IDEXX reports uptick in Q2 revenue, while earnings grow over 18%
Westbrook-based IDEXX Laboratories Inc. (Nasdaq: IDXX) on Friday reported a slight uptick in revenues for the second quarter of the year — and an earnings increase of over 18%.
The maker of veterinary diagnostics, software and water biotests had revenues of $638 million during the three months ended June 30, an increase over the same period last year of 3% on a reported basis and 4% on an organic basis.
Net income for the second quarter this year was $149 million, or $1.72 per diluted share, compared to $126 million, of $1.43 per diluted share, last year.
IDEXX said the results were primarily driven by recurring revenue growth of 7% in its Companion Animal Group business, as well as cost control efforts. In addition, about 1% of revenue growth stemmed from a molecular diagnostic test, developed by IDEXX subsidiary OPTI Medical Systems, for COVID-19 in humans.
“We are very pleased to report excellent second-quarter financial results, supported by a sharp, global recovery in our CAG business and outstanding efforts by the IDEXX team to sustain high levels of service to our customers through the COVID-19 pandemic,” IDEXX President and CEO Jay Mazelsky said in a news release.
“These results confirm the health and resilience of the global companion animal health care market, supported by the continued deepening of the pet-owner bond.”
IDEXX continues to suspend financial guidance for 2020 due to the unpredictable potential impact of the pandemic, according to the release.
Stock prices for IDEXX rose sharply early Friday after results were reported, with shares trading at over $400. Yesterday’s closing price was $374.10.
IDEXX has a market capitalization of $31.8 billion.
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