Mainebiz

W W W. M A I N E B I Z . B I Z 11 F E B R UA R Y 1 9 , 2 0 1 8 N O T E W O R T H Y N O R T H E R N & E A S T E R N Maine Savings Federal Credit Union in Hampden announced it plans to open a branch at 883 Forest Ave. in Portland. The credit union currently op- erates 10 branches, primarily located in Eastern Maine. Dodo's Market in Caribou renovated its redemption center into a full-service res- taurant called Access 89 Bar & Grill. Eastern Maine Community College in Bangor will offer a certificate program in hospitality and tourism manage- ment beginning in fall 2018. Husson University in Bangor said that Yanyan Li, an assistant profes- sor in the College of Science and Humanities, Tao Zhang, an assistant professor of basic pharmaceutical sciences at its School of Pharmacy, and a University of Michigan faculty member received a $500,000 re- search award from the National Institute of Food and Agriculture at the U.S. Department of Agriculture. The funding will be used to look at the interactions between the natural chemical compounds found in broc- coli sprouts and gut bacteria to deter- mine if broccoli sprout consumption could help reduce the development of cancerous colon tumors. THERE IS A DIFFERENCE Because Construction Management Design/Build General Contracting Engineering Sheridan Construction www.sheridancorp.com Fairfield Portland 207-453-9311 207-774-6138 Bangor Airport With strong 2017 behind it, IDEXX raises guidance for this year B y R e n e e C o r d e s I DEXX Laboratories Inc. (NASDAQ: IDXX), Maine's largest publicly traded company, raised revenue and earnings projections for 2018 after reporting fourth-quarter results that beat market expectations. The Westbrook-based maker of diagnostic tests for pets, poultry and livestock on Feb. 1 boosted its 2018 revenue outlook by $65 million to a range of $2.205 billion to $2.245 billion, or reported growth of 12% to 14%. It said the updated outlook includes an estimated $10 million of revenue benefit from implementing a new federal accounting measure relating to revenue from customer contracts. The company, which also makes quality and safety tests for water and milk, also raised its 2018 earnings outlook to $4.04 to $4.18 a share, from the previous range of $3.50 to $3.62. "The outlook for the year ahead looks exceptional," said Jonathan Ayers, the company's chairman and CEO, in a statement highlighting continued strong growth in the firm's Companion Animal Group division and a new kidney-test innovation for pets launched in North America on Jan. 16. He added that the company plans to up investments in software data, and related innovation. In a conference call that same day with analysts, Ayers underscored that "this is a long-term enduring growth business." IDEXX shares 'on a mission' Shares were trading at $174.58 on Feb. 12, giving it a market capitalization of around $15.2 billion. Shares are up about 12% so far this year, which compares to a 1% decline in the S&P 500 benchmark index. The Street's Jim Cramer on Feb. 1 cited IDEXX among a handful of stocks "on a mission," noting that it "has been making a beeline to $200." IDEXX posted fourth-quarter revenues of $506 million, up 14% year-on-year and 3.1% above the Zacks consensus estimate of $491 million. Earnings per share were 43 cents in the fourth quarter, a 26% drop from the previous year amid a one-time negative impact of U.S. tax reform. In part, fourth-quarter sales benefited from a 2% favor- able foreign exchange impact. The CAG division saw 14% revenue growth, while livestock, poultry and dairy revenues were up 13% and water revenue was up 19%. IDEXX employs more than 7,000 people worldwide, nearly 2,500 of whom are based in Westbrook. It has customers in over 175 countries. On the same day as it put out earnings, IDEXX announced plans to share the benefits of federal tax reform with employ- ees by paying more into their retirement plans. For every dollar a 401(k) participant contributes, the company will match that amount dollar-for-dollar up to 5% of an employee's salary. "IDEXX strives to create long-term value for our employ- ees, customers and shareholders, and we believe in providing benefits to our employees that allow them to invest in their future," said Giovani Twigge, chief human resources officer. The news comes as IDEXX prepares for an expansion of its Westbrook campus, which includes a wellness center and common areas designed for collaboration. B I Z M O N E Y Recruitment for this spring's classes in SBA's Emerging Leaders Initiative is just beginning. Small business owners selected for the free inten- sive entrepreneurship education and training program will receive up to 100 hours of classroom time and have opportunities to work with experi- enced coaches and mentors, attend workshops and develop connec- tions with peers, local leaders and the financial community. Nationally, since its inception in 2008, SBA's Emerging Leaders program has trained more than 5,000 small busi- ness owners — creating 6,500 jobs, $300 million in new financing and $3.16 billion in government contracts, according to the SBA's Maine district office. For more information, go to SBA.gov/emergingleaders or contact James Pineau, a senior SBA manager, at james.pineau@sba.gov. Potato industry seeks low- interest loan boost Senate Democratic Leader Troy Jackson of Allagash has submitted a bill to help the Maine Potato Board offer lower-interest loans to Maine potato farmers. Don Flannery, executive director of the Maine Potato Board, told an Aroostook County-based writer for the Bangor Daily News, Jen Lynds, that the loan program, in place since the 1980s, has helped potato farmers build valuable infrastructure such as potato houses. e interest rate is fixed at 5% for the term of the loan. Jackson's bill will attempt to amend the law so that farmers can access low interest state loans under the Potato Marketing Improvement Fund. Funds may be used for new construction or improvements to storage and packing facilities and the purchase of packing, sizing, washing and drying equipment.

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