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IDEXX reports double-digit Q2 revenue growth, shaves guidance

BY Staff

8/3/2018

IDEXX Laboratories (NASDAQ: IDXX), the Westbrook-based maker of veterinary diagnostic products, on Wednesday announced revenues for the year’s second quarter of $581 million, an increase of 14% over the same period last year on a reported basis, and a 12% increase on an organic basis.
The company’s adjusted net income for the 2018 second quarter was $109 million, or $1.23 per diluted share, a 29% increase over last year, according to a news release.
IDEXX said the results were driven by the recurring revenue growth of its pet-care division, including double-digit revenue increases from its VetLab consumable products and reference lab diagnostic and consulting services. IDEXX reported placement of 3,241 VetLab premium instruments — an “unprecedented” number for the quarter, representing a 21% year-over-year increase.
In the release, IDEXX also reported a 2018 revenue outlook of $2.21 billion to $2.23 billion, a $7.5 million reduction at the midpoint from previous guidance, reflecting new assumptions about foreign exchange rates.
IDEXX increased its 2018 earnings outlook to $4.10-$4.20 per share, $0.02 per share more at the midpoint than the earlier guidance range.
The company’s 2017 revenue was $1.97 billion. Earlier this year, IDEXX was included for the first time in the Fortune 1000 list of the largest publicly traded companies, ranking No. 961 by revenue. No other Maine company made this year’s list.
IDEXX’s stock price closed at $240.80 per share on Thursday, up $4.65 or 1.97% from Wednesday.