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July 26, 2011 Portlandbiz

Revenues jump 13% at Idexx

By The Mainebiz News Staff

Idexx Laboratories Inc. recently reported a 13% jump in revenues for the second quarter of 2011, bringing total revenues for the quarter to nearly $318 million.

The Westbrook-based company outpaced Q2 2010's revenue of $281.5 million, according to a press release. Idexx also reported an 8% rise in organic revenue, which excludes the impact of changes in foreign currency rates. CEO Jonathan Ayers said the quarter's results "reflect continued momentum in advancing our strategic and operational initiatives" despite economic challenges. Revenues for its companion animal group were $259.7 million, compared to $232 million for the second quarter of 2010, attributed to higher sales volumes, new customers and an increase in sales prices for its products. Other divisions also saw increases.

Idexx also reported a 17% increase in its gross profit, which rose from $149 million last year to $174 million this year. Reduced manufacturing costs and greater sales of higher-margin products helped boost profit.

The biotech company this fall will begin construction of a $60 million corporate headquarters adjacent to its existing offices, an expansion that will allow it to hire up to 700 new employees, according to a press release. The first phase of the project, a 107,000-square-foot, $30 million building, will house 300 new employees when it's completed in 2013. Currently, Idexx employs more than 4,800 people, 1,700 of which are in Maine. The company announced the plans in detail last April, but said the expansion hinged on an agreement with neighbor Pike Industries over its quarry operation. City and company officials from Pike and Idexx reached an agreement last year that allows Pike limited blasting at the quarry.

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