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IDEXX Laboratories Inc. (Nasdaq: IDXX) on Monday posted first-quarter earnings and revenue that beat market expectations and again raised its full-year guidance as a weakening U.S. dollar enhances its income overseas.
The Westbrook-based maker of veterinary diagnostics and software reported diluted earnings per share of $3.63, an increase of 49% as reported and 17% on a comparable basis.
Earnings per share exceeded the $3.31 per share consensus estimate of analysts polled by Zacks Investment Research
First-quarter revenue was $1.11 billion, an increase of 11% as reported and 9% organic, driven by double-digit growth in the company’s Companion Animal Group, its largest business division. The figure is 4.01% above the Zacks consensus estimate.
Over the last four quarters, IDEXX has surpassed consensus EPS estimates four times and consensus revenue estimates twice.
“Our innovation-driven strategy delivered robust global growth in the second quarter,” said Jay Mazelsky, president and CEO. “Our focus on helping veterinarians gain deeper diagnostic insights to inform patient care continues to drive customer loyalty and sets a solid foundation for sustained long-term growth.”
As of Friday’s market close, IDEXX shares have an equity value of around $43 billion. Shares closed the week on Wall Street at $535.54, about 17% higher than a year ago.
Bullish on the rest of the year, IDEXX increased its outlook on full-year revenue, operating margin and earnings.
Full-year revenue is now projected to be in the range of $4.2 billion to $4.28 billion, or reported growth of 7.7% to 9.7%,. The increase is $90 million higher at midpoint than the previous projection.
The company said the adjustment reflects a solid recurring revenue performance for Companion Animal Diagnostics and the recent weakening U.S. dollar aligned with the company’s own foreign currency exchange rate assumptions.
IDEXX increased its earnings per share outlook range to $12.40 to $12.76, which is 40 cents higher at midpoint than its earlier forecast. The company said the change reflects a number of actors including a benefit of 11 cents from operational performance and a boost of 9 cents from higher share-based compensation benefits.
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