IDEXX Laboratories, Inc. (IDXX) posted first-quarter 2024 earnings per share (EPS) of $2.81, up 10.2% year over year. The figure surpassed the Zacks Consensus Estimate by 4.9%.In the first quarter of 2024, comparable constant-currency EPS of $2.71 improved 8.8% year over year.Revenues in DetailFirst-quarter revenues increased 7.1% year over year (7% organically) to $964.1 million. However, the metric missed the Zacks Consensus Estimate by 0.1%.The year-over-year upside was primarily driven by the 7% reporte ...

For the quarter ended March 2024, Idexx Laboratories (IDXX) reported revenue of $964.1 million, up 7.1% over the same period last year. EPS came in at $2.81, compared to $2.55 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $965.43 million, representing a surprise of -0.14%. The company delivered an EPS surprise of +4.85%, with the consensus EPS estimate being $2.68.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- an ...

Idexx Laboratories (IDXX) came out with quarterly earnings of $2.81 per share, beating the Zacks Consensus Estimate of $2.68 per share. This compares to earnings of $2.55 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 4.85%. A quarter ago, it was expected that this Animal diagnostic and health care company would post earnings of $2.12 per share when it actually produced earnings of $2.32, delivering a surprise of 9.43%.Over t ...

[First Quarter 2024 Financial Results](index=1&type=section&id=First%20Quarter%202024%20Financial%20Results) IDEXX reported **$964 million** revenue and **$2.81** diluted EPS for Q1 2024, with strong CAG and Water segment growth, despite a slight full-year guidance reduction due to FX impacts [First Quarter Highlights](index=1&type=section&id=First%20Quarter%20Highlights) IDEXX achieved **$964 million** revenue and **$2.81** diluted EPS in Q1 2024, driven by strong CAG and Water segment performance, while updating full-year guidance due to FX Q1 2024 Key Financial Metrics | Metric | Value | Growth (Reported) | Growth (Organic/Comparable) | | :--- | :--- | :--- | :--- | | **Revenue** | $964 million | 7% | 7% | | **CAG Revenue** | - | 7% | 7% | | **CAG Diagnostics Recurring Revenue** | - | 7% | 7% | | **EPS (Diluted)** | $2.81 | 10% | 9% | - Growth was supported by strong execution, including an **11% annual increase** in the global premium instrument installed base and high customer retention[3](index=3&type=chunk) - Operating margin contracted by **10 basis points**, which includes a significant negative impact of **~180 basis points** from lapping a customer contract resolution payment in Q1 2023[4](index=4&type=chunk) [Performance by Business Segment](index=2&type=section&id=Performance%20by%20Business%20Segment) CAG led growth with **7% organic increase**, outperforming U.S. clinical visits, while Water segment also grew **11% organically**, and LPD declined **3%** due to Asia Pacific screening reductions [Companion Animal Group (CAG)](index=2&type=section&id=Companion%20Animal%20Group%20(CAG)) - CAG revenue grew **7%** as reported and organic, with U.S. CAG Diagnostics recurring revenue growing **6.5%**, which was **~900 basis points** above U.S. same-store clinical visit growth[7](index=7&type=chunk) CAG Revenue Growth by Category (Q1 2024) | Category | Reported Growth | Organic Growth | | :--- | :--- | :--- | | **IDEXX VetLab consumables** | 9% | 9% | | **Reference laboratory services** | 7% | 6% | | **Rapid assay products** | 5% | 5% | | **Veterinary software, services & imaging** | 12% | 8% | [Water](index=3&type=section&id=Water) - Water segment revenue grew **11%** as reported and organic, reflecting solid gains across regions and benefits from year-end order shipment timing[11](index=11&type=chunk) [Livestock, Poultry and Dairy (LPD)](index=3&type=section&id=Livestock,%20Poultry%20and%20Dairy%20(LPD)) - LPD revenue declined **3%** as reported and organic. Gains in the U.S. and Europe were more than offset by lower revenues in the Asia Pacific region, partly due to reduced herd health screening[12](index=12&type=chunk) [Profitability Analysis](index=3&type=section&id=Profitability%20Analysis) Gross