IDEXX profits increase, sees revenues up for 2011

The IDEXX world headquarters in Westbrook. The vet biotech company employs roughly 1,700 in Maine.
Matt Wickenheiser | BDN
The IDEXX world headquarters in Westbrook. The vet biotech company employs roughly 1,700 in Maine.
By Matt Wickenheiser, BDN Staff
Posted Oct. 21, 2011, at 8 a.m.

IDEXX Laboratories Inc. on Friday reported profits of $38.5 million in the third quarter, which company officials attributed to a range of connected products and services supplied to veterinarians globally.

The Q3 profits were higher than the $34.7 million reported in the same period a year ago. The Westbrook-based veterinary biotech company saw overall revenues of $300 million in the third quarter.

“Our strategy of bringing innovations to our global markets continues to deliver,” said IDEXX Chairman and CEO Jonathan Ayers in the earnings release. “In an economic environment that remains challenging, our organic growth of 8 percent in the third quarter demonstrates our continued success in bringing an integrated portfolio of products and services to our veterinary and other customers, as well as strong commercial execution in markets around the world.”

Organic revenue growth excludes changes in foreign currency exchange rates, which contributed 4 percent to IDEXX’s revenue growth, and revenue from recent acquisitions, which contributed less than 1 percent, the company said.

The company upped its guidance for 2011 revenues, raising expectations to $1.215 billion, up from a range of $1.205 billion to $1.215 billion. That’s a year-over-year growth of about 10 percent, the company said, and is based on an assumption that currency rates remain relatively stable. The company plans to make capital expenditures of about $55 million.

The company also revised its profit expectations for this year, with diluted earnings per share now expected to be in the range of $2.71 to $2.74, an increase from previous guidance of $2.68 to $2.73.

In 2012, the company is expecting revenues in the range of $1.295 billion to $1.315 billion.

IDEXX announced earlier this summer 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 building in Westbrook, IDEXX said. IDEXX said the first phase of the project will be 107,000 square feet of a three-story building, to be completed in 2013.

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 a 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 closed at $72.87 Thursday.

http://bangordailynews.com/2011/10/21/business/idexx-profits-increase-sees-revenues-up-for-2011/ printed on September 23, 2014