IDEXX Laboratories Stock Climbs 10% as It Beats 3Q Market Views

By Sabela Ojea

Shares of IDEXX Laboratories Inc. rose more than 10% Tuesday after the veterinary diagnostics company posted higher-than-expected increases in profit and revenue for the third quarter.

At 9:50 a.m. ET, IDEXX Laboratories shares were up more than 10% to $395.58 a share.

IDEXX Laboratories reported earnings per share of $2.15, above market views of $2.05 a share, according to FactSet.

Revenue increased to $841.7 million, beating market views of $830 million, according to FactSet.

The company also posted a 3.3% rise in net income and a 3.9% increase in revenue, driven by increases in demand within its companion animal group diagnostics business.

However, the company cut its revenue guidance for all of 2022, stating that it expects revenue growth between 3.5% and 4.5%, and organic revenue growth between 6.5% and 7.5%, which were weighed down by the effects of a stronger U.S. dollar.

Three months ago, the company said it expected revenue growth of up to 5.5% and organic revenue growth of up to 8% after raising its prices.

Write to Sabela Ojea at; @sabelaojeaguix

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