IDEXX Laboratories Announces First Quart...(progress in the post-launch improvements...),Health

Date:4/24/2009

progress in the post-launch improvements of our new chemistry instrument, Catalyst Dx(TM), which has continued to improve the customer experience. We placed more instruments in the quarter than expected, and yet still maintained our expected backlog at the quarter end. We expect to exit our controlled launch of the analyzer in the second quarter and enter a period of more aggressive placements. As a result we continue to estimate 2,000 placements for the year."

"Since our last earnings call, we have also launched an important new cardiac test in our reference laboratories for both dogs and cats. The test, called Cardiopet(TM) proBNP, is the first blood test that provides the veterinarian with a simple protocol to determine if a pet has a cardiac condition. Cardiopet proBNP is yet another innovative diagnostic tool that we expect will further differentiate our global reference lab offering."

"Based upon the effects of the economy that we observed in the first quarter and our ability to control expenses during the period, we reduced our revenue outlook somewhat for the year while raising the lower end of our EPS expectations. We believe that our performance demonstrates the fundamental strength of our business model and that we will be well positioned for higher growth when economic conditions improve."

Revenue Performance

Please refer to the table below entitled "Revenues and Revenue Growth Analysis by Product and Service Categories" in conjunction with the following discussion.

Companion Animal Group. Companion Animal Group ("CAG") revenues for the first quarter of 2009 were $193.7 million compared to $202.8 million for the first quarter of 2008. The decrease in CAG revenues was due primarily to the unfavorable impact of changes in foreign currency exchange rates and the absence of pharmaceutical product sales in the first quarter of 2009, as noted above. Organic growth, as de
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SOURCE IDEXX Laboratories, Inc. Copyright©2009 PR Newswire. All rights reserved

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