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 #3 (Hold) but that could change following its mixed second-quarter 2018 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 $1.18 per share. IDEXX’s second-quarter reported earnings per share came in at $1.23, an increase of 29% year-over-year on a reported basis.
Revenues: IDEXX posted revenues of almost $580.8 million, an increase of 14% year over year, which has beat the Zacks Consensus Estimate for revenues of $574.9 million.
Key Stats: Among its four business segments, IDEXX delivered second-quarter revenues of $507.4 million (up 15.3%) in Companion Animal Group (CAG), $32.6 million (up 11.2%) in Water, $ 34.9 million (up 3.9%) Livestock, Poultry and Dairy (LPD) and $5.6 million (up 6.7%) in the other segment.
Major Factors: Per management, growth in business second quarter is majorly driven by strength in the CAG revenue segment. Furthermore, the premium instrument placements including a 21% year over year increase in Catalyst placements in the reported quarter has yielded solid returns as well.
Coming to the guidance, the company has updated the 2018 revenue organic growth guidance to 11.5% - 12.5% from the previous range of 10.5% - 12.5%. IDEXX also raised the lower-end of its full year adjusted earnings to a new band of $4.10 - $4.20 per share from the previous range of $4.06 - $4.20.
Stock Price: Following the earnings release, share prices dropped 0.03% in the pre-market trading session.
Check back later for our full write up on this IDEXX earnings report later!
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