IDEXX Laboratories Increases 2023 Earnings Outlook

(RTTNews) - IDEXX Laboratories, Inc. (IDXX) increased 2023 EPS outlook to $9.64 - $9.90, a year-over-year increase of 20% - 23% as reported and 24% - 27% on a comparable basis, including approximately 12% combined EPS growth benefit from a customer contract resolution payment in first quarter and lapping of discrete 2022 R&D investments.

The company updated its full year revenue growth outlook range to 8.5% - 10% as reported and organically. This reflects no changes to the outlook for organic revenue growth at the high end of the range and an increase of 1% at the low end, the company noted. This corresponds to a range of $3.66 billion - $3.715 billion.

Second quarter net income to stockholders increased to $224.2 million from $132.0 million, prior year. Earnings per share was $2.67, an increase of 71% as reported and 77% on a comparable basis. On average, nine analysts polled by Thomson Reuters expected the company to report profit per share of $2.47, for the quarter.

Second quarter revenues were $944 million, an increase of 10% reported and 10% organic, driven by Companion Animal Group growth of 11% reported and organic and Water revenue growth of 10% reported and 9% organic. Analysts on average had estimated $934.42 million in revenue.

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