Idexx Labs cuts full-year revenue, profit outlook

WESTBROOK – Idexx Laboratories is trimming its full-year profit and revenue expectations after reporting flat profits during its third quarter.

Idexx, a producer and supplier of diagnostic products and services and pharmaceuticals for animal care, said Friday that it earned $25.7 million for the period that ended Sept. 30, down slightly from $25.8 million a year ago. Revenue rose 9 percent, to more than $251 million from $229 million.

But the company cut its full-year profit and revenue outlook, saying revenue growth is slowing.

Idexx is now forecasting a profit of $1.88 to $1.91 a share, or $1.86 to $1.89 a share excluding tax benefits. Both those forecasts are a penny below Idexx’s previous expectations. Idexx said its revenue for the year will be between $1.025 billion and $1.03 billion, down from $1.06 billion to $1.07 billion.

Idexx CEO Jonathan Ayers said he was pleased with the third-quarter results, even with revenue growth coming in somewhat lower than expected.

“We are facing challenging times given the economy and its impact on the pet owner,” he said.

The company said the change in revenue outlook is largely due to the recent strengthening of the U.S. dollar, which decreases the dollar value of its international revenues.

For 2009, revenue is expected to be $1.05 to $1.07 billion, or 2 percent to 4 percent over the 2008 projections.

Idexx Laboratories is one of the largest Maine-based publicly traded companies, with more than 4,500 employees worldwide and more than 1,400 in Maine.