Q1 revenues up at Idexx
Idexx Laboratories Inc. has reported a 9% rise in revenue for the first quarter of the year, fueled in part by higher-than-anticipated sales in January.
The Westbrook-based pet pharmaceutical company reported revenues of $292.7 million, up from $268.5 million for the same period in 2010, according to a press release. Organic revenue -- or revenue not including the impact of foreign currency exchange rate changes -- grew 8%. Gross profit also increased 9% to $154.9 million, and net income rose from $33 million to $36 million.
CEO Jonathan Ayers attributed the strong quarter to solid revenue growth and operating efficiencies. The company saw high earnings in January, especially from its livestock and poultry diagnostic kits, instruments and laboratory services divisions.
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