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

IDEXX Laboratories (NASDAQ:IDXX) posted its quarterly earnings results on Thursday. The company reported $2.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.69 by $0.11, Briefing.com reports. IDEXX Laboratories had a net margin of 22.53% and a return on equity of 55.42%. The business had revenue of $975.50 million during the quarter, compared to the consensus estimate of $980.32 million. During the same quarter last year, the firm posted $2.53 EPS. IDEXX Laboratories’s revenue was up 6.6% compared to the same quarter last year. 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 opened at $417.28 on Friday. The company’s 50-day moving average is $478.76 and its 200 day moving average is $487.13. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.03 and a current ratio of 1.42. The company has a market capitalization of $34.35 billion, a P/E ratio of 40.24, a price-to-earnings-growth ratio of 3.55 and a beta of 1.36. IDEXX Laboratories has a fifty-two week low of $395.37 and a fifty-two week high of $583.39.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. StockNews.com downgraded shares of IDEXX Laboratories from a “buy” rating to a “hold” rating in a research report on Wednesday, July 10th. Stifel Nicolaus cut their price objective 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. JPMorgan Chase & Co. cut their price objective on shares of IDEXX Laboratories from $630.00 to $575.00 and set an “overweight” rating on the stock in a report on Friday, October 11th. BTIG Research began coverage on shares of IDEXX Laboratories in a report on Thursday, July 25th. They set a “buy” rating and a $580.00 price objective on the stock. Finally, Piper Sandler cut their price objective on shares of IDEXX Laboratories from $600.00 to $520.00 and set a “neutral” rating on the stock in a report on Wednesday, August 14th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, IDEXX Laboratories presently has a consensus rating of “Moderate Buy” and an average 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.