Idexx Laboratories Inc. boosted its revenue by 7 percent in the second quarter from a year earlier, but still fell short of analysts’ expectations.

However, the company’s net income increased by 16 percent, besting analysts’ predictions. Idexx issued its quarterly earnings report Thursday.

Last month the Westbrook-based company, which offers veterinary diagnostic testing equipment and services, was reeling from news that its chairman, president and CEO, Jonathan Ayers, suffered a spinal cord injury near the end of the second quarter that paralyzed most of his body.

Ayers is currently undergoing rehabilitation, and Idexx Executive Vice President Jay Mazelsky has been appointed interim president and CEO in his absence.

Idexx reported quarterly revenue of $620.1 million, compared with $580.8 million for the same period a year earlier. The company’s revenue fell short of analyst expectations by $7 million, according to the investor website Seeking Alpha.

It reported quarterly net income of $125.7 million, or $1.43 per share, compared with $108.7 million, or $1.23 per share, for the same period a year earlier. Idexx quarterly net income exceeded investor expectations by 6 cents per share, Seeking Alpha reported.

“The solid performance we continue to deliver is the result of a deep and talented global team, an unrelenting commitment to innovation, a unique multi-modal strategy and our durable recurring revenue business model,” Mazelsky said in a statement. “We’re well positioned to build on this foundation through the expansion of key initiatives like Idexx Preventive Care, which is building momentum as a driver of increased diagnostic testing, supporting faster growth for engaged Idexx customers.”

Idexx is Maine’s largest publicly traded company in terms of market capitalization, or the number of outstanding shares multiplied by the value of each share. Its shares trade on the Nasdaq Stock Market under the symbol IDXX. The value of Idexx shares fell by 4.9 percent Thursday from the previous day’s closing price to $268.30 per share.

Stocks fell across the board Thursday after President Trump tweeted that he plans to impose a 10 percent tariff on $300 billion worth of Chinese imports.

Idexx reported revenue of $2.2 billion in 2018, up 12 percent from the previous year. Its net income in 2018 was $377 million, a 22 percent increase from the year before. It received city approval in 2018 to construct a multilevel, 135,000-square-foot expansion to its Westbrook headquarters that will accommodate 600 additional workers when completed.

The company, which produces veterinary diagnostic testing equipment, software and other products, has been based in Westbrook since 1991. It has nearly 3,000 employees in Maine and more than 8,000 worldwide.


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