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Idexx Shuffles Management, Grows Q2 Revenue

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Idexx Shuffles Management, Grows Q2 RevenueIdexx Shuffles Management, Grows Q2 RevenueVeterinary diagnostics firm Idexx Laboratories Inc. of Westbrook, Maine, grew revenues by 6 percent in the second quarter and restructured its leadership hierarchy.Idexx’s revenue growth was driven by its companion animal segment, including increased sales of Catalyst Dx and ProCyte Dx instruments and related consumables, in addition to geographic expansion of the company’s reference laboratory diagnostic and consulting business services.vet, vet news, veterinarian, veterinary news, vet breaking news, idexxnewslinePosted: July 20, 2012, 1:45 p.m. EDT

Idexx Shuffles Management, Grows Q2 Revenue
Sales of Idexx’s ProCyte Dx hemotology analyzer helped drive the company’s revenue growth in the second quarter.

Veterinary diagnostics firm Idexx Laboratories Inc. of Westbrook, Maine, grew revenues by 6 percent in the second quarter and restructured its leadership hierarchy, the company reported today.

Idexx’s revenue growth was driven by its companion animal segment, including increased sales of Catalyst Dx and ProCyte Dx instruments and related consumables, in addition to geographic expansion of the company’s reference laboratory diagnostic and consulting business services. Idexx’s livestock and poultry segment experienced a 4 percent decline in organic revenue due to lower sales of Bovine Spongiform Encephalopathy tests resulting from changes in the European Union BSE testing requirements.

The company’s projection for full-year organic revenue growth remained steady at 8 to 9 percent, said Jonathan Ayers, chairman and CEO of Idexx.

In addition to releasing financial results, Idexx announced the creation of three operating executive vice president positions. The company filled two of the positions internally by promoting executives Johnny Powers and Michael Williams and hired Jay Mazelsky, formerly of senior vice president and general manager of global computed tomography, nuclear medicine and radiation therapy planning for Philips Healthcare, to fill the third position. The three operating executive vice presidents will have responsibility for essentially all of the company’s global operations, each with direct oversight of a portfolio of lines of business and geographic regions.

Idexx also promoted chief financial officer Merilee Raines and chief scientific officer Bill Brown to executive vice president positions.
Earlier this week, Idexx announced the addition two online software programs for veterinarians.

As a whole, Idexx reported net earnings of $51.3 million on revenues of $335.6 million for its second quarter ended June 30, 2012, compared with earnings of $48.7 million on revenue of $317.9 million in the year-ago period. Year-to-date, the company reported earnings of $92.1 million on revenues of $658.3 million, compared with earnings $85.2 million on revenues of $610.5 million.

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