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Jun 30, 2023
IDEXX Q2 2023 Earnings Report
IDEXX reported a strong second quarter with revenue growth and EPS increase driven by CAG Diagnostics.
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
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 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