IDEXX Updates 2023 EPS Outlook; Increases Revenue Guidance

(RTTNews) - IDEXX Laboratories, Inc. (IDXX) said its first quarter earnings per share increased 12% as reported and 18% on a comparable basis, reflecting solid gross margin gains and benefits from a $16 million customer contract resolution payment. The company achieved revenue growth of 8% reported and 10% organic, driven by CAG Diagnostics recurring revenue growth of 9% reported and 12% organic.

The company updated its full year revenue growth outlook range to 7.5% - 10% as reported and organically. The company refined full year reported operating margin outlook to 29.0% - 29.5%. The new EPS outlook range of $9.33 - $9.75 maintains a consistent high end estimate and raises the low end by $0.06.

First quarter bottom line came in at $214.05 million, or $2.55 per share compared with $193.97 million, or $2.27 per share, prior year. Analysts on average had expected the company to earn $2.42 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 7.6% to $900.20 million from $836.55 million last year.

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