On November 1, 2023, IDEXX Laboratories Inc (IDXX, Financial) announced its third-quarter results, reporting a revenue growth of 9% and an EPS of $2.53, representing an 18% growth. The solid revenue growth reflects benefits from IDEXX execution drivers, including double-digit year-over-year installed base growth across global premium instrument platforms. The company has adjusted its 2023 revenue guidance to $3,635 million - $3,650 million, reflecting 7.9% - 8.4% growth.
Third Quarter Performance Highlights
The company reported revenues of $916 million for the third quarter of 2023, an increase of 9% reported and 8% organic, driven by Companion Animal Group ("CAG") growth of 9% reported and 8% organic and Water revenue growth of 9% reported and 7% organic. CAG Diagnostics recurring revenue growth of 10% reported and 9% organic was supported by sustained benefits from IDEXX execution drivers and reflects high single-digit organic growth in the U.S. and double-digit organic growth internationally.
Strong execution by IDEXX teams and sustained interest in adopting IDEXX's differentiated multi-modality testing and workflow solutions helped deliver solid organic revenue gains and strong financial results in the third quarter," said Jay Mazelsky, President and Chief Executive Officer.
2023 Growth and Financial Performance Outlook
The company is updating its full year revenue growth outlook range to 7.9% - 8.4% as reported and 8.3% - 8.8% organically. The Company raised its full year reported operating margin outlook to 29.6% - 29.8%, incorporating strong year-to-date profit performance. The Company updated its EPS outlook range to $9.74 - $9.90, increasing midpoint estimates by $0.05 per share and maintaining its high end EPS outlook.
Key Financial Metrics for 2023
The company's updated outlook for annual key financial metrics in 2023 includes a revenue of $3,635 - $3,650 million, reported growth of 7.9% - 8.4%, organic growth of 8.3% - 8.8%, operating margin of 29.6% - 29.8%, and EPS of $9.74 - $9.90. The reported growth is 21% - 23% and the comparable growth is 25% - 27%.
IDEXX Laboratories Inc (IDXX, Financial) continues to demonstrate strong financial performance, driven by its execution drivers and sustained interest in its innovative solutions. The company's updated outlook for 2023 reflects its confidence in its continued growth and profitability.
Explore the complete 8-K earnings release (here) from IDEXX Laboratories Inc for further details.
