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Westbrook, Maine-based IDEXX Laboratories, Inc. (IDXX) develops, manufactures, and distributes products for the companion animal veterinary, livestock, poultry, dairy, and water testing markets. Valued at $38.85 billion by market cap, the company also operates an international network of veterinary reference laboratories. The global leader in pet healthcare innovation is expected to announce its fiscal second-quarter earnings for 2024 before the market opens on Tuesday, Aug. 6.
Ahead of the event, analysts expect IDXX to report a profit of $2.87 per share on a diluted basis, up 7.5% from $2.67 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports.
For the full year, analysts expect IDXX to report EPS of $11, up 9.3% from $10.06 in fiscal 2023.
IDXX stock has significantly underperformed the S&P 500’s ($SPX) 16.5% gains on a YTD basis, with shares down 15.3% during this period. Similarly, it underperformed the S&P 500 Healthcare Sector SPDR’s (XLV) 8.9% gains over the same time frame.
On May 1, IDXX reported its Q1 results. Its EPS of $2.81 surpassed Wall Street expectations of $2.68. The company’s revenue was $964.10 million, missing Wall Street forecasts of $965.40 million. IDXX updated its full-year growth outlook and expects EPS to be between $10.82 and $11.20, a reduction of $0.08 at midpoint, and revenue to be between $3.90 billion and $3.97 billion. IDXX shares closed down more than 5% on the day the results were released.
Analysts’ consensus opinion on IDXX stock is bullish, with a “Moderate Buy” rating overall. Out of 11 analysts covering the stock, six advise a “Strong Buy” rating, one suggests a “Moderate Buy” rating, and four give a “Hold.” The average analyst price target for IDXX is $577.89, indicating a potential upside of 22.8% from the current levels.
On the date of publication, Dipanjan Banchur did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
