IDEXX Laboratories (NASDAQ:IDXX) Updates FY24 Earnings Guidance

IDEXX Laboratories (NASDAQ:IDXX) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of 10.37-10.53 for the period, compared to the consensus earnings per share estimate of $10.50. The company issued revenue guidance of $3.87-3.89 billion, compared to the consensus revenue estimate of $3.92 billion. IDEXX Laboratories also updated its FY 2024 guidance to 10.370-10.530 EPS.

IDEXX Laboratories Price Performance

Shares of IDEXX Laboratories stock traded up $10.36 on Friday, hitting $417.28. The company had a trading volume of 994,156 shares, compared to its average volume of 675,492. IDEXX Laboratories has a 52 week low of $395.37 and a 52 week high of $583.39. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.42 and a quick ratio of 1.03. The company has a market cap of $34.35 billion, a PE ratio of 40.24, a PEG ratio of 3.55 and a beta of 1.36. The business has a 50-day simple moving average of $478.76 and a 200-day simple moving average of $487.13.

IDEXX Laboratories (NASDAQ:IDXX) last announced its quarterly earnings data on Thursday, October 31st. The company reported $2.80 earnings per share for the quarter, beating the consensus estimate of $2.69 by $0.11. IDEXX Laboratories had a return on equity of 55.42% and a net margin of 22.53%. The business had revenue of $975.50 million during the quarter, compared to analyst estimates of $980.32 million. During the same quarter in the prior year, the firm posted $2.53 earnings per share. The company’s revenue was up 6.6% on a year-over-year basis. Research analysts expect that IDEXX Laboratories will post 10.44 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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