IDEXX Laboratories sees 14% revenue growth in fourth quarter, increases guidance
IDEXX Laboratories, a global leader in the veterinary diagnostics, practice software, and water microbiology testing industries reported fourth quarter and full year earnings last week, revealing a robust underlying business. The company said that revenue rose by 14% over the quarter (to $506 million), and 11% for the full year (to $1.97 billion).
As a result, IDEXX has raised its full year 2018 guidance to 12% to 14% on a reported basis, and 9.5% to 11.5% on an organic basis. The company is also updating its earnings per share guidance range to between $4.04 and $4.18. At the midpoint, this represents a $0.55 increase from its previous full year 2018 guidance.
IDEXX’s share price has appreciated by 19% so far in 2018
SOURCE: Yahoo Finance
Jonathan Ayers, IDEXX’s chief executive officer, made the following statement to reporters:
"Around the world, we're seeing sustained, positive momentum in our markets, as the pet-human bond continues to strengthen, the appropriate use of diagnostics in the delivery of pet care gains further traction, and our exceptional commercial teams collaborate with veterinarians to support their practices' growth with IDEXX's unique diagnostic and software solutions."
"With great runway ahead, and building from a strong 2017 performance with the further tailwind of U.S. Tax Reform, we're pleased to be raising our revenue and earnings outlook for 2018, continuing to deliver on our long-term financial goals. With the opportunity presented by U.S. Tax Reform, we are augmenting investments in software, data and related innovation. We will also be supporting our U.S. employees by raising the Company's match for our 401(k) retirement plan, where we have tremendous U.S. employee participation."
Dominion holds IDEXX Laboratories in its Global Trends Luxury Fund.
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