IDEXX Laboratories announced its third-quarter 2024 financial results, reporting revenues of $976 million, an increase of 7% as reported and 6% organically. Companion Animal Group (CAG) revenue grew 7% as reported and 6% organically, with CAG Diagnostics recurring revenue also increasing by 7% on both reported and organic bases. Earnings per diluted share (EPS) for the quarter were $2.80, an increase of 11% as reported and 12% on a comparable basis, surpassing analyst estimates.
Despite the strong EPS performance, the company updated its full-year 2024 revenue growth guidance range to $3,865 million - $3,890 million, representing reported growth of 5.5% - 6.2%. This marks a reduction of $38 million at the midpoint from prior guidance, with organic revenue growth now projected at 5.3% - 6.0%. The adjustment reflects recent trends in U.S. clinical visit and demand levels, indicating a moderation in the pet healthcare market.
The full-year EPS outlook was narrowed to $10.37 - $10.53, maintaining a consistent midpoint, with comparable growth projected at 10% - 11%. The company also noted nearly 700 pre-orders for the IDEXX inVue Dx Cellular Analyzer, with shipments expected to commence later in the fourth quarter. This new product introduction aims to enhance diagnostic capabilities and address workflow bottlenecks in veterinary practices.
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