IDEXX Labs (IDXX) Tops Q2 EPS by 55c, Revenues Beat

IDEXX Labs (NASDAQ: IDXX) reported Q2 EPS of $1.72, $0.55 better than the analyst estimate of $1.17. Revenue for the quarter came in at $593.06 million versus the consensus estimate of $589.98 million.

• Reports revenue growth of 3% on a reported basis and 4% on an organic basis driven by Companion Animal Group Diagnostics recurring revenue growth of 7% reported and organic
• Revenue results supported by global "V-shaped" recovery in the pet healthcare market
• Delivers EPS of $1.72, representing 20% growth on a reported basis and 23% on a comparable constant currency basis, reflecting solid revenue gains and benefits from proactive cost controls

"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. These results confirm the health and resilience of the global companion animal healthcare market, supported by the continued deepening of the pet-owner bond," said Jay Mazelsky, the Company's President and Chief Executive Officer. "We are encouraged by recent market trends and confident in our ability to effectively manage through the near-term challenges presented by the COVID-19 pandemic, as we continue to execute our strategy to advance the standard of care for companion animal healthcare globally."

2020 Financial Outlook

The Company is maintaining suspension of full-year 2020 guidance due to the unpredictability of potential future impacts from the COVID-19 pandemic.

For earnings history and earnings-related data on IDEXX Labs (IDXX) click here.

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