IDEXX Labs (NASDAQ: IDXX) reported Q2 EPS of $1.23, $0.06 better than the analyst estimate of $1.17. Revenue for the quarter came in at $580.75 million versus the consensus estimate of $574.55 million.

• Reports revenue growth of 14% on a reported basis and 12% on an organic basis, driven by CAG Diagnostics recurring revenue growth of 15% reported and 13% organic
• Achieves 3,241 premium instrument placements, representing 21% year-over-year growth
• Delivers EPS of $1.23, a 29% increase year-over-year on a reported basis or 33% on a comparable constant currency basis
• Adjusts 2018 revenue guidance to $2,205 million – $2,230 million, reflecting reported growth of 12% - 13.5%; increases organic revenue growth outlook to 11.5% - 12.5%; offset by impacts related to strengthening of the U.S. dollar
• Increases 2018 EPS outlook range to $4.10 - $4.20, $0.02 above the midpoint of prior guidance, as benefits from operating performance and from a lower projected effective tax rate are partially offset by negative impact of updated foreign exchange assumptions

"The collaboration between our field-based professionals and the veterinary clinicians and practice managers they serve is driving an increased standard of pet care, and an acceleration in growth of diagnostic products and services in our customer base. Our diagnostic innovations that uncover hidden disease in our pets, and uncover it earlier, are appreciated by veterinary staff and pet owners alike," said Jonathan Ayers, the Company\'s Chairman and Chief Executive Officer. "Even with the successes we have achieved to date and our double-digit organic revenue growth in the second quarter, we believe we have only set a foundation for strong growth in our unique diagnostic and software technologies worldwide for years to come."

"We intend to build on our growth momentum with augmented investment in our CAG global field direct presence in the second half of the year, with a 13% expansion in our U.S.-based field resources and a 15% increase internationally. The international investments are focused on certain markets with the highest incremental revenue and profit opportunity. We are able to make these incremental growth investments, while delivering 2018 profit performance at the high end of our long-term goals, as a result of the success of investments made in the last eighteen months and their impact on profitable organic revenue growth."

GUIDANCE:

IDEXX Labs sees FY2018 EPS of $4.10-$4.20.

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