Aug 6 - IDEXX Laboratories ( IDXX ) lowered its annual

revenue forecast on Tuesday as the animal health diagnostic

equipment maker sees fewer pet owners visiting veterinary

clinics.

WHY IT'S IMPORTANT

Inflationary pressures have made pet owners more cautious

about visiting the doctor while staffing challenges at

veterinary clinics have also weighed down on a recovery in the

sector.

KEY QUOTE

The veterinary visit trend recovery continues to be a matter

of "when" versus "if", said J.P. Morgan analyst Chris Schott.

CONTEXT

Veterinary clinics are yet to recover completely after

having faced disruptions in the recent past caused by the

pandemic-led lockdowns and staffing shortages due to COVID

protocols.

BY THE NUMBERS

IDEXX sees revenue for the full year to be between $3.89

billion and $3.95 billion, lower than previous expectations of

$3.90 billion and $3.97 billion.

Westbrook, Maine-based IDEXX ( IDXX ) also trimmed its annual profit

per share outlook to be between $10.31 and $10.59 per share,

from previously expected range of $10.82 and $11.20.

It sees a $0.56 per share impact from litigation expenses.

Analysts on average estimate annual revenue of $3.94 billion

and a profit of $11.05 per share, according to LSEG data.

Sales at its companion animal group unit, which offers

diagnostics for pets and IT services to veterinary clinics, rose

about 7% to $922.3 million in the quarter ended June 30.

The company's net profit was $203.30 million, or $2.44 per

share, compared with $224.24 million, or $2.67 per share, a year

earlier.