Westbrook-based veterinary diagnostics provider Idexx Laboratories Inc. reported both revenue and net income growth in the first quarter that exceeded analyst expectations.
Idexx reported quarterly revenue of $576.1 million, up 7 percent from $537.7 million in the first quarter of 2018. Its revenue for the quarter beat analyst expectations by $1 million, according to investor website Seeking Alpha.
The company reported first-quarter net income of $102.7 million, or $1.17 per share, up 16 percent from $89.5 million, or $1.01 per share in the first quarter of 2018. Its quarterly income beat analyst expectations by 11 cents per share, Seeking Alpha said.
Idexx Chairman and CEO Jonathan Ayers attributed the strong earnings to organic sales growth in the company’s Companion Animal Group, or CAG, which provides veterinary diagnostic testing equipment and services for pets.
“Our strong business performance continued in the first quarter, sustaining high organic growth in CAG Diagnostics recurring revenues,” Ayers said in a news release. “With great runway ahead and a robust start to the year, we are well-positioned to execute our unique innovation-based and multi-modality strategy, enabled by our expanded global commercial capability, as we continue to deliver outstanding financial results aligned with our long-term goals.”
Idexx is Maine’s largest publicly traded company in terms of market capitalization, or the number of outstanding shares multiplied by the value of each share. Its shares, which trade on the Nasdaq Stock Market under the symbol IDXX, had an aggregate value of over $20 billion as of noon Wednesday.
Idexx has nearly 3,000 employees in Maine and more than 8,000 worldwide.