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Mar 31, 2023
IDEXX Q1 2023 Earnings Report
IDEXX achieved revenue growth and EPS increase, driven by strong performance in the Companion Animal Group and benefits from a customer contract resolution.
Key Takeaways
IDEXX Laboratories reported first-quarter revenue of $900 million, an 8% increase, with EPS of $2.55, a 12% increase. The results were driven by Companion Animal Group diagnostics recurring revenue growth and supported by a $16 million customer contract resolution payment.
IDEXX achieved first quarter revenue growth of 8% reported and 10% organic, driven by CAG Diagnostics recurring revenue growth of 9% reported and 12% organic
Strong organic revenue growth supported by IDEXX execution drivers, including record first quarter global premium instrument placements
Delivered EPS of $2.55, supported by operating margin expansion of 150 basis points as reported and 210 basis points on a comparable basis
Incorporated positive adjustments to full year revenue and EPS guidance ranges, raising low end and maintaining consistent targeted strong performance at high end
IDEXX
IDEXX
IDEXX Revenue by Segment
IDEXX Revenue by Geographic Location
Revenue by Segment
Water Segment Revenue
CapyFin.comLivestock, Poultry, Dairy Revenue
CapyFin.comOther Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
The Company is updating its full year revenue growth outlook range to 7.5% - 10% as reported and organically and EPS outlook range of $9.33 - $9.75.
Positive Outlook
- Revenue $3,615 - $3,700
- Reported growth 7.5% - 10%
- Organic growth 7.5% - 10%
- CAG Diagnostics Recurring Revenue Growth Reported growth 9% - 11%
- CAG Diagnostics Recurring Revenue Growth Organic growth 9% - 11%
Challenges Ahead
- Operating Margin 29.0% - 29.5%
- Operating margin expansion 230 bps - 280 bps
- Negative impact of foreign exchange ~ 60 bps
- Comparable margin expansion 290 bps - 340 bps
- EPS impact (~ $0.23)
Revenue & Expenses
Visualization of income flow from segment revenue to net income