UPDATE 1-Idexx Labs Q2 profit up; raises '08 outlook

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July 25 (Reuters) - Idexx Laboratories Inc (IDXX.O: Quote, Profile, Research, Stock Buzz), a maker of veterinary, food and water testing products, posted an 82 percent jump in quarterly profit, helped by strong sales in its core companion animal veterinary segment, and raised its 2008 earnings outlook.

The company posted net income of $39.4 million, or 63 cents a share, compared with $21.7 million, or 34 cents a share, in the year-ago period.

Revenue rose 18 percent to $280.6 million.

Analysts on average were expecting earnings of 56 cents a share, on revenue of $278.4 million for the quarter, according to Reuters Estimates.

For 2008, Idexx now expects to earn $1.89 to $1.92 a share, compared with its prior forecast of $1.84 to $1.87 a share. Excluding certain items, it expects to earn $1.87 to $1.90 a share.

The company also marginally lowered the high-end of its 2008 revenue estimate and now expects $1.06 billion to $1.07 billion , compared with its prior outlook of $1.06 billion to $1.075 billion.

Analysts average forecast is $1.85 a share before items, on revenue of $1.07 billion for the year.

Shares of Idexx Labs closed at $54.25 Thursday on Nasdaq. (Reporting by Jennifer Robin Raj in Bangalore; Editing by Amitha Rajan)