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IDEXX Laboratories Announces Fourth Quarter and Full Year Results
Date:1/30/2009

WESTBROOK, Maine, Jan. 30 /PRNewswire-FirstCall/ -- IDEXX Laboratories, Inc. (Nasdaq: IDXX), today reported that revenues for the fourth quarter of 2008 were $243.3 million compared to $245.0 million for the fourth quarter of 2007. Organic revenue growth, which is reported growth adjusted to eliminate the effect of changes in foreign currency exchange rates and revenues from businesses acquired, divested or discontinued since October 1, 2007, was 6.5% for the quarter.

Earnings per diluted share ("EPS") for the quarter ended December 31, 2008 were $0.39, compared to $0.40, for the same period in the prior year. Earnings per share were $0.44 after adjusting to eliminate discrete items related to the disposition of certain pharmaceutical product lines and pharmaceutical assets, discussed further below, which represents an increase of 10% from the same period of the prior year. Please refer to the non-GAAP financial measures table below.

"Despite the considerable challenges facing the economy and the consumer, we were pleased to achieve our organic revenue growth in the quarter," said Jonathan Ayers, Chairman and CEO. "While we experienced slowing demand in several areas of our business, demand held up well in certain other areas. For example, in our Companion Animal Group segment, sales of both Catalyst Dx, our next generation chemistry system, and our digital radiography product lines remained strong. Also, we had 7% organic growth in our Water business, a highly profitable business where demand is not generally affected by economic conditions. While the economy had a more pronounced effect overall on our company's growth in the fourth quarter than in prior quarters in 2008, we also achieved our earnings goals, in part through a disciplined control of operating expenses."

"We expect that the demand levels we experien
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SOURCE IDEXX Laboratories, Inc.
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