported revenue of $453.7 million, compared to revenue of $411 million in the year-ago period.

Overall, Idexx Laboratories reported net income of $37.2 million on revenue of $281.5 million for the second quarter, compared to net income of $33.7 million on revenue of $265.7 million in the year-ago period.

Year to date, the company reported net income of $70.2 million on revenue of $550 million, compared to net income of $59.7 million on revenue of $502.2 million.

“We remain confident in the fundamental strength of our business model and in the long-term growth prospects for our core markets,” Ayers said. “Our focus on operating efficiency and disciplined expense management has enabled us to maintain our full year earnings per share guidance despite the strengthening of the U.S. dollar since we provided guidance in April and a slightly more conservative view of the pace of the recovery in our markets.”

The company’s updated guidance for the full year of 2010 is as follows:

  • Revenue is expected to be in the range of $1.09 billion to $1.1 billion, updated from guidance of $1.1 billion to $1.115 billion provided in April of this year.
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  • EPS is expected to be in the range of $2.23 to $2.28.
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  • Free cash flow is expected to be about 110 percent of net income.
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