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IDEXX
🇺🇸 NASDAQ:IDXX
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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.

Total Revenue
$1B
Previous year: $944M
+6.4%
EPS
$3.02
Previous year: $2.67
+13.1%
Gross Profit
$621M
Previous year: $573M
+8.4%
Cash and Equivalents
$402M
Previous year: $133M
+202.3%
Free Cash Flow
$215M
Previous year: $173M
+24.4%
Total Assets
$3.41B
Previous year: $2.87B
+19.0%

IDEXX

IDEXX

IDEXX Revenue by Segment

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

Company Overview

Full financial data and analysis

View IDEXX