IDEXX Q2 2023 Earnings Report
Key Takeaways
IDEXX Laboratories reported a strong second quarter, with revenue reaching $944 million, a 10% increase both reported and organically. Earnings per share (EPS) grew by 71% to $2.67. The company has updated its 2023 revenue guidance to $3,660 million - $3,715 million and increased its EPS outlook to $9.64 - $9.90.
Second quarter revenue growth of 10% reported and 10% organic.
CAG Diagnostics recurring revenue growth of 11% reported and 12% organic.
Record second quarter global premium instrument placements, supporting 11% annual installed base growth.
EPS of $2.67, representing 71% growth as reported and 77% on a comparable basis.
IDEXX
IDEXX
IDEXX Revenue by Segment
IDEXX Revenue by Geographic Location
Forward Guidance
The Company is updating its full year revenue growth outlook range to 8.5% - 10% as reported and organically. The Company refined its full year reported operating margin outlook to 29.3% - 29.7%. The Company's higher EPS outlook range of $9.64 - $9.90.
Positive Outlook
- Revenue $3,660 - $3,715 million
- Reported growth 8.5% - 10%
- Organic growth 8.5% - 10%
- CAG Diagnostics Recurring Revenue Growth Reported growth 10% - 11%
- CAG Diagnostics Recurring Revenue Growth Organic growth 10% - 11%
Challenges Ahead
- Operating Margin 29.3% - 29.7%
- Negative impact of foreign exchange ~ 60 bps
- EPS impact (~ $0.21)
- EPS growth impact (~ 3%)
- Net interest expense ~ $40 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income