File photo
Jay Mazelsky
August 6, 2024
IDEXX misses on Q2 earnings, scales back full-year outlook
IDEXX Laboratories Inc. (Nasdaq: IDXX) on Tuesday posted second-quarter earnings that fell short of market expectations, and the company reduced its full-year financial outlook.
The Westbrook-based maker of veterinary diagnostics and software reported diluted earnings per share of $2.44, a decrease of 9% as reported. The figure represents an increase of 15% on a comparable basis excluding a 56 cents per share impact related to litigation expenses.
Earnings per share missed the $2.87 per share estimate of analysts polled by Zacks Investment Research.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Second-quarter revenue amounted to $1.004 billion, an increase of 6% as reported and 7% on an organic basis. The revenue figure was 0.11% above the Zacks consensus estimate.
"Continued high levels of execution from IDEXX teams drove solid global growth and strong operational performance in the second quarter,” said Jay Mazelsky, the company's president and CEO. “These results reflect the benefits that IDEXX customers gain from adopting our innovative, multi-modality testing platforms and solutions."
2024 outlook
Anticipating headwinds in the second half of the year, IDEXX adjusted its full-year outlook.
The company is now projecting full-year revenues of $3.885 billion to $3.945 billion, a reduction of $15 million at the midpoint.
Projected full-year earnings per share were scaled back to a range of $10.31 to $10.59, representing a reduction of 56 cents at the midpoint, to reflect the negative effect related to the accrual of litigation expenses.
As of Monday's close on Wall Street, IDEXX shares have a market value of around $37.6 billion. Shares are trading 10% lower than a year ago.
Most Recent
Most Recent
0 Comments