IDEXX Laboratories Announces Agreement to Provide Diagnostic Products to Banfield, The Pet Hospital®
"To keep pace with client demands, veterinary professionals and their hospitals must continually adopt new technologies and tools that enable them to deliver the best medicine available," said Jonathan Ayers, President and CEO, IDEXX Laboratories.
The agreement exemplifies IDEXX Laboratories' commitment to supply veterinarians with tools, technologies and services that support best medical practices. Banfield hospitals, veterinarians and staff will have innovative diagnostic technology that provides a complete and accurate summary of important patient health parameters in just minutes. This capability is critical to permit veterinary medical professionals to make rapid decisions about patient health and treatment.
"This agreement has significant benefits for both IDEXX and Banfield," Ayers added. "The availability of a wide range of accurate and efficient in-hospital diagnostics creates the opportunity to deliver the highest standard of care and client service. We are excited to provide this level of support to Banfield, its staff veterinarians, clients and patients."
The IDEXX VetLab laboratory analyzers that will be provided under the agreement include the VetTest® Chemistry Analyzer, which offers a menu of 23 tests, including the new Urine P:C Ratio test; the VetStat™ Electrolyte and Blood Gas Analyzer; and the SNAP® Reader, which allows veterinarians to screen for common endocrine disorders. IDEXX also will supply Banfield with SNAP® 3Dx® (for heartworm, E. canis and Lyme disease) and SNAP® Giardia in-hospital diagnostic test kits.
"In-hospital laboratory testing is a vital part of quality veterinary care," stated Scott Campbell, DVM, Banfield's Chairman and CEO. "Our relationship with IDEXX will enable our dedicated hospital teams to examine a patient, perform the necessary tests, explain the findings to the pet owner, discuss recommendations and begin treatment, if necessary—all in a single visit. It makes veterinary care more convenient, more affordable and, most important, better for the patient."
IDEXX and Banfield will work together to provide additional continuing education to Banfield hospital teams. Banfield, which requires a level of continuing education that exceeeds the industry standard, is at the forefront of emerging trends and best practices in veterinary care. This closer partnership to provide more continuing education will provide great benefits to pets and their owners.
About IDEXX Laboratories
IDEXX Laboratories, Inc. is a leader in companion animal health, serving practicing veterinarians around the world with innovative, technology-based offerings, including a broad range of diagnostic products and services, practice management systems and therapeutics. Our products enhance the ability of veterinarians to provide advanced medical care and to build more economically successful practices. IDEXX is also a worldwide leader in providing diagnostic tests and information for the production animal industry and tests for the quality and safety of water and milk. Headquartered in Westbrook, Maine, IDEXX Laboratories employs more than 3,000 people and offers products to customers in more than 100 countries.
About Banfield, The Pet Hospital
Founded in Portland, Oregon, in 1955, Banfield, The Pet Hospital is the nation's largest private veterinary practice, with more than 450 locations in the United States, the United Kingdom and Mexico. Banfield is committed to giving pets the same medical care people expect for themselves. The hospitals provide the finest doctors, computerized medical records, modern facilities, comprehensive pet health Optimum Wellness Plans® and extended hours on weekends and evenings. Banfield extends the lives of more than 3.5 million pets each year.
Note Regarding Forward-Looking Statements
This press release contains statements about the Company's business prospects that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's expectations of future events as of the date of this press release, and the Company assumes no obligation to update any forward-looking statements as a result of new information or future events or developments. Actual results could differ materially from management's expectations. Factors that could cause or contribute to such differences include the following: the Company's ability to develop, manufacture, introduce and market new products and enhancements to existing products; the effectiveness of the Company's sales and marketing activities; the Company's ability to develop, license or obtain rights to new technologies; the Company's ability to identify acquisition opportunities, complete acquisitions and integrate acquired businesses; the impact of competition and technological change on the markets for the Company's products; the effect of government regulation on the Company's business, including government decisions about whether and when to approve the Company's products and decisions regarding labeling, manufacturing and marketing products; the impact of distributor purchasing decisions on sales of our products that are sold through distribution; changes or trends in veterinary medicine that affect the rate of use of the Company's products and services by veterinarians; the Company's ability to obtain patent and other intellectual property protection for its products, successfully enforce its intellectual property rights and defend itself against third party claims against the Company; disruptions, shortages or pricing changes that affect the Company's purchases of products and materials from third parties, including from sole source suppliers; the effects of government regulatory decisions, customer demand, pricing and other factors on the realizability of the Company's inventories; the Company's ability to manufacture complex biologic products; the effects of operations outside the U.S., including from currency fluctuations, different regulatory, political and economic conditions, and different market conditions; and the loss of key employees. A further description of these and other factors can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2004 (PDF, 2,601 KB), in the section captioned "Management's Discussion and Analysis of Financial Condition and Results of Operations."
Contact: Merilee Raines, Chief Financial Officer, (207) 556-8155