Idexx Laboratories reports double-digit growth during third quarter of 2016

Idexx Laboratories has announced its financial results for the third quarter of 2016, during which it achieved a revenue total of $448 million (356.11 million pounds).

This represented a year-on-year increase of ten percent on both a reported and organic basis. Meanwhile, its earnings per share came to $0.62, up by 29 percent on a reported basis or 22 percent on an adjusted constant currency basis.

The company's strong double-digit growth for the period was driven by robust global results for its companion animal health diagnostics business, including strong demand for its Idexx VetLab consumables and reference laboratory products in both the US and international territories, as well as high single-digit growth for the water business.

A key highlight was the 18 percent growth it saw in terms of premium instrument placements, including 562 Idexx SediVue Dx sales.

Based on these results, Idexx has adjusted its 2016 revenue growth and earnings outlook toward the high end of its previous guidance range, while predicting organic revenue growth of nine to 10.5 percent for 2017.

Jonathan Ayers, Idexx's chairman and chief executive officer, said: "We believe the sustained strong growth in companion animal healthcare, including the increasing use of diagnostics, is supported by the deeply-rooted, global trend of the strengthening bond between humans and their pets."

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