RTTNews | Jul 30, 2021 06:53AM EDT

06:53 Friday, July 30, 2021 (RTTNews.com) - While announcing higher second-quarter results, IDEXX Laboratories, Inc. (IDXX), a veterinary diagnostics provider, raised its forecast for fiscal 2021 earnings and revenues above market.

The company now expects full-year earnings per share of $8.20 - $8.36, higher than previous estimate of $7.88 to $8.18. Earnings per share for the year is expected to grow 22 percent to 25 percent from last year.

The outlook revision reflects an increase of 1 percent - 1.5 percent in the organic revenue growth outlook and expectations for higher operating margins of 28.6 percent - 29.1 percent.

Further, the company now expects revenues of $3.170 billion to $3.205 billion, higher than earlier expected $3.105 billion to $3.160 billion.

On average, 10 analysts polled by Thomson Reuters expect earnings of $8.10 per share on revenues of $3.14 billion. Analysts' estimates typically exclude special items.

The revision reflects higher expectations for reported growth of 17 percent - 18.5 percent and organic growth of 14.5 percent - 16 percent, supported by projected CAG Diagnostics recurring revenue growth of 18 percent - 19.5 percent as reported and 16 percent - 17.5 percent organic.

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