NASDAQ$IDXX
IDEXX Laboratories Inc · Q3 2022 earnings
Q3 2022 earnings · · Investor relations
Briefing
IDEXX achieved revenue growth and EPS increase, driven by strong performance in CAG Diagnostics and record instrument placements.
IDEXX Laboratories reported a 4% increase in revenue and a 6% increase in EPS for the third quarter of 2022. The growth was driven by a strong performance in the Companion Animal Group (CAG) Diagnostics, which saw a 5% increase in recurring revenue. Record premium instrument placements also contributed to the positive results.
- Third quarter revenue grew by 4% reported and 8% organically, driven by CAG Diagnostics recurring revenue growth.
- Strong demand for diagnostic services and commercial execution supported record third quarter premium instrument placements.
- EPS was $2.15, a 6% increase as reported and 13% on a comparable basis, supported by operating margin expansion.
- 2022 revenue guidance adjusted to 3.5% - 4.5% growth as reported and 6.5% - 7.5% organic.
Headline financials
Revenue & EPS history
IDEXX · Revenue · Quarterly
$842M
Revenue by segment
IDEXX · $842M total across 9 segments · Q3 2022
- Reference labs$296M+4.7%35.1%
- VetLab consumables$263M+4.0%31.2%
- Rapid assay products$80.5M+4.6%9.6%
- Vet software & imaging$62.5M+14.2%7.4%
- Water$40.8M+7.1%4.9%
- Dx capital instruments$35.2M-10.7%4.2%
- LPD$28.5M-2.3%3.4%
- Dx services & accessories$28.4M+7.5%3.4%
- Other$7.38M-30.8%0.9%
Forward guidance
The Company is updating its full-year revenue growth outlook to 3.5% - 4.5% as reported and 6.5% - 7.5% organically. The Company updated its full-year reported operating margin outlook to 26.3% - 26.8%. The Company's EPS outlook of $7.74 - $7.98 reflects an adjustment of $0.05 at midpoint, including $0.01 of negative impact from higher projected interest rates and $0.04 of negative impact related to the strengthening U.S. dollar.
Tailwinds
- Full-year revenue growth outlook updated to 3.5% - 4.5% as reported and 6.5% - 7.5% organically.
- The narrowed organic revenue growth range reflects solid third quarter performance and a fourth quarter outlook consistent with prior guidance.
- Full-year CAG Diagnostics recurring revenue growth of 4% - 5% as reported and 7.5% - 8.5% organically.
- Continued benefits from strong IDEXX execution including additional second half price gains.
- Full-year reported operating margin outlook updated to 26.3% - 26.8%.
Headwinds
- Updated foreign exchange projections will reduce reported revenue by $10 million.
- A stronger U.S. dollar is now projected to reduce full-year reported growth by approximately 4%.
- EPS outlook of $7.74 - $7.98 reflects an adjustment of $0.05 at midpoint.
- $0.01 of negative impact from higher projected interest rates.
- $0.04 of negative impact related to the strengthening U.S. dollar.
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 Q3 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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