Westbrook-based biotechnology firm Idexx on Friday said its revenues increased 10% for the first quarter of the year. The company also announced changes to its product distribution to address concerns raised by the Federal Trade Commission.
The company's revenues for Q1 2012 were $322.7 million, up from $292.7 million the same quarter in 2011, according to a press release. Gross profit increased 13% to $174.8 million, and net income grew to $40.7 million, or 72 cents per share. The company, which makes diagnostic equipment for animals, also boosted its 2012 outlook to $1.32 billion, up from $1.3 billion, thanks to favorable changes in foreign currency exchange rates.
During a conference call, CEO Jonathan Ayers addressed the FTC's concerns about the company's distribution contracts, the Bangor Daily News reported. FTC has been investigating the company's sales and marketing practices since 2010 because of its exclusive, noncompete arrangements with three national distributors, according to Ayers. He said Friday the company plans to make one of those agreements nonexclusive by the end of the year, allowing the distributor to sell products that compete with those of Idexx. Ayers said he believes the move will satisfy the FTC, according to the paper.