Idexx posted another year of double-digit growth in revenue and earnings percentages last year, as it gears up to expand in Westbrook.

The veterinary diagnostic firm earned $377 million in 2018, a 22 percent increase from the year before, according to year-end results released Friday. Overall revenue was $2.2 billion, up 12 percent from 2017.

“Our sustained high growth reinforces the enduring long-term potential we see for our markets around the world as our customers advance their standards of care by leveraging Idexx’s unique innovations,” chairman and CEO Jonathan Ayers said in a news release.

Revenue growth was buoyed by the company’s companion animal group diagnostics section, which makes up 86 percent of the company’s revenue.

Idexx projects to grow next year by 8 percent to 9.5 percent, to more than $2.3 billion.

The company is investing $70 million in an expansion to its Westbrook headquarters and to relocate and expand its laboratory in Germany. The Westbrook expansion could accommodate up to 600 new employees; Idexx already employs about 2,500 there.

“We are well positioned to build on our business momentum and high level of execution in 2019 with the investments we have made in the business in the last year,” Ayers said.

This story was updated at 11 a.m. Feb. 4, 2019 to clarify Idexx’s $70 million investment.

Peter McGuire can be contacted at 791-6325 or at:

[email protected]

Twitter: PeteL_McGuire


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