IDEXX Labs Lifts FY23 Earnings View, Cuts Revenue Forecast - Update

(RTTNews) - IDEXX Laboratories Inc (IDXX), while reporting higher third-quarter results, on Wednesday raised its fiscal 2023 earnings view, but trimmed revenue forecast.

For the full year, the company now expects earnings in a range of $9.74 to $9.90, increasing midpoint estimates by $0.05 per share and maintaining its high end earnings per share outlook.

From last year, earnings are expected to grow 21 percent to 23 percent on a reported basis, and 25 percent to 27 percent on a comparable basis.

On average, 11 analysts polled by Thomson Reuters expect earnings of $9.83 per share for the year. Analysts' estimates typically exclude special items.

Previously, the company projected earnings of $9.64 to $9.90, a year-over-year increase of 20 percent to 23 percent as reported and 24 percent to 27 percent on a comparable basis.

Further, the company raised its full year reported operating margin outlook to 29.6 percent - 29.8 percent.

IDEXX also updated its full year revenue growth outlook range to 7.9 percent to 8.4 percent as reported and 8.3 percent to 8.8 percent organically. Revenues are expected to be between $3.635 billion and $3.650 billion.

The Street is looking for revenues of $3.68 billion for the year.

The company previously expected revenue growth in a range of 8.5 percent to 10 percent as reported and organically, corresponding to a range of $3.66 billion to $3.715 billion.

In its third quarter, IDEXX reported higher profit that beat the Street estimates.

The company's earnings came in at $212.23 million, or $2.53 per share. This compares with $180.94 million, or $2.15 per share, in last year's third quarter.

Analysts had expected the company to earn $2.37 per share.

The company's revenue for the quarter rose 8.8 percent to $915.53 million from $841.66 million last year.

In pre-market activity on Nasdaq, the shares were losing around 1.2 percent to trade at $394.83.

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