Core Insights - IDEXX Laboratories Inc. (NASDAQ: IDXX) has shown extraordinary performance over the past decade, despite receiving relatively little attention in the technology-driven environment [1] - The focus is on identifying companies with exceptional caliber and a proven ability to reinvest capital for impressive returns, particularly those with a market capitalization of less than $10 billion [1] - The ideal companies should demonstrate long-term capital compounding capabilities with a high compound annual growth rate, potentially delivering tenfold returns or greater [1] - A long-term investment perspective is emphasized to generate higher returns compared to market indices, especially in a rapidly evolving investment landscape [1] - A conservative investment strategy is primarily adopted, with occasional pursuits of favorable risk-reward opportunities [1] Company and Industry Analysis - The investment strategy targets companies that can reinvest capital effectively, indicating a focus on sustainable growth and profitability [1] - The emphasis on companies with a market capitalization of less than $10 billion suggests a strategy that seeks out smaller, potentially undervalued firms with growth opportunities [1] - The approach to maintain overall portfolio stability while exploring high upside potential investments reflects a balanced risk management strategy [1]

Financial Data and Key Metrics Changes - IDEXX reported a solid finish to 2024 with a 6% organic revenue increase, supported by a 7% organic gain in CAG Diagnostics recurring revenues [8][10] - Operating profits increased by 7% as reported and 8% on a comparable basis, benefiting from solid gross margin gains [8][22] - Q4 EPS was $2.62, up 10% on a comparable basis, while full year EPS was $10.67, reflecting a 12% increase on a comparable basis [9][25] Business Line Data and Key Metrics Changes - CAG Diagnostics recurring revenue increased by 7% organically in Q4, with US CAG Diagnostics recurring revenue up 4% [12][13] - VetLab consumable revenues increased by 12% organically, supported by a 9% increase in the global premium instrument installed base [16][21] - Water business revenues grew by 9% organically in Q4, while Livestock, Poultry, and Dairy revenues increased by 7% [21] Market Data and Key Metrics Changes - International CAG Diagnostic recurring revenue growth was 12% in Q4, benefiting from net price gains and improved volume growth [15] - US same-store clinical visit levels declined nearly 3% in Q4, reflecting transitional sector macro impacts [14] - The international regions showcased strong performance, particularly in Europe, with double-digit CAG Diagnostics recurring revenue growth for seven consecutive quarters [49] Company Strategy and Development Direction - IDEXX is advancing an innovation-driven growth strategy, with a focus on new product launches such as IDEXX inVue Dx and IDEXX Cancer Dx [11][40] - The company aims to deliver solid organic revenue growth and profit gains in 2025, with initial guidance for revenue between $4.055 billion and $4.170 billion [28][29] - IDEXX's commercial strategy emphasizes customer-centric innovation and high-touch execution, aiming to enhance the standard of care in veterinary medicine [39][46] Management's Comments on Operating Environment and Future Outlook - Management acknowledged greater-than-expected sector and macro headwinds but expressed confidence in the company's ability to build on solid 2024 performance [11][39] - The outlook for 2025 includes expectations for continued solid global growth benefits from IDEXX execution drivers, including new customer gains and increases in testing utilization [30][31] - Management noted that the quality of clinical visits has improved, with a higher intensity of diagnostics being utilized [96] Other Important Information - The company allocated $249 million to repurchase 564,000 shares in Q4, with a total of $859 million allocated for share repurchases in 2024 [27] - Free cash flow for 2024 was $808 million, representing 91% of net income, aligned with long-term goals [26] - IDEXX's balance sheet remains strong, ending 2024 with leverage ratios of 0.7 times gross and 0.4 times net of cash [27] Q&A Session Summary Question: Can you speak to what guidance assumes now in terms of the innovation contribution in 2025? - Management indicated that the guidance includes approximately $50 million and 4,500 placements from the inVue Dx platform, contributing to overall growth expectations [71] Question: Why are you limiting preorders in the US for inVue? - Management explained that customer interest is high, with nearly 1,600 preorders, and they are following a controlled launch process to ensure exceptional customer experience [73][75] Question: Can you elaborate on the vet visit trajectory expected from here? - Management anticipates a similar decline in clinical visits as seen in 2024, projecting about a 2% decline for 2025 [86] Question: What are the notable differences in growth trends between US and international markets? - Management highlighted strong international growth, particularly in Europe, with double-digit growth in CAG Diagnostics recurring revenue and consumables [88] Question: Can you provide insight into the wellness visit dynamics? - Management noted that while there has been a decline in wellness visits, the inclusion of diagnostics has increased, indicating a shift towards higher quality visits [96] Question: What is the rationale for the increased share buyback in 2025? - Management expressed high confidence in the company's growth potential, supported by strong free cash flow generation and a healthy balance sheet [100]

Key TakeawaysIDEXX Laboratories exceeded earnings and revenue estimates on sales of its animal testing products and price increases.The veterinary healthcare company benefited from higher demand for its Companion Animal Group offerings.IDEXX will offer a new canine lymphoma test in the U.S. and Canada in late March. Shares of IDEXX Laboratories (IDXX) surged 10% to lead S&P 500 gainers Monday after the provider of veterinary healthcare products and services reported better-than-anticipated results on demand ...

For the quarter ended December 2024, Idexx Laboratories (IDXX) reported revenue of $954.29 million, up 5.8% over the same period last year. EPS came in at $2.62, compared to $2.32 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $936.78 million, representing a surprise of +1.87%. The company delivered an EPS surprise of +9.17%, with the consensus EPS estimate being $2.40.While investors scrutinize revenue and earnings changes year-over-year and how they compare with W ...

