IDEXX Laboratories Inc. (NSDQ:IDXX) lowered its guidance for full-year sales growth despite a second quarter that saw it boost its bottom line by 10 percent.
The Westbrook, Maine-based veterinary diagnostics maker reported net earnings of $37 million, or 62 cents per diluted share, on sales of $281 million during the three months ended June 30. That compares with net earnings of $33.7 million, or 55 cents per diluted share, on sales of $266 million during the same period last year.
Fluctuating foreign currency exchange rates quashed the rosy outlook from the first quarter, when the company increased its earnings-per-share guidance for 2010. IDEXX lowered revenue expectations to between $1.09 billion and $1.10 billion from its $1.10 to $1.12 billion forecast in January on the increasing value of the dollar.
IDEXX said it held steady on 2010 EPS expectations of $2.23 to $2.28 because it managed to keep a lid on R&D and selling, general and administrative costs despite hiring more employees.
In April, the company announced plans for a $50 million renovation of its headquarters, involving the addition of a 200,000-square-foot administration building and 500 jobs to the local economy. IDEXX employs about 1,600 workers in Westbrook.
Sales of IDEXX’s Catalyst Dx chemistry analyzer and digital radiography systems led capital sales during the quarter. VetTest and Catalyst Dx analyzer sales grew nearly 15 percent to 950 units, of which 556 were Catalyst Dx devices. The company said it remains on track to sell 2,400 Catalyst Dx analyzers in 2010. The beginning of the third quarter saw IDEXX launch the ProCyte Dx hematology analyzer, for which it claims "enthusiastic" customer reactions.