margin improved to **61.5%** due to favorable mix and lower costs, but operating margin slightly contracted to **31.0%** due to a prior-year contract payment and increased R&D - Gross profit increased by **9%**, with gross margin expanding by **120 basis points to 61.5%**, supported by business mix and lower costs[13](index=13&type=chunk) - Operating margin was **31.0%**, a **10 basis point decrease**, including a **~180 basis point negative impact** from lapping a customer contract resolution payment in Q1 2023[14](index=14&type=chunk) - Operating expense growth of **12%** was driven by higher R&D spending on innovation and new platform development, as well as the impact of the prior-year customer contract payment[14](index=14&type=chunk) [2024 Full-Year Financial Outlook](index=4&type=section&id=2024%20Full-Year%20Financial%20Outlook) IDEXX lowered its 2024 revenue outlook to **$3,895-$3,965 million** and EPS to **$10.82-$11.20**, primarily due to adverse foreign exchange impacts and moderating U.S. clinical visit trends 2024 Full-Year Outlook Comparison (in millions for Revenue, in dollars for EPS) | Metric | Updated Outlook | Prior Outlook | | :--- | :--- | :--- | | **Revenue** | $3,895 - $3,965 M | $3,930 - $4,040 M | | **Reported Revenue Growth** | 6.5% - 8.5% | 7.5% - 10.5% | | **Organic Revenue Growth** | 7% - 9% | 7% - 10% | | **Operating Margin** | 30.2% - 30.7% | 30.2% - 30.7% | | **EPS** | $10.82 - $11.20 | $10.84 - $11.33 | | **Reported EPS Growth** | 8% - 11% | 8% - 13% | - The updated outlook includes a **$35 million negative revenue impact** from the strengthening U.S. dollar and a **1% reduction** to the high end of the organic revenue growth range to reflect moderating U.S. clinical visit trends[16](index=16&type=chunk) - The EPS outlook reduction was mitigated by sustained expectations for operating margin improvement and favorable adjustments to projected net interest expense (now **~$21 million** vs. **~$27 million** prior)[18](index=18&type=chunk)[19](index=19&type=chunk) [Foreign Currency Impact](index=6&type=section&id=Foreign%20Currency%20Impact) Foreign currency changes are expected to negatively impact full-year 2024 results, reducing total revenue growth by **~100 basis points** and EPS by **~$0.09** Estimated Foreign Currency Exchange Rate Impacts on 2024 Outlook (in bps for growth rates, in dollars for EPS) | Metric | Estimated Impact | | :--- | :--- | | Revenue growth rate | (~100bps) | | CAG Diagnostics recurring revenue growth rate | (~100bps) | | Operating margin growth | ~ 0 bps | | EPS | (~$0.09) | | EPS growth rate | (~1%) | [Financial Statements and Supplementary Data](index=8&type=section&id=Financial%20Statements%20and%20Supplementary%20Data) [Consolidated Financial Statements](index=11&type=section&id=Consolidated%20Financial%20Statements) Unaudited Q1 2024 statements show **7.1%** revenue growth to **$964.1 million**, **10.1%** net income increase to **$235.6 million**, and total assets growing to **$3.35 billion** [Statement of Operations](index=11&type=section&id=Statement%20of%20Operations) Condensed Consolidated Statement of Operations (in thousands) | Account | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Revenue** | $964,095 | $900,195 | | **Gross Profit** | $593,070 | $542,971 | | **Income from Operations** | $298,958 | $280,399 | | **Net Income** | $235,579 | $214,054 | | **Diluted EPS** | $2.81 | $2.55 | [Balance Sheet](index=14&type=section&id=Balance%20Sheet) Condensed Consolidated Balance Sheet (in thousands) | Account | March 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $397,433 | $453,932 | | **Total current assets** | $1,501,973 | $1,495,254 | | **Total assets** | $3,353,515 | $3,259,925 | | **Total current liabilities** | $956,902 | $951,547 | | **Total liabilities** | $1,784,609 | $1,775,395 | | **Total stockholders' equity** | $1,568,906 | $1,484,530 | [Statement of Cash Flows](index=15&type=section&id=Statement%20of%20Cash%20Flows) Condensed Consolidated Statement of Cash Flows (in thousands) | Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $198,585 | $183,912 | | **Net cash used by investing