Idexx reduces annual revenue projections
Idexx Laboratories has lowered its year-end financial projections because of slowing revenue growth.
The Westbrook-based maker of diagnostics and pharmaceuticals for the animal care industry reported on Friday that its third-quarter revenue increased nine percent to $251.1 million, from $229.4 million for the third quarter of 2007. However, it reduced its revenue projections for 2008, projecting that its revenue would fall between $1.025 billion and $1.03 billion, instead of the previously announced projected revenue of $1.06 billion to $1.07 billion. "We are facing challenging times given the economy and its impact on the pet owner," Idexx CEO Jonathan Ayers said in a press release.
The company said the reduced revenue outlook is due in large part to the strengthening of the U.S. dollar, which decreases the dollar value of its international revenues.
Most Recent
Most Recent
Comments