Idexx Laboratories continues to outperform with earnings, revenue beat
Idexx Laboratories, a purveyor of veterinary diagnostic tools and products that cater to the trend to treat pets increasingly like members of the family, reported earnings last week that justified the ascent of its share price, year to date. The company saw beats on the top- and bottom-lines, driven, once again, by strong performance from its Companion Animal Group (CAG). This segment of the business is responsible for helping millennials cater to their “fur babies” with a range of testing equipment and services for pets that simply didn’t exist ten years ago.
Idexx Laboratories’ share price has been on a tear this year so far, rising by 34%
Source: Yahoo Finance
Idexx said that revenues rose by 7%, year on year, to $576.1 million. That’s a beat of $1 million against analysts’ expectations. The company also surprised on earnings, delivering net income of $102.7 million. That works out as $1.17 per share – a 16% increase from the same year-ago quarter and an 11c outperformance against the Street’s predictions.
Offering a brief summation and strategic overview on the company’s earnings call, chairman and CEO Jonathan Ayers said: “Our strong business performance continued in the first quarter, sustaining high organic growth in CAG Diagnostics recurring revenues. With great runway ahead and a robust start to the year, we are well-positioned to execute our unique innovation-based and multi-modality strategy, enabled by our expanded global commercial capability, as we continue to deliver outstanding financial results aligned with our long-term goals.”
Dominion holds Idexx Laboratories in its Global Trends Luxury Fund.
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