IDEXX Labs Lifts FY21 Earnings View; Tightens Revenue Forecast

(RTTNews) - While announcing higher third -quarter results, IDEXX Laboratories, Inc. (IDXX), a veterinary diagnostics provider, raised its forecast for fiscal 2021, inline or below market estimates. Further, the company tightened revenues outlook.

The company now expects full-year earnings per share of $8.30 - $8.38, higher than previous estimate of $8.20 - $8.36. Earnings per share for the year is now expected to grow 24 percent to 25 percent from last year on a reported basis and 26 percent to 27 percent on a comparable basis.

The company previously expected earnings per share for the year to grow 22 percent to 25 percent from last year.

Further, the company now expects revenues of $3.185 billion to $3.200 billion, compared to earlier expected $3.170 billion to $3.205 billion.

On average, analysts polled by Thomson Reuters expect earnings of $8.38 per share on revenues of $3.2 billion. Analysts' estimates typically exclude special items.

The updated view now reflects revenue growth of 17.5 percent to 18 percent on a reported basis and 15.5 percent to 16 percent organic. The previous expectations were reported growth of 17 percent to 18.5 percent and organic growth of 14.5 percent - 16 percent.