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IDEXX Laboratories (NASDAQ:IDXX) Stock, Chaîne d'Options

IDEXX Laboratories

Idexx Laboratories primarily develops, manufactures, and distributes diagnostic products, equipment, and services for pets and livestock. Its key product lines include single-use canine and feline test kits that veterinarians can employ in the office, benchtop chemistry and hematology analyzers for test-panel analysis on-site, reference lab services, and tests to detect and manage disease in livestock. The firm also offers vet practice management software and consulting services to animal hospitals. Idexx gets close to 35% of its revenue from outside the United States.

IDEXX Laboratories Inc

IDEXX LABORATORIES ORD

Idexx Laboratories&nbsp;Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IDXX#NASDAQ">IDXX</a>)&nbsp;reported third-quarter adjusted EPS of $2.79, up 12% year-over-year,&nbsp;<a href="https://www.benzinga.com/pressreleases/24/08/b40182394/idexx-laboratories-announces-second-quarter-results" target="_blank" rel="noreferrer noopener">beating the consensus of $2.68</a>.
The company reported sales of $975.54 million, an increase of 7% as reported and 6% organically, missing the consensus of <a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">consensus of $979.18 million</a>.
Organic revenue growth is supported by benefits from IDEXX execution drivers, including continued solid new business gains and double-digit year-over-year global premium installed base growth.
The revenue growth&nbsp;was driven by Companion Animal growth of 7%, as reported, and 6% organic, and Water revenue growth of 13% as reported and organic.
&#8220;IDEXX teams continued their strong execution in the third quarter as demonstrated by solid net customer gains, continued growth in our premium IDEXX VetLab instrument installed base, and nearly 700 pre-orders of IDEXX inVue Dx Cellular Analyzer, which will begin shipping later in the fourth quarter,&#8221; said Jay Mazelsky, president and CEO. &#8220;Customers especially value IDEXX technology solutions like inVue Dx that provide meaningful clinical insights while giving time back to busy practice staff.&#8221;
Guidance: IDEXX Laboratories expects full-year revenue of $3.865 billion-$3.89 billion <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40196785/animal-health-firm-idexxs-robust-business-model-bolsters-position-despite-slower-gr" target="_blank" rel="noreferrer noopener">versus prior guidance</a> of $3.885 billion-$3.945 billion and consensus of $3.92 billion.
The company forecasts full-year adjusted EPS of $10.37-$10.53 versus prior guidance of $10.31-$10.59 and a consensus of $10.56.
William Blair notes that this quarter's slower growth stemmed from a continued decline in veterinary office visits, a trend that has been ongoing for several quarters, even as year-over-year growth comparisons become easier. 
Investors are now focusing on the industry's growth outlook for 2025, particularly wondering if and when some stability in end-market visits might occur.
Despite these ongoing volume declines posing a short-term growth challenge, the analyst remains optimistic about long-term growth drivers, especially the lasting impact of increased pet ownership from the COVID-19 pandemic-era puppy boom.
Price Action: IDXX stock is down 9.44% at $408.51 at publication Thursday.
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Photo: SeventyFour via Shutterstock

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Analyst Ratings

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Trading Ideas

General

IDXX

Idexx Laboratories Adjusts Guidance As Q3 Revenue Growth Slows, Analyst Notes Fewer Veterinary Visits, Looks Towards Long-Term Growth

WIIM

IDEXX Laboratories shares are trading lower after the company reported a Q3 revenue miss and issued guidance below estimates.

<ul>
<li>Narrows 2024 EPS outlook to $10.37 - $10.53, maintaining consistent EPS midpoint compared to prior guidance, supported by consistent outlook for solid operating margin performance and benefits from lower projected interest expense and effective tax rate.</li>
</ul>

IDEXX Laboratories Expects 2024 Adjusted EPS Of $10.37-$10.53 Versus Prior Guidance Of $10.31-$10.59 And Consensus Of $10.56

<ul>
<li>Adjusts 2024 revenue guidance to $3,865 million - $3,890 million, a reduction of $38 million or ~1% at midpoint, incorporating expectations for near-term negative impacts on growth related to macro and sector conditions constraining pet owner visits and demand at U.S. veterinary clinics.</li>
<li>Updates 2024 revenue growth guidance to 5.5% - 6.2% as reported and 5.3% - 6.0% organic, driven by projected CAG Diagnostics recurring revenue growth of 5.6% - 6.2% as reported and 5.8% - 6.4% organic.</li>
</ul>

