IDEXX Laboratories, Inc. (IDXX) has reported a 49.98 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $69.02 million, or $0.77 a share in the quarter, compared with $46.02 million, or $0.51 a share for the same period last year.
Revenue during the quarter grew 10.65 percent to $462.02 million from $417.55 million in the previous year period. Gross margin for the quarter expanded 139 basis points over the previous year period to 55.88 percent. Total expenses were 80.03 percent of quarterly revenues, down from 82.33 percent for the same period last year. This has led to an improvement of 229 basis points in operating margin to 19.97 percent.
Operating income for the quarter was $92.24 million, compared with $73.79 million in the previous year period.
"Our strong business momentum continued in the first quarter, driven by strength in our companion animal business, reinforcing our strategic focus and sustained 10%+ annual revenue growth potential," said Jonathan Ayers, the Company's chairman and chief executive officer.
For fiscal year 2017, IDEXX Laboratories, Inc. forecasts revenue to be in the range of $1,925 million to $1,950 million. It expects diluted earnings per share to be in the range of $2.95 to $3.11 for the same period.
Operating cash flow improves
IDEXX Laboratories, Inc. has generated cash of $31.27 million from operating activities during the quarter, up 15.87 percent or $4.28 million, when compared with the last year period.
The company has spent $29.01 million cash to meet investing activities during the quarter as against cash outgo of $23.80 million in the last year period.
Cash flow from financing activities was $1.31 million for the quarter as against cash outgo of $2.56 million in the last year period.
Cash and cash equivalents stood at $160.41 million as on Mar. 31, 2017, up 20.65 percent or $27.45 million from $132.95 million on Mar. 31, 2016.
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