IDEXX Labs Raises 2019 EPS View

(RTTNews) - IDEXX Laboratories Inc. (IDXX) said it raised its 2019 earnings per share guidance range by $0.05 per share at mid-point to $4.82 - $4.92, reflecting $0.04 per share in benefit from a lower projected effective tax rate from higher share-based compensation tax benefits and $0.02 per share in operational improvement from raised expectations for full year operating margin. Analysts polled by Thomson Reuters expect the company to report earnings of $4.83 per share for fiscal year 2019. Analysts' estimates typically exclude special items.

The updated outlook represents earnings per share growth of 13% - 15% on a reported basis, and 17% - 20% on a comparable constant currency growth basis.

The company refined its 2019 revenue outlook to $2.380 billion - $2.410 billion, reflecting expectations for reported revenue growth of 7.5% - 9% and organic revenue growth of 9.5% - 10.5%.

At mid-point, the updated revenue outlook is $10 million below previous guidance, including $5 million of impact related to updated foreign exchange estimates and $5 million in operational refinements related to second quarter results, resulting in a 0.5% reduction to the high end of earlier organic revenue growth guidance.