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Idexx revenue jumps 12% to $2.71 billion in 2020
The Westbrook-based veterinary diagnostic testing firm also reported a net income boost of 31% over 2019.
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Idexx Laboratories Inc. has wrapped up another profitable year that saw the Westbrook company delving into human COVID-19 testing and making big gains in sales of pet-centric products and services.
Idexx, a diagnostic testing provider focused primarily on animal health, on Tuesday reported revenue of $2.71 billion in 2020, up 12 percent from its previous high of $2.41 billion in 2019. The company also shattered the previous year’s net income, boosting it by 31 percent to $582.1 million, or $6.71 per share.
The growth in revenue picked up in pace as the year went on, with the company reporting a gain of 19 percent for the fourth quarter compared with a year earlier, and net income growth of 93 percent – nearly doubling its profit compared with the fourth quarter of 2019. Idexx reported revenue of $720.9 million for t
Uber, UPS rise; Vertex Pharmaceuticals, BP fall Follow Us
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NEW YORK (AP) - Stocks that traded heavily or had substantial price changes Tuesday:
Vertex Pharmaceuticals Inc., down $14.44 to $217.33.
The drug developer reported disappointing fourth quarter earnings.
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The veterinary diagnostic and health care company handily beat analysts’ fourth-quarter profit and revenue forecasts.
BP Plc., down $1.46 to $20.75.
The oil and gas company’s fourth-quarter profit fell short of analysts’ forecasts as the pandemic crimped energy demand.
Waters Corp., up $22.50 to $291.31.
The maker of lab equipment easily beat analysts’ fourth-quarter profit and revenue forecasts.
Catalent Inc., up 24 cents to $117.73.
IDEXX Laboratories Inc. (Nasdaq: IDXX), on Tuesday posted fourth-quarter earnings and revenues that exceeded market expectations and gave a bullish outlook for 2021.
The Westbrook-based provider of veterinary diagnostics, veterinary practice software and water microbiology testing posted $2.01 in fourth-quarter earnings per diluted share, an increase of 93% over a year ago.
EPS was also well above the $1.43 consensus forecast of analysts polled by Zacks Investment Research, marking the fourth straight quarter the company has beaten market expectations.
Fourth-quarter revenue was $721 million, or 19% above a year earlier on a reported basis and 17% higher on an organic basis. That exceeded the Zacks consensus forecast by 5.79%.
Operator
Good morning and welcome to the IDEXX Laboratories Fourth Quarter 2020 Earnings Conference Call. As a reminder, today s conference is being recorded. Participating in the call this morning are Jay Mazelsky, President and Chief Executive Officer; Brian McKeon, Chief Financial Officer; and John Ravis, Senior Director Investor Relations.
IDEXX would like to preface the discussion today with a caution regarding forward-looking statements. Listeners are reminded that our discussion during the call will include forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those discussed today. Additional information regarding these risks and uncertainties is available under the forward-looking statements notice in our press release issued this morning as well as in our periodic filings with the Securities and Exchange Commission, which can be obtained from the SEC or by visiting the Investor Relations section of
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