IDEXX Laboratories, Inc. (NASDAQ: IDXX), a provider of pet healthcare innovation, has reported financial results for the third quarter of 2023.
- The company reported revenues of $916 million for the third quarter of 2023, an increase of 9%; organic revenue growth was 8%
- Among the business divisions, Companion Animal Group revenue grew 9% and Water revenue rose 9%; CAG Diagnostics revenue was up 10%
- Third-quarter earnings per share were $2.53, which is up 18% on a reported basis and 16% on a comparable basis
- Gross profits increased by 8% both as reported and on a comparable basis, while gross margin decreased by 30 basis points to 59.9%
- Operating margin was 30.1% in the September quarter, higher than the prior year by 100 basis points
- The company expects full-year revenues to grow in the range of 7.9%-8.4% as reported and 8.3%-8.8% organically
- Full-year reported operating margin is expected to be in the range of 29.6% to 29.8%