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IDEXX Laboratories Announces Fourth Quarter Results
Date:1/25/2008

WESTBROOK, Maine, Jan. 25 /PRNewswire-FirstCall/ -- IDEXX Laboratories, Inc. (Nasdaq: IDXX), today reported that revenue for the fourth quarter of 2007 increased 27% to $245.0 million from $192.2 million for the fourth quarter of 2006. Earnings per diluted share ("EPS") for the quarter ended December 31, 2007 were $0.40, compared to $0.38, for the same period in the prior year. Non-GAAP adjusted diluted EPS for the fourth quarter grew 29% to $0.40 from $0.31 for the fourth quarter of 2006.

"We completed another strong quarter for our companion animal business, with overall organic growth at 17% and each individual business growing at a double-digit rate, which I think speaks to the fundamental strength of our market and our business model," said Jonathan W. Ayers, Chairman and CEO. "Of particular note, instruments had another strong placement quarter, continuing the strong trend in placement growth that we saw throughout 2007. We expect the momentum in our IDEXX VetLab instrumentation business to continue in 2008 with the launch of our two new instruments, Catalyst Dx(TM) and SNAPShot Dx(TM), both of which we expect to begin shipping in March."

Companion Animal Group ("CAG") revenue for the fourth quarter of 2007 increased 26% to $197.5 million from $157.0 million for the fourth quarter of 2006. Acquisitions of reference laboratories contributed 5% to growth and changes in foreign currency exchange rates contributed an additional 4%. Growth for the quarter adjusted for acquisitions and foreign currency exchange rates was 17%.

Water segment revenue for the fourth quarter of 2007 increased 17% to $17.3 million from $14.7 million for the fourth quarter of 2006 due primarily to higher sales volume, partly offset by lower
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SOURCE IDEXX Laboratories, Inc.
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