Q3 2024 IDEXX Laboratories Inc Earnings Call Transcript
Key Points
- IDEXX Laboratories Inc (IDXX) reported a solid 6% organic revenue growth in Q3 2024, driven by 7% growth in CAG Diagnostic recurring revenues and 13% growth in the water business.
- The company achieved strong profit performance with an EPS of $2.80 per share, up 11% as reported and 12% on a comparable basis.
- IDEXX secured nearly 700 orders for its new inVue analyzer, indicating strong market interest and potential future revenue growth.
- The company maintained high customer retention rates over 97% and achieved double-digit growth in its premium instrument install base.
- IDEXX's international CAG Diagnostic recurring revenue grew by 10% organically, supported by strong new business gains and high premium instrument placements.
- CAG Diagnostic recurring revenue growth in the US was constrained by near-term macroeconomic pressures and sector headwinds, leading to a reduction in full-year organic revenue growth guidance.
- The company experienced a 2% organic decline in Livestock, Poultry, and Dairy (LPD) revenues, impacted by lower Asia swine testing and herd health screening revenues.
- IDEXX's reference lab revenue growth was modest, affected by price realization impacts from major new customer agreements.
- US clinical visit growth declined by 2.1%, with a higher 3.4% decline in discretionary wellness visits, impacting diagnostic revenue growth.
- The company faced challenges from severe weather events, which negatively impacted Q4 revenue growth expectations.
Welcome to the IDEXX Laboratories Third 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 notice 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 in accordance with generally
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