Idexx Laboratories Inc. of Westbrook released its third-quarter earnings statement Tuesday, reporting a 10 percent increase in revenue and a 25 percent increase in net income.
The company, which produces veterinary diagnostic testing equipment, software and other products, said its revenue for the quarter was $492 million, a 9.7 percent increase from $448.3 million in the third quarter of 2016.
Idexx reported third-quarter net income of $70.5 million, or 79 cents per diluted share, up 24.8 percent from $56.5 million, or 62 cents per diluted share, a year earlier.
According to the investor website Seeking Alpha, Idexx beat analysts’ expectations for net income by 2 cents per share but fell short of their revenue expectations by about $1.1 million. The company has been on a upward trajectory in recent years, regularly increasing its revenue and net income.
Company executives said in a news release that growth has been particularly strong in the company’s Companion Animal Group, which sells diagnostic products for pets.
“We are pleased with the continued strong momentum in our (Companion Animal Group) Diagnostics recurring revenue growth around the world, as we partner with the veterinary profession to increase the standard of care,” Jonathan Ayers, the company’s chairman and CEO, said in a statement.
Idexx trades on the Nasdaq exchange under the symbol IDXX. Its stock price closed at $166.17 per share Tuesday, up $1.76 from the day before.
J. Craig Anderson can be contacted at 791-6390 or at:
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