IDEXX Laboratories Expects 2024 Revenue Of $3.865B-$3.89B Versus Prior Guidance Of $3.885B-$3.945B And Consensus Of $3.92B

IDEXX Laboratories (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IDXX#NASDAQ">IDXX</a>) reported quarterly earnings of $2.79 per share which beat the analyst consensus estimate of $2.68 by 4.1 percent. This is a 12.05 percent increase over earnings of $2.49 per share from the same period last year. The company reported quarterly sales of $975.54 million which missed the analyst consensus estimate of $979.18 million by 0.37 percent. This is a 6.56 percent increase over sales of $915.53 million the same period last year.

IDEXX Laboratories Q3 2024 Adj EPS $2.79 Beats $2.68 Estimate, Sales $975.54M Miss $979.18M Estimate

Ratings for IDEXX Laboratories (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IDXX#NASDAQ">IDXX</a>) were provided by 4 analysts in the past three months, showcasing a mix of bullish and bearish perspectives.
The following table provides a quick overview of their recent ratings, highlighting the changing sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts have recently evaluated IDEXX Laboratories and provided 12-month price targets. The average target is $543.75, accompanied by a high estimate of $580.00 and a low estimate of $500.00. Observing a downward trend, the current average is 6.25% lower than the prior average price target of $580.00. 
<img src="https://www.benzinga.com/files/images/story/2024/1728658809_0.png" alt="price target chart" />
<h2>Diving into Analyst Ratings: An In-Depth Exploration</h2>
A comprehensive examination of how financial experts perceive IDEXX Laboratories is derived from recent analyst actions. The following is a detailed summary of key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Chris Schott</td>
<td>JP Morgan</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$575.00</td>
<td>$630.00</td>
</tr>
<tr>
<td>Jonathan Block</td>
<td>Stifel</td>
<td>Lowers</td>
<td>Hold</td>
<td>$500.00</td>
<td>$510.00</td>
</tr>
<tr>
<td>David Westenberg</td>
<td>Piper Sandler</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$520.00</td>
<td>$600.00</td>
</tr>
<tr>
<td>Mark Massaro</td>
<td>BTIG</td>
<td>Announces</td>
<td>Buy</td>
<td>$580.00</td>
<td>-</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Responding to changing market dynamics and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their response to recent developments related to IDEXX Laboratories. This offers insight into analysts' perspectives on the current state of the company.</li>
<li>Rating: Gaining insights, analysts provide qualitative assessments, ranging from 'Outperform' to 'Underperform'. These ratings reflect expectations for the relative performance of IDEXX Laboratories compared to the broader market.</li>
<li>Price Targets: Analysts gauge the dynamics of price targets, providing estimates for the future value of IDEXX Laboratories's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
For valuable insights into IDEXX Laboratories's market performance, consider these analyst evaluations alongside crucial financial indicators. Stay well-informed and make prudent decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/IDXX/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on IDEXX Laboratories analyst ratings.</a>
<h2>Delving into IDEXX Laboratories's Background</h2>
Idexx Laboratories primarily develops, manufactures, and distributes diagnostic products, equipment, and services for pets and livestock. Its key product lines include single-use canine and feline test kits that veterinarians can employ in the office, benchtop chemistry and hematology analyzers for test-panel analysis on-site, reference lab services, and tests to detect and manage disease in livestock. The firm also offers vet practice management software and consulting services to animal hospitals. Idexx gets close to 35% of its revenue from outside the United States.
<h3>Breaking Down IDEXX Laboratories's Financial Performance</h3>
Market Capitalization Analysis: Positioned below industry benchmarks, the company's market capitalization faces constraints in size. This could be influenced by factors such as growth expectations or operational capacity.
Revenue Growth: IDEXX Laboratories's revenue growth over a period of 3 months has been noteworthy. As of 30 June, 2024, the company achieved a revenue growth rate of approximately 6.35%. This indicates a substantial increase in the company's top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Health Care sector.
Net Margin: IDEXX Laboratories's net margin excels beyond industry benchmarks, reaching 20.26%. This signifies efficient cost management and strong financial health.
Return on Equity (ROE): IDEXX Laboratories's financial strength is reflected in its exceptional ROE, which exceeds industry averages. With a remarkable ROE of 12.91%, the company showcases efficient use of equity capital and strong financial health.
Return on Assets (ROA): IDEXX Laboratories's ROA excels beyond industry benchmarks, reaching 6.01%. This signifies efficient management of assets and strong financial health.
Debt Management: IDEXX Laboratories's debt-to-equity ratio is below the industry average at 0.68, reflecting a lower dependency on debt financing and a more conservative financial approach.
<h2>The Core of Analyst Ratings: What Every Investor Should Know</h2>
Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter.
Analysts may enhance their evaluations by incorporating forecasts for metrics like growth estimates, earnings, and revenue, delivering additional guidance to investors. It is vital to acknowledge that, although experts in stocks and sectors, analysts are human and express their opinions when providing insights.
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This article was generated by Benzinga's automated content engine and reviewed by an editor.

