Idexx earnings drop 16% in 2nd quarter

WESTBROOK – Idexx Laboratories Inc., a producer and supplier of diagnostic products and services and pharmaceuticals for animal care, said Friday its second-quarter profit fell 16 percent due to a write-down of certain assets.

Second-quarter earnings fell to $21.7 million, or 67 cents per share, from $25.8 million, or 78 cents per share, during the same quarter a year ago.

Second-quarter results included a $10.1 million, or 20 cents per share, write-down of pharmaceutical assets and a 2 cents per share cost related to an acquisition. Removing those factors, Idexx’s earnings would have been 89 cents per share.

Analysts polled by Thomson Financial, on average, forecast earnings of 83 cents per share on revenue of $229.6 million. Analysts estimates do not always include one-time charges.

Idexx reported quarterly revenue of $237 million, a 24 percent increase from $191.4 million during the same period a year ago.

Idexx raised its full-year guidance to $3.06 to $3.11 per share, excluding the previous write-downs, from $3.00 to $3.07 per share.

Shares of Idexx rose $1.24 per share on Friday to $98.98.