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February 13, 2020

IDEXX expands stock buybacks with 5M shares

IDEXX building exterior File photo IDEXX Laboratories Inc., whose Westbrook headquarters are shown here, has a global footprint.

IDEXX Laboratories, Inc. (Nasdaq: IDXX) on Wednesday said it has expanded its stock buyback program by offering to repurchase 5 million shares.

Those repurchases are in addition to 1.8 million shares remaining for buyback as of Feb. 7, the company said in a news release.

Repurchases can be made on the open market or in private sales. The share repurchase program has no specified expiration date, but can be discontinued at any time, the company noted.

On Jan. 31, IDEXX posted better-than-expected fourth-quarter results and raised its 2020 outlook for revenue and earnings.

The Westbrook-based provider of veterinary diagnostics and water testing reported revenues of $605.4 million, up 10% from a year earlier and beating an analysts' consensus forecast.

The company posted earnings per diluted share of $1.04 on a reported basis, representing 6% growth over a year ago. That was higher than the consensus forecast of 91 cents a share.

Late Thursday morning, shares of IDEXX were trading at around $284, up slightly from yesterday’s close of $283.28.

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