Idexx revenues dip slightly
Idexx, the Westbrook-based pet healthcare company, reported a drop in revenues for the first quarter of 2009 compared with the company's performance for the same period a year ago.
The dip, from $249.1 million to $236.5 million, was attributable to losses in foreign currency exchanges and the absence of sales related to the fourth quarter '08 divestiture of certain pharmaceutical products, according to a statement released by CEO Jonathan Ayers. Net income for the quarter was $26.1 million, compared with $27.6 million in the quarter a year ago.
Based on its first quarter performance, Idexx revised its outlook for the remainder of 2009 down. Revenues expected to be in the $1.02 to $1.04 billion range are now expected to be $1 billion, but diluted earnings per share were raised 2 cents to $1.86 to $1.90 a share. Ayers said he was optimistic the company would weather the global recession well because of its efficiency and cost-cutting measures, and its commitment to research and development .
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