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Updated: October 31, 2019

IDEXX beats estimates on Q3 results, ups full-year revenue growth outlook

IDEXX Laboratories Inc. (Nasdaq: IDXX), a Westbrook-based provider of veterinary diagnostics, veterinary practice software and water microbiology testing, posted third-quarter earnings and revenues above market expectations.

The company on Thursday reported third-quarter revenues of $605 million, an increase of 11% on a reported basis and 12% on an organic basis, over last year.

Earnings per share were $1.24 for the third quarter, representing 18% growth on a reported basis and 21% on a comparable constant currency basis. 

The EPS figure exceeded $1.13 predicted by analysts in a Zacks Investment Research consensus forecast.

IDEXX also raised its full-year 2019 revenue growth outlook and updated its earnings per share guidance to reflect expectations of an improvement in operating margins, and provided preliminary 2020 guidance.

In a statement, Jonathan (Jay) Mazelsky, who took the reins as president and CEO as of Oct. 24, pointed to continued strong growth in Companion Animal Group Diagnostics recurring revenues as one of the driving forces behind strong operating results.

"It is clear that our customers are benefiting from increased interaction and support from IDEXX engagement as we work together to advance the standard of companion animal healthcare," he said.

He added that the company plans to build on that momentum with an 8% expansion of its domestic field commercial capability in the fourth quarter, "which will position us well to continue delivering strong financial results aligned with our long-term goals." 

Mazelsky succeeded Jonathan Ayers, who was injured in a cycling accident this summer.

This Friday, Ayers is scheduled to officially resign as chairman and from the company's management team as well, the company announced last week.

In late morning trading, shares of IDEXX were up 5.20%, at $288.08.

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