Idexx Posts Another Strong Quarter, but Tempered Margin Expansion Drives Dip in Shares
Following another strong quarter featuring double-digit gains in its companion animal division, Idexx Laboratories has raised its outlook for the full year, putting management in line with our full-year estimates. We’re leaving our $109 fair value estimate unchanged as second-quarter results generally met our expectations. Idexx shares remain expensive despite today’s dip, and still harbor a take-out premium, from our perspective. We have been big fans of Idexx’s ability to consistently innovate...IDEXX Laboratories develops, manufactures, and distributes products and provides services primarily for the companion animal veterinary, livestock and poultry, dairy and water testing markets. The company operates primarily through three business segments: Companion Animal Group, which provides diagnostic and information management-based products and services for the veterinary market; Water Quality Products, which designs, develops, manufactures, and distributes products used in the detection of various microbiological parameters in water; and Livestock, Poultry and Dairy, which provides diagnostic products and services for livestock and poultry health.
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