What Analysts Are Saying About IDEXX Laboratories Stock

JP Morgan analyst Chris Schott maintains IDEXX Laboratories (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IDXX#NASDAQ">IDXX</a>) with a Overweight and lowers the price target from $630 to $575.

Price Target

JP Morgan Maintains Overweight on IDEXX Laboratories, Lowers Price Target to $575

IDEXX Laboratories (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IDXX#NASDAQ">IDXX</a>) has outperformed the market over the past 20 years by 3.56% on an annualized basis producing an average annual return of 12.15%. Currently, IDEXX Laboratories has a market capitalization of $38.56 billion. 
Buying $100 In IDXX: If an investor had bought $100 of IDXX stock 20 years ago, it would be worth $979.31 today based on a price of $468.45 for IDXX at the time of writing.
<h3>IDEXX Laboratories's Performance Over Last 20 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1728581432_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$100 Invested In This Stock 20 Years Ago Would Be Worth $1,000 Today

Stifel analyst Jonathan Block maintains IDEXX Laboratories (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IDXX#NASDAQ">IDXX</a>) with a Hold and lowers the price target from $510 to $500.

Stifel Maintains Hold on IDEXX Laboratories, Lowers Price Target to $500

IDEXX Laboratories (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IDXX#NASDAQ">IDXX</a>) has outperformed the market over the past 10 years by 12.36% on an annualized basis producing an average annual return of 23.75%. Currently, IDEXX Laboratories has a market capitalization of $42.12 billion. 
Buying $100 In IDXX: If an investor had bought $100 of IDXX stock 10 years ago, it would be worth $846.20 today based on a price of $511.78 for IDXX at the time of writing.
<h3>IDEXX Laboratories's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1727470822_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Here's How Much You Would Have Made Owning IDEXX Laboratories Stock In The Last 10 Years

IDEXX Laboratories (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IDXX#NASDAQ">IDXX</a>) has outperformed the market over the past 15 years by 9.87% on an annualized basis producing an average annual return of 21.29%. Currently, IDEXX Laboratories has a market capitalization of $39.51 billion. 
Buying $100 In IDXX: If an investor had bought $100 of IDXX stock 15 years ago, it would be worth $1,845.02 today based on a price of $479.99 for IDXX at the time of writing.
<h3>IDEXX Laboratories's Performance Over Last 15 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1725985814_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Here's How Much You Would Have Made Owning IDEXX Laboratories Stock In The Last 15 Years

