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

the first quarter of 2008. To a lesser extent, organic growth also was driven by price increases realized on sales of laboratory and consulting services. The impact of higher IDEXX VetLab((R) )instruments and consumables volumes was partly offset by lower sales volume and lower average unit sales prices for LaserCyte((R)) hematology analyzers.

Water. Water segment revenues for the second quarter of 2009 were $19.2 million compared to $20.2 million for the second quarter of 2008. The decrease in Water revenue was due primarily to the unfavorable impact of changes in foreign currency exchange rates, which reduced reported revenue by 7%. Organic growth of 2% was due to the favorable impact of higher average unit sales prices partly offset by lower sales volumes.

Production Animal Segment. Production Animal Segment ("PAS") revenues for the second quarter of 2009 were $19.6 million compared to $21.5 million for the second quarter of 2008. The decrease in PAS revenue was due primarily to the unfavorable impact of changes in foreign currency exchange rates, which reduced reported revenue by 10%. Organic growth of 1% was due to the favorable impact of higher average unit sales prices partly offset by lower sales volumes.

Year-to-Date Results

Year-to-date revenues were $502.2 million compared to $529.6 million for the six months ended June 30, 2008. Organic growth for the six months ended June 30, 2009 was 4%.

Year-to-date diluted EPS were $0.98 compared to $1.06 for the six months ended June 30, 2008. As shown in the reconciliation of non-GAAP diluted EPS to earnings per share in the supplementary table provided below, non-GAAP diluted EPS for the six months ended June 30, 2008 were $1.04, of which approximately $0.08 per share related to pharmaceutical sales.

Additional Operating Results for the Second Quarter

Gross pro
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SOURCE IDEXX Laboratories, Inc.
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