IDEXX Q4 EPS Up, Revenue Rises 11% - Quick Facts

(RTTNews) - IDEXX Laboratories, Inc. (IDXX) Tuesday said fourth-quarter net income attributable to stockholders was $43.26 million compared to $43.35 million last year. Earnings per share improved to $0.82 from $0.78. The prior-year earnings included a $3.5 million milestone payment earned related to the 2008 sale of product rights previously included in the pharmaceutical product line, which added $0.04 per share.

On average, 9 analysts polled by Thomson Reuters expected earnings of $0.81 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter rose 11 percent to $354.07 million from $319.54 million in the prior year. Wall Street expected revenues of $347.08 million. Organic revenue growth was also 11 percent.

Jonathan Ayers, CEO, said, ''I am very pleased with the strong organic growth we achieved in the quarter, reflecting solid gains across our business. Organic growth in recurring companion animal diagnostic revenue was over 11%, and strong placements of our premium chemistry and hematology instruments, computer systems, and digital radiography products also contributed to the strong performance." Earnings per share for the full year are expected to be in the range of $3.76 to $3.86. The guidance assumes the R&D tax credit will not be extended in 2014.

Non-GAAP earnings per share growth is projected to be 11 to 14 percent, ranging from $3.82 to $3.92, in line with the preliminary guidance provided on October 22, 2013.

Revenues for the full year are still expected to be in the range of $1.48 billion to $1.50 billion. Adjusted for the deferred revenue impacts of the Catalyst One introductory offer in 2014, organic revenue growth is estimated in the range of 7.5 to 8.5 percent.

Analysts look for full year earnings of $3.84 per share on revenues of $1.48 billion.