Idexx Laboratories Inc. posted a 3 percent sales increase during the third quarter, though the recession continues to take a bite out of the veterinary products maker’s business compared with last year.
Idexx, which also makes testing products for water and milk, reported a $31.5 million profit on $259 million in sales for the three months ended Sept. 30, compared to a $26 million haul on $251 million in sales during the same period last year.
Despite the gains, the company’s sales are down about 2.5 percent for the first nine months of 2009. Idexx reported about $761 million in sales for the period, down from $780 million during the first three quarters of 2008.
The Westbrook, Maine-based company said its veterinary products division led the charge during the quarter, jumping 5 percent over last year’s levels. The company credited increased sales ffor its Catalyst Dx chemistry analyzer and consumables, which offset decreases for its hematology analyzers.
Veterinary products made up 83 percent of the company’s total sales for the quarter.
Idexx reaffirmed revenue projections of just over $1 billion for the full year and said it expects to be slightly more profitable, thanks to favorable currency exchanges resulting from the soft dollar. Idexx raised its profits outlook to $1.92-$1.95 a share, from $1.88-$1.92 a share.
Looking forward, the company said it expects 2010 revenues to be in the range of $1.08 billion to $1.1 billion.