A substantial insider sell was reported on September 9, by M. Anne Szostak, Director at IDEXX Laboratories (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IDXX#NASDAQ">IDXX</a>), based on the recent SEC filing.
What Happened: After conducting a thorough analysis, Szostak sold 500 shares of IDEXX Laboratories. This information was disclosed in a Form 4 filing with the <a href="https://www.sec.gov/Archives/edgar/data/0000874716/000087471624000131//Archives/edgar/data/874716/000087471624000131/0000874716-24-000131-index.htm">U.S. Securities and Exchange Commission</a> on Monday. The total transaction value is $234,686.
During Tuesday's morning session, IDEXX Laboratories shares up by 2.4%, currently priced at $491.85.
<h3>All You Need to Know About IDEXX Laboratories</h3>
Idexx Laboratories primarily develops, manufactures, and distributes diagnostic products, equipment, and services for pets and livestock. Its key product lines include single-use canine and feline test kits that veterinarians can employ in the office, benchtop chemistry and hematology analyzers for test-panel analysis on-site, reference lab services, and tests to detect and manage disease in livestock. The firm also offers vet practice management software and consulting services to animal hospitals. Idexx gets close to 35% of its revenue from outside the United States.
<h3>A Deep Dive into IDEXX Laboratories's Financials</h3>
Revenue Growth: IDEXX Laboratories's remarkable performance in 3 months is evident. As of 30 June, 2024, the company achieved an impressive revenue growth rate of 6.35%. This signifies a substantial increase in the company's top-line earnings. In comparison to its industry peers, the company trails behind with a growth rate lower than the average among peers in the Health Care sector.
Exploring Profitability:
<ul>
<li>
Gross Margin: The company maintains a high gross margin of 61.7%, indicating strong cost management and profitability compared to its peers.
</li>
<li>
Earnings per Share (EPS): IDEXX Laboratories's EPS is notably higher than the industry average. The company achieved a positive bottom-line trend with a current EPS of 2.46.
</li>
</ul>
Debt Management: IDEXX Laboratories's debt-to-equity ratio is notably higher than the industry average. With a ratio of 0.68, the company relies more heavily on borrowed funds, indicating a higher level of financial risk.
Valuation Overview:
<ul>
<li>
Price to Earnings (P/E) Ratio: The Price to Earnings ratio of 47.7 is lower than the industry average, indicating potential undervaluation for the stock.
</li>
<li>
Price to Sales (P/S) Ratio: A higher-than-average P/S ratio of 10.65 suggests overvaluation in the eyes of investors, considering sales performance.
</li>
<li>
EV/EBITDA Analysis (Enterprise Value to its Earnings Before Interest, Taxes, Depreciation &amp; Amortization): Indicated by a lower-than-industry-average EV/EBITDA ratio of 33.07, the company suggests a potential undervaluation, which might be advantageous for value-focused investors.
</li>
</ul>
Market Capitalization: Indicating a reduced size compared to industry averages, the company's market capitalization poses unique challenges.
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<h3>Understanding the Significance of Insider Transactions</h3>
Insider transactions should be considered alongside other factors when making investment decisions, as they can offer important insights.
From a legal standpoint, the term "insider" pertains to any officer, director, or beneficial owner holding more than ten percent of a company's equity securities as outlined in Section 12 of the Securities Exchange Act of 1934. This encompasses executives in the c-suite and significant hedge funds. These insiders are mandated to inform the public of their transactions through a Form 4 filing, to be submitted within two business days of the transaction.
A company insider's new purchase is a indicator of their positive anticipation for a rise in the stock.
While insider sells may not necessarily reflect a bearish view and can be motivated by various factors.
<h3>Breaking Down the Significance of Transaction Codes</h3>
When it comes to transactions, <a href="https://www.benzinga.com/money/investing-tools">investors</a> tend to focus on those in the open market, detailed in Table I of the Form 4 filing. A P in Box 3 denotes a purchase, while S indicates a sale. Transaction code C signals the conversion of an option, and transaction code A denotes a grant, award, or other acquisition of securities from the company.
<a href="https://www.benzinga.com/sec/insider-trades/search/index?company_cik=0000874716">Check Out The Full List Of IDEXX Laboratories's Insider Trades.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Insider Trades

Massive Insider Trade At IDEXX Laboratories

IDEXX Laboratories (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IDXX#NASDAQ">IDXX</a>) has outperformed the market over the past 20 years by 3.88% on an annualized basis producing an average annual return of 12.27%. Currently, IDEXX Laboratories has a market capitalization of $40.68 billion. 
Buying $100 In IDXX: If an investor had bought $100 of IDXX stock 20 years ago, it would be worth $987.53 today based on a price of $494.28 for IDXX at the time of writing.
<h3>IDEXX Laboratories's Performance Over Last 20 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1724083215_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$100 Invested In IDEXX Laboratories 20 Years Ago Would Be Worth This Much Today

IDEXX Laboratories (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IDXX#NASDAQ">IDXX</a>) has outperformed the market over the past 10 years by 12.43% on an annualized basis producing an average annual return of 23.19%. Currently, IDEXX Laboratories has a market capitalization of $40.53 billion. 
Buying $100 In IDXX: If an investor had bought $100 of IDXX stock 10 years ago, it would be worth $788.94 today based on a price of $492.45 for IDXX at the time of writing.
<h3>IDEXX Laboratories's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1723827770_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$100 Invested In This Stock 10 Years Ago Would Be Worth $800 Today

Piper Sandler analyst David Westenberg maintains IDEXX Laboratories (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IDXX#NASDAQ">IDXX</a>) with a Neutral and lowers the price target from $600 to $520.

