Q2 2024 IDEXX Laboratories Inc Earnings Call Transcript
Key Points
- IDEXX Laboratories Inc (IDXX) delivered solid organic revenue growth of 7% in Q2 2024.
- CAG Diagnostic recurring revenues grew by 7% organically, supported by strong international gains.
- The company achieved record second-quarter global premium instrument placements, with a 4% year-on-year increase.
- IDEXX Laboratories Inc (IDXX) reported a 15% increase in comparable EPS, supported by solid gross margin gains.
- The company maintained a strong balance sheet with leverage ratios of 0.7 times gross and 0.4 times net of cash.
- US same-store clinical visit growth levels declined by 2% in Q2 2024.
- EPS decreased by 9% as reported, impacted by a $62 million discrete expense accrual related to ongoing litigation.
- The company updated its 2024 financial outlook to reflect continued pressure on US clinical visit trends.
- Operating expenses increased by 28% year-on-year, driven by a significant litigation expense accrual.
- IDEXX Laboratories Inc (IDXX) faced macroeconomic headwinds that pressured near-term US clinical visit growth levels.
Good morning, and welcome to the IDEXX Laboratories second quarter 2024 earnings conference call. As a reminder, today's conference is being recorded. Participating in the call this morning are Jay Mazelsky, President and Chief Executive Officer; Brian McKeon, Chief Financial Officer; and John Ravis, Vice President, Investor Relations.
IDEXX would like to preface the discussion today with a caution regarding forward-looking statements. Listeners are reminded that our discussion during the call will include forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those discussed today.
Additional information regarding these risks and uncertainties is available under the forward-looking statements noticed in our press release issued this morning, as well as in our periodic filings with the Securities and Exchange Commission, which can be obtained from the SEC or by visiting the Investor Relations section of our website, idexx.com.
During this call, we will be discussing certain financial measures not prepared
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