Idexx 1Q Profit Falls, But Surpasses Estimates

WESTBROOK, Maine (AP) — Diagnostic and health care product company Idexx Laboratories Inc. said Friday its profit slipped 5 percent in the first quarter as the global recession and the stronger dollar hurt sales.

Idexx's sales also decreased by 5 percent, but its profit was greater than Wall Street expected. Idexx reported a profit of $26.1 million, down from $27.6 million a year ago, and revenue fell to $236.5 million from $249.1 million.

The company's per-share profit was unchanged at 43 cents because Idexx reduced its share count. Last year's first quarter was helped by a one-time gain of 2 cents per share.

Analysts expected a smaller profit of 37 cents per share on $243.6 million in revenue, according to a Thomson Reuters survey.

The company said it is controlling expenses and shaded its profit forecast for the year toward the high end of its previous guidance. It reduced its revenue estimates because the economic slump is hurting its sales more than expected.

Revenue from Idexx's companion-animal business, which makes testing equipment used to check the health of pets, fell 4 percent, to $193.7 million from $202.8 million.

Revenue from the production-animal group, which makes tests for livestock, sank to $18.3 million from $21.2 million, a 14 percent drop. Water unit revenue decreased 5 percent, to $15.9 million from $16.8 million.