activities** | ($106,944) | ($39,511) | | **Net cash used by financing activities** | ($144,074) | ($146,081) | | **Net decrease in cash** | ($56,499) | ($1,179) | - Free cash flow for the quarter was **$168.3 million**, an increase from **$144.4 million** in the prior year period[48](index=48&type=chunk) [Segment and Revenue Analysis](index=12&type=section&id=Segment%20and%20Revenue%20Analysis) CAG remains the largest segment at **$889.3 million** revenue, with Water and CAG showing strong organic growth, while international markets slightly outpaced U.S. growth Q1 2024 Revenue and Gross Profit by Segment (in thousands) | Segment | Revenue | Gross Profit | Gross Margin % | | :--- | :--- | :--- | :--- | | **CAG** | $889,285 | $546,236 | 61.4% | | **Water** | $43,071 | $30,497 | 70.8% | | **LPD** | $28,205 | $15,234 | 54.0% | | **Total** | $964,095 | $593,070 | 61.5% | Q1 2024 Organic Revenue Growth by Segment and Geography | Segment/Geography | Organic Revenue Growth | | :--- | :--- | | **CAG** | 7.2% | | **Water** | 10.6% | | **LPD** | (3.3)% | | **Total Company** | **6.8%** | | **United States** | 6.5% | | **International** | 7.5% | - Within CAG, recurring revenue from veterinary software, services, and diagnostic imaging systems grew **11.2% organically**, driven by high demand for cloud-based software[42](index=42&type=chunk) [Non-GAAP Financial Measures and Reconciliations](index=8&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) The company uses non-GAAP measures like 'organic revenue growth' and 'comparable EPS growth' to provide clearer business performance insights, with reconciliations to GAAP equivalents - Organic revenue growth is a non-GAAP measure that excludes the impact of changes in foreign currency exchange rates and certain acquisitions/divestitures to facilitate easier period-over-period comparisons[29](index=29&type=chunk) - Comparable EPS growth is a non-GAAP measure that excludes currency impacts, tax benefits from share-based compensation, and other non-recurring items to better reflect fundamental business performance[34](index=34&type=chunk) Q1 2024 EPS Reconciliation (Diluted, in dollars) | Item | Per Share Amount | | :--- | :--- | | **Reported EPS** | **$2.81** | | Less: Share-based compensation tax benefit | $0.10 | | Less: Change from currency | $0.00 | | **Comparable EPS** | **$2.71** | [Shareholder Activities](index=16&type=section&id=Shareholder%20Activities) IDEXX repurchased **321,000 shares** of common stock for **$177.3 million** during Q1 2024, primarily through open market transactions Q1 2024 Common Stock Repurchases (in thousands) | Category | Shares (thousands) | Cost (thousands) | | :--- | :--- | :--- | | Open market repurchases | 303 | $167,102 | | Employee surrenders for tax | 18 | $10,189 | | **Total** | **321** | **$177,291** | [Corporate Information and Disclosures](index=6&type=section&id=Corporate%20Information%20and%20Disclosures) [Conference Call and Annual Meeting](index=6&type=section&id=Conference%20Call%20and%20Annual%20Meeting) The company announced its Q1 2024 earnings conference call for May 1, 2024, and a virtual 2024 Annual Meeting of Shareholders on May 6, 2024 - A conference call to discuss Q1 2024 results was scheduled for May 1, 2024, at 8:30 a.m. (EDT)[22](index=22&type=chunk) - The 2024 Annual Meeting of Shareholders will be held virtually on Monday, May 6, 2024, at 4:30 p.m. (EDT)[23](index=23&type=chunk) [Forward-Looking Statements and Non-GAAP Measures](index=7&type=section&id=Forward-Looking%20Statements%20and%20Non-GAAP%20Measures) This section cautions that forward-looking statements are subject to risks and explains the use of non-GAAP financial measures as supplemental information, not substitutes for GAAP results - The report contains forward-looking statements, including the 2024 financial outlook, which are not guarantees of future performance and are subject to known and unknown risks[26](index=26&type=chunk) - The company uses non-GAAP financial measures to supplement GAAP results, believing they provide useful information for evaluating business performance and comparing it to peers[27](index=27&type=chunk)

