Idexx Laboratories has announced its financial results for the third quarter of 2017, including a $492 million (372.49 million pounds) revenue total for the period.
This represented a year-on-year increase of ten percent, or nine percent on an organic basis. The strong momentum was driven by 11 percent global organic growth experienced by the firm's companion animal group (CAG) diagnostics unit.
“Idexx Laboratories has achieved a year-on-year revenue increase of ten percent during the third quarter of 2017.“
Double-digit growth was achieved by the company's global reference laboratory portfolio and VetLab consumables business, with similar double-digit gains in both veterinary
software, services and diagnostic imaging systems and the water business.
These improvements helped to offset the lower revenues generated by the firm's livestock, poultry and dairy business due to changing end market demand dynamics, as well as growth in certain instrument placement programmes that resulted in deferred revenue recognition.
Idexx's overall organic revenue growth outlook for the full year has now been updated to a range of 9.5 percent to ten percent.
Jonathan Ayers, the company's chairman and chief executive officer, said: "We are pleased with the continued strong momentum in our CAG diagnostics recurring revenue growth around the world, as we partner with the veterinary profession to increase the standard of care."
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