IDEXX Q3 2021 Earnings Report
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
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