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Biotech / Medical : idexx labs(idxx)

IDXX 715.37

+0.5%

Jan 16 9:30 AM EST

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To: David Padgitt who wrote (134)	6/13/1997 8:51:00 PM
From: Sonki	of 233

IDEXX LABORATORIES INC (IDXX) 10 5/8 -2 1/16. Maker of diagnostic systems for veterinary, food and environmental applications is warning again -- this time that it expects to report a 2nd qtr operating loss. A loss for the quarter would pull results well below year-ago's $0.20 per share in earnings, as well as Wall Street's earnings estimates of $0.02 per share. Idexx also expects full year results to come in shy of the consensus $0.38 per share estimate. The company is attributing the short-falls to lower than anticipated sales, increased investment spending and higher inventories. Also, Idexx said the U.S. District Court in Maine has ruled that five canine heartworm diagnostic kits formerly sold by Idexx infringe upon a patent owned by The Jewish Hospital of St. Louis. The ruling will not affect sales of three current heartworm diagnostic products, Idexx said. Idexx has been a major dog in 1997, having fallen 71% since the beginning of the year. The only possible positive (and it is not much of one) that can be derived from today's activity, is that the stock has not lost more than half its value this morning, as it did when the company warned about disappointing 1st qtr results on March 24. By the way, Lehman downgrades issue to "neutral" from "buy" and Cowen to "buy" from "strong buy."

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