Piper Sandler Maintains Neutral on IDEXX Laboratories, Lowers Price Target to $520

IDEXX Laboratories, Inc.&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/idxx#NASDAQ">IDXX</a>) posted second-quarter 2024 earnings per share of $2.44, down 8.6% year over year. The figure missed the Zacks Consensus Estimate by 14.9%.
Comparable constant-currency EPS of $3.02 improved 14.8% year over year.
<h3>Revenues in Detail</h3>
Quarterly revenues increased 6.4% year over year (up 7% organically) to $1.00 billion. The reported figure was in line with the Zacks Consensus Estimate.
The year-over-year upside was primarily driven by a strong improvement in Companion Animal Group (&quot;CAG&quot;) revenues.
Veterinary software, services and diagnostic imaging systems&#39; revenues increased 12% on a reported basis and 8% organically, reflecting high recurring revenue growth and continued momentum in cloud-based software placements.
<h3>Segmental Analysis</h3>
IDEXX derives revenues from four operating segments &mdash;&nbsp;CAG,&nbsp;Water,&nbsp;Livestock,&nbsp;Poultry and Dairy&nbsp;(&quot;LPD&quot;), and&nbsp;Other.
CAG revenues rose 6% year over year on a reported basis and 7% on an organic basis to $922.3 million.
CAG Diagnostics&#39; recurring revenues, too, increased 6% on a reported basis and 7% organically, supported by strong growth in international regions and sustained benefits of IDEXX execution drivers.
The Water segment&#39;s revenues increased 9% year over year on a reported basis and 10% organically to $46.7 million.
For the second quarter, LPD revenues increased 1% on a reported and 3% on an organic basis to $30.3 million.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Revenues from the Other segment rose 5.3% on a reported basis to $4.2 million.
<h3>Margins</h3>
The gross profit rose 8.1% to $619.2 million. The gross margin expanded 99 basis points (bps) to 61.7% despite a 3.7% rise in the cost of revenues.
Sales and marketing expenses rose 1.5% to $142.7 million. G&amp;A expenses surged 75.4% to $157.2 million.&nbsp; R&amp;D expenses rose 19.2% to $55.5 million. As a result of these, the operating profit in the reported quarter declined 10.9% year over year to $263.8 million. The operating margin in the quarter contracted 510 bps to 26.3%.
<h3>Financial Position</h3>
IDEXX exited the second quarter with cash and cash equivalents of $401.6 million compared with $397.4 million at the end of the first quarter of 2024. Total debt (including the current portion) was $694.9 million compared with $695.8 million at the end of the first quarter of 2024.
The cumulative net cash provided by operating activities was $446.9 million compared with $384.2 million in the prior-year comparable period.
<h3>2024 Guidance</h3>
IDEXX provided an updated outlook for 2024.
The company expects total revenues to be in the range of $3,885-$3,945 million (down from the previous guidance of $3,895-$3,965 million). This suggests growth of 6.2-7.8% (earlier 6.5-8.5%) on a reported basis and 6.2-7.8% (earlier 7-9%) on an organic basis. The Zacks Consensus Estimate is currently pegged at $3.93 billion.
<div class="chart_embed">
<h3>IDEXX Laboratories, Inc. Price, Consensus and EPS Surprise</h3>
<img alt="IDEXX Laboratories, Inc. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/11/1722950838.png" style="height:265px; width:590px" title="" />
IDEXX Laboratories, Inc. price-consensus-eps-surprise-chart | IDEXX Laboratories, Inc. Quote
</div>
IDEXX expects full-year EPS to be in the range of $10.31-$10.59 (down from the previous guidance of $10.82-$11.20). This updated guidance indicates reported growth of 2-5% (earlier 8%-11%). The Zacks Consensus Estimate for full-year EPS is currently pegged at $11.00.
<h3>Our Take</h3>
IDEXX&#39;s earnings missed the Zacks Consensus Estimate, while revenues were in line with the same. The performance reflected continued high customer demand in adopting the company&#39;s innovative, multi-modality testing platforms and solutions. The expansion of the gross margin in the quarter is highly promising.
The company achieved strong global growth across all its testing modalities, including IDEXX VetLab consumables, Reference laboratory diagnostic and consulting services and Rapid assay products. &nbsp;
Meanwhile, solid LPD gains in the United States and Europe were offset by lower Asia Pacific revenues, including the effects of reduced swine testing and herd health screening levels. Escalating expenses are leading to severe operating margin contraction for IDXX. The reduced financial outlook for the full year is discouraging.&nbsp;
<h3>Zacks Rank and Key Picks</h3>
IDEXX currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks from the broader medical space are Intuitive Surgical (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/isrg#NASDAQ">ISRG</a>), Abbott Laboratories, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/abt#NYSE">ABT</a>) and Quest Diagnostics&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dgx#NYSE">DGX</a>).
Intuitive Surgical reported a second-quarter 2024 adjusted EPS of $1.78, which beat the Zacks Consensus Estimate by 16.3%. Revenues of $2.01 billion topped the consensus estimate by 2%. ISRG currently sports a Zacks Rank #1 (Strong Buy).
Intuitive Surgical has a long-term earnings growth rate of 16.1% for 2024 compared with the industry&#39;s 14.1%. The company&#39;s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 8.97%.
Abbott, carrying a Zacks Rank #2 (Buy) at present, reported second-quarter 2024 earnings of $1.14 per share, which surpassed the Zacks Consensus Estimate by 3.6%. Revenues of $10.38 billion topped the Zacks Consensus Estimate by 0.3%.
ABT has an earnings growth rate of 10.1% for 2025 compared with the S&amp;P 500&#39;s 9.3%. The company beat on earnings in each of the trailing four quarters, the average surprise being 2.34%.
Quest Diagnostics, carrying a Zacks Rank #2 at present, reported a second-quarter adjusted EPS of $2.35, which surpassed the Zacks Consensus Estimate by 1.7%. Revenues of $2.40 billion outpaced the Zacks Consensus Estimate by 0.5%.
DGX has a historical five-year earnings growth rate of 7.4% compared with the industry&#39;s 4.2%. The company&#39;s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 3.31%.
<a href="https://www.zacks.com/stock/news/2317144/idexx-idxx-q2-earnings-miss-estimates-2024-view-down?cid=CS-BENZ-FT-analyst_blog|earnings_article-2317144">To read this article on Zacks.com click here.</a>

