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Jun 30, 2024
IDEXX Q2 2024 Earnings Report
IDEXX announced second quarter results with revenue growth driven by Companion Animal Group and Water segments, while EPS decreased due to a litigation expense accrual.
Key Takeaways
IDEXX reported a 6% increase in revenue to $1,004 million in the second quarter of 2024. EPS decreased by 9% to $2.44, impacted by a litigation expense. The company is updating its full year revenue growth guidance range to $3,885 million to $3,945 million.
Revenues increased by 6% as reported and 7% organically, reaching $1,004 million.
Companion Animal Group (CAG) revenue grew by 6% as reported and 7% organically.
Earnings per diluted share (EPS) were $2.44, a decrease of 9% as reported.
Water revenue increased by 9% as reported and 10% organically.
IDEXX
IDEXX
IDEXX Revenue by Segment
IDEXX Revenue by Geographic Location
Revenue by Segment
VetLab Consumables Revenue
CapyFin.comRapid Assay Products Revenue
CapyFin.comReference Labs Revenue
CapyFin.comCAG Services/Accessories Revenue
CapyFin.comCAG Capital Instruments Revenue
CapyFin.comVet Software & Imaging Revenue
CapyFin.comWater 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 guidance range to $3,885 million to $3,945 million and EPS outlook range to $10.31 - $10.59.
Positive Outlook
- Updated guidance range includes ~$15 million of favorable impact from more recent foreign exchange estimates.
- Adjustments to the organic revenue outlook were offset by $0.04 in favorable adjustments to foreign exchange estimates.
- Adjustments to the organic revenue outlook were offset by favorable refinements to interest expense.
- Adjustments to the organic revenue outlook were offset by favorable refinements to effective tax rate estimates.
Challenges Ahead
- The Company is updating its full year revenue growth guidance range to $3,885 million to $3,945 million, a reduction of $15 million at midpoint.
- This reflects an adjustment of ~1% at midpoint to full year estimates for organic revenue growth, which is now projected at 6.2% to 7.8%, reflecting recent trends in U.S. clinical visit levels.
- The Company updated its full year reported operating margin outlook to reflect consistent midpoint goals for comparable operating margin improvement and to incorporate the expenses related to an ongoing litigation matter.
- The Company's reported operating margin outlook is 28.7% - 29.0%, including ~160 basis points of impact related to the discrete litigation expense accrual.
- The Company updated its EPS outlook range to $10.31 - $10.59, a reduction of $0.56 at midpoint, reflecting a $0.56 negative impact from a discrete litigation expense accrual.
Revenue & Expenses
Visualization of income flow from segment revenue to net income