Idexx Laboratories (IDXX) broke out Friday after the maker of veterinary diagnostic products topped Wall Street's expectations for the first quarter and raised its 2018 guidance for both earnings and revenue growth.
XOn the stock market today, Idexx popped 8.4% to close at 212.20, blowing past a buy point of 202.36 and to an all-time high. Shares began forming a cup-with-handle base in March around the time they closed at the previous high of 207.14.
For its first quarter, Idexx reported $538 million in sales, increasing 16% year over year and 12% on an organic basis. That easily crushed the consensus view for $524.9 million in sales. Idexx noted that 13% organic growth in its companion animal group helped drive the strong results.
"We are pleased with the outstanding execution of our expanded commercial teams around the world in the first quarter, which resulted in 21% growth in premium instrument placements," Chief Executive Officer Jonathan Ayers said in a written statement.
Guidance Gets A Boost
Earnings of $1.01 per share grew 31% vs. the year-ago period and were up 32% on a constant-currency basis. That also topped the consensus for earnings of 93 cents per share.
Idexx also boosted its 2018 organic revenue outlook. It now sees 10.5%-12.5% growth on a constant-currency basis for the year. Adjusting for foreign exchange rates, Idexx kept its guidance for 12%-14% sales growth this year.
The firm also increased its full-year earnings guidance by 2 pennies at the midpoint to $4.06-$4.20 per share.
Idexx Labs was featured this past week on Investor's Business Daily's Leaderboard as a watchlist candidate.
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The post This Top Medical Stock Breaks Out After Its Beat-And-Raise appeared first on Investor's Business Daily.
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