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Mar 31, 2021
IDEXX Q1 2021 Earnings Report
Reported revenue and organic growth increased, driven by CAG Diagnostics recurring revenue growth. EPS also increased due to strong operating margin gains.
Key Takeaways
IDEXX Laboratories reported a strong first quarter with a 24% increase in revenue and 82% increase in EPS. The growth was driven by strong performance in the Companion Animal Group (CAG) Diagnostics, as well as growth in the Livestock, Poultry and Dairy (LPD) business.
Achieved revenue growth of 24% and organic growth of 21%.
CAG Diagnostics recurring revenue grew by 27% as reported and 23% organically.
EPS reached $2.35, representing 82% growth as reported.
Increased 2021 revenue guidance to $3,105 million - $3,160 million and EPS outlook to $7.88 - $8.18.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
IDEXX provided an outlook for 2021, including revenue between $3,105 million and $3,160 million and EPS between $7.88 and $8.18.
Positive Outlook
- Revenue between $3,105 million and $3,160 million.
- Reported revenue growth between 14.5% and 16.5%.
- Organic revenue growth between 13% and 15%.
- EPS between $7.88 and $8.18.
- Operating cash flow between 100% and 110% of net income.
Challenges Ahead
- Net interest expense between $30 million and $31 million.
- Effective tax rate between 19% and 20%.
- Capital expenditures between $120 million and $140 million.
- Free cash flow between 80% and 90% of net income.
- Reduction in average shares outstanding between 0% and 0.5%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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