Idexx boosts Q3 revenue, net income

Posted Oct. 23, 2013, at 12:14 p.m.

WESTBROOK, Maine — Idexx Laboratories increased its revenue by more than 7 percent during its third quarter, according to financial figures released Tuesday.

The biotech company, which employs 1,800 at its global headquarters in Westbrook, posted revenue during its third quarter of $338.3 million, which is a 7.2 percent increase from the $315.5 million it posted during the same period the year before, according to its quarterly financial report.

Idexx’s net income on that revenue during the third quarter was $45.7 million, a 6.5 percent increase from net income of $42.9 million during the third quarter of 2012, the report said.

By far the largest share of Idexx’s revenue comes from its Companion Animal Group, which provides diagnostic kits and laboratory services to the veterinary market. The group’s third-quarter revenue was $283.8 million, nearly 84 percent of the company’s total revenue, and nearly 8.2 percent higher than the same period the year before. The company’s other divisions sell diagnostic products in the water, poultry, dairy and livestock industries.

The company estimates its full-year 2013 revenue will reach nearly $1.4 billion, according to its report. The company also estimates it will continue to grow in 2014, with revenue increasing to nearly $1.5 billion.

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