Core Insights - Idexx Laboratories exceeded earnings expectations for Q4 2024, driven by strong performance in its Companion Animal Group segment [2][3] Financial Performance - Q4 2024 revenue reached $954 million, surpassing the expected $935 million, while EPS was $2.62, exceeding the forecasted $2.40 [2][4] - Year-over-year revenue growth was 5.8%, up from $901.6 million in Q4 2023, and EPS increased by 13% from $2.32 [4] - Gross margin improved to 59.8% from 58.4% year-over-year, and operating margin slightly increased to 27.4% from 27.2% [4][9] Business Overview - Idexx Laboratories specializes in veterinary diagnostics, with its Companion Animal Group being the primary revenue driver [5] - The company offers a range of diagnostic tests, laboratory services, and practice management platforms [5] Recent Developments - The introduction of the inVue Dx™ Cellular Analyzer aims to enhance veterinary workflows and diagnostic efficiencies [6][9] - The Companion Animal Group diagnostics segment reported a 6% growth, while VetLab consumables sales increased by 12%, indicating a strong recurring revenue model [7] - The Water segment also saw an 8% year-over-year growth, supported by effective pricing strategies and increased international demand [8] Strategic Focus and Future Outlook - Management projects 2025 revenue between $4.06 billion and $4.17 billion, with EPS guidance of $11.74 to $12.24, driven by growth in the CAG segment and international market expansion [11] - The company plans to execute share repurchases of approximately $1.5 billion, reflecting confidence in future cash flow [12] - Idexx is focusing on high-growth areas such as oncology diagnostics and emerging markets [13]

Financial Performance - Idexx Laboratories reported quarterly earnings of $2.62 per share, exceeding the Zacks Consensus Estimate of $2.40 per share, and up from $2.32 per share a year ago, representing an earnings surprise of 9.17% [1] - The company posted revenues of $954.29 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 1.87%, compared to year-ago revenues of $901.6 million [2] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $3.02 on revenues of $1.02 billion, and for the current fiscal year, it is $11.95 on revenues of $4.16 billion [7] - The estimate revisions trend for Idexx is currently unfavorable, leading to a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Medical - Instruments industry, to which Idexx belongs, is currently in the top 34% of over 250 Zacks industries, suggesting that stocks in the top 50% outperform those in the bottom 50% by more than 2 to 1 [8] - Teleflex, another company in the same industry, is expected to report quarterly earnings of $3.86 per share, reflecting a year-over-year change of +14.2% [9]

Exhibit 99.1 FOR IMMEDIATE RELEASE Contact: John Ravis, Investor Relations, 1-207-556-8155 IDEXX Laboratories Announces Fourth Quarter and Full Year 2024 Results WESTBROOK, Maine, February 3, 2025 — IDEXX Laboratories, Inc. (NASDAQ: IDXX), a global leader in pet healthcare innovation, today announced fourth quarter and full year results. "IDEXX had a solid finish to 2024, supported by continued high levels of execution by IDEXX teams globally," said Jay Mazelsky, President and Chief Executive Officer. "The ...

IDEXX Laboratories, Inc. (IDXX) is set to release fourth-quarter 2024 results on Feb. 3, before the opening bell.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.In the last reported quarter, the company posted adjusted earnings per share (EPS) of $2.80, which surpassed the Zacks Consensus Estimate by 4.1%. IDEXX Laboratories’ earnings beat estimates in three of the trailing four quarters and missed in one, the average surprise being 0.85%.IDXX’s Q4 EstimatesThe Zacks Consensus Estimat ...

IDEXX Laboratories, Inc. (IDXX) has unveiled the IDEXX Cancer Dx, a first-of-its-kind diagnostic panel with early detection of lymphoma in dogs. This affordable and accessible blood test can be added to panels for sick pets and integrated into annual wellness screenings for as low as $15, providing veterinarians in the United States with actionable results within two to three days.The test is especially crucial for the 20 million dogs in North America who face an increased risk of cancer. Early detection an ...

Core Insights - IDEXX Laboratories, Inc. has launched IDEXX Cancer Dx™, a pioneering diagnostic panel for early detection of lymphoma in dogs, particularly targeting the 20 million dogs at higher risk for cancer in North America [1][2][3] - The test is affordable, costing as low as $15, and provides actionable results within 2–3 days, making it accessible for veterinarians [1][4] - Cancer is a leading cause of death in dogs, with 1 in 4 dogs in the U.S. expected to be diagnosed with cancer in their lifetime, highlighting the critical need for early detection [2][3] Company Overview - IDEXX is recognized as a global leader in pet healthcare innovation, with over 40 years of experience in veterinary research and technology development [3][6] - The company employs approximately 11,000 people and offers solutions in more than 175 countries, indicating a strong global presence [7] - IDEXX Cancer Dx is designed to integrate seamlessly into existing veterinary workflows, enhancing the ability of veterinarians to manage cancer proactively [6][4] Market Demand - A recent survey revealed that 73% of pet owners are interested in cancer screening tests for their pets, indicating a strong market demand for proactive healthcare solutions [2][4] - The IDEXX Cancer Dx panel aims to improve the quality of life for canine cancer patients by enabling earlier clinical diagnoses compared to traditional methods [4][5] Future Plans - IDEXX plans to expand the Cancer Dx panel over the next three years to cover a broader range of canine cancer cases, further transforming cancer detection and intervention [1][3] - The IDEXX Cancer Dx test for canine lymphoma will be available at IDEXX Reference Laboratories in the U.S. and Canada starting in late March 2025 [5][9]