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

58 from $1.33 for the year ended December 31, 2006.

Additional Operating Results for the Fourth Quarter

Gross profit for the fourth quarter of 2007 increased $26.0 million, or 27%, to $122.2 million from $96.3 million for the fourth quarter of 2006. As a percentage of total revenue, gross profit was constant at 50%. Year-over-year, the gross profit percentage was unfavorably impacted by greater relative sales of lower margin products and services including laboratory and consulting services. Decreases in the gross margin percentage were offset by the favorable net impact of foreign currency exchange rates and higher average selling prices, resulting in part from higher relative sales of combination rapid assay products such as the SNAP(R)4Dx(R), which was launched in the U.S. in September 2006.

Research and development ("R&D") expense for the fourth quarter of 2007 was $16.8 million, or 6.8% of revenue, compared to $14.0 million, or 7.3% of revenue, for the fourth quarter of 2006. R&D expense grew primarily as a result of increased product development spending related to IDEXX VetLab(R) instrumentation and to product development activities across all product and service categories.

Selling, general and administrative ("SG&A") expense for the fourth quarter of 2007 was $68.7 million, or 28% of revenue, compared to $52.8 million, or 27% of revenue, for the fourth quarter of 2006. Year- over-year increased SG&A expense was due primarily to expanded worldwide sales, marketing and customer support resources; higher spending on information technology, facilities and other general support functions; and incremental activities associated with recently acquired businesses.

Outlook

The Company offers the following revised guidance for the full year of 2008:
-- Revenue is expected to be $1.05 billion to $1.07 billion, which

represents revenue growth of 14% to 16%.

-- Diluted earnings per share are expected to
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SOURCE IDEXX Laboratories, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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