IDEXX Laboratories Inc (NASDAQ:IDXX) shares are trading higher after the company released better-than-expected fourth-quarter 2023 financial results.
Animal diagnostic company reported adjusted EPS of $2.32, beating the consensus of $2.12.
The company reported sales of $901.60 million, beating the consensus of $891.25 million.
The sales increased 9% compared to the prior year period on a reported basis and 8% on an organic basis, driven by Companion Animal Group (CAG) growth of 10% reported and 9% organic.
CAG Diagnostics recurring revenue gains of 11% reported and 10% organic in the quarter were supported by continued benefits from IDEXX execution drivers, including placements of CAG Diagnostics capital instruments across regions, high customer retention, new business gains, and …