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IDEXX Laboratories Announces Second Quarter Results
Date:7/24/2009

WESTBROOK, Maine, July 24 /PRNewswire-FirstCall/ -- IDEXX Laboratories, Inc. (Nasdaq: IDXX), today reported that revenues for the second quarter of 2009 were $265.7 million compared to $280.6 million for the second quarter of 2008. Organic revenue growth, as defined below, was 5%. Earnings per diluted share ("EPS") for the quarter ended June 30, 2009 were $0.55 compared to $0.63 for the same period in the prior year. Excluding incremental EPS that resulted from sales of pharmaceutical products that were subsequently divested or discontinued in 2008, EPS in the second quarter of 2008 would have been $0.54, and thus EPS growth without this contribution was 2%.

Organic revenue growth excludes the impact of changes in currency exchange rates, which reduced revenue growth by approximately 5%, and revenue from businesses acquired or divested subsequent to the beginning of the prior year period, including pharmaceutical products that were divested in the fourth quarter of 2008. Pharmaceutical revenues and related earnings in the second quarter of 2008 were exceptionally high due to the sale of the remaining inventory of PZI VET((R)) in connection with the discontinuation of that product.

"Our second quarter results reflect our continued focus on productivity in the current economic environment," said Jonathan Ayers, Chief Executive Officer. "Economic weakness reduced pet visits to U.S. veterinary clinics, our largest customer segment, by an estimated 4% year over year, similar to the first quarter of 2009. We nonetheless achieved 5% organic growth during the period. This growth was led by sales of our Catalyst Dx((R)) chemistry analyzers and consumables, which transitioned out of limited launch phase and into full commercialization in the second quarter, per our expectation. We are very pleased with customer adoption
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SOURCE IDEXX Laboratories, Inc.
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