IDEXX Laboratories (NASDAQ:IDXX) Announces Earnings Results, Beats Estimates By $0.11 EPS

IDEXX Laboratories (NASDAQ:IDXX) posted its earnings results on Thursday. The company reported $2.80 earnings per share for the quarter, topping analysts’ consensus estimates of $2.69 by $0.11, Briefing.com reports. The company had revenue of $975.50 million during the quarter, compared to analyst estimates of $980.32 million. IDEXX Laboratories had a return on equity of 57.03% and a net margin of 22.34%. IDEXX Laboratories’s revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.53 earnings per share. IDEXX Laboratories updated its FY 2024 guidance to 10.370-10.530 EPS and its FY24 guidance to 10.37-10.53 EPS.

IDEXX Laboratories Price Performance

Shares of NASDAQ IDXX traded up $10.36 during trading on Friday, hitting $417.28. The company had a trading volume of 994,132 shares, compared to its average volume of 490,774. IDEXX Laboratories has a fifty-two week low of $395.37 and a fifty-two week high of $583.39. The stock has a fifty day simple moving average of $480.17 and a two-hundred day simple moving average of $487.66. The company has a quick ratio of 1.03, a current ratio of 1.37 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $34.35 billion, a price-to-earnings ratio of 41.69, a price-to-earnings-growth ratio of 3.94 and a beta of 1.33.

Analysts Set New Price Targets

Several brokerages recently issued reports on IDXX. BTIG Research assumed coverage on IDEXX Laboratories in a research report on Thursday, July 25th. They set a “buy” rating and a $580.00 target price on the stock. StockNews.com lowered IDEXX Laboratories from a “buy” rating to a “hold” rating in a research note on Wednesday, July 10th. Piper Sandler decreased their target price on IDEXX Laboratories from $600.00 to $520.00 and set a “neutral” rating for the company in a report on Wednesday, August 14th. Stifel Nicolaus cut their price target on shares of IDEXX Laboratories from $510.00 to $500.00 and set a “hold” rating on the stock in a report on Thursday, October 10th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of IDEXX Laboratories from $630.00 to $575.00 and set an “overweight” rating for the company in a research note on Friday, October 11th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $574.13.

About IDEXX Laboratories

IDEXX Laboratories, Inc develops, manufactures, and distributes products primarily for the companion animal veterinary, livestock and poultry, dairy, and water testing markets in Africa, the Asia Pacific, Canada, Europe, Latin America, and internationally. The company operates through three segments: Companion Animal Group; Water Quality Products; and Livestock, Poultry and Dairy.