NASDAQ$IDXX
IDEXX Laboratories Inc · Q2 2022 earnings
Q2 2022 earnings · · Investor relations
Briefing
IDEXX achieved second quarter revenue growth driven by CAG Diagnostics and solid demand for diagnostic services. EPS declined due to discrete R&D investments.
IDEXX Laboratories reported a 4% increase in revenue to $861 million in the second quarter of 2022. EPS was $1.56, a 33% decrease, impacted by discrete R&D investments. The company has adjusted its 2022 revenue growth guidance to 3% - 5.5% and EPS outlook to $7.77 - $8.05.
- Second quarter revenue growth of 4% reported and 6.5% organic was achieved, driven by CAG Diagnostics recurring revenue growth.
- Solid demand for diagnostic services and strong IDEXX execution supported record second quarter premium instrument placements.
- EPS was $1.56, representing declines of 33% as reported and 30% on a comparable basis, including $0.72 per share impact from discrete R&D investments.
- 2022 revenue guidance was adjusted to 3% - 5.5% growth as reported and 5.5% - 8% organic, with an updated EPS outlook of $7.77 - $8.05.
Headline financials
Revenue & EPS history
IDEXX · Revenue · Quarterly
$861M
Revenue by segment
IDEXX · $791M total across 7 segments · Q2 2022
- Reference labs$304M+3.6%38.4%
- VetLab consumables$266M+3.8%33.6%
- Rapid assay products$87.5M+4.3%11.1%
- Vet software & imaging$62.4M+26.8%7.9%
- Dx capital instruments$36.2M+3.3%4.6%
- Dx services & accessories$27.7M+1.2%3.5%
- Other$7.38M-25.0%0.9%
Forward guidance
The Company is updating its full year revenue growth outlook to 3% - 5.5% as reported and 5.5% - 8% organically. The Company's EPS outlook of $7.77 - $8.05 reflects an adjustment of $0.32 at midpoint, including $0.05 of negative impact from higher projected interest rates and $0.03 of negative impact related to the strengthening U.S. dollar.
Tailwinds
- Continued benefits from strong IDEXX execution including additional second half price gains.
- Projected full year CAG Diagnostics recurring revenue growth of 4% - 6% as reported and 6.5% - 9% organic.
- Projected full year operating margins of 26.4% - 26.9%, reflecting ~50 basis points of net operating margin impact related to updated revenue growth estimates.
- Estimated positive share-based compensation activity of $0.12.
- Reduction in average shares outstanding ~ 2.0%
Headwinds
- Reduction in the projected full year revenue growth range of 250 basis points and 200 basis points, respectively.
- Continued near-term pressure on veterinary clinical visits from factors including constraints on vet clinic capacity.
- Lapping of new patient step-up benefits.
- Additional potential growth impacts related to macroeconomic risk.
- Estimated negative year-over-year foreign currency exchange rate change impact of $0.21.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2022
+0.7%
Avg return
Earnings day
+1.4%
Avg return
5 days after
+2.8%
Avg return
30 days after
43%
30 / 69 earnings
Positive
+27.5%
Q2 2025
Best reaction
-18.9%
Q1 2015
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +3.4% | -0.6% | -0.1% | |
| Q4 2025 | -4.8% | -3.9% | -3.2% | |
| Q3 2025 | +14.9% | +12.5% | +15.3% | |
| Q2 2025 | +27.5% | +22.9% | +18.4% | |
| Q1 2025 | +9.0% | +9.5% | +18.7% | |
| Q4 2024 | +11.1% | +8.9% | +3.6% | |
| Q3 2024 | -7.5% | -7.8% | -6.5% | |
| Q2 2024 | +2.6% | +6.1% | +3.1% | |
| Q1 2024 | -3.4% | -3.2% | +0.9% | |
| Q4 2023 | +7.6% | +8.5% | +5.8% | |
| Q3 2023 | +5.0% | +5.9% | +20.8% | |
| Q2 2023 | -6.4% | -9.1% | -7.8% | |
| Q1 2023 | -2.2% | -0.2% | -4.0% | |
| Q4 2022 | +5.2% | +0.7% | -0.0% | |
| Q3 2022 | +3.6% | +3.4% | +22.1% | |
| Q2 2022 | +2.2% | +2.4% | -12.1% | |
| Q1 2022 | -11.7% | -20.9% | -14.5% | |
| Q4 2021 | +5.0% | +0.8% | +4.3% | |
| Q3 2021 | -6.1% | -4.4% | -10.1% | |
| Q2 2021 | -3.6% | -0.8% | -5.1% | |
| Q1 2021 | -3.6% | -1.0% | +0.1% | |
| Q4 2020 | -1.4% | +2.1% | -1.3% | |
| Q3 2020 | +0.5% | +5.0% | +7.4% | |
| Q2 2020 | +4.8% | +5.8% | +2.6% | |
| Q1 2020 | -0.7% | +3.4% | +13.3% | |
| Q4 2019 | -2.8% | -3.3% | -10.3% | |
| Q3 2019 | +1.1% | -3.5% | -8.1% | |
| Q2 2019 | -4.7% | -4.1% | +2.7% | |
| Q1 2019 | +4.5% | +8.6% | +7.7% | |
| Q4 2018 | -4.5% | -1.9% | +1.5% | |
| Q3 2018 | -3.4% | -4.6% | -3.9% | |
| Q2 2018 | -1.7% | -0.8% | +3.7% | |
| Q1 2018 | +6.0% | +5.5% | +10.0% | |
| Q4 2017 | -0.4% | -3.7% | -0.7% | |
| Q3 2017 | -3.1% | -5.4% | -4.9% | |
| Q2 2017 | -9.2% | -8.3% | -6.6% | |
| Q1 2017 | +0.6% | -1.5% | +2.9% | |
| Q4 2016 | +15.7% | +16.6% | +19.8% | |
| Q3 2016 | -1.6% | -0.9% | +6.6% | |
| Q2 2016 | +15.5% | +16.6% | +21.0% | |
| Q1 2016 | +5.6% | — | — | |
| Q4 2015 | +10.4% | — | — | |
| Q3 2015 | -8.8% | — | — | |
| Q2 2015 | +9.4% | — | — | |
| Q1 2015 | -18.9% | — | — | |
| Q4 2014 | -3.1% | — | — | |
| Q3 2014 | +9.8% | — | — | |
| Q2 2014 | -2.7% | — | — | |
| Q1 2014 | +2.9% | — | — | |
| Q4 2013 | +6.5% | — | — | |
| Q3 2013 | -1.0% | — | — | |
| Q2 2013 | -0.6% | — | — | |
| Q1 2013 | -6.4% | — | — | |
| Q4 2012 | -3.5% | — | — | |
| Q3 2012 | -1.1% | — | — | |
| Q2 2012 | -5.3% | — | — | |
| Q1 2012 | -3.4% | — | — | |
| Q4 2011 | -0.5% | — | — | |
| Q3 2011 | +3.2% | — | — | |
| Q2 2011 | +6.3% | — | — | |
| Q1 2010 | +0.0% | — | — | |
| Q1 2011 | +3.0% | — | — | |
| Q4 2008 | -3.9% | — | — | |
| Q4 2010 | -3.9% | — | — | |
| Q3 2009 | -1.4% | — | — | |
| Q3 2010 | -1.4% | — | — | |
| Q4 2009 | -2.7% | — | — | |
| Q2 2009 | -2.7% | — | — | |
| Q2 2010 | -2.7% | — | — |
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