Press release
IDEXX Announces Fourth Quarter and Full Year Results
Achieves fourth quarter revenue growth of 9% reported and 8% organic, driven by CAG Diagnostics recurring revenue growth of 11% reported and 10% organic
About this update from Idexx Laboratories, Inc.
[{"type":"text","content":"\n\nAchieves fourth quarter revenue growth of 9% reported and 8% organic, driven by CAG Diagnostics recurring revenue growth of 11% reported and 10% organic\n\n\n\nSolid growth supported by continued benefits from IDEXX execution drivers, including 11% year-over-year expansion of IDEXX's global premium instrument installed base\n\n\n\nDelivers fourth quarter EPS of $2.32, an increase of 13% as reported and 17% on a comparable basis\n\n\n\nProvides initial outlook for 2024 revenue of $3,930 million - $4,040 million, reflecting growth of 7.5% - 10.5% reported and 7% - 10% organic, supported by CAG Diagnostics recurring revenue growth of 7.5% - 10.5% as reported and on an organic basis\n\n\n\nEstimates 2024 EPS of $10.84 - $11.33, an increase of 8% - 13% as reported and on a comparable basis, including a ~2% negative EPS growth impact from 2023 customer contract resolution\n\n\n\n WESTBROOK, Maine--(BUSINESS WIRE)-- IDEXX Laboratories, Inc. (NASDAQ: IDXX), a global leader in pet healthcare innovation, today announced fourth quarter and full year results.\n\nFourth Quarter and Full Year Results\n\n\nThe Company reports revenues of $902 million for the fourth quarter of 2023, an increase of 9% compared to the prior year period on a reported basis and 8% on an organic basis driven by Companion Animal Group (\"CAG\") growth of 10% reported and 9% organic. CAG Diagnostics recurring revenue gains of 11% reported and 10% organic in the quarter were supported by continued benefits from IDEXX execution drivers including high quality placements of CAG Diagnostics capital instruments across regions, high customer retention, new business gains, and net price realization. CAG revenue gains also reflect double-digit veterinary software, services and diagnostic imaging systems recurring revenue growth as reported and organically, supported by strong software solution placement growth and a continued shift to cloud-based products.\n\n\nEarnings per diluted share (“EPS”) were $2.32 for the fourth quarter, an increase of 13% as reported and 17% on a comparable basis. Results reflect operating margin contraction of 10 basis points as reported and expansion of 60 basis points on a comparable basis. Fourth quarter EPS included $0.04 per share negative impact from currency changes and $0.02 per share in tax benefits from share-based compensation. Fourth...