IDEXX Laboratories Inc. saw profits jump by more than $11 million in the second quarter over the same period last year, the Westbrook-based biotechnology company reported in its recent financial earnings.
IDEXX saw second-quarter profits of $48.7 million on revenues of $317.9 million, the company said in its Friday filings.
“Our second-quarter results exceeded our expectations,” said Chairman and CEO Jonathan Ayers, in a statement. “Our 8 percent organic revenue growth, in an economic environment that remains challenging, demonstrates our continued success in bringing innovative products and services to our veterinary and other customers, as well as strong commercial execution in markets around the world.”
According to IDEXX, foreign currency exchange rates contributed 5 percent to revenue growth, though that wasn’t included in the 8 percent organic revenue growth.
IDEXX makes diagnostic equipment for the companion animal and farm animal veterinary markets, as well as technology used for water testing.
The company said it expected full-year revenues of between $1.205 to $1.215 billion, representing year-over-year growth of 9 percent to 10 percent. The company’s total capital expenditure plan for 2011 is about $55 million, IDEXX said.
IDEXX announced earlier this month that it would begin construction this fall of new administrative offices, a two-phase investment estimated at more than $60 million, including equipment. The 200,000-square-foot development would be the first certified Leadership in Energy and Environmental Design (LEED) building in Westbrook, IDEXX said. IDEXX said the first phase of the project will be the initial 107,000 sq. ft. of a three-story building, to be completed in 2013.
When the full project is complete, the new space will support up to 700 new IDEXX employees in Maine, the company said.
Plans for such a corporate headquarters development were initially floated about five years ago, but were postponed as IDEXX neighbor Pike Industries pursued expansion of its quarry operations. IDEXX, Pike and the city have been operating for about a year under an consent decree that spells out how often the construction firm can blast at its quarry.
IDEXX currently employs 4,800 people, including about 1,700 in Maine. It trades on the NASDAQ under the symbol IDXX, and was trading at $86.64 mid-morning Monday.