IDEXX Laboratories Inc. boosted its revenue by nearly 14 percent in the fourth quarter compared with a year earlier, exceeding analyst expectations for both sales and profits.
The Westbrook-based animal health products maker reported fourth-quarter revenue of $399.7 million, up 13.6 percent from the fourth quarter of 2014. It was about $2.3 million higher than expected. Revenue for the full year was $1.6 billion, up 8 percent from 2014.
The company reported fourth-quarter net income of $44.4 million, or $0.48 per share, beating analyst expectations by $0.04 per share. It was 2.1 percent higher than in the fourth quarter of 2014. Net income for the full year was $192.1 million, up 5.6 percent from 2014.
The company attributed much of the revenue growth to its recent transition to a direct-sales-only model for its U.S. Companion Animal Group diagnostics division. Previously, IDEXX had sold the products indirectly through resellers.
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