Headquartered in Delaware NJ, IDEXX Laboratories, Inc. (IDXX - Free Report) is a developer, manufacturer and distributer of products and services primarily for the companion animal veterinary, livestock and poultry, water testing and dairy markets. The company also sells a series of portable electrolytes and blood gas analyzers for the human point-of-care medical diagnostics market.
Currently, IDEXX has a Zacks Rank #2 (Buy) but that could change following its second-quarter 2017 earnings report which has just released. (You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here). We have highlighted some of the key details from the just-released announcement below:
Earnings: The current Zacks Consensus Estimate is pegged at 85 cents per share. IDEXX’s second-quarter earnings per share came in at 95 cents, an increase of 28% year-over-year on reported basis. On a constant currency basis, this figure improved 30% year over year.
Revenues: IDEXX posted revenues of $508.9 million, an increase of 9.1% year over year, which has surpassed the Zacks Consensus Estimate for revenues of $501 million by 1.6%.
Key Stats: Among its four business segments, IDEXX delivered second-quarter revenues of $439.9 million (up 9.9%) in CAG, $29.4 million (up 5.7%) in Water, $33.6 million (up 2.1%) Livestock, Poultry and Dairy (LPD) and $6.0 million (up 6.3%) in the other segment.
Major Factors: Per management, growth in business in second quarter is majorly driven by strength in the CAG revenue segment. The company’s focus on delivering best-in-class diagnostic and software solutions, along with supporting the profession in increasing the companion animal standard of care has yielded high solid returns in the quarter.
Coming to the guidance, the company has raised the 2017 revenue guidance in the band of $1,945 million - $1,965 million from the earlier range of $1,925 million - $1,950 million. The company expects full year adjusted earnings in the range of $3.12 - $3.22 from the earlier range of $2.95 - $3.11.
Stock Price: Following the earnings release, share prices did not show any movement in the pre-market trading session.
Check back later for our full write up on this IDEXX earnings report later!
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