Earnings Misses

Markets

ISRG

IDEXX Q2 Earnings Miss Estimates, 2024 View Down

Tuesday,&nbsp;Idexx Laboratories&nbsp;Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IDXX#NASDAQ">IDXX</a>) reported second-quarter adjusted EPS of $3.02, up 15% year-over-year,&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/b40182394/idexx-laboratories-announces-second-quarter-results" rel="noreferrer noopener">beating the consensus of $2.88</a>.
The company reported sales of $1 billion, an increase of 6% as reported and 7% organically, almost in line with the <a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">consensus of $1.01 billion</a>.
The revenue growth&nbsp;was driven by Companion Animal Group growth of 6% as reported and 7% organic and Water revenue growth of 9% as reported and 10% organic.
Related: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38563159/aging-pet-population-is-solid-longer-term-tailwind-for-idexx-labs-analyst" rel="noreferrer noopener">Aging Pet Population Is &#8216;Solid Longer-Term Tailwind&#8217; For Idexx Labs: Analyst</a>.
Strong interest in Idexx solutions supported record second-quarter premium instrument placements and 11% annual growth in Idexx&#8217;s global premium instrument installed base.
The gross margin of 61.7% increased by 100 basis points as reported and 90 basis points on a comparable basis, supported by benefits from net price realization offsetting inflationary cost impacts, software service margin gains, and favorable business mix.
Operating margin was 26.3% for the quarter, lower than the prior year by 510 basis points, including ~610 basis point negative impact from $62 million of expense related to a discrete litigation expense accrual.
Guidance: Idexx Laboratories forecasts 2024 revenue of $3.885 billion-$3.945 billion versus prior guidance of $3.895 billion-$3.965 billion and consensus of $3.936 billion
The company expects adjusted 2024 EPS of $10.31- $10.59 compared to prior guidance of $10.82-$11.20 and consensus of $11.06, reflecting impacts from the 56 cents per share discrete litigation expense accrual and consistent expectations for solid comparable operating margin improvement.
William Blair writes, &#8220;In our view, the slower growth this quarter was driven by a decline in vet office visits, a trend that has persisted for several quarters now, despite easing year-over-year comparisons.&#8221;
The analyst adds,&#8221; Our initial thought is that even if trends do not materially improve, Idexx can likely hit the updated outlook range provided today, though to reach the middle and especially the high end of its outlook range.&#8221;
The analyst highlights that Idexx&#8217;s strong performance reaffirms the resilience of the global animal health market and the robustness of the company&#8217;s business model.
Price Action: IDXX stock is up 4.65% at $476.25&nbsp;at last check Tuesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/08/40191263/baxter-lifts-annual-outlook-after-strong-q2-beat-medical-devices-sales" target="_blank" rel="noreferrer noopener">Baxter Lifts Annual Outlook After Strong Q2 Beat, Medical Devices Sales</a></li>
</ul>
Image: Unsplash

