IDEXX Laboratories : Q1 2025 Earnings Snapshot

Published: 2025-05-01 06:31:11 ET IDXX

Published on 05/01/2025 at 06:31

‌Revenue

Operating Profit

Diluted Earnings Per Share

$998M

$317M

$2.96

Reported growth:

Organic growth:

+4%

+5%

31.7% of Revenue

YoY change in basis points:

Reported growth: +5%

Reported

+70 bps

Comparable growth:

+7%

Organic growth:

+5%

Comparable

-10 bps

Revenue

$920M

Revenue

$45M

Revenue

$29M

Reported growth:

+3%

Reported growth:

+5%

Reported growth:

+1%

Organic growth:

+4%

Organic growth:

+7%

Organic growth:

+4%

Net CAG Revenue

Revenue

Reported Growth

year over year

Organic Growth

year over year

Q1 Premium Instrument

U.S.

Intl

Placements

Catalyst®

1,469

530

939

CAG Diagnostics Recurring

$806M

+3%

+5%

New and competitive

1,108

309

799

IDEXX VetLab®Consumables

$345M

+9%

+10%

Second

361

221

140

Rapid Assay Products

$84M

-3%

-2%

Reference Laboratory Dx and

$344M

+1%

Premium Hematology

1,597

441

1,156

Consulting Services

New and competitive

1,250

304

946

CAG Diagnostics Services and

$33M

+1%

+3%

Accessories

Upgrades

347

137

210

CAG Diagnostics Capital - Instruments

$32M

-6%

-5%

SediVue®Dx

795

288

507

Veterinary Software, Services and

$82M

+9%

+7%

Diagnostic Imaging Systems

302

285

Recurring revenues

$66M

+10%

+9%

TOTAL

4,163

1,544

2,619

System and hardware

$16M

+3%

+2%

IDEXX Premium Instruments Installed Base

Catalyst Installed Base

(in thousands)

year over year

Premium Hematology Installed Base

(in thousands)

SediVue Installed Base

(in thousands)

67.6

69.1

70.4

64.2

65.8

71.7 72.9 74.1 75.1

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

year over year

48.8

49.9

50.8

46.4

47.8

43.8

45.1

51.8 52.8

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

17%

year over year

16.2

16.8

17.4 18.1

18.8 19.6 20.4 21.3 22.0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

IDEXX Q1 2025 Earnings Highlights (NASDAQ: IDXX)

Updates full year P&L guidance to incorporate recent FX impacts and benefit from a discrete expense accrual adjustment for a now-concluded litigation matter, while maintaining outlook for strong comparable operating margin and EPS gains.

Updates revenue guidance to $4,095 million - $4,210 million, 5.0% - 8.0% growth as reported and 6.0% - 9.0% organic, maintaining organic growth guidance and incorporating ~$40 million favorable FX impact at midpoint.

Updates operating margin outlook to 31.1% - 31.6%, including ~180 basis point impact related to discrete litigation expense accrual. Comparable operating margin expansion is maintained at 30 - 80 basis points.

Updates EPS outlook to $11.93 - $12.43, incorporating benefits from favorable adjustments to foreign exchange estimates and discrete litigation expense accrual adjustment. Comparable EPS growth maintained at 8% - 12%.

Growth and Financial Performance Outlook

2025

Revenue

$4,095

- $4,210

Reported growth

5.0%

- 8.0%

Organic growth

6.0%

- 9.0%

CAG Diagnostics Recurring Revenue Growth

Reported growth

4.0%

- 7.0%

Organic growth

5.0%

- 8.0%

Operating Margin

31.1%

- 31.6%

Reported margin expansion

210 bps

- 260 bps

Comparable margin expansion

30 bps

- 80 bps

EPS

$11.93

- $12.43

Reported growth

12%

- 17%

Comparable growth

- 12%

Other Key Metrics

Net interest expense

~ $42

Share-based compensation tax benefit

~ $8

Effective tax rate

~ 21.5%

Reduction in average shares outstanding

- 3%

Operating Cash Flow

95%

- 105%

Free Cash Flow

80%

- 85%

Capital Expenditures

~ $160

Amounts in millions except per share data and percentages

IDEXX Q1 2025 Earnings Highlights (NASDAQ: IDXX)

‌20%

15%

10%

Total Practice Revenue and Visit Growth

Weighted Average Year-over-Year % Change Per Pracfice*

Practice Revenue

-S%

16%

Total Visits

7.2°X

0 1

!% -2.6% -2.6%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2020 2021 2022 2023 2024 2025

Clinical Visit Growth

Weighted Average Year-over-Year % Change Per Practice"

Q1 Q2 Q3

Q4 Q1 Q2 Q3 Q4 Q1

Q2 Q3 Q4 Q1

Q2 Q3 Q4

Q1 Q2 Q3

2020

2021

2022

2023

2024

2025

Total visits include clinical and non-clinical visits. In 2024, there were an estimated -330 million U.S. total visits. Approximately 70% of estimated U.S. companion animal diagnostic sector revenue is from non-wellness visits.

C/inica/ v/s//s are those where the reason for visit involves an interaction between a clinician and a pet.

Non-wellness visits include those for which the reason for visit is sickness, procedure or monitoring.

include those visits for which the reason for visit is an annual exam, vaccination, or routine check-up.

Note that we estimate net new practice formation adds -1% of incremental market growth per year beyond per practice groMh. Growth rate estimate with margin of error of +/ - 0.4% at a 95% confidence level.

Source: IDEXX Practice Intelligence data; sample of -7,500 practices representing eight different practice information management systems, weighted to represent the country based on practice size and region.

‌Contributors to U.S. Companion Animal Diagnostic Revenue Growth per Practice**

+ 6.5% + 4.5%

Q1'2025

Year-Over-Year

Growth (%)

+ 6.5%

+ 4.0%

Q4'2024

+ 8.0% + 11.0%

+ 0.5%

+ 3.0%

Q1 Average 2020-2023

Clinical Visit Growth

'Diagnostic Frequency

% of Clinical Visits including Dx

'Diagnostic Utilization'

Dx Revenue $ per Clinical Visit including Dx"'

Total

" Rounded to nearest 50 bps.

"" Diagnostic revenue per clinical visit includes volume/ intensity of Dx activity and net price realization.

Source: IDEXX Practice Intelligence data; sample of -7,500 practices representing eight different practice information management systems, weighted based on practice size and region to reflect market composition.

Disclaimer

IDEXX Laboratories Inc. published this content on May 01, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 01, 2025 at 10:30 UTC.