IDEXX Labs (NASDAQ: IDXX) reported Q1 EPS of $1.29, $0.09 better than the analyst estimate of $1.20. Revenue for the quarter came in at $626.34 million versus the consensus estimate of $617.41 million.

• Reports revenue growth of 9% on a reported and organic basis driven by Companion Animal Group (\"CAG\") Diagnostics recurring revenue growth of 10% reported and organic
• Delivers EPS of $1.29, representing 10% growth on a reported basis and 13% on a comparable constant currency basis
• Enhances its liquidity and financial flexibility by increasing its credit facility to $1 billion with extended maturity to 2023 and issuing $200 million in 10-year, 2.5% fixed-rate notes
• Provides update on recent market and business trends, and steps taken to support customers, protect employees and manage operating costs in the current environment
• Withdraws 2020 guidance due to the unpredictability of the duration and magnitude of impacts from the COVID-19 pandemic on veterinary service providers

"We are pleased to report excellent first quarter financial results, supported by continued double-digit organic gains in CAG Diagnostics recurring revenues, despite late-quarter impacts from the expansion of COVID-19-related stay-at-home policies and social distancing procedures. These results reflect continued strong underlying demand globally for companion animal healthcare," said Jay Mazelsky, the Company\'s President and Chief Executive Officer. "We have seen near-term impacts on veterinary practices related to the COVID-19 pandemic and have been closely monitoring the effect of social distancing policies and industry care guidelines on our customers. IDEXX has continued to provide high levels of service delivery and product support for its customers during this time, while advancing key steps to protect the safety and health of its employees, ensure business continuity and mitigate the near-term impacts on demand for IDEXX products and services. The pet-owner bond is stronger than ever, and IDEXX's strategy, opportunity and fundamentals remain intact, supported by our innovative product portfolio and talented global team. We are very well-positioned for a strong recovery in the highly attractive and resilient companion animal healthcare market. I am extremely proud of the way our team is working together to respond during this time and thank them for their extraordinary commitment to our Purpose."

2020 Financial Outlook

The Company is withdrawing its previously announced full year 2020 guidance due to the unpredictability of the duration and the magnitude of impacts from the COVID-19 pandemic on veterinary service providers.

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