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February 2, 2022

IDEXX tops Q4 results estimates, issues 2022 financial guidance

IDEXX building exterior File photo IDEXX Laboratories Inc., whose Westbrook headquarters are shown here, has a global footprint.

IDEXX Laboratories Inc. (Nasdaq: IDXX), on Wednesday posted fourth-quarter earnings and revenues that exceed market estimates and issued 2022 full-year financial guidance.

The Westbrook-based provider of veterinary diagnostics, veterinary practice software and water testing reported $1.89 in Q4 earnings per share. That's down from $2.01 per share a year ago but well above the $1.67 consensus forecast of analysts polled by Zacks Investment Research.

Fourth-quarter revenue was $801.09 million, an 11% increase over a year ago and 2.67% higher than the Zacks consensus forecast.

The company said that fourth-quarter results reflect 13% reported and organic revenue gains in recurring revenues its Companion Animal Group Diagnostics division, its largest business division by far, with high gains across U.S. and international regions. 

IDEXX shares were up 4.15% at 10:15 a.m. EDT, giving the stock a market value of around $45.35 billion.

Photo of Jay Mazelsky, IDEXX president and CEO
Courtesy / IDEXX Laboratories Inc.
IDEXX President and CEO Jay Mazelsky

"As a purpose-driven company focused on improving the health and well-being of pets, people and livestock, our outstanding results reflect the high levels of execution across the IDEXX organization through the challenges of the COVID-19 pandemic," said Jay Mazelsky, IDEXX’s CEO, in Wednesday's announcement.

"We are well-positioned to build on this momentum moving forward and to address the still significant untapped potential for companion animal health care globally."

2022 guidance 

Looking ahead to full-year performance, the company said it expects revenue growth of 9% to 11% on a reported basis and 10% to 12% revenue growth on an organic basis, supported by 10.5% to 12% reported growth, and 12% to 14% organic growth in Companion Animal Group Diagnostics recurring revenues. 

IDEXX also said projected full-year earnings per share of $9.27 to $9.59, reflecting a targeted 50 to 100 basis points of comparable operating margin improvement and building on 2021's strong performance.

IDEXX employs more than 10,000 people and offers products to customers in over 175 countries.

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