IDEXX Laboratories Inc Q2 2024 Earnings Summary
Intellectia.AI Updated: 2024-08-06
IDEXX Laboratories, Inc. Q2 2024 Earnings Summary
IDEXX Laboratories, Inc. (NASDAQ: IDXX), a global leader in pet healthcare innovation, announced its financial results for the second quarter of 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimates (Q2 2024) |
|---|---|---|---|---|
| Revenue | $1.004B | - | +6% | $1.01B |
| EPS | $2.44 | - | -9% | $2.88 |
Interpretation: IDEXX posted second quarter revenues of $1.004 billion, which is a 6% year-over-year increase but slightly missed the Wall Street consensus estimate of $1.01 billion. The EPS of $2.44 represents a 9% year-over-year decline due to a $62 million discrete expense accrual related to ongoing litigation. Excluding this impact, EPS would have reflected a 15% growth.
Revenue Performance by Segment
| Segment | Revenue (Q2 2024) | YoY Change | Org. Growth |
|---|---|---|---|
| CAG Diagnostics Recurring Revenue | - | +6% | +7% |
| Veterinary Software, Services & Diagnostic Imaging Systems | - | +12% | +8% |
| Water | - | +9% | +10% |
| LPD | - | +1% | +3% |
Interpretation: Companion Animal Group (CAG) diagnostics recurring revenues grew consistently at 6% reported and 7% organic rates, driven by international gains. Veterinary software and diagnostic imaging systems saw 12% growth reported and 8% organic growth, reflecting high recurring revenue growth. The Water segment reported robust 9% growth reported and 10% organically. Livestock, Poultry and Dairy (LPD) revenues grew modestly by 1% reported and 3% organically.
Comments from Company Officers
Jay Mazelsky, President and Chief Executive Officer, highlighted, "Continued high levels of execution from IDEXX teams drove solid global growth and strong operational performance in the second quarter. These results reflect the benefits that IDEXX customers gain from adopting our innovative, multi-modality testing platforms and solutions."
Forward Guidance
The company updated its full-year 2024 revenue guidance to the range of $3,885 million - $3,945 million, reflecting 6.2% - 7.8% growth as reported and organically. IDEXX also adjusted its EPS outlook to $10.31 - $10.59, a reduction reflecting the discrete litigation expense accrual.
Stock Price Movement
Post-earnings release, IDEXX Laboratories' stock has moved by +0.50%.
This comprehensive performance analysis underscores IDEXX Laboratories' solid growth in various segments despite the adverse effects of ongoing litigation expenses, setting a strong foundation for projected future growth.
For additional details, visit IDEXX's official investor relations page .
