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

fit for the second quarter of 2009 decreased $12.8 million, or 8%, to $138.4 million from $151.3 million for the second quarter of 2008. As a percentage of total revenue, gross profit decreased to 52% from 54%. The decrease in gross profit percentage was due primarily to the absence of higher margin pharmaceutical product sales in the second quarter of 2009, to higher relative sales of lower margin IDEXX VetLab((R)) instruments and laboratory and consulting services, and to higher overall manufacturing costs. These unfavorable impacts were partly offset by the impact of higher selling prices, primarily for laboratory and consulting services.

Research and development ("R&D") expense for the second quarter of 2009 was $16.6 million, or 6% of revenue, compared to $18.3 million, or 6.5% of revenue for the second quarter of 2008. The decrease in R&D expense was due primarily to the absence of pharmaceutical business R&D spending in the second quarter of 2009.

Selling, general and administrative ("SG&A") expense for the second quarter of 2009 was $72.7 million, or 27% of revenue, compared to $74.1 million, or 26% of revenue, for the second quarter of 2008. The decrease in SG&A expense resulted primarily from the favorable impact of exchange rates on foreign currency denominated expenses and the absence of pharmaceutical business SG&A spending in the second quarter of 2009. These impacts were partly offset by increases in spending related to information technology, facilities, and other general support functions in the U.S. and Europe.

Supplementary Analysis of Results

The accompanying financial tables provide more information concerning our revenue and other operating results for the three and six months ended June 30, 2009, as well as a reconciliation of non-GAAP diluted EPS to earnings per share.

Outlook

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SOURCE IDEXX Laboratories, Inc.
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