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Mar 31, 2022
IDEXX Q1 2022 Earnings Report
IDEXX achieved revenue growth and EPS decline, driven by CAG Diagnostics and moderated veterinary clinical visit growth.
Key Takeaways
IDEXX Laboratories reported an 8% increase in revenue to $837 million for Q1 2022, driven by CAG Diagnostics. EPS was $2.27, a 3% decline as reported. The company adjusted its 2022 guidance to reflect moderated veterinary clinical visit growth levels impacted by constraints on clinic capacity, strengthening of the U.S. dollar, and advancement of incremental discrete investments in future innovations
Achieved first quarter revenue growth of 8% reported and organic, driven by CAG Diagnostics recurring revenue growth of 8% reported and 9% organic, building on high prior year growth
Continued strong sector demand supports record first quarter premium instrument placements, driving CAG Diagnostics capital instrument revenue growth of 19% reported and 22% organic
Delivers EPS of $2.27, representing 3% decline as reported and 3% growth on a comparable basis, reflecting comparisons to strong prior year results and increases in commercial investments
Adjusts 2022 guidance to reflect moderated veterinary clinical visit growth levels impacted by constraints on clinic capacity, strengthening of the U.S. dollar, and advancement of incremental discrete investments in future innovations
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company is recalibrating its full year revenue growth outlook to reflect first quarter results and anticipated near-term impacts on veterinary clinical visits from factors including constraints on vet clinic capacity, as well as ~$10 million in projected revenue reductions related to the war in Ukraine and ~$40 million in impact from the recent strengthening of the U.S. dollar.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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