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IDEXX Laboratories Announces Third Quarter Results
Date:10/21/2011

WESTBROOK, Maine, Oct. 21, 2011 /PRNewswire/ -- IDEXX Laboratories, Inc. (NASDAQ: IDXX), today reported that revenues for the third quarter of 2011 increased 12% to $301.0 million, from $269.6 million for the third quarter of 2010. Organic revenue growth, as defined below, was 8%. Earnings per diluted share ("EPS") for the quarter ended September 30, 2011 increased 12% to $0.66, compared to $0.59 for the same period in the prior year.

Organic revenue growth excludes the impact of changes in foreign currency exchange rates, which contributed 4% to revenue growth, and revenue from acquisitions subsequent to June 30, 2010, which contributed less than 1% to revenue growth in the third quarter of 2011.

"Our strategy of bringing innovations to our global markets continues to deliver," stated Jonathan Ayers, Chairman and Chief Executive Officer. "In an economic environment that remains challenging, our organic growth of 8% in the third quarter demonstrates our continued success in bringing an integrated portfolio of products and services to our veterinary and other customers, as well as strong commercial execution in markets around the world."

"Our initiatives aimed at helping veterinarians practice better medicine, run more efficient practices and increase their relevance with pet owners, continue to show momentum. I was particularly pleased with our strong instrument placement success, including an almost 40% year over year growth in placements of our Catalyst Dx® chemistry analyzer, which bodes well for future consumable sales growth. Our other large line of business, the global reference laboratory and consulting services business, achieved 10% organic growth for the third consecutive quarter. Our pace of innovation continues with the recent release of Cornerstone® 8.2, the latest version of our flagship practice management system, as well as the launch
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SOURCE IDEXX Laboratories, Inc.
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