Top 5 Losers Today

3. IDEXX Laboratories, Inc. (NASDAQ:IDXX)

Number of Hedge Fund Holders: 46

Shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX) fell nearly three percent in the pre-market trading session today after announcing lower-than-expected financial results for the second quarter. The pet healthcare company reported earnings of $1.56 per share, down 33 percent on a year-over-year basis.

Revenue for the quarter rose 4 percent versus last year to $861 million. Analysts were expecting IDEXX Laboratories, Inc. (NASDAQ:IDXX) to earn $1.65 per share on revenue of $864.61 million.

Looking forward, IDEXX Laboratories, Inc. (NASDAQ:IDXX) guided for earnings of $7.77 – $8.05 per share and revenue growth of 3 – 5.5 percent for the full year.

Earlier this year, asset management firm Baron Funds also mentioned IDEXX Laboratories, Inc. (NASDAQ:IDXX) in its first-quarter 2022 investor letter. Here’s what the firm said:

“Shares of veterinary diagnostics leader IDEXX Laboratories, Inc. (NASDAQ:IDXX) fell due to broader multiple compression in high-growth businesses. We believe that IDEXX’s business remains healthy and that the veterinary industry should consistently grow at a faster rate than it experienced pre-pandemic. We believe that the long-term secular trends around pet ownership and spending on pet care structurally accelerated during the pandemic. The company’s competitive position remains outstanding, and we expect new proprietary diagnostic tests and sales force expansion to meaningfully contribute to growth. We also expect the company’s margins to continue to improve considerably over time.”