IDEXX Laboratories Inc. (Nasdaq: IDXX) posted a higher-than-expected increase in first-quarter earnings and revenue and raised its full-year financial guidance.
The Westbrook-based maker of veterinary diagnostics and software reported diluted earnings per share of $3.47, representing an increase of 17% as reported and 15% on a comparable basis over a year ago.
The figure exceeds the $3.42 per share consensus estimate of Wall Street analysts polled by Zacks Investment Research.
IDEXX said the $3.47 EPS figure reflects an impact of 5 cents per share from a loss on an equity investment; 9 cents per share in tax benefits from share-based compensation; and a 14-cent boost from currency changes.
First-quarter revenue was $1.41 billion, representing an increase of 14% as reported and 11% organic, driven by double-digit growth in the company’s Companion Animal Group division. The figure is 2% higher than the Zacks consensus estimate.
Over the past four quarters, IDEXX has surpassed consensus earnings per share and revenue estimates four times.
“Excellent commercial execution delivered exceptional first quarter results and positions IDEXX for continued strength through 2026,” said Jay Mazelsky, who will wind down his term as president and CEO next week as Michael Erickson takes the helm. Mazelsky will stay on as executive board chair until his planned retirement in May 2027.
“As I transition from the CEO role, IDEXX remains well-positioned for continued success, and I look forward to continuing to work with Mike Erickson to drive long-term sustained growth in the business,” he added.
As of Monday’s close on Wall Street, IDEXX shares have a market value of around $44.7 billion.
Bullish outlook
In its updated outlook for the full year, IDEXX is projecting revenue to increase to a range of $4.67 billion to $4.76 billion, compared to its initial expectation of $4.63 billion to $4.72 billion issued in February.
Full-year earnings per share are now expected to be 14.45 to $14.90, up from the previous forecast of $14.29 to $14.80.
IDEXX said its updated earnings guidance reflects a boost of 13 cents per share from operational performance and 5 cents from updated estimates for foreign exchange impacts, offset by a 5-cent impact from a loss on an equity investment.