Animal Health Firm Idexx's Robust Business Model Bolsters Position Despite Slower Growth, Says Analyst

IDEXX Laboratories shares are trading higher after the company reported better-than-expected Q2 adjusted EPS results.

<figure class="table"> 
<table>
<tbody>
<tr>
<td colspan="1" rowspan="1">2024 Growth and Financial Performance Outlook</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="3" rowspan="1">Updated</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="3" rowspan="1">Prior</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Revenue</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">$3,885</td>
<td colspan="1" rowspan="1">-</td>
<td colspan="1" rowspan="1">$3,945</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">$3,895</td>
<td colspan="1" rowspan="1">-</td>
<td colspan="1" rowspan="1">$3,965</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Reported growth</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">6.2%</td>
<td colspan="1" rowspan="1">-</td>
<td colspan="1" rowspan="1">7.8%</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">6.5%</td>
<td colspan="1" rowspan="1">-</td>
<td colspan="1" rowspan="1">8.5%</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Organic growth</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">6.2%</td>
<td colspan="1" rowspan="1">-</td>
<td colspan="1" rowspan="1">7.8%</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">7.0%</td>
<td colspan="1" rowspan="1">-</td>
<td colspan="1" rowspan="1">9.0%</td>
</tr>
<tr>
<td colspan="1" rowspan="1">CAG Diagnostics Recurring Revenue Growth</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Reported growth</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">5.7%</td>
<td colspan="1" rowspan="1">-</td>
<td colspan="1" rowspan="1">7.3%</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">6.5%</td>
<td colspan="1" rowspan="1">-</td>
<td colspan="1" rowspan="1">8.5%</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Organic growth</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">6.2%</td>
<td colspan="1" rowspan="1">-</td>
<td colspan="1" rowspan="1">7.8%</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">7.5%</td>
<td colspan="1" rowspan="1">-</td>
<td colspan="1" rowspan="1">9.5%</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Operating Margin</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">28.7%</td>
<td colspan="1" rowspan="1">-</td>
<td colspan="1" rowspan="1">29.0%</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">30.2%</td>
<td colspan="1" rowspan="1">-</td>
<td colspan="1" rowspan="1">30.7%</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Operating margin expansion</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">(130 bps)</td>
<td colspan="1" rowspan="1">-</td>
<td colspan="1" rowspan="1">(100 bps)</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">20 bps</td>
<td colspan="1" rowspan="1">-</td>
<td colspan="1" rowspan="1">70 bps</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Negative impact of ongoing litigation matter</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="3" rowspan="1">~160 bps</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="3" rowspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Comparable margin expansion</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">30 bps</td>
<td colspan="1" rowspan="1">-</td>
<td colspan="1" rowspan="1">60 bps</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">20 bps</td>
<td colspan="1" rowspan="1">-</td>
<td colspan="1" rowspan="1">70 bps</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Negative impact of 2023 customer contract resolution payment</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="3" rowspan="1">~ 40 bps</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="3" rowspan="1">~ 40 bps</td>
</tr>
<tr>
<td colspan="1" rowspan="1">EPS</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">$10.31</td>
<td colspan="1" rowspan="1">-</td>
<td colspan="1" rowspan="1">$10.59</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">$10.82</td>
<td colspan="1" rowspan="1">-</td>
<td colspan="1" rowspan="1">$11.20</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Reported growth</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">2%</td>
<td colspan="1" rowspan="1">-</td>
<td colspan="1" rowspan="1">5%</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">8%</td>
<td colspan="1" rowspan="1">-</td>
<td colspan="1" rowspan="1">11%</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Negative impact of ongoing litigation matter</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="3" rowspan="1">~ 6%</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="3" rowspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Comparable growth</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">9%</td>
<td colspan="1" rowspan="1">-</td>
<td colspan="1" rowspan="1">12%</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">9%</td>
<td colspan="1" rowspan="1">-</td>
<td colspan="1" rowspan="1">13%</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Negative impact of 2023 customer contract resolution payment</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="3" rowspan="1">~ 2%</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="3" rowspan="1">~ 2%</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Other Key Metrics</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Net interest expense</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="3" rowspan="1">~ $20</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="3" rowspan="1">~ $21</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Share-based compensation tax benefit</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="3" rowspan="1">~ $10</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="3" rowspan="1">~ $10</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Share-based compensation tax rate benefit</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="3" rowspan="1">~ 1%</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="3" rowspan="1">~ 1%</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Effective tax rate</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="3" rowspan="1">~ 21.5%</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="3" rowspan="1">~ 22%</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Share-based compensation EPS impact</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="3" rowspan="1">~ $0.12</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="3" rowspan="1">~ $0.12</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Reduction in average shares outstanding</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">0.5%</td>
<td colspan="1" rowspan="1">-</td>
<td colspan="1" rowspan="1">1%</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="1" rowspan="1">0.5%</td>
<td colspan="1" rowspan="1">-</td>
<td colspan="1" rowspan="1">1%</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Operating Cash Flow (% of Net Income)</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="3" rowspan="1">110% - 115%</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="3" rowspan="1">110% - 115%</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Free Cash Flow (% of Net Income)</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="3" rowspan="1">90% - 95%</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="3" rowspan="1">90% - 95%</td>
</tr>
<tr>
<td colspan="1" rowspan="1">Capital Expenditures</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="3" rowspan="1">~ $180 million</td>
<td colspan="1" rowspan="1">&nbsp;</td>
<td colspan="3" rowspan="1">~ $180 million</td>
</tr>
</tbody>
</table>
</figure>

