Press release
IDEXX Laboratories Announces Fourth Quarter and Full Year 2021 Results
WESTBROOK, Maine, Feb. 2, 2022 /PRNewswire/ -- Achieves 11% fourth quarter revenue growth as reported and 10.5% organic, driven by 13% CAG Diagnostics
About this update from Idexx Laboratories, Inc.
[{"type":"text","content":"WESTBROOK, Maine, Feb. 2, 2022 /PRNewswire/ --\nAchieves 11% fourth quarter revenue growth as reported and 10.5% organic, driven by 13% CAG Diagnostics recurring revenue growth (reported and organic) Strong growth supported by record instrument placements, resulting in 14% year-over-year expansion of IDEXX's global premium instrument installed base Delivers full year EPS of $8.60, an increase of 28% on a reported basis and 29% on a comparable basis, supported by operating margin expansion of 330 basis points as reported and 220 basis points on a comparable basis Provides initial outlook for 2022 revenue of $3,500 million - $3,565 million, reflecting reported growth of 9% - 11% and organic growth of 10% - 12% Estimates 2022 EPS of $9.27 - $9.59, an increase of 8% - 11% as reported and 12% - 16% on a comparable basis, including an estimated $0.15 per share or ~2% EPS growth impact from higher projected international tax ratesIDEXX Laboratories, Inc. (NASDAQ: IDXX), a global leader in veterinary diagnostics, veterinary practice software and water microbiology testing, today announced fourth quarter and full year results, as well as an update on U.S. companion animal diagnostic trends.\nFourth Quarter and Full Year Results\nThe Company reports revenues of $801 million for the fourth quarter of 2021, an increase of 11% compared to the prior year period on a reported basis and 10.5% on an organic basis. Fourth quarter results reflect 13% reported and organic revenue gains in CAG Diagnostics recurring revenues, with high gains across U.S. and International regions. On a two-year average annual growth basis, CAG Diagnostics recurring revenue increased 18% as reported and 17% organically. Continued strong CAG growth momentum was also supported by record instrument placements, resulting in CAG Diagnostics capital instrument revenue growth of 18% reported and 21% organic, and continued expansion of the Company's cloud-based software capability, which drove veterinary software, services and diagnostic imaging systems revenue growth of 30% as reported and 13% organically.\nEarnings per diluted share (\"EPS\") were $1.89 for the fourth quarter, a decrease of 6% as reported and an increase of 12% on a comparable basis. Prior year reported EPS results included a one-time positive impact of $0.25 per share related to the enactment of tax reform ...