Idexx Laboratories Inc., which is undergoing a leadership change following the resignation of its former top executive Jonathan Ayers, on Thursday reported double-digit revenue and net income growth for the third quarter, beating analyst expectations.

The Westbrook-based company, which offers veterinary diagnostic testing equipment and services, revised its earnings forecast downward for the fourth quarter, citing the added costs of transitioning to a new CEO.

Idexx reported third-quarter revenue of $605.3 million, up 11 percent from a year earlier, beating analyst expectations by $8.2 million, according to investor website Seeking Alpha. Its quarterly net income of $108.8 million, or $1.24 per share, was up by 18 percent from a year earlier and exceeded expectations by 10 cents per share.

The company announced last week that Ayers, its longtime chairman and CEO, was giving up his leadership role in the wake of a bicycling accident in June that injured his spinal cord and paralyzed most of his body. Ayers is undergoing rehabilitation therapy for his injury.

The company’s board of directors has appointed former Executive Vice President Jay Mazelsky as president and CEO to replace Ayers. On Thursday, Idexx said anticipated costs related to the leadership change would negatively impact fourth-quarter earnings by about 18 cents per share.

Mazelsky touted the company’s high global adoption rate of new customers in the third quarter, particularly among its Companion Animal Group, which serves the veterinary market for pets.

“It is clear that our customers are benefiting from increased interaction and support from Idexx engagement as we work together to advance the standard of companion animal health care,” he said in a prepared statement. “We are building on this momentum with an 8 percent expansion of our U.S. field commercial capability in the fourth quarter of this year, which will position us well to continue delivering strong financial results aligned with our long-term goals.”

Idexx has about 3,000 employees in Maine and more than 8,000 worldwide. It is Maine’s largest publicly traded company in terms of market capitalization, or the number of outstanding shares multiplied by the value of each share. It received city approval in 2018 to construct a multilevel, 135,000-square-foot expansion to its Westbrook headquarters that will accommodate 600 additional workers when completed.

Idexx shares trade on the Nasdaq Stock Market under the symbol IDXX. At the close of the market Thursday, the value of Idexx stock was $285.01 per share, up 4 percent from the previous day’s closing price of $273.85 per share.


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