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Mar 31, 2024
IDEXX Q1 2024 Earnings Report
IDEXX's Q1 2024 results were announced, demonstrating revenue growth driven by the Companion Animal Group and Water segments.
Key Takeaways
IDEXX Laboratories reported a 7% increase in revenue for Q1 2024, reaching $964 million. EPS increased by 10% to $2.81. The company is updating its full year revenue growth outlook range to 6.5% - 8.5% as reported and 7% - 9% organic.
Revenues reached $964 million, a 7% increase as reported and organic.
Companion Animal Group (CAG) grew by 7% as reported and organic.
Water revenue increased by 11% as reported and organic.
Earnings per diluted share (EPS) were $2.81, a 10% increase as reported.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
IDEXX is updating its full year revenue growth outlook range to 6.5% - 8.5% as reported and 7% - 9% organic. The Company maintained its full year reported operating margin outlook of 30.2% - 30.7%. The Company updated its EPS outlook range to $10.82 - $11.20.
Positive Outlook
- Updated revenue growth outlook range to 6.5% - 8.5% as reported and 7% - 9% organic.
- CAG Diagnostics recurring revenue growth outlook range of 6.5% - 8.5% as reported and 7.5% - 9.5% organic.
- Maintained full year reported operating margin outlook of 30.2% - 30.7%.
- Projected full year operating margin profit expansion of 20 - 70 basis points.
- Updated EPS outlook range to $10.82 - $11.20.
Challenges Ahead
- Includes a $35 million negative impact from the recent strengthening of the U.S. dollar.
- Reduction of 1% to the high end of the organic revenue growth range to reflect near-term moderation in U.S. clinical visit growth trends.
- Reduction of $0.08 at midpoint in EPS outlook, reflecting ~$0.11 of negative foreign exchange rate impact compared to previous guidance.
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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