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Updated: November 1, 2023

IDEXX beats the Street on Q3 earnings, raises earnings outlook

IDEXX building exterior Photo / Tim Greenway IDEXX Laboratories Inc. (Nasdaq: IDXX) is a global veterinary diagnostics company based in Westbrook.

IDEXX Laboratories Inc. (Nasdaq: IDXX) on Wednesday posted an increase in third-quarter earnings and revenue and raised its full-year earnings per share outlook.

The Westbrook-based veterinary diagnostics and health care provider reported diluted earnings per share of $2.53, an increase of 18% as reported and 16% on a comparable basis. The results reflect a 4-cents-per-share tax benefit from share-based compensation and a negative effect from currency changes of 1 cent per share.

The EPS figure exceeded the $2.37 per share consensus estimate of seven analysts polled by Zacks Investment Research. 

But the company, which anchors a cluster of innovative animal-health companies in Greater Portland, missed Wall Street forecasts on $916 million in Q3 revenue, an increase of 9% reported and 8% organic. That’s below the $922.78 million Zacks consensus estimate.

IDEXX shares were trading 6.25% lower Wednesday morning at $374.52, giving it a market capitalization of around $31.2 billion. The stock is trading 5.17% below a year ago.

IDEXX employs nearly 11,000 people worldwide and serves customers in more than 175 countries and territories.

Veterinary software, services and diagnostic imaging systems revenues grew 14% as reported and 13% organically, driven by gains in recurring software and diagnostic imaging revenues. Demand for cloud-based products continued to support momentum in software solution placements and customer gains, the company said.

Photo of Jay Mazelsky, IDEXX president and CEO
File photo
Jay Mazelsky

"Strong execution by IDEXX teams and sustained interest in adopting IDEXX's differentiated multi modality testing and workflow solutions helped deliver solid organic revenue gains and strong financial results in the third quarter," said Jay Mazelsky, the company’s president and CEO, ahead of a morning conference call with analysts.

“Busy veterinarians have shown increased appetite to invest in software that supports higher staff productivity and client communications."

IDEXX “remains very well positioned to address these needs while driving development of the companion animal diagnostics sector through relevant innovation and commercial engagement,” he added.

Full-year outlook

For the full year, the company raised its earnings-per-share outlook but lowered its revenue range outlook by $20 million to reflect the recent strengthening of the U.S. dollar.

IDEXX said it now expects full-year EPS in the range of $9.74 to $9.90, increasing midpoint estimates by a nickel per share and maintaining the high-end outlook. 

The company said it is maintaining a similar operational outlook at midpoint, as positive changes in the operating margin outlook offset adjustments to organic revenue growth estimates.

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