Idexx reports revenue growth in second quarter of 2017

Idexx Laboratories has announced its financial results for the second quarter of 2017, during which it generated a revenue total of $509 million (392.28 million pounds).

This represented a year-on-year increase of nine percent, or ten percent on an organic basis, with momentum driven by the robust global performance of the company's companion animal diagnostics business.

This included double-digit organic revenue growth in consumables and reference lab services within this division, as well as solid growth in both rapid assay and veterinary software, services and diagnostic imaging systems.

Revenue growth for companion animal diagnostics in the US reached the highest level for the past two years, underlining the success of Idexx's recent implementation of a fully direct sales approach.

As such, Idexx is raising its 2017 revenue outlook and now expects to generate between $1.945 billion and $1.965 billion for the year, which would be equivalent to organic growth of ten to 11 percent.

Jonathan Ayers, Idexx's chairman and chief executive officer, said: "Our business continued to thrive in the second quarter as we focused on delivering best-in-class diagnostic and software solutions, while supporting the profession in increasing the companion animal standard of care."

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