(Updated - November 1, 2018 6:56 AM EDT)

(Update corrects consensus revenue figure)

IDEXX Labs (NASDAQ: IDXX) reported Q3 EPS of $1.05, $0.08 better than the analyst estimate of $0.97. Revenue for the quarter came in at $545.45 million versus the consensus estimate of $545.49 million.

• Reports revenue growth of 11% on a reported basis and 12% on an organic basis, driven by CAG Diagnostics recurring revenue growth of 12% reported and 13% organic
• Delivers EPS of $1.05, a 33% increase year-over-year on a reported basis or 39% on a comparable constant currency basis
• Refines 2018 reported revenue guidance to $2,205 billion - $2,215 billion, reflecting revenue growth of 12% - 12.5% on a reported basis and 11.5% - 12% on an organic basis
• Increases 2018 EPS guidance range to $4.16 - $4.21, $0.04 above the midpoint of prior guidance, reflecting higher expectations for 2018 share-based compensation tax benefits and an improved operational outlook
• Provides preliminary 2019 financial guidance for revenue growth of 8% - 9.5% on a reported basis, 9.5% - 11% on an organic basis, and EPS of $4.61 - $4.75, an increase of 10% - 14% on a reported basis and 15% - 18% on a comparable constant currency basis

"We continue to see strong demand for higher-quality pet health care and our ongoing business momentum reflected in our sustained 13% organic growth in CAG Diagnostics recurring revenues," said Jonathan Ayers, the Company's Chairman and Chief Executive Officer. "We are also seeing continued positive global market reception for our point-of-care offering that reflects our best-in-class technology, expanding menu including Catalyst® SDMA, and the implementation of our economic value index (EVI) incentive model around the world. Catalyst chemistry analyzer placements were strong in the third quarter, expanding our global installed base by 22% year-over-year, supported by 26% growth in placements at competitive or greenfield accounts. These global instrument placements drove accelerated 19% organic growth in instrument consumable revenues in the quarter."

"We are on track to deliver strong revenue and EPS gains this year. Our sustained momentum and continued investments in expanded customer-facing professionals provide a foundation for us to deliver continued strong financial performance in 2019, driven by sustained high CAG Diagnostics recurring revenue growth, consistent with our long-term revenue and earnings goals."

GUIDANCE:

IDEXX Labs sees FY2018 EPS of $4.16-$4.40, versus the consensus of $4.18. IDEXX Labs sees FY2018 revenue of $2.205-2.215 billion, versus the consensus of $2.22 billion.

IDEXX Labs sees FY2019 EPS of $4.61-$4.75, versus the consensus of $4.83. IDEXX Labs sees FY2019 revenue of $2.385-2.425 billion, versus the consensus of $2.45 billion.

For earnings history and earnings-related data on IDEXX Labs (IDXX) click here.