IDEXX Laboratories Announces First Quart...(which reduced reported revenue by 10%. O...),Health

Date:4/24/2009

which reduced reported revenue by 10%. Organically, PAS revenue declined by 4% due to lower sales volumes and lower average unit sales prices. Lower sales volumes were due largely to the completion of a bovine viral diarrhea virus ("BVDV") eradication program. Lower average unit sales prices were due primarily to increased price competition.

Additional Operating Results for the First Quarter

Gross profit for the first quarter of 2009 decreased $5.4 million, or 4%, to $124.4 million from $129.8 million for the first quarter of 2008. As a percentage of total revenue, gross profit increased slightly to 53% from 52% due primarily to the favorable impact of foreign currency hedge contracts and the favorable currency impact of foreign currency denominated expenses, net of the unfavorable impact that strengthening of the U.S. dollar had on sales denominated in foreign currencies, and to the impact of higher selling prices. These net favorable impacts were partly offset by higher costs of instrument service relating to the larger installed base of IDEXX VetLab(R) instruments.

Research and development ("R&D") expense for the first quarter of 2009 was $15.9 million, compared to $17.3 million for the first quarter of 2008, representing 7% of revenue in both periods. The decrease in R&D expense was due primarily to the absence of pharmaceutical business R&D spending in the first quarter of 2009.

Selling, general and administrative ("SG&A") expense for first quarter of 2009 was $70.1 million compared to $73.8 million for the first quarter of 2008, representing 30% of revenue in both periods. The decrease in SG&A expense resulted primarily from the favorable impact of exchange rates on foreign currency denominated expenses, the absence of pharmaceutical business SG&A spending in the first quarter of 2009, and lower spending on sales commissions, partly offset by higher personnel costs due,
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SOURCE IDEXX Laboratories, Inc. Copyright©2009 PR Newswire. All rights reserved

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