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IDEXX Laboratories' CEO Discusses Q4 2011 Results - Earnings Call Transcript

Despite the turmoil in the European economy, our Companion Animal business in Europe achieved 8% organic growth in the fourth quarter. While we remain cautious along with others about the predictive reliability of short-term data and the negative impacts to global economy from potential further shocks occurring in any one geography such as Europe. We nonetheless feel that the metrics we are observing support the assumption in our 2012 outlook that our businesses will benefit modestly from a very gradual improvement in the macroeconomic environment.

Now for some further detail on revenue performance for some of our businesses. VetLab Instruments and Consumables with fourth quarter revenue of $102.4 million grew 6% organically. Sales of instruments were $28.7 million and organic growth up 2%. Worldwide placements of Catalyst were up 13% year-to-year marked by solid performance in the US and on the international front, strong placements in Asia Pacific due in part to the launch in Japan offset relatively flat placements in Europe.

For the year, our combined chemistry placements of VetTest and Catalyst were within a couple of percentage points of our goal of 4000. ProCyte and LaserCyte hematology placements increased by 12% over prior year. ProCyte continues to be a significant contributor to our growth. With 381 units installed in the fourth quarter, we ended the year with 1,179 placements, nearly 20% above our 2011 goal of 1000 units.

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