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.
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