Idexx Laboratories Inc. reported strong third quarter financial results Thursday, including an 11 percent increase in revenue and a 33 percent boost in net income compared with a year earlier.

The Westbrook-based maker of veterinary diagnostic testing equipment and processes reported quarterly revenue of $545.4 million, up 11 percent from $492 million in the third quarter of 2017.

Adjusted quarterly net income was $93.3 million, or $1.05 per share, up 33 percent from $70.5 million, or 79 cents per share, in the third quarter of 2017. According to the investor website Seeking Alpha, Idexx’s net income beat analyst expectations by 8 cents per share, and its revenue was right in line with expectations.

The company said its financial performance was driven largely by sales growth in its Companion Animal Group Diagnostics division, which it refers to as CAG Diagnostics, the unit that encompasses diagnostic testing products and services for pets.

“We continue to see strong demand for higher-quality pet health care, and our ongoing business momentum (is) reflected in our sustained 13 percent organic growth in CAG Diagnostics recurring revenues,” said Jonathan Ayers, the company’s chairman and CEO, in a prepared statement.

Idexx is a publicly traded company that is listed on the Nasdaq exchange under the symbol IDXX. The company employs about 2,500 workers in Westbrook and 7,000 globally. It began construction in May on a $62 million expansion of its Westbrook headquarters.

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

canderson@pressherald.com

Twitter: @jcraiganderson

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