IDEXX Labs cuts 2024 revenue forecast on lagging vet visits, strong dollar
May 1 (Reuters) -IDEXX Laboratories IDXX.O lowered its annual sales forecast after missing quarterly estimates on Wednesday, as the animal diagnostic equipment maker expects a hit from a slowdown in veterinary clinic visits by pet owners and a stronger dollar.
Visits to veterinary clinics, after a COVID-driven boom, have been disrupted due to staffing shortages in the past few years.
IDEXX lowered its full-year revenue forecast to between $3.9 billion and $3.97 billion from its previous estimate of $3.93 billion to $4.04 billion.
Analysts on average estimate the company's revenue for the period to be $3.99 billion, according to LSEG data.
The company's outlook includes a $35 million negative impact from the strengthening of the U.S. dollar. Maine-based IDEXX earns around a third of its revenue from markets outside the United States, including Africa, Asia, Canada, Europe and Latin America.
IDEXX also lowered its 2024 profit forecast to between $10.82 and $11.20 per share from its previous range of $10.84 to $11.33 per share.
It posted sales of $964.1 million in the quarter ended March 31, missing analysts' average estimate of $966.1 million.
IDEXX said quarterly revenue was also hurt by lower clinical visits due to severe weather in the United States in January.
Sales at its companion animal group unit, which offers diagnostics and IT services for pets to veterinary clinics, rose 7.5% to $889.3 million in the quarter.
The company's first-quarter net profit was $235.6 million, or $2.81 per share, compared with $214.1 million, or $2.55 per share, a year earlier.
Reporting by Puyaan Singh in Bengaluru; Editing by Krishna Chandra Eluri
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