Idexx Laboratories: 2nd quarter results – CEO pleased

IDEXX Laboratories, Inc. reported that revenues for the second quarter of 2010 increased 6% to $281.5 million, from $265.7 million for the second quarter of 2009.

Organic revenue growth, as defined below, was 5%. Earnings per diluted share (“EPS”) for the quarter ended June 30, 2010 increased 13% to $0.62, compared to $0.55 for the same period in the prior year.
Organic revenue growth excludes the impact of changes in foreign currency exchange rates and revenue from businesses acquired or divested subsequent to the beginning of the prior year period, each of which contributed less than 1% to revenue growth in the second quarter of 2010.
“I am very pleased with our second quarter results,” stated Jonathan Ayers, Chairman and Chief Executive Officer. “Our achievement of 5% organic revenue growth in an economic environment that remains challenging is a testament to our continued success in bringing innovative products and services to our veterinary and other customers. Earnings were ahead of our projection in April despite currency headwinds caused by a stronger U.S. dollar. This performance was due to continued gains in operating efficiency and our focus on disciplined expense management.
Capital placements in the second quarter were strong, led by sales of our Catalyst Dx chemistry analyzer and our line of digital radiography systems. Total chemistry placements for the quarter, which include our VetTest and Catalyst Dx analyzers, grew nearly 15% to 950, of which 556 were Catalyst Dx analyzers. We remain on track to place 2,400 Catalyst Dx analyzers in 2010. Already in the third quarter we have launched ProCyte Dx™, our new hematology analyzer, and early customer response to this revolutionary new instrument has been highly enthusiastic.
We remain confident in the fundamental strength of our business model and in the long-term growth prospects for our core markets. Our focus on operating efficiency and disciplined expense management has enabled us to maintain our full year earnings per share guidance despite the strengthening of the U.S. dollar since we provided guidance in April and a slightly more conservative view of the pace of the recovery in our markets.”
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