Analysts on Wall Street project that Idexx Laboratories (IDXX) will announce quarterly earnings of $2.68 per share in its forthcoming report, representing an increase of 5.1% year over year. Revenues are projected to reach $966.4 million, increasing 7.4% from the same quarter last year.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.Before a company an ...

Investors looking for stocks in the Medical - Instruments sector might want to consider either Thermo Fisher Scientific (TMO) or Idexx Laboratories (IDXX) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The Zacks Rank i ...

In the latest market close, Idexx Laboratories (IDXX) reached $519.81, with a +0.99% movement compared to the previous day. The stock exceeded the S&P 500, which registered a gain of 0.15% for the day. Meanwhile, the Dow experienced a drop of 0.02%, and the technology-dominated Nasdaq saw an increase of 0.32%.Shares of the Animal diagnostic and health care company have depreciated by 6.13% over the course of the past month, underperforming the Medical sector's loss of 4.03% and the S&P 500's gain of 1.65%.T ...

Idexx Laboratories (IDXX) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.Since a ...

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Idexx Laboratories (IDXX) , which belongs to the Zacks Medical - Instruments industry, could be a great candidate to consider.When looking at the last two reports, this Animal diagnostic and health care company has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 8.09%, on average, in the last two quarters. ...

Topic 1: Financial Performance - Revenue increased by 15% year-over-year, driven by strong sales in the Asia-Pacific region [1]. - Net profit margin improved to 12%, up from 10% in the previous quarter [2]. - Operating expenses rose by 8%, primarily due to increased marketing and R&D investments [3]. Topic 2: Market Expansion - The company successfully entered two new markets in Europe, contributing to a 20% increase in international sales [4]. - A new distribution center was opened in South America to support regional growth [1]. - Strategic partnerships were formed with local retailers in Southeast Asia to enhance market penetration [3]. Topic 3: Product Development - Launched three new products in the tech segment, which accounted for 25% of total revenue [2]. - R&D investment increased by 10% to accelerate innovation and product differentiation [4]. - Customer feedback on the new product line has been overwhelmingly positive, with a 90% satisfaction rate [1]. Topic 4: Operational Efficiency - Implemented a new ERP system, reducing operational costs by 5% [3]. - Streamlined supply chain processes, resulting in a 15% reduction in delivery times [2]. - Employee training programs were expanded, leading to a 10% increase in productivity [4]. Topic 5: Sustainability Initiatives - Achieved a 30% reduction in carbon emissions through the adoption of renewable energy sources [1]. - Launched a recycling program that has successfully recycled 50% of manufacturing waste [3]. - Committed to achieving net-zero emissions by 2030, with interim targets set for 2025 [2]. Topic 6: Corporate Governance - Appointed two new independent directors to the board, enhancing governance and oversight [4]. - Implemented a new whistleblower policy to ensure ethical practices across the organization [1]. - Conducted annual audits, resulting in a 100% compliance rate with regulatory requirements [3].