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Dec 31, 2019
IDEXX Q4 2019 Earnings Report
IDEXX reported a 10% increase in revenue and EPS of $1.04 for Q4 2019.
Key Takeaways
IDEXX Laboratories reported a 10% increase in revenue for the fourth quarter of 2019, driven by Companion Animal Group (CAG) Diagnostics recurring revenue and growth in the Water and Livestock, Poultry and Dairy (LPD) businesses. Earnings per diluted share were $1.04, representing a 6% growth.
Revenue growth in Q4 of 10% driven by CAG Diagnostics recurring revenue growth of 11%.
Catalyst placements at new and competitive accounts increased by 19% year-over-year.
Full year EPS of $4.89, representing 15% growth.
2020 revenue guidance increased to $2,620 million - $2,655 million, reflecting consistent expectations for revenue growth of 9% - 10.5%.
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 raising its 2020 revenue outlook to $2,620 million - $2,655 million and increasing its 2020 EPS outlook to $5.42 - $5.58 per share.
Positive Outlook
- Revenue outlook increased to $2,620M - $2,655M.
- Consistent outlook for reported and organic revenue growth of 9% - 10.5%.
- Expectations for CAG Diagnostics recurring revenue growth of 11% - 12%.
- EPS outlook increased to $5.42 - $5.58 per share.
- Targeted EPS growth of 11% - 14% on a reported basis.
Challenges Ahead
- Stronger U.S. dollar will reduce full year 2020 reported revenue growth by approximately 0.5%.
- Stronger U.S. dollar will reduce full year 2020 EPS growth by approximately 2%.
- Stronger U.S. dollar will reduce EPS by an estimated $0.09 per share.
- Projecting free cash flow at approximately 75% - 80% of net income in 2020.
- Includes approximately 7% impact related to $35 million of major facility capital spending.
Revenue & Expenses
Visualization of income flow from segment revenue to net income