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IDEXX President and CEO Jay Mazelsky
Updated: February 6, 2023
IDEXX beats 'the Street' on Q4 results, issues '23 outlook
Photo / Tim Greenway
IDEXX Laboratories Inc. (Nasdaq: IDXX) is a veterinary diagnostic company based in Westbrook. It employs nearly 11,000 people worldwide and serves customers in more than 175 countries.
IDEXX Laboratories Inc. (NASDAQ) on Monday posted fourth-quarter earnings and revenues that beat estimates and issued a bullish initial outlook for 2023.
The Westbroook-based provider of veterinary diagnostics, veterinary practice software and water testing reported earnings of $2.05 per share for the quarter that ended Dec. 31, beating the $1.92 per share consensus estimate of analysts polled by Zacks Investment Research. The figure compares to $1.89 per share for the third quarter of 2022.
Over the last four quarters, IDEXX has surpassed consensus earnings per share estimates four times.
Third-quarter revenue was $828.57 million, an increase of 3% over the same period last year on a reported basis and 7% on an organic basis. The revenue figure surpassed the Zacks consensus estimate by 1.48%. Over the last four quarters, the company has surpassed Zacks consensus revenue estimates twice.
IDEXX said the fourth-quarter results reflected solid organic revenue gains across its companion animal diagnostics, water and livestock, and poultry and dairy business segments.
"Veterinarians continue to look to IDEXX as their trusted partner to deliver highly effective diagnostic testing solutions and information management products to support growing demand for companion animal health care," said Jay Mazelsky, the company's president and CEO. "We’re well-positioned to build on our growth momentum moving forward as we address the significant untapped potential for companion animal health care globally."
2023 guidance
For all of 2023, IDEXX issued an initial outlook of $3.59 billion to $3.69 billion, reflecting reported growth of 6.5% to 9.5% and organic growth in the range of 7% to 10%.
Earnings per share are projected to be in the range of $9.27 to $9.75 for the full year, representing a 16% increase as reported and 19% to 26% higher on a comparable basis, boosted by research and development investments in 2022.
In trading Monday morning, IDEXX shares were down 1.17%, at $476.76, giving the company a market value of $39.6 billion. The stock has lost 7.92% of its value in the past year.
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