IDEXX reports Q2 growth in revenue, earnings, and raises guidance
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IDEXX posted higher-than-expected earnings on Tuesday and raised its full-year guidance.
Westbrook-based IDEXX Laboratories Inc. (Nasdaq: IDXX) on Friday morning reported revenue of $826 million during the year’s second quarter, an increase over the same period in 2020 of 30% on a reported basis and 26% organically.
IDEXX, which makes veterinary diagnostic tools and practice software as well as water microbiology tests, reported earnings per share of $2.34. That represented 36% growth as reported and 33% on a comparable basis, and exceeded the consensus estimate by Zacks Investment Research of $2.01.
In a news release, the company said the results were driven by its Companion Animal Group’s recurring revenue in diagnostics as well as revenue from the group’s diagnostic capital instruments, which increased 86% as reported and 78% on an organic basis. In addition, IDEXX’s water business reported revenue growth of 32% and 27% organically.
"The IDEXX team delivered another quarter of outstanding performance, reflected in continued high growth in CAG Diagnostics recurring revenues and accelerated gains in instrument placements, as the global animal health care sector sustained strong growth momentum globally," said IDEXX President and CEO Jay Mazelsky.
"We doubled prior year CAG premium instrument placements, as our customers look ahead to supporting continued strong global demand for companion animal diagnostics in their practices.”
IDEXX increased its 2021 revenue guidance to a range of $3.17 billion to $3.205 billion, reflecting higher expectations for reported growth of 17% to 18.5% and organic growth of 14.5% to 16%.
The company also raised its 2021 earnings-per-share guidance to a range of $8.20 to $8.36, up from a range of $7.88 to $8.18 last quarter. The increase reflects an outlook for growth of 1% to 1.5% in organic revenue and expectations for higher operating margins of 28.6% to 29.1%, IDEXX said.
At mid-morning on Friday, shares of IDEXX were trading at around $665.74, after opening at $666.31. IDEXX currently has a market capitalization of $60 billion.
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