UPDATE 2-Idexx Q2 profit beats Street, raises 2009 outlook

* Q2 EPS $0.55 vs est $0.54

* Raises FY09 EPS by $0.02

* Raises FY09 revenue to about $1.02 bln

* Shares up more than 4 pct

(Adds analyst comment, share movement)

July 24 (Reuters) - Idexx Laboratories Inc (IDXX.O) reported quarterly earnings that were slightly better than Wall Street estimates, and raised its full-year outlook, citing benefits from a weaker U.S. dollar.

For the full year, Idexx raised its earnings forecast by 2 cents to $1.88 to $1.92 a share, on revenue of about $1.02 billion.

It had previously expected to post revenue of $1.0 billion.

"While the consumer environment remains a key wildcard, demand will eventually return to vet practices, and we believe Idexx will be well positioned for accelerated growth when this occurs," William Blair analyst Ryan Daniels wrote in a research note.

The veterinary, food and water testing products maker said its second-quarter net income was $33.7 million, or 55 cents a share. A year ago, it earned $39.4 million, or 63 cents a share, including items.

Revenue fell 5 percent to $265.7 million.

Analysts on average were expecting earnings of 54 cents a share, before special items, on revenue of $259.0 million, according to Reuters Estimates.

Idexx Chief Executive Jonathan Ayers said the growth was led by sales of the company's Catalyst Dx chemistry analyzers and consumables, which moved out of limited launch phase and into full commercialization in the quarter.

Analyst Daniels said the long-term investment merits of Idexx stock remain very compelling due to solid geographic and product diversity, no government reimbursement risk, and strong balance sheet and cash flows among other reasons.

Shares of the company were up more than 4 percent at $50.09 in afternoon trade on Nasdaq.

(Reporting by Shailesh Kuber in Bangalore; Editing by Maju Samuel)