Idexx Stock Pops on Earnings. Pet Health Is Booming.

Vet visits are down but growing revenue per visit is more than making up for it, said Idexx. (Pixabay)

Key Points

• Idexx Laboratories reports third-quarter adjusted earnings of $3.22 a share and revenue of $1.11 billion, exceeding estimates.
• Revenue from the companion animal group grows 14%, driven by increased revenue per visit despite fewer veterinary visits.
• The company raises its 2025 outlook, projecting revenue of $4.27 billion to $4.3 billion and earnings per share of $12.81 to $13.01.

Idexx Laboratories was the top performer in the S&P 500 on Monday after the veterinary medicine company reported better-than-expected earnings and boosted its full-year outlook.

The Westbrook, Maine-based company posted adjusted earnings of $3.22 a share for the third quarter, ahead of analysts’ consensus estimates of $3.12. Revenue totaled $1.11 billion, up 13% from the previous year and above Wall Street’s call for $1.07 billion.

Idexx stock rose 16% to $729.04, putting it on pace for an all-time closing high, according to Dow Jones Market Data. The stock has risen more than 76% this year.

The company reported 14% revenue growth from its flagship companion animal group, which provides equipment and services to veterinarians. While vet visits have fallen from last year, growth in revenue per visit has more than made up for it, the company said.

Idexx now expects revenue of $4.27 billion to $4.3 billion and earnings per share of $12.81 to $13.01 for 2025. Those ranges are up from the company’s previous forecast and ahead of analysts’ estimates of $4.24 billion and $12.65, respectively.

Write to Nate Wolf at nate.wolf@barrons.com