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Updated: April 7, 2022

IDEXX scales back in Russia over Ukraine war

IDEXX building exterior File photo IDEXX Laboratories Inc., whose Westbrook headquarters building is shown here, is permanently shuttering a business unit in Russia.

Citing Russia's invasion of Ukraine, IDEXX Laboratories Inc. (Nasdaq: IDXX) said it has "significantly scaled back operations" in Russia over the past several weeks and has halted shipments and sales of veterinary diagnostic equipment there.

"The escalating war in Ukraine is deeply concerning to the IDEXX community and we strongly condemn the invasion and violence there," the Westbrook-based provider of veterinary diagnostics, veterinary practice software and water testing said in a statement posted on its website.

"As an animal healthcare company, IDEXX provides support for veterinary professionals around the world to enable essential care to companion animals. We are guided by our purpose to enhance the health and well-being of pets, people and livestock."

Additionally, IDEXX said has suspended its promotional, marketing and hiring activities in Russia as well as new business development and related investments. The company does not have any manufacturing in Russia.

In response to a Mainebiz request for further details, IDEXX said that it has a small number of customers in Russia who have purchased IDEXX in-clinic laboratory equipment or use the company's testing kits for livestock health.

"Subject to product availability, we will continue to supply consumables to customers, allowing them to use these solutions for patient care – which is often critical care," the company said in an emailed statement.

IDEXX also reiterated that it continues to monitor the dynamic situation and that the company continues to make humanitarian contributions to support Ukrainian people and pets, including free rabies titer testing throughout Europe to expedite the health certification of refugee animals crossing Ukrainian borders.

The statements come less than a week after WEX (NYSE: WEX), the Portland-based financial technology services provider, said it will sever its relationship with Lukoil PJSC, an energy conglomerate headquartered in the Russian capital of Moscow.

In a related poll of Mainebiz readers, 84% of 243 people responding by Thursday morning said they agree that Maine businesses should cease operations that even indirectly include Russia.

Monitoring the situation

IDEXX, which employs over 10,000 people and sells products in 175 countries, also said it continues to closely monitor the situation and is complying with all applicable laws and sanctions, and that its focus is on supporting its employees and existing customers "so they may continue to provide essential care." 

The company also pledged to continue its work via the IDEXX Foundation with the International Fund for Animal Welfare, International Medical Corps and World Central Kitchen as it seeks more ways to support Ukrainian refugees and their pets.

IDEXX shares have a market capitalization of $45 billion, based on Wednesday's closing share price of $534.92. The stock is down 15.23% since the start of this year. 

In February, the company posted fourth-quarter earnings that exceeded market estimates and issued full-year guidance for 2022. 

Editor's note: Story updated with further information from IDEXX in response to a query from Mainebiz.

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