Idexx Raises Profit View, Cuts Revenue Outlook

WESTBROOK, Maine (AP) — Diagnostic and health care product company Idexx Laboratories Inc. on Friday narrowed its 2009 profit forecast while paring its revenue expectations, saying it has improved efficiency, but the global economic slump is hurting sales.

Idexx now forecasts a profit of $1.86 to $1.90 per share, compared with $1.84 to $1.90 per share earlier this year. It called for revenue of about $1 billion, down from $1.02 billion to $1.04 billion.

The company reported a profit of $1.90 per share in 2008, and about $1 billion in revenue. Analysts expected $1.84 per share and $1.03 billion in revenue this year, according to Thomson Reuters.

The outlook mirrors Idexx's first-quarter results, which were also reported Friday. The company's profit topped analyst expectations, while its revenue fell short of estimates.

Idexx said greater cost management helped its results, but the economic slowdown led sales to fall more than expected.