Idexx, the Westbrook-based biotechnology company, reported net income of $427.8 million in 2019, as its pet veterinary diagnostics division continued to grow.
The company’s net income was up almost 14 percent from 2018, according to a year-end financial report filed Friday with the U.S. Securities and Exchange Commission. Idexx reported revenue of $2.4 billion for the year, an increase of 8 percent from 2018.
Products in the company’s companion animal group drove overall growth and now represent 76 percent of its total revenue, said President and CEO Jay Mazelsky in a news release.
“We are well-positioned to build on this progress in 2020, leveraging our expanded global commercial capability and unique innovations which support continued strong diagnostics market growth, driven by adoption of higher standards of care for pets globally,” Mazelsky said.
Idexx is putting the finishing touches on an expansion of its headquarters in Westbrook and a new laboratory in Germany. The company invested $70 million in the two projects.
About 3,000 people are employed in Idexx’s Maine operation, and it has more than 9,000 workers globally. The company has committed to hiring 800 more workers in Maine over the next decade, part of a 20-year state tax break worth up to $16 million.
Idexx is the only Maine company listed on the S&P 500 Index, under the symbol IDXX. Its stock price was $275.51 per share as of 2 p.m. Friday afternoon, down slightly from $283.73 at market close on Thursday.
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