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UPDATE 2-Idexx Q1 beats Street, ups 2010 profit view
April 23, 2010 / 11:31 AM / 7 years ago

UPDATE 2-Idexx Q1 beats Street, ups 2010 profit view

* Q1 EPS $0.55 vs. est $0.49

* Raises FY10 EPS view to $2.23-$2.28 from $2.20-$2.25 * Says receives FTC subpoena on marketing practices * Says confident about legal position

* Shares up as much as 13.5 pct (Adds conference call comments, analyst comments, share movement)

BANGALORE, April 23 (Reuters) - Idexx Laboratories Inc (IDXX.O) reported a better-than-expected quarterly profit, helped by orders from distributors that came in higher than it expected, and raised its profit view for the year.

Shares of the company, which makes veterinary, food and water testing products, touched a new life-time high even as the company said it received a subpoena from the Federal Trade Commission on its marketing and pricing practices.

On a call with analysts, the company said it intended to cooperate with the FTC on the investigation, which it said was in very early stages. Idexx also said it remained confident about its legal position.

The company expects stronger growth coming from lab services and instruments, including digital radiography, it said on the call.

“The announcement of a next-generation hematology analyzer product launch in the release this morning is essentially what we were waiting for to provide additional energy to the second half 2010 growth story,” Kaufman Bros analyst Dawn Brock said.

Idexx Labs also raised its full-year earnings outlook to $2.23 to $2.28 from its prior view of $2.20 to $2.25.

For the first quarter, the company posted a net income of $33 million, or 55 cents a share, compared to $26.1 million, or 43 cents a share, in the year-ago quarter.

Revenue for the quarter was up 14 percent at $268.5 million.

Analysts on average were expecting the company to post a profit of 49 cents a share, on revenue of $258.8 million, according to Thomson Reuters I/B/E/S.

Shares of the Westbrook, Maine-based company were up 11 percent at $67.32 Friday afternoon on Nasdaq. They had touched a high of $68.57 earlier in the session. (Reporting by Krishnakali Sengupta and Vidya L Nathan in Bangalore; Editing by Aradhana Aravindan, Maju Samuel)

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