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IDEXX President and CEO Jay Mazelsky
Updated: May 2, 2023
IDEXX tops Q1 results estimates, raises full-year outlook
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IDEXX Laboratories Inc. (Nasdaq: IDXX) is a global veterinary diagnostic company based in Westbrook.
IDEXX Laboratories Inc. (Nasdaq: IDXX) on Tuesday posted first-quarter results that exceeded Wall Street estimates and raised its outlook for all of 2023.
The Westbrook-based provider of veterinary diagnostics, veterinary practice software and water testing posted $2.55 in earnings per diluted share, an increase of 12% as reported and 18% on a comparable basis. Earnings per share exceeded the $2.34 consensus estimate of analysts polled by Zacks Investment Research.
IDEXX attributed the increase to solid gross margin gains and benefits from a $16 million customer contract resolution payment. Results included 6 cents per share in tax benefits from share-based compensation and an 11 cents per share negative impact from currency changes.
First-quarter revenue was $900.2 million, exceeding the Zacks consensus estimate by 1.45%. IDEXX has topped consensus revenue estimates three times over the last three quarters, and exceeded consensus EPS estimates four times.
"Strong execution by IDEXX commercial and operational teams drove excellent growth results and financial performance in the first quarter," said Jay Mazelsky, CEO and president of IDEXX. "Commercial engagement and IDEXX innovations are supporting our customers as they work to address growing demand for pet healthcare. IDEXX's ongoing focus on addressing the needs of veterinary clinics is aligned with developing the long-term global growth opportunity for companion animal diagnostics.”
IDEXX shares were trading 5.21% lower at $464.08 in the late morning, for a market capitalization of around $38.5 billion.
Full-year outlook
Looking ahead to the full year, IDEXX updated its 2022 revenue growth outlook to a range of 7.5% to 10% as reported and organically. The change reflects consistent goals for organic revenue growth at the high end and an increase of 0.5% at the low end.
The overall reported revenue range was also increased by $10 million, or around 0.5%, for updated foreign exchange effects.
The company’s updated EPS outlook range of $9.33 to $9.75 maintains a consistent high end estimate and raises the low end by 6 cents.
IDEXX employs nearly 11,000 people and offers solutions and products to customers in more than 175 countries.
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