IDEXX Labs Cuts FY22 Earnings, Sales Growth View - Update

(RTTNews) - Veterinary diagnostics provider IDEXX Laboratories, Inc. (IDXX), while announcing lower profit and higher revenues in its first quarter on Wednesday, trimmed its fiscal 2022 outlook for earnings as well as sales growth.

In pre-market activity on Nasdaq, IDEXX shares were trading down 1.02 percent at $431.50.

For the year, the company now expects earnings per share between $8.11 and $8.35. The outlook includes estimated $0.72 of impact related to discrete research and development expense from the in-license of intellectual property, $0.10 of additional foreign exchange impact from the higher U.S. dollar and $0.05 of impact from higher interest rates.

The company previously expected earnings per share of $9.27 to $9.59.

On average, 11 analysts polled by Thomson Reuters expect earnings of $9.44 per share for the year. Analysts' estimates typically exclude special items.

Further, 2022 revenue outlook now reflects 5.5 percent - 8 percent reported growth and 7.5 percent - 10 percent organic growth. The previous expectation was revenue growth of 9 percent - 11 percent on a reported basis and 10 percent - 12 percent on an organic basis.

In fiscal 2021, the company's earnings per share were $8.60 on revenues of $3.22 billion.

The Company now projects full year operating margins of 26.8 percent - 27.3 percent.