IDEXX Laboratories beats the street on revenue and earnings
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IDEXX Laboratories beats the street on revenue and earnings

IDEXX Laboratories (Idexx) is the world’s largest pet health equipment maker. This segment is the fastest growing when it comes to discretionary pet spending worldwide, and Idexx holds 40% of the market. On Tuesday the company released its second quarter earnings, showing a beat against analysts’ expectations for earnings and revenue. Idexx reported earnings per share of $0.87, beating out forecasts of $0.85, and posted revenue of $508.9 million for the period. Analysts had expected revenues of $502.4.

These figures didn’t only beat the consensus estimates – they also beat Idexx’s comparables from the previous year. During the same quarter in 2016, Idexx posted earnings per share of $0.74, while the company’s revenue was up by 9.1%, year over year. Accordingly, the company raised its full year guidance for both figures. It now expects earnings per share in a range of $3.12 to $3.22 from the previous $2.95 to $3.11 range. For revenue, the company expects to bring in $17.5 million more (at midpoint) in 2017 than its previous guidance allowed for.

Idexx’s share price is up by 32% in 2017 so far

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SOURCE: Yahoo Finance

The company’s CEO, Jonathon W. Ayers, said that Idexx had had a “strong quarter with constant-currency revenue and EPS gains and an outlook for the year that is at the high end of our long-term growth books.” He added that “this reflects continued strong market growth and outstanding execution by our teams with our highly impactful direct sales coverage model, driving an even higher growth for our business. Also the weaker dollar provides a tailwind as we’re a net exporter of technology products.”

Disclosure

Dominion holds IDEXX Laboratories in its Global Trends Managed Fund.


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