Idexx boosts Q1 revenue, but pulls back on bullish projections

Posted April 23, 2013, at 1:21 p.m.

WESTBROOK, Maine — Idexx Laboratories on Tuesday reported net income of $44.8 million during the first quarter of 2013, a roughly 10 percent increase from the $40.7 million posted during the same quarter last year.

The Westbrook-based company, which produces diagnostic tools for the veterinarian and animal health industries, generated revenue during the first quarter of $332.1 million, a 3 percent increase from the $332.7 million during the same quarter last year, according to Tuesday’s earnings release.

The company’s stock, however, fell roughly 3 percent on Tuesday morning as it pulled back on previous revenue projections.

In January, when Idexx announced its 2012 year-end financial results, it anticipated annual revenue for 2013 of between $1.405 billion and $1.42 billion. In its announcement Tuesday, the company revised that annual revenue projection down to between $1.38 billion and $1.39 billion.

“The decrease in expected reported revenue is the result of unfavorable changes in foreign currency exchange rates, reflecting a strengthening of the U.S. dollar relative to other currencies since the date of our previous guidance, as well as the reduction in our outlook for 2013 organic growth,” the company explained in Tuesday’s announcement.

Idexx is a global company that employs 1,800 at its headquarters in southern Maine.

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