Idexx Laboratories Inc. experienced double-digit revenue and profit growth in the third quarter, the company reported Friday.
The Westbrook maker of diagnostic testing equipment for animals, dairy products and water quality said in its quarterly earnings report that revenue for the quarter was $384 million, up 13 percent from the third quarter of 2013.
The company’s net income for the quarter was $52.2 million, or $1.05 per share, up from $45.6 million, or 87 cents per share during the same quarter a year earlier.
Idexx has about 2,100 employees at its facility in Westbrook and another 4,000 employees worldwide. This year, Idexx announced plans to begin selling all of its products directly to customers, rather than selling some of them through a third party, as it has done in the past.
“I thought the quarter was better than expected,” said Kevin Ellich, a senior research analyst for Piper Jaffray. “We saw good organic growth, and I think that the transition to the direct sales model is going according to plan, and maybe better than expected.”
Idexx stock trades on Nasdaq under the symbol IDXX.
The company’s share price rose by $8.85, or 7 percent, in trading Friday to end the day at $135.20.
Jennifer Van Allen can be contacted at 791-6313 or at:
jvanallen@pressherald.com
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