Idexx Laboratories Inc.’s companion animal division reported revenue of $229 million for its fourth quarter ended Dec. 31, compared to revenue of $217.9 million in the year-ago period.
Changes in foreign currency exchange rates reduced revenue growth by less than 1 percent, according to the Westbrook, Maine-based company.
Organic growth of 6 percent was due primarily to increased sales volume sales prices in the laboratory and consulting services business and increased sales volumes of Idexx VetLab instruments and consumables, according to Idexx.
The increase in instruments sales volume was driven primarily by sales of ProCyte Dx, the new hematology analyzer the company introduced in the third quarter of 2010, Idexx noted.
“Market response to our ProCyte Dx hematology analyzer, launched in the third quarter, has been very positive,” said Jonathan Ayers, chairman and CEO of Idexx Laboratories. “The 449 units that we placed in the third and fourth quarters exceeded our expectations.”
Year to date, the companion animal division reported revenue of $905.7 million, compared to revenue of $843.3 million in the year-ago period.
Overall, Idexx Laboratories reported net income $36.4 million on revenue of $283.8 million for its fourth quarter, compared to net income of $31 million on revenue of $270.3 million in the year-ago period.
Year to date, the company reported net income of $141.3 million on revenue of $1.1 billion, compared to net income of $122.2 million on revenue of $1 billion in the year-ago period.
“We also are encouraged by early indications that the U.S. economy and overall consumer sentiment is stabilizing,” Ayers said. “These indications, combined with our confidence in the fundamental strength and the long-term growth prospects for our core markets, lead us to project 7 percent to 8 percent organic revenue growth and double-digit earnings growth in 2011.”