IDEXX Laboratories reported strong fourth-quarter results with revenue of $801 million, an 11% increase year-over-year. The growth was driven by a 13% increase in CAG Diagnostics recurring revenue. EPS was $1.89, a decrease of 6% as reported, but an increase of 12% on a comparable basis.
Achieved 11% fourth quarter revenue growth as reported and 10.5% organic, driven by 13% CAG Diagnostics recurring revenue growth (reported and organic)
Strong growth supported by record instrument placements, resulting in 14% year-over-year expansion of IDEXX's global premium instrument installed base
Delivers full year EPS of $8.60, an increase of 28% on a reported basis and 29% on a comparable basis, supported by operating margin expansion of 330 basis points as reported and 220 basis points on a comparable basis
Provides initial outlook for 2022 revenue of $3,500 million - $3,565 million, reflecting reported growth of 9% - 11% and organic growth of 10% - 12%
The Company expects full year 2022 revenue growth of 9% - 11% on a reported basis and 10% - 12% revenue growth on an organic basis, supported by 10.5% - 12% reported growth, and 12% - 14% organic growth in CAG Diagnostics recurring revenues. The Company also expects EPS of $9.27 - $9.59, reflecting a targeted 50 - 100 basis points of comparable operating margin improvement, building on strong 2021 performance.
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