IDEXX claws out modest growth in Q2
Maine’s IDEXX Laboratories Inc. posted moderate gains in revenue and profit for the second quarter of the year, almost entirely driven by sales from its pet-care division, the Companion Animal Group. IDEXX saw revenue grow to $281.5 million from $265.7 million for Q2 of 2009.
Westbrook-based IDEXX (Nasdaq: IDXX) saw its profit bump up to $37.2 million of Q2 of this year, against $33.7 million for the same period a year ago. According to Jonathan Ayers, chairman and CEO of IDEXX, earnings were ahead of projections, despite the still struggling economy.
Revenue from the Companion Animal Group of IDEXX for the second quarter of 2010 were $232.3 million, versus $217.3 million for the second quarter of 2009. In contrast, revenue from its Livestock and Poultry Diagnostics unit -- until this year called Production Animal Services -- was $19.2 million in this most recent quarter compared to $19.6 million for the Q2 2009.
IDEXX reined in its projection fro the entire year slightly. The company now says the revenue is expected to be in the range of $1.09 to $1.1 billion, down from guidance of $1.1 to $1.115 billion it projected April. That still represents a growth of 6 to 7 percent, officials said.
In April, IDEXX detailed its plans to expand operations at its headquarters in Westbrook with a new, $50 million, corporate administrative building that is estimated to encompass 200,000 square feet, and support 500 new jobs. Founded in the 1980s and with a 2009 revenue of $1.03 billion, IDEXX is primarily a maker of animal health biotech devices, tests, software and diagnostic kits.