IDEXX Labs (NASDAQ: IDXX) reported Q2 EPS of $0.74, $0.12 better than the analyst estimate of $0.62. Revenue for the quarter came in at $467 million versus the consensus estimate of $444.83 million.

GUIDANCE:

IDEXX Labs sees FY2016 EPS of $2.32-$2.39, versus the consensus of $2.21.

"We accelerated growth in the second quarter, further demonstrating the benefits of bringing our innovations to an attractive global market with an expanded commercial presence, including our move to a fully-direct sales strategy in the US companion animal market in 2015," said Jonathan Ayers, the Company's Chairman and Chief Executive Officer. "Our teams accomplished strong revenue gains across US and all international regions, with flow-through benefits that drove very strong profit results.

"We successfully launched SediVue Dx, our novel urine sediment point-of-care analyzer, with placements of 467 units in the quarter. This performance reflects the positive customer response to the streamlined workflow, high quality images, and consistency of results from the analyzer compared to the traditionally challenging manual process involving microscopic interpretation.

"We also achieved continued productivity gains in our commercial capabilities to drive another highly successful quarter for placements of Catalyst chemistry instruments, with placement of 1,334 systems, including 502 in North America. Impressively, an estimated 663 of our worldwide placements were to new and competitive accounts. Our global momentum in instrument placements drove accelerated 14% global reported and organic revenue gains in the recurring revenue of instrument consumables.

"Strong global commercial execution further drove the revenue growth of reference laboratory diagnostic and consulting services, with 15% reported and 14% organic gains, including strong double-digit growth in both the US and international regions. Reference lab revenue performance was supported by the growing appreciation of veterinarians around the world that IDEXX SDMA™ is a more reliable indicator of kidney related health than the traditional key kidney parameter, creatinine.

"We also continued to drive strong global growth in our Water business, with revenues up 11% reported and 12% organically in the quarter, expanding this base of highly profitable and durable recurring revenue.

"IDEXX innovations are resonating with customers, and with our expanded commercial capabilities, we are helping to transform the role of diagnostics in our markets. We clearly are firing on all cylinders.

"Given these strong results and related momentum, we are on track towards delivering on the consistent, long-term 10%+ annual constant currency revenue growth potential we see for our business," said Ayers.

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