NEW YORK (AP) — Idexx Laboratories Inc. said Tuesday its second-quarter net income rose 5 percent as revenue from its companion animal business jumped, but shares slipped after the company lowered its full-year revenue guidance.
Idexx, which provides diagnostic services to veterinarians, earned $54 million, or 99 cents per share, up from $51.3 million, or 91 cents per share, in the 2012 quarter.
Revenue rose 5 percent to $352.6 million from $335.6 million, as its companion animal business unit posted 6 percent sales growth, to $295.8 million.
On average, analysts surveyed by FactSet forecast quarterly earnings of 97 cents per share and revenue of $357.1 million.
Idexx said it’s ahead of plan on a change to the territories for its North American companion animal diagnostics sales force, and it also expanded the sales force by 14 percent in the past three months.
Looking ahead, the Westbrook, Maine-based company revised its full-year guidance to reflect increased share repurchases, lower organic revenue growth and unfavorable changes in foreign currency exchange rates.
Idexx now expects to earn $3.42 to $3.48 per share for 2013, compared with a prior range of $3.40 to $3.46. Revenue is pegged at $1.37 billion to $1.38 billion, reflecting full-year organic revenue growth of 7 percent to 7.5 percent, compared with a prior growth estimate of 7.5 percent to 8 percent.
Analysts, on average, expect full-year earnings per share of $3.44 and revenue of $1.38 billion.
In morning trading, shares of Idexx slid 4 percent, or $3.87, to $93.55. The stock has traded between $81.57 and $101.18 in the past 52 weeks.
Send questions/comments to the editors.
