Why Is Animal Diagnostic-Focused IDEXX Laboratories Stock Trading Higher Today?
Portfolio Pulse from Vandana Singh
IDEXX Laboratories Inc (NASDAQ:IDXX) shares rose after reporting Q4 2023 earnings that exceeded expectations, with adjusted EPS of $2.32 against a consensus of $2.12, and sales of $901.60 million versus $891.25 million expected. Sales grew 9% year-over-year, driven by a 10% growth in Companion Animal Group (CAG). The company forecasts FY 2024 sales between $3.93 billion and $4.04 billion, with a profit range of $10.84 to $11.33 per share, against a consensus of $11. William Blair highlighted IDEXX's resilience and positive long-term outlook, supported by increased pet ownership and the upcoming launch of InVue Dx in late 2024.
February 05, 2024 | 6:21 pm
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IDEXX Laboratories Inc reported higher than expected Q4 2023 earnings, with significant sales growth and a positive FY 2024 outlook, leading to a 6.1% increase in stock price.
IDEXX's Q4 earnings beat, driven by strong sales growth and a positive outlook for FY 2024, directly impacts investor sentiment and stock price. The company's resilience and strategic initiatives, including the launch of InVue Dx, contribute to a bullish outlook, supporting the stock's short-term upward movement.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100