Idexx reports net income jump
Idexx Laboratories today announced a 22.7% increase in its net income, driven in part by growth of its business in Asia.
The company reported a third quarter net income of $31.5 million, up from $25.7 million for the same quarter last year, and revenue of $259.1 million, up from $251.1 million for the same quarter last year. A big factor in those increases was a 20% organic growth -- which doesn't take into account currency exchange rates -- in revenue in Asia over the last two quarters, according to CEO Jonathan Ayers. "Our international performance was a highlight of the quarter," Ayers said. "All of our major lines of business are present in the region, and we believe that some of our most attractive growth opportunities are found in Asia as well as other international markets."
The company is a bit behind in its year-to-date financials. For the nine-month period that ended Sept. 30, the company's net income declined to $91.3 million, from $92.6 million last year. Revenues for the nine-month period dropped to $761.3 million, from $780.74 million last year. For the full year, the company estimates its 2009 revenue will be approximately $1.02 billion.
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