IDEXX Laboratories Stock Jumps on Testing Products Demand, Higher Prices
Key Takeaways
- IDEXX Laboratories exceeded earnings and revenue estimates on sales of its animal testing products and price increases.
- The veterinary healthcare company benefited from higher demand for its Companion Animal Group offerings.
- IDEXX will offer a new canine lymphoma test in the U.S. and Canada in late March.
Shares of IDEXX Laboratories (IDXX) surged 10% to lead S&P 500 gainers Monday after the provider of veterinary healthcare products and services reported better-than-anticipated results on demand for its animal testing products and higher prices.
The company posted fourth-quarter earnings per share (EPS) of $2.62, with revenue rising nearly 6% year-over-year to $954.3 million. Both exceeded Visible Alpha forecasts.
IDEXX credited the sales gain to a 6% growth in its Companion Animal Group (CAG). It noted its CAG Diagnostics recurring revenue was also up 6%, supported by "high-quality placements of CAG Diagnostics capital instruments across regions, high customer retention, new business gains, and net price realization."
Revenue from the company's water testing operations rose 8% on "benefits from net price improvement and solid gains in the U.S. and Europe."
IDEXX CEO Highlights 'New Wave of Major Innovation'
CEO Jay Mazelsky said IDEXX was "on the front end of a new wave of major innovation," noting that it would be making its new Cancer Dx screening test for canine lymphoma available late next month in the U.S. and Canada.
The company sees full-year EPS of $11.74 to $12.24, and revenue of $4.055 billion to $4.170 billion. Analysts surveyed by Visible Alpha were looking for $11.89 and $4.14 billion, respectively.
Despite today’s advance, IDEXX Laboratories shares remain down about 12% over the past year.
:max_bytes(150000):strip_icc()/IDXX_2025-02-03_10-44-53-689b41c044b9448b91e38c65e9e2e1c9.png)
TradingView
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Most Discussed
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10