IDEXX Labs Q1 Attributable Net Income Flat; Cuts 2015 Outlook - Quick Facts

(RTTNews) - IDEXX Laboratories Inc. (IDXX) reported that its net income attributable to stockholders for the first quarter of 2015 was $46.594 million, compared to $46.585 million in the prior year. Earnings per share was $0.98 for the quarter, an increase of 10% compared to the prior year period despite a negative 8% growth impact related to changes in net foreign exchange rates.

Revenues for the first quarter of 2015 were $382 million, an increase of 6% compared to the prior year period. Impacts from the strengthening of the US dollar reduced reported revenue growth by 6%. Normalized organic revenue growth for the quarter was 11.4%, supported by solid growth across business segments.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.98 per share and revenues of $395.02 million for the quarter. Analysts' estimates typically exclude special items.

"As we look forward, we are adjusting our full-year financial outlook to reflect the continued strengthening of the US dollar…We are also revising our 2015 normalized organic revenue growth outlook by 1.5% to 12% to 13% normalized organic growth. While our growth trends remain strong in instrument consumables and reference lab sales, we are re-calibrating our outlook for rapid assay revenue growth by ~$15 million to reflect current trends, which are below our growth expectations," said Jonathan Ayers, the Company's Chairman and Chief Executive Officer.

The Company updated its 2015 financial guidance to reflect expectations for 12% to 13% normalized organic revenue growth and to reflect additional strengthening of the US dollar relative to foreign currencies. At current foreign exchange rates, it estimates that the effect of the stronger US dollar will adversely impact 2015 reported revenue and EPS growth by 6% and 9%, respectively. Compared to assumptions used in its prior guidance for 2015 provided during our fourth quarter earnings call on January 30, 2015, the continued strengthening of the US dollar has the effect of lowering projected revenue by approximately $15 million and EPS by $0.05 per share.

For 2015, the company now expects earnings per share to be in the range of $4.14 - $4.24, and revenue of $1.600 billion - $1.620 billion. Wall Street currently is looking for fiscal year 2015 earnings of $4.37 per share on annual revenues of $1.65 billion.

The company said in January that it expected earnings per share to be in the range of $4.33-$4.43, and revenue of $1.64 billion to $1.66 billion for fiscal 2015.