Idexx Laboratories on Thursday reported increased revenues and earnings during the first three months of the year, but said there are worrying signs about the impact of the coronavirus pandemic on its business.

The Westbrook-based biotechnology company said it was withdrawing its previous guidance on earnings of up to $5.58 a share because of the uncertainty over the impact of the pandemic and a sharp drop in veterinary visits in the past month. The company specializes in producing animal health and veterinary products and tests.

The company also reported officially that it was cutting salaried workers’ pay by 10 percent, with steeper reductions in top executive pay; suspended cash payments to directors; is eliminating company contributions to 401(k) accounts beginning May 8; has restricted travel and frozen hiring and promotions; issued $200 million in bonds; expanded its credit line; and has suspended share repurchases to prepare itself for the potential impact of the pandemic on its finances. The pay and benefits moves were outlined in a leaked memo from the company in early April.

For the January-March quarter, Idexx said it had revenues of $626 million, up from $576 million in the first three months of 2019. Earnings per share were $1.29 on net income of $111.9 million, compared to $1.17 per share and net income of $102.6 million in the first quarter of 2019.

The company said results in its companion animal group diagnostics business – which primarily provides tests for animals through veterinary practices – were strong, with revenue growth of 10 percent. Gains were strong in both the U.S. and international markets, the company said, but veterinary visits began to drop sharply at the end of the quarter.

Idexx said a tracking of weekly visits to veterinarians dropped 15 to 30 percent from the week ending March 27 to the week ending April 24. The biggest drop was in wellness checkup visits, the company said. There was some improvement toward the end of that period, the company said, and further improvement is expected where stay-at-home orders are being eased or lifted.

In a statement accompanying the earnings report, Jay Mazelsky, Idexx’s president and chief executive officer, said the company’s portfolio of companion animal products should help Idexx weather the pandemic and economic disruption.

“The pet-owner bond is stronger than ever,” Mazelsky said. “We are very well-positioned for a strong recovery in the highly attractive and resilient companion animal health care market.”

The company said that it produced a coronavirus test for animals after a few cases of pets contracting the virus and has also developed a human test kit. Idexx has applied for an emergency authorization from the U.S. Food and Drug Administration to begin issuing the human tests, which can provide results in two to three hours.

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