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

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Production Animal Segment. Production Animal Segment ("PAS") revenues for the fourth quarter of 2008 were $20.3 million compared to $22.2 million for the fourth quarter of 2007. The decrease in PAS revenues was due to the unfavorable impact of changes in foreign currency exchange rates, which reduced reported revenues by 7%, and lower average unit sales prices resulting from increased price competition. These unfavorable impacts were partly offset by higher livestock diagnostics sales volume.

Full-Year Results

Revenues for the year ended December 31, 2008 increased 11% to $1.024 billion from $922.6 million for the year ended December 31, 2007. Organic revenue growth, as defined above, for the year ended December 31, 2008, was 9%. Acquisitions, net of divestitures and discontinued products, and exchange each contributed 1% to revenue growth.

Earnings per diluted share for the year ended December 31, 2008 increased 28% to $1.87 from $1.46 for the year ended December 31, 2007. Non-GAAP adjusted diluted EPS for the year ended December 31, 2008 grew 20% to $1.90 from $1.58 for the year ended December 31, 2007. Please refer to the non-GAAP financial measures table below.

Additional Operating Results for the Fourth Quarter

Gross profit for the fourth quarter of 2008 decreased $1.7 million, or 1%, to $120.5 million from $122.2 million for the fourth quarter of 2007. 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 IDEXX VetLab(R) instruments and laboratory and consulting services, and higher manufacturing costs of our instruments, including our Catalyst Dx(TM) chemistry analyzer. Decreases in the gross profit percentage were offset by the favorable net impact of foreign currency exchange rates, as gains on fore
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SOURCE IDEXX Laboratories, Inc.
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