By Padmanabhan Ananthan (Reuters) -IDEXX Laboratories raised its full-year profit and revenue forecasts on Monday and reported better third-quarter results than last year, as the pet diagnostics maker banks on owners spending more on preventive testing and care. Its shares rose more than 15% in morning trading. The Westbrook, Maine-based company sells blood and urine […]
Health
IDEXX raises annual forecasts on strong demand for pet diagnostics, shares surge
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By Padmanabhan Ananthan
(Reuters) -IDEXX Laboratories raised its full-year profit and revenue forecasts on Monday and reported better third-quarter results than last year, as the pet diagnostics maker banks on owners spending more on preventive testing and care.
Its shares rose more than 15% in morning trading.
The Westbrook, Maine-based company sells blood and urine analyzers, imaging systems and practice software, and runs reference laboratories for complex tests.
“Health services continued to expand in the quarter, including increased diagnostic frequency and utilization for clinical visits for both well and non‑wellness visits,” CFO Andrew Emerson said in a conference call.
He said in the fourth quarter, IDEXX expected U.S. clinical visits to “continue to decline at levels moderately better than the year‑to‑date average”.
The company now forecasts 2025 earnings of $12.81 to $13.01 per share, up from a prior range of $12.40 to $12.76, and revenue of $4.27 billion to $4.30 billion, compared with $4.21 billion to $4.28 billion previously.
Demand for its animal diagnostics equipment remained brisk during the reported quarter as pet owners invested more to keep animals healthy and safeguard them from diseases.
Third-quarter revenue rose 13% to $1.11 billion, topping analysts’ average estimate of $1.07 billion, according to LSEG data. Earnings were $3.40 per share, up from $2.80 per share a year earlier.
CEO Jay Mazelsky also outlined product plans, saying IDEXX would expand its CancerDX canine cancer panel in 2026, adding mast cell tumor and another high-impact biomarker and begin international rollout in the first quarter.
“And while near-term veterinary visit trends remain challenging, IDEXX is executing well in this environment and we continue to expect recovery as a matter of ‘when’ versus ‘if’, with IDEXX continuing to execute in the meantime,” J.P.Morgan analyst Chris Schott said.
(Reporting by Padmanabhan Ananthan in Bengaluru; Editing by Pooja Desai)