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IDEXX Laboratories Inc. (Nasdaq: IDXX) on Thursday posted first-quarter earnings and revenue that beat market expectations and raised its full-year guidance as a weakening U.S. dollar boosts its income in foreign currencies.
The Westbrook-based maker of veterinary diagnostics and software reported diluted earnings per share of $2.96, an increase of 5% as reported and 7% on a comparable basis, excluding an 8 cents per share benefit from a “discrete litigation expense accrual adjustment,” IDEXX said.
Earnings per share exceeded the $2.92 consensus estimate of analysts polled by Zacks Investment Research.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
First-quarter revenue was $998 million, an increase of 4% as reported and 5% organic, driven in part by growth in the company’s companion animal group division. The figure is 1.77% higher than the Zacks consensus estimate.
“IDEXX drove solid execution in the first quarter while advancing key enablers of our innovation-driven growth strategy,” said Jay Mazelsky, WEX’s president and CEO, who highlighted the company’s new diagnostic innovation for dogs called IDEXX Cancer Dx.
“Customers have been asking for a way to diagnose cancer earlier because cancer is a leading cause of mortality in dogs and earlier detection provides better treatment options,” Mazelsky said in Thursday’s earnings release.
“This diagnostic panel for early detection of canine lymphoma brings exceptional levels of performance, turnaround time, and it is priced to allow veterinarian partners to include it in commonly used screening and sick patient testing panels," he added."
As of Wednesday’s market close, IDEXX shares have an equity value of around $35 billion. Shares are trading 7.6% lower than a year ago.
The company updated its full-year financial guidance.
Full-year revenue is now projected to be in the range of $4.095 billion to $4.210 billion, or reported growth of 5% to 8%. The increase is $40 million higher at midpoint than the previous forecast.
The company said the adjustment reflects the recent weakening of the U.S. dollar aligned with IDEXX’s assumptions on foreign currency exchange rates.
However, the company said it maintaining a consistent outlook for organic revenue growth at 6% to 9%. Projected full-year comparable operating profit margin expansion was also left unchanged, at 30 to 80 basis points.
"While uncertainty remains on trade policies, estimates include tariffs on internationally sourced materials, baed on current U.S. pronouncements, and estimates for China's retaliatory tariffs," IDEXX said.
IDEXX increased its earnings per share outlook range to be in the range of $11.93 to $12.43, incorporating an increase of 19 cents.
The company said the increase reflects 11 cents in favorable adjustments to foreign exchange estimates and a boost of 8 cents from a litigation expense accrual adjustment.
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