Westbrook-based IDEXX Laboratories Inc. reported Thursday that it saw profits of $36.6 million in the first quarter.
That was $3 million more than the same period a year ago, the animal biotechnology company said in Securities and Exchange Commission filings. This year’s first-quarter profits were on revenues of $292.7 million, an increase over the $268.525 million Q1 2010, the company said.
IDEXX makes a variety of diagnostic devices used by veterinarians around the world. It employs more than 4,800 people, including about 1,600 in Maine.
“Overall for the quarter, our revenue growth was solid and our strong earnings growth was slightly above our expectations in January,” said Chairman and CEO Jonathan Ayers. “In an economic environment that remains challenging, our 8 percent organic revenue growth is a testament to our success in continued innovation and strong commercial execution across our markets around the world. Earnings were slightly ahead of our expectation in January largely due to somewhat higher revenues, particularly in instrument consumables, livestock and poultry diagnostic kits and laboratory services, as well as our achievement of operating efficiencies.”
IDEXX said it expects 2011 revenues of $1.205 to $1.215 billion, which would include revenue growth of 9 percent to 10 percent. The company said the increase compared to its previous guidance is due largely to changes in foreign currency exchange rates, particularly the weakening of the U.S. dollar.
“Continued stable market conditions, coupled with our solid first quarter results and recent weakening of the U.S. dollar, lead us to increase our earnings guidance for 2011, while we maintain our organic revenue growth outlook of 7 percent to 8 percent,” said Ayers.
IDEXX trades on the NASDAQ under the symbol IDXX. Its shares closed at $79.88 on Wednesday.