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May 1, 2024

IDEXX Labs reports strong revenue growth for Q1, adjusts 2024 outlook

IDEXX building exterior File 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 revenues of $964 million for the first quarter of 2024, a 7% increase over the same period last year as reported and on an organic basis.

The Westbrook-based maker of veterinary diagnostics and software reported diluted earnings per share of $2.81, an increase of 10% as reported and 9% on an organic basis.

IDEXX updated its 2024 revenue guidance to a range of $3.895 billion to $3.965 billion, reflecting an estimated growth of 6.5% to 8.5% as reported and 7% to 9% organically. The company's EPS outlook is now $10.82 to $11.20.

Growth was driven in the first quarter the company's Companion Animal Group, where revenues were up 7%.

However, overall gains were offset 0.5%  to 1% by severe weather in January across the U.S., the company noted.

"High levels of execution from IDEXX teams drove strong results in the first quarter," said Jay Mazelsky, IDEXX president and CEO, in a news release. "This performance reflects continued high interest from customers in adopting IDEXX’s innovative, multi-modality testing platforms and solutions."

By late Wednesday afternoon, shares of IDEXX were trading above $475, after opening for the day at $473.

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