IDEXX gets wiggle room to buy back more shares
File photo / Tim Greenway
IDEXX Laboratories Inc. (Nasdaq: IDXX) is a global veterinary diagnostic company based in Westbrook.
IDEXX Laboratories Inc. (Nasdaq: IDXX), a Westbrook-based maker of veterinary diagnostics and software, has the green light from its board of directors to buy back a further 5 million of its own shares.
Those shares come on top of to the 1.3 million shares the company is authorized to buy as of Dec. 3, 2024, via an ongoing share repurchase program.
The share repurchase program has no specified expiration date and may be suspended or discontinued at any time, the company said in Monday’s announcement.
Repurchases may be made at management’s discretion from time to time in the open market or in negotiated transactions, it noted.
While IDEXX did not give a reason for expanding its share buyback program, companies regularly do so for any number of reasons from reducing the cost of capital to boosting the value of their equity.
Based on Tuesday’s closing share price of $44.72, down 1.32% on the day, IDEXX shares have a market value of around $36.4 billion Shares are trading 17% lower than a year ago.
In its most recent quarterly report, IDEXX posted an increase in earnings and revenue but cut its full-year earnings and revenue outlook.
The company reaffirmed the guidance on Oct. 31 along with news of a CFO transition.
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