IDEXX Laboratories, Inc. (NASDAQ: IDXX) early Friday posted much better than expected first quarter earnings results and lifted its full-year forecast, sending its shares significantly higher in morning trading.

Written by StockNews.com

The Westbrook, ME-based animal diagnostics specialist reported Q1:

• earnings per share (EPS) of $0.77, which was $0.16 better than the Wall Street consensus estimate of $0.61 and
• revenues rose 10.7% from last year to $462 million, also easily topping analysts’ view for $455.1 million.

Looking ahead, Idexx:

• boosted its full-year EPS outlook to a range of $2.95 to $3.11, which would beat the Wall Street consensus view of $2.94, and compares with prior guidance of $2.85 to $3.01 and
• sees 2017 revenues of $1.925 to $1.950 billion, ahead of analysts’ $1.92 billion view.

The company commented via press release:

“The companion animal market fundamentals remain solid with tremendous global runway for growth.

Our unique innovation-based, multi-modality global strategy, enabled by enhanced commercial capability, accelerated recurring CAG Diagnostics growth and drove an 18% year-over-year expansion of our global premium instrument base.

In particular, our highly successful fully-direct commercial model in the U.S. has yielded high returns, while deepening our relationships with our customers.

We’re investing to expand our U.S. commercial organization over the next few months to further support our customers to advance the standard of care through usage of IDEXX’s diagnostic solutions.”

...Year-to-date, IDXX had already gained 38.79% prior to today’s report, versus a 7.21% rise in the benchmark S&P 500 index during the same period.

IDXX currently has a StockNews.com POWR Rating of A (Strong Buy), and is ranked #10 of 123 stocks in the Medical – Devices & Equipment category.