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November 1, 2018

IDEXX revenues up 11% in Q3 earnings report

IDEXX Laboratories Inc., the Westbrook-based maker of veterinary diagnostic products, today announced revenues for the year's third quarter of $545 million, an increase of 11% compared to the prior year period on a reported basis and 12% on an organic basis.

The company said in a news release that it’s adjusting its full-year 2018 revenue guidance to $2.205 billion to $2.215 billion, reflecting revenue growth of 12% to 12.5% on a reported basis and 11.5% to 12% on an organic basis.

IDEXX had earnings per share of $1.05, a 33% increase compared to the same period a year ago, the company said.

“We continue to see strong demand for higher-quality pet health care and our ongoing business momentum reflected in our sustained 13% organic growth in CAG Diagnostics recurring revenues,” said Jonathan Ayers, IDEXX chairman and CEO. “We are on track to deliver strong revenue and EPS gains this year. Our sustained momentum and continued investments in expanded customer-facing professionals provide a foundation for us to deliver continued strong financial performance in 2019.”

The company's 2017 revenue was $1.97 billion. Earlier this year, IDEXX was included for the first time in the Fortune 1000 list of the largest publicly traded companies, ranking No. 961 by revenue.  No other Maine company made this year's list.

In mid-morning trading, IDEXX shares (NASDAQ: IDXX) were down 5.63%, or $11.94, trading at $200.18.

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