Financial Data and Key Metrics - Q4 2023 revenue increased 8% organically, driven by 10% organic growth in CAG Diagnostic recurring revenues [7] - Q4 operating profit increased 8% as reported and 10% on a comparable basis, with EPS of $2.32, up 17% on a comparable basis [8] - Full-year 2023 organic revenue growth was 9%, with EPS increasing 29% on a comparable basis [9] - Full-year CAG Diagnostic recurring revenues grew 10.5% organically, with 11% growth in the US and 10% internationally [10] - Free cash flow for 2023 was $773 million, representing 91% of net income [33] Business Line Performance - CAG Diagnostic recurring revenue grew 10% organically in Q4, with 9% growth in the US and 12% internationally [13] - VetLab consumable revenues increased 13% organically in Q4, supported by an 11% increase in the global premium install base [18] - Rapid Assay revenue grew 9% organically in Q4, while CAG instrument revenues declined 3% organically [20] - Veterinary Software and Diagnostic Imaging revenues increased 6% organically in Q4, with 19% organic growth in recurring revenues for the full year [21] - Water revenues grew 5% organically in Q4, while Livestock, Poultry, and Dairy (LPD) revenues declined 4% organically [22][23] Market Performance - US CAG Diagnostic recurring revenue grew 9% organically in Q4, with a 1,050 basis point growth premium compared to US clinical visit growth levels [15][16] - International CAG Diagnostic recurring revenue grew 12% in Q4, supported by strong premium instrument placements [17] - Severe US weather in January 2024 is expected to impact Q1 clinical visit growth by approximately 1% [39][48] Strategy and Industry Competition - The company is targeting 10% organic revenue growth for 2024, supported by 7.5% to 10.5% growth in CAG Diagnostic recurring revenues [12][36] - IDEXX is advancing its growth strategy through innovation, including the launch of the IDEXX inVue Dx Analyzer in Q4 2024 [79][80] - The company is expanding its global commercial capabilities, with recent US and international expansions [64][65] - IDEXX is focusing on cloud-based software solutions, with over 90% of PIMS placements being cloud-native in Q4 2023 [70] Management Commentary on Operating Environment and Future Outlook - Management highlighted strong execution in 2023, with double-digit growth in CAG Diagnostics recurring revenues and high customer retention rates [53][54] - The company expects flat US clinical visit growth post-Q1 2024, with potential upside from sector improvement [95][97] - IDEXX is well-positioned to address long-term growth opportunities in companion animal healthcare through innovation and commercial partnerships [56][124] Other Important Information - The company repurchased 90,000 shares in Q4 2023 and 175,000 shares for the full year [35] - IDEXX expects a 1.5% increase in its effective tax rate to approximately 22% in 2024 [46] - The company recently acquired a US-based software and data platform to enhance its software ecosystem [76] Q&A Summary Question: Revenue Guidance Range for 2024 - The wider revenue guidance range for 2024 reflects potential sector improvement and macroeconomic risks, with the midpoint assuming flat US clinical visit growth [94][95] Question: Clinical Visit Expectations and Volume Growth - Q1 2024 clinical visit growth is expected to be impacted by severe US weather, with flat growth expected post-Q1 [97][122] - Q4 2023 saw the strongest normalized volume growth of 4% in both US and international markets, driven by strong execution [90][97] Question: IDEXX inVue Dx Analyzer Launch - The inVue Dx Analyzer is expected to launch in Q4 2024, with initial focus on ear cytology and blood morphology tests [102][105] - Customer feedback on the inVue Dx Analyzer has been positive, particularly for its ability to eliminate slide preparation [110] Question: Pricing and Competitive Landscape - IDEXX expects 5% net price gains globally in 2024, consistent with historical levels and customer value perception [102][106] - The competitive landscape remains dynamic, with IDEXX focusing on innovation and integrated solutions to maintain its position [115] Question: Gross Margin and Operating Expense Outlook - IDEXX expects 20 to 70 basis points of comparable operating margin improvement in 2024, driven by gross margin gains and continued investment in innovation [120] - Operating expenses are expected to grow in line with revenue, with a focus on commercial and R&D investments [120]

IDEXX Laboratories, Inc. (IDXX) posted fourth-quarter 2023 earnings per share (EPS) of $2.32, up 13.2% year over year. The figure surpassed the Zacks Consensus Estimate by 9.4%.In the fourth quarter of 2023, comparable constant-currency EPS of $2.34 improved 29% year over year.Full-year 2023 earnings of $10.06 rose 25% from the 2022 level. The figure exceeded the Zacks Consensus Estimate by 1.9%.Revenues in DetailFourth-quarter revenues increased 8.8% year over year to $901.6 million. Organically, growth wa ...

Idexx Laboratories (IDXX) reported $901.6 million in revenue for the quarter ended December 2023, representing a year-over-year increase of 8.8%. EPS of $2.32 for the same period compares to $2.05 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $888.73 million, representing a surprise of +1.45%. The company delivered an EPS surprise of +9.43%, with the consensus EPS estimate being $2.12.While investors scrutinize revenue and earnings changes year-over-year and how they compare wi ...

Idexx Laboratories (IDXX) came out with quarterly earnings of $2.32 per share, beating the Zacks Consensus Estimate of $2.12 per share. This compares to earnings of $2.05 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 9.43%. A quarter ago, it was expected that this Animal diagnostic and health care company would post earnings of $2.37 per share when it actually produced earnings of $2.53, delivering a surprise of 6.75%.Over t ...

Investors are always looking for stocks that are poised to beat at earnings season and IDEXX Laboratories, Inc. (IDXX) may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.That is because IDEXX Laboratories is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings — with the most up-to-date information possible — is ...

Investors interested in stocks from the Medical - Instruments sector have probably already heard of IQVIA Holdings (IQV) and Idexx Laboratories (IDXX) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank emphasizes companies with positive estimate revi ...

Wall Street analysts forecast that Idexx Laboratories (IDXX) will report quarterly earnings of $2.12 per share in its upcoming release, pointing to a year-over-year increase of 3.4%. It is anticipated that revenues will amount to $890.61 million, exhibiting an increase of 7.5% compared to the year-ago quarter.The consensus EPS estimate for the quarter has undergone a downward revision of 0.8% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have r ...

IDEXX Laboratories, Inc. (IDXX) is likely to grow in the coming quarters, backed by the sustained success of CAG’s recurring diagnostic products and services. A key element of IDEXX’s customer engagement strategy is the expansion of its commercial footprint in a disciplined approach. Robust demand for the company’s cloud-based offerings buoys optimism.However, negative solvency and foreign exchange fluctuations are discouraging for the company’s operations.In the past year, this Zacks Rank #3 (Hold) stock h ...

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.This Animal diagnostic and health care company has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 8.3 ...

IDEXX Laboratories, Inc. (IDXX) is set to release fourth-quarter 2023 results on Feb 5 before the opening bell.The company posted adjusted earnings per share (EPS) of $2.53 in the last reported quarter, which surpassed the Zacks Consensus Estimate by 6.8%. IDEXX Laboratories beat earnings estimates in all the trailing four quarters, the average surprise being 7.64%.Let’s look at how things have shaped up before this announcement.Factors at PlayIDEXX’s Companion Animal Group (“CAG”) Diagnostics recurring rev ...