WESTBROOK, Maine – IDEXX Laboratories, Inc. (NASDAQ: IDXX) reported better-than-expected third quarter earnings on Thursday, though revenue came in slightly below analyst forecasts. The pet healthcare company also lowered its full-year revenue guidance.
IDEXX shares rose 1.2% in early trading following the earnings release.
IDEXX posted adjusted earnings per share of $2.79 for Q3, surpassing the analyst consensus of $2.68. Revenue grew 6.6% year-over-year to $975.5 million, but fell short of estimates calling for $979.98 million.
The company’s Companion Animal Group segment, which includes veterinary diagnostic products and services, saw revenue increase 6.5% to $892 million. Water segment revenue rose 12.9% to $50.2 million.
“IDEXX teams continued their strong execution in the third quarter as demonstrated by solid net customer gains, continued growth in our premium IDEXX VetLab instrument installed base, and nearly 700 pre-orders of IDEXX inVue Dx Cellular Analyzer, which will begin shipping later in the fourth quarter,” said Jay Mazelsky, President and CEO.
For the full year 2024, IDEXX lowered its revenue guidance to a range of $3.865-$3.89 billion, down from its previous outlook of $3.885-$3.945 billion and below the consensus of $3.918 billion. The company narrowed its 2024 EPS forecast to $10.37-$10.53, maintaining the midpoint of its prior range but below analyst expectations of $10.81.
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