Idexx 4Q net income rises 14 pct.

Idexx posts 14 pct. increase in 4th-qtr net income on higher demand for testing supplies

Associated Press

WESTBROOK, Maine (AP) -- Idexx Laboratories Inc. said Tuesday that its fourth-quarter net income rose 14 percent on higher demand for supplies used with its medical testing equipment for pets.

The company, based in Westbrook, Maine, earned $43.4 million, or 78 cents per share, up from $38 million, or 67 cents per share, in the same quarter a year ago. Revenue rose 4 percent to $319.5 million.

The profit beat Wall Street predictions, but revenue fell short. Analysts, on average, expected a profit of 71 cents per share on $323 million in revenue, according to FactSet.

Revenue at the company's companion animal group rose 5 percent to $263.5 million, mainly as a result of higher sales volumes of supplies used with its Catalyst Dx diagnostic instrument, along with higher prices and volumes at its laboratories.

Sales at the water division rose 5 percent to $20.9 million, while livestock and poultry diagnostic revenue fell 6 percent to $22.6 million, hurt by lower sales of certain bovine tests.

Idexx boosted its full year profit prediction by 10 cents per share to a range of $3.47 to $3.57 per to account for a federal research and development tax credit. It also projected 2013 revenue of $1.41 billion to $1.42 billion.

Analysts expect earnings of $3.48 per share on $1.4 billion in revenue.

Idexx shares fell $2.40, or 2.4 percent, to $97.25 in afternoon trading.

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