Idexx Laboratories Inc. achieved a 51 percent increase in first-quarter net income compared with a year earlier, and an 11 percent increase in revenue, the company reported Friday.

The Westbrook-based producer of veterinary diagnostics and other products reported net income of $69.1 million, or 77 cents per share, compared with $46 million, or 51 cents per share, in the first quarter of 2016. The boost included a 12-cents-per-share increase as a result of adopting new accounting guidance related to share-based compensation.

Idexx reported first-quarter revenue of $462 million, compared with $417.6 million for the first quarter of 2016. Contributing to that growth was a sales boost of 13 percent for the company’s Companion Animal Group, which makes veterinary health testing products.

“Our strong business momentum continued in the first quarter, driven by strength in our companion animal business, reinforcing our strategic focus and sustained 10-percent-plus annual revenue growth potential,” Jonathan Ayers, the company’s chairman and CEO, said in a statement.

Not including the 12-cents-per-share accounting boost, Idexx’s quarterly net earnings of 65 cents per share beat analyst expectations by 3 cents per share, according to the investor website Seeking Alpha. The company’s revenue beat expectations by $7.2 million, it said.

Based on the company’s strong first-quarter results, Idexx increased its revenue outlook for the year by $15 million to a range of $1.93 billion to $1.95 billion. It increased its net income outlook by 10 cents per share to a range of $2.95 to $3.11 per share for the year.

“Building from this robust start to the year, we’re raising our 2017 guidance for revenue growth and constant currency operating margin expansion, while investing in enhanced capability, as we continue to deliver on our long-term goals for shareholder value creation,” Ayers said.

Idexx trades on the Nasdaq exchange under the symbol IDXX. Its stock price increased by 3.1 percent in trading Friday to end the day at $167.73 per share.

J. Craig Anderson can be contacted at 791-6390 or at:

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