IDEXX Laboratories	Expects 2024 Adjusted EPS Of $10.31-$10.59 Versus Prior Guidance Of $10.82-$11.20 And Consensus Of $11.06

IDEXX Laboratories	Expects 2024 Revenue Of $3.885B-$3.945B Versus Prior Guidance Of $3.895B-$3.965B And Consensus Of $3.936B

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Here's the major earnings before the open tomorrow

In a report released today, Balaji Prasad from Barclays maintained a Buy rating on Idexx Laboratories (IDXX – Research Report), with a price target...

Barclays Sticks to Its Buy Rating for Idexx Laboratories (IDXX)

IDEXX Laboratories Non-GAAP EPS of $2.79 beats by $0.10, revenue of $975.54M misses by $5.42M

IDEXX stock falls 10% on Q3 revenue miss, lowered guidance

IDEXX Laboratories, Inc. (IDXX) Q3 2024 Earnings Call Transcript

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AGIO

AGNC

ALGM

ALNY

AMKBY

APTV

ARGX

ATGFF

AVNT

BALL

BAND

BBVA

BCAP

BIRK

BNPQF

BROE

CCRD

CHTR

CIFR

CMCSA

CMPS

CPSH

CSGP

DFIN

DINO

DNUT

ENPH

ESGD

ESGG

ESGU

ESGV

ETSY

FIGS

FLWS

FNMA

FSLR

GNRC

GPRE

GWRE

IBKR

IDCC

ILMN

INSM

ISNPY

ITRI

MSCI

ONON

PARA

PCAR

POOL

REGN

SHOP

SPGI

SPOT

TSLA

UPST

VLTO

VRSK

Press Releases

IDEXX Laboratories to Present at Stifel Conference and Announces 2024 Investor Day

IDEXX Expands Test Menu for the Catalyst Platform to Support Veterinarians Globally in Diagnosing Pancreatitis

IDEXX Laboratories to Release 2024 Second Quarter Financial Results

IDEXX Releases 2023 Corporate Responsibility Report, Highlighting Progress Against Its Goals

IDEXX Laboratories Announces Time Change for 2024 Second Quarter Financial Results Conference Call

IDEXX Laboratories Announces Second Quarter Results

IDEXX Laboratories to Present at Morgan Stanley 22nd Annual Global Healthcare Conference

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