IDEXX Laboratories Inc. (Nasdaq: IDXX) on Friday posted better-than-expected fourth-quarter results and raised its 2020 outlook for revenue and earnings.
The Westbrook-based provider of veterinary diagnostics and water testing reported revenues of $605.4 million, up 10% from a year earlier on an organic and reported basis. That exceeds the $599.94 million Zacks Investment Research analysts’ consensus forecast.
The company posted earnings per diluted share of $1.04 on a reported basis, representing 6% growth over a year ago. That’s higher than the consensus forecast of 91 cents a share.
“IDEXX fourth-quarter results provided a strong finish to 2019, enabling us to deliver revenue and comparable constant currency EPS aligned with our long-term goals,” said Jay Mazelsky, who was named president and CEO last October.
Mazelsky succeeded Jonathan Ayers, who stepped down in July because of a severe spinal cord injury sustained in a bicycle accident.
Mazelsky added: “We are well-positioned to build on this progress in 2020, leveraging our expanded global commercial capability and unique innovations, which support continued strong diagnostics market growth driven by the adoption of higher standards of care for pets globally.”
IDEXX’s share price quickly rose Friday morning to almost $286 after closing Thursday at $283.73. By late morning, shares were down to about $280.
The company has an equity value of $24.3 billion.
2020 outlook
IDEXX also raised its 2020 revenue outlook to a range of $2.62 million to $2.655 million, reflecting consistent expectations for reported and organic revenue growth of 9% to 10.5%.
The company raised its earnings per share outlook to a range of $5.42 to $5.58.
That’s 12 cents higher than its previous estimate, reflecting expectations for continued strong operating trends, higher estimates for share-based compensation for tax benefits and favorable adjustments to projected foreign exchange-rate impacts.