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Sep 30, 2021
IDEXX Q3 2021 Earnings Report
Achieved revenue growth of 12% and EPS of $2.03.
Key Takeaways
IDEXX Laboratories reported a strong third quarter, with revenue reaching $810 million, a 12% increase as reported and 10% organically. EPS grew to $2.03, a 20% increase. The results were driven by continued momentum in the Companion Animal Group (CAG) business.
Third quarter revenue growth of 12% as reported and 10% on an organic basis.
CAG Diagnostics recurring revenue growth of 13% reported and 11.5% organic.
Delivered EPS of $2.03, representing 20% growth as reported and 12% on a comparable basis
Updated 2021 guidance to higher end of previous guidance ranges.
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
IDEXX updated its full-year 2021 outlook, projecting revenue growth of 17.5% - 18% as reported and 15.5% - 16% organic. EPS growth is expected to be 24% - 25% as reported and 26% - 27% on a comparable basis.
Positive Outlook
- Revenue growth of 17.5%-18% as reported.
- Organic revenue growth of 15.5%-16%.
- CAG Diagnostics Recurring Revenue Growth Reported growth 18.5%-19.5%.
- CAG Diagnostics Recurring Revenue Growth Organic growth 17%-17.5%.
- EPS growth of 24%-25% as reported.
Challenges Ahead
- Estimated Foreign Currency Exchange Rates and Impacts 2021 Revenue growth rate impact ~ 1.5%.
- CAG Diagnostics recurring revenue growth rate impact ~ 1.5%.
- Operating margin growth impact ~ 10 bps.
- EPS impact ~ $0.16.
- EPS growth impact ~ 2.0%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income