Idexx 3Q profit jumps on animal diagnostics sales

Idexx Labs' 3rd-qtr profit jumps 23 percent on higher animal diagnostics sales, boosts outlook

• On 10:40 am EDT, Friday October 23, 2009

WESTBROOK, Maine (AP) -- Diagnostic and health care product company Idexx Laboratories Inc. said Friday its third-quarter profit rose 23 percent on higher sales of animal diagnostics and tests, particularly in Asia.

The company earned $31.5 million, or 52 cents per share, up from profit of $25.7 million, or 42 cents per share, during the same period a year prior. Revenue rose 3 percent to $259.1 million from $251.1 million.

Analysts polled by Thomson Reuters expected profit of 45 cents per share on revenue of $253.2 million.

Revenue from Idexx's companion-animal business, which makes health testing equipment for pets, rose 5 percent to $214.5 million. Meanwhile, revenue from the production-animal group, which makes tests for livestock, fell 11 percent to $15.9 million, while water unit revenue fell slightly to $19.7 million.

The company boosted its full-year profit outlook. It now expects earnings per share between $1.92 and $1.95, up from prior guidance of $1.88 to $1.92 per share. It still expects revenue of about $1.02 billion. Analysts expect profit of about $1.90 on revenue of about $1.02 billion.

Looking further ahead, the company expects 2010 profit between $2.15 and $2.25 on revenue between $1.08 billion and $1.1 billion, while analysts currently expect profit of $2.17 on revenue of just under $1.11 billion.

Shares of Idexx fell 4 cents to $52.56 in morning trading.

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