IDEXX Laboratories, Inc. (NASDAQ: IDXX), today reported that revenues for the first quarter of 2011 increased 9% to $292.7 million, from $268.5 million for the first quarter of 2010. Organic revenue growth, as defined below, was 8%. Earnings per diluted share ("EPS") for the quarter ended March 31, 2011 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, which increased revenue growth by 1%, and revenue from acquisitions subsequent to December 31, 2009, which increased revenue growth by less than one percent.
"Overall for the quarter, our revenue growth was solid and our strong earnings growth was slightly above our expectations in January," stated Jonathan Ayers, Chairman and Chief Executive Officer. "In an economic environment that remains challenging, our 8% organic revenue growth is a testament to our success in continued innovation and strong commercial execution across our markets around the world. Earnings were slightly ahead of our expectation in January largely due to somewhat higher revenues, particularly in instrument consumables, livestock and poultry diagnostic kits and laboratory services, as well as our achievement of operating efficiencies."
"Market response to our ProCyte Dx(R) hematology analyzer, launched in the third quarter of last year, continues to be very positive with 235 placements in the first quarter. ProCyte Dx(R) provides reference lab quality test results in just two minutes and is a key enabler of our real-time care strategy, working seamlessly with our Catalyst Dx(R) chemistry analyzer. Our pace of innovation continues this month with the launch of a new SNAP(R) test kit, SNAP(R) fPL?, an in-clinic test that will help veterinarians rule in or rule out pancreatitis in cats in just ten minutes. This test can be used in conjunction with our Spec fPL(R) test run in the reference labs, which permits further diagnosis and refinement of treatment options."
"Continued stable market conditions, coupled with our solid first quarter results and recent weakening of the U.S. dollar, lead us to increase our earnings guidance for 2011, while we maintain our organic revenue growth outlook of 7-8%."
ABOUT IDEXX
IDEXX Laboratories, Inc. is a leader in pet healthcare innovation, serving practicing veterinarians around the world with a broad range of diagnostic and information technology-based products and services. IDEXX products enhance the ability of veterinarians to provide advanced medical care, improve staff efficiency and build more economically successful practices. IDEXX is also a worldwide leader in providing diagnostic tests and information for livestock and poultry and tests for the quality and safety of water and milk. Headquartered in Maine, IDEXX Laboratories employs more than 4,800 people and offers products to customers in over 100 countries.
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