Idexx Laboratories Inc. on Tuesday reported increases in both revenue and profit during the first quarter compared with a year earlier. Still, the company said its quarterly revenue fell short of expectations and lowered its growth projections slightly for the year.
The Westbrook-based company, which produces diagnostic testing products for pets, livestock and water, reported revenue of $382.5 million for the quarter, up 6 percent from $360.2 million in the first quarter of 2014.
The company’s net income for the quarter was $46.6 million, the same as during the first quarter of 2014. However, earnings per share were up 10 percent to $0.98, compared with $0.89 a year earlier.
Idexx said the strengthening of the U.S. dollar negatively affected sales revenue from overseas operations. As a result, the company lowered its revenue projection for the year by $15 million, and its net income projection by 5 cents a share.
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