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Jonathan Ayers
May 1, 2019
IDEXX beats expectations on Q1 results, sending shares higher on Nasdaq
By Staff
IDEXX Laboratories, Inc. (NASDAQ: IDXX), the Westbrook-based maker of veterinary diagnostic products, posted better-than-expected first-quarter results on Wednesday, sending shares more than 2% higher on the Nasdaq exchange.
First-quarter earnings were $1.17 per diluted share, exceeding the Seeking Alpha analysts' consensus forecast by 11 cents. Earnings per share represent 16% growth on a reported basis and 27% on a comparable constant currency basis.
The company said the results reflected continued strong revenue gains and a stronger-than-expected gain in operating margins, amid strong revenue growth in its Companion Animal Group Diagnostics division s well as delayed timing of project spending.
IDEXX shares were up 2.36% in morning trading at $237.48, outperforming the 0.40% uptick in the Nasdaq composite index and giving the stock an equity value of $19.9 billion.
While maintaining its full-year revenue outlook, IDEXX raised its earnings guidance range by 10 cents a share to a range of $4.76 to $4.88, reflected increased expectations for operating margin improvement and upside from lower projected interest expense and updated effective tax rate projections.
“Our strong business performance continued in the first quarter, sustaining high organic growth in CAG [companion animal group] Diagnostics' recurring revenues,” said Jonathan Ayers, IDEXX’s chairman and CEO in a statement.
He added: “With great runway ahead and robust start to the year, we are well-positioned to execute our unique innovation-based and multi-modality strategy, enabled by our expanded global commercial capability, as we continue to deliver outstanding financial results aligned with our long-term goals.”
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