IDEXX Laboratories raises annual forecasts on strong demand for pet diagnostics
Shares of the Westbrook, Maine-based animal diagnostics maker rose about 8% in premarket trading.
Analysts expect veterinary clinic visits to rebound over the next few years, due to a rising population of pet owners and aging animals, after a period of subdued spending amid economic uncertainty.
The company now expects annual profit between $12.40 and $12.76 per share, compared with its previous range of $11.93 to $12.43.
IDEXX also raised its annual sales forecast to between $4.21 billion and $4.28 billion from $4.10 billion and $4.21 billion.
Analysts were expecting revenues of $4.15 billion and an adjusted profit of $12.19 per share for the year, according to data compiled by LSEG.
The company cited expectation of higher sales of its veterinary cellular analyzer and a roughly $70 million tailwind from favorable foreign exchange rate movements for the improved forecast.
IDEXX offers diagnostic equipment, such as blood and urine analyzers, and imaging systems to help vets diagnose and treat animals. It also provides veterinary software and run reference laboratories for more complex tests.
Sales at IDEXX's companion animal group unit, its largest unit which offers diagnostics for pets and IT services to veterinary clinics, rose about 11% to $1.02 billion in the second quarter ended June 30.
On an adjusted basis, IDEXX reported a profit of $3.63 per share for the quarter, comfortably beating analysts' expectations of $3.30.
Total revenue for the quarter climbed to $1.11 billion, surpassing analysts' estimates of $1.07 billion.
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