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Sep 30, 2024
IDEXX Q3 2024 Earnings Report
IDEXX's Q3 2024 performance was driven by strong execution, customer gains, and growth in premium IDEXX VetLab instrument installed base.
Key Takeaways
IDEXX Laboratories reported a 7% increase in revenue for Q3 2024, reaching $976 million, with EPS at $2.80, an 11% increase. The growth was primarily driven by the Companion Animal Group (CAG) and Water segments. The company is updating its full year revenue growth guidance range to $3,865 million - $3,890 million.
IDEXX reported a 7% increase in revenue, reaching $976 million.
Earnings per diluted share (EPS) increased by 11% to $2.80.
CAG Diagnostics recurring revenue grew by 7%, supported by double-digit growth in international regions.
Water revenue increased by 13% reflecting double-digit gains in the U.S. and continued solid growth in Europe.
IDEXX
IDEXX
IDEXX Revenue by Segment
Revenue by Segment
CAG Services/Accessories Revenue
CapyFin.comVet Software & Imaging Revenue
CapyFin.comWater Segment Revenue
CapyFin.comLivestock, Poultry, Dairy Revenue
CapyFin.com Forward Guidance
The Company is updating its full year revenue growth guidance range to $3,865 million - $3,890 million and narrowed its EPS outlook range to $10.37 - $10.53.
Positive Outlook
- Full year revenue growth guidance range updated to $3,865 million - $3,890 million.
- Includes ~$15 million of favorable impact from more recent foreign exchange estimates.
- Maintaining a consistent full year reported operating margin outlook of 28.7% - 29.0%.
- Narrowed EPS outlook range to $10.37 - $10.53, maintaining a consistent midpoint.
- Favorable refinements to interest expense and effective tax rate estimates.
Challenges Ahead
- Reduction of $38 million at midpoint reflecting recent trends in U.S. clinical visit and demand levels.
- Adjustment of ~1.5% at midpoint to full year estimates for organic revenue growth, which is now projected at 5.3% - 6.0%.
- Includes ~160 basis points of impact related to the previously reported discrete litigation expense accrual.
- Includes a ~40 basis point negative growth impact from lapping a customer contract resolution payment in the first quarter of 2023.
- 2024 EPS results include a $0.56 negative impact from a discrete litigation expense accrual recorded in the second quarter.
Revenue & Expenses
Visualization of income flow from segment revenue to net income