Idexx Laboratories Inc.’s companion animal division reported that its revenue for the first quarter ended March 31 and increased 24 percent to $173.4 million from $139.4 million in the year-ago period.
The recent pet food recalls have had a positive effect on Idexx’s reference laboratories and instrument consumables businesses, according to Jonathan Ayers, chairman and chief executive officer.
“Particularly strong revenue growth in [these businesses] resulted in part from the well-publicized pet food recalls during the quarter, which we believe caused an unusually high number of pet visits to the veterinary clinic for exams that included diagnostic testing,” he said.
Overall, the company reported net income of $21 million on revenue of $211.2 million for its first quarter, compared to net income of $18.3 million on revenue of $168.2 million in the year-ago period.
Idexx also provided revised guidance for the full year of 2007. Idexx expects revenue to be $890 million to $897 million, updated from $875 million to $887 million.