Press release
IDEXX Laboratories Announces Fourth Quarter and Full Year 2022 Results
Achieves fourth quarter revenue growth of 3% reported and 7% organic, driven by CAG Diagnostics recurring revenue growth of 4% reported and 8% organic Solid
About this update from Idexx Laboratories, Inc.
[{"type":"text","content":"Achieves fourth quarter revenue growth of 3% reported and 7% organic, driven by CAG Diagnostics recurring revenue growth of 4% reported and 8% organic Solid growth supported by continued benefits from IDEXX execution drivers, including 13% year-over-year expansion of IDEXX's global premium instrument installed baseDelivers fourth quarter EPS of $2.05, an increase of 8% as reported and 14% on a comparable basis, supported by operating margin expansion Provides initial outlook for 2023 revenue of $3,590 million - $3,690 million, reflecting reported growth of 6.5% - 9.5% and organic growth of 7% - 10%Estimates 2023 EPS of $9.27 - $9.75, an increase of 16% - 21% as reported and 19% - 26% on a comparable basis, including ~ 10% growth benefit from lapping discrete R&D investments in 2022WESTBROOK, Maine, Feb. 6, 2023 /PRNewswire/ -- IDEXX Laboratories, Inc. (NASDAQ: IDXX), a global leader in pet healthcare innovation, 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 $829 million for the fourth quarter of 2022, an increase of 3% compared to the prior year period on a reported basis and 7% on an organic basis. Fourth quarter results reflected solid organic revenue gains across IDEXX's CAG, Water and LPD business segments. CAG Diagnostics recurring revenue gains of 4% reported and 8% organic in the quarter were supported by continued benefits from IDEXX execution drivers including new business gains, high quality placements of CAG Diagnostics capital instruments across regions, high customer retention and net price realization. CAG revenue gains also reflect veterinary software, services and diagnostic imaging systems revenue growth of 15% as reported and 17% organically, supported by software solution placement growth and a continued shift to cloud-based products. \nEarnings per diluted share (\"EPS\") were $2.05 for the fourth quarter, an increase of 8% as reported and 14% on a comparable basis. Results were supported by operating margin expansion of 240 basis points as reported and 220 basis points on a comparable basis. Fourth quarter EPS included $0.07 per share negative impact from currency changes and $0.05 per share in tax benefits from share-based compensation.\nRevenue for the full year of...