WESTBROOK, Maine, Oct. 24, 2014 /PRNewswire/ -- IDEXX Laboratories, Inc. (NASDAQ: IDXX) today reported that revenues for the third quarter of 2014 increased 13% versus the prior year period to $384 million. Organic revenue growth(1) for the third quarter of 2014 versus the prior year period was also 13%, or 11% normalized for changes in distributor inventory(2). Earnings per diluted share ("EPS") for the quarter ended September 30, 2014 increased 21% from the prior year period to $1.03. Adjusted EPS(3) for the quarter was $1.05.

"We achieved exceptional growth across our business in the third quarter, reflecting benefits from our investments in our global commercial capability and innovation pipeline. Normalized CAG Diagnostics recurring revenues grew organically over 11% in the US and 15% in international markets, supported by strong gains across our modalities. Our instrument placements were also outstanding, setting the foundation for sustained strong growth in highly durable CAG Diagnostics recurring revenues. In the quarter we placed over 650 Catalysts and 750 hematology instruments globally, as well as 3,200 SNAP Pro(®) Mobile Devices. We look forward to building on this momentum with customer shipments of Catalyst One beginning November 3(rd). Catalyst One expands the market for our highly differentiated Catalyst technology with a significantly lower entry price," said Jonathan Ayers, the Company's Chairman and Chief Executive Officer.

"Our 2013 sales transformation in US Companion Animal Diagnostics is continuing to accelerate our growth by helping customers grow their practices and improve pet health through an enhanced standard of care and practice management. Our transition to an all-direct sales strategy, currently underway, will significantly expand the sales and support resources that our customers value from IDEXX. We are ahead of schedule in this regard, as greater than 95% of sales and support hiring is completed, our new inside sales center is up and running with a fully staffed and trained team, and our expanded nationwide logistics capability is in full operation," Ayers commented.

Third Quarter Financial Performance Highlights

Third quarter revenues reached $384 million, a 13% increase compared to the prior year period, reflecting strong performance across regions and business segments.