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Updated: February 5, 2024

IDEXX beats the Street on Q4 earnings, revenue

IDEXX building exterior File Photo / Tim Greenway IDEXX Laboratories Inc. (Nasdaq: IDXX) is a global veterinary diagnostics company based in Westbrook.

IDEXX Laboratories Inc. (Nasdaq: IDXX) on Monday posted fourth-quarter earnings and revenue figures that beat market expectations. The company also raised its full-year earnings outlook and issued initial revenue guidance.

Photo of Jay Mazelsky, IDEXX president and CEO
File photo
IDEXX President and CEO Jay Mazelsky

The Westbrook-based maker of veterinary diagnostics and software reported diluted earnings per share of $2.32, an increase of 13% as reported and 17% on a comparable basis. The figure exceeds the $2.12 consensus forecast of analysts polled by Zacks Investment Research.

Over the last year, IDEXX has surpassed consensus EPS estimates for each quarter.

IDEXX also posted revenue of $901.6 million, an increase of 9% compared to a year earlier on a reported basis and 8% on an organic basis. The jump comes amid 10% reported and 9% organic growth in the company's Companion Animal Group division, supported by growth in clinical service demand and greater use of diagnostic products and services.

Analysts polled by Zacks had expected revenue of $888.7 million.

“Outstanding execution by IDEXX's commercial and operations teams supported delivery of strong organic revenue growth and financial results for the company in 2023," Jay Mazelsky, president and CEO, said in a news release.

“We're excited about our sustained business momentum, supported by partnerships with our customers, that will be further enabled by key innovations we are advancing across our instrument platforms, test menu and software offerings.”

IDEXX shares were up 6.7% on Monday morning, giving the stock a total equity value of around $46.01 billion. The stock is trading around 15.8% higher than a year ago.

IDEXX shares in 2024

Below is a chart of the IDEXX share price trend this year, through Thursday, Feb. 1. 

2024 guidance

Looking ahead to 2024 revenue, IDEXX issued initial guidance of $3.93 billion to $4.04 billion, reflecting growth of 7.5% to 10.5% on a reported basis and 7% to 10% organic.

The company said that projection is supported by recurring revenue growth in its Companion Animal Growth Diagnostics division of 7.5% to 10.5% as reported and on an organic basis.

IDEXX also raised its 2024 earnings per share estimate to a range of $10.84 to $11.33, representing an increase of 8% to 13% as reported and on a comparable basis, The updated range includes a 2% negative EPS growth impact from 2023 customer contract resolution, the company said.

IDEXX was expected to provide further details in a morning conference call with investors and analysts.

The company, which anchors a cluster of animal health companies in Greater Portland, employs nearly 11,000 people worldwide and offers solutions and products to customers in more than 175 countries and territories.

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