Press release
IDEXX Laboratories Announces Fourth Quarter and Full Year 2020 Results
WESTBROOK, Maine, Feb. 2, 2021 /PRNewswire/ -- Achieves fourth quarter reported revenue growth of 19% and organic growth of 17%, driven by CAG Diagnostics
About this update from Idexx Laboratories, Inc.
[{"type":"text","content":" WESTBROOK, Maine, Feb. 2, 2021 /PRNewswire/ -- \nAchieves fourth quarter reported revenue growth of 19% and organic growth of 17%, driven by CAG Diagnostics recurring revenue reported growth of 23% and organic growth of 21% High revenue growth supported by sustained strong global trends in pet healthcare Delivers full year EPS of $6.71, an increase of 37% on a reported basis and 31% on a comparable constant currency basis Strong full year EPS results supported by operating margin expansion of 270 basis points on a reported basis and 340 basis points on a comparable constant currency basis Provides initial outlook for 2021 revenue of $3,065 million - $3,120 million, reflecting reported growth of 13% - 15.5% and organic growth of 11.5% - 13.5% Estimates 2021 EPS of $7.39 - $7.71, an increase of 10% - 14% as reported and 15% - 20% on a comparable constant currency basis IDEXX Laboratories, Inc. (NASDAQ: IDXX), today announced fourth quarter and full year results, as well as market condition updates.\nFourth Quarter and Full Year Results\nThe Company reports revenues of $721 million for the fourth quarter of 2020, an increase of 19% compared to the prior year period on a reported basis and 17% on an organic basis. Fourth quarter results were driven by continued high gains in Companion Animal Group (\"CAG\") Diagnostics recurring revenue globally, as well as sustained strong growth in the Company's Livestock, Poultry and Dairy (\"LPD\") business. Fourth quarter growth also benefited by 1.5% from revenues associated with OPTI Medical Systems COVID-19 human PCR testing. Overall revenue gains were moderated by COVID-19 pandemic-related impacts that constrained new CAG instrument placement levels and non-compliance related testing in the Company's Water business.\nEarnings per diluted share (\"EPS\") were $2.01 for the fourth quarter, an increase of 93% as reported, including a one-time positive impact of $0.25 per share related to the enactment of tax reform in Switzerland and $0.13 per share in share-based compensation tax benefits. \nRevenue for the full year of $2,707 million increased 12% on a reported and organic basis, driven by 16% reported and 15% organic growth in CAG Diagnostics recurring revenue. \nFor the full year 2020, EPS of $6.71 increased 37% on a reported basis and 31% on a comparable constant currency basis. EPS resu...