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06.02.2023 06:30
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IDEXX Laboratories Announces Fourth Quarter and Full Year 2022 Results
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PR Newswire
WESTBROOK, Maine, Feb. 6, 2023
- Achieves fourth quarter revenue growth of 3% reported and 7% organic, driven by CAG Diagnostics recurring revenue growth of 4% reported and 8% organic
- Solid growth supported by continued benefits from IDEXX execution drivers, including 13% year-over-year expansion of IDEXX's global premium instrument installed base
- Delivers fourth quarter EPS of $2.05, an increase of 8% as reported and 14% on a comparable basis, supported by operating margin expansion
- Provides initial outlook for 2023 revenue of $3,590 million - $3,690 million, reflecting reported growth of 6.5% - 9.5% and organic growth of 7% - 10%
- Estimates 2023 EPS of $9.27 - $9.75, an increase of 16% - 21% as reported and 19% - 26% on a comparable basis, including ~ 10% growth benefit from lapping discrete R&D investments in 2022
WESTBROOK, Maine, Feb. 6, 2023 /PRNewswire/ -- IDEXX Laboratories, Inc. (NASDAQ: IDXX), a global leader in pet healthcare innovation, today announced fourth quarter and full year results, as well as an update on U.S. companion animal diagnostic trends.
Fourth Quarter and Full Year Results
The Company reports revenues of $829 million for the fourth quarter of 2022, an increase of 3% compared to the prior year period on a reported basis and 7% on an organic basis. Fourth quarter results reflected solid organic revenue gains across IDEXX's CAG, Water and LPD business segments. CAG Diagnostics recurring revenue gains of 4% reported and 8% organic in the quarter were supported by continued benefits from IDEXX execution drivers including new business gains, high quality placements of CAG Diagnostics capital instruments across regions, high customer retention and net price realization. CAG revenue gains also reflect veterinary software, services and diagnostic imaging systems revenue growth of 15% as reported and 17% organically, supported by software solution placement growth and a continued shift to cloud-based products.
Earnings per diluted share ("EPS") were $2.05 for the fourth quarter, an increase of 8% as reported and 14% on a comparable basis. Results were supported by operating margin expansion of 240 basis points as reported and 220 basis points on a comparable basis. Fourth quarter EPS included $0.07 per share negative impact from currency changes and $0.05 per share in tax benefits from share-based compensation.
Revenue for the full year of $3,367 million increased 5% as reported and 7% on an organic basis, driven by 5% reported and 8% organic growth in CAG Diagnostics recurring revenue.
For the full year 2022, EPS of $8.03 declined 7% on a reported basis and 1% on a comparable basis, including a $0.72 negative impact, representing a 9% EPS growth headwind, related to $80 million of discrete R&D investments in the second quarter. EPS results reflect operating margin contraction of 230 basis points as reported, driven by the impact from the discrete R&D investments. EPS results also included a $0.22 negative impact from currency changes and $0.15 in tax benefits from share-based compensation compared to $0.38 in tax benefits from share-based compensation in the prior year.
The Company's revenue guidance range reflects full year 2023 growth of 6.5% - 9.5% as reported and 7% - 10% growth on an organic basis, supported by 8% - 10.5% reported growth and 8.5% - 11% organic growth in CAG Diagnostics recurring revenues. The high end of the Company's revenue guidance range reflects goals for sustained strong execution drivers, including an estimated 7% - 8% full year benefit from net price improvement. The Company's revenue guidance range aligns with an estimated 2023 EPS of $9.27 - $9.75, reflecting a targeted 230 - 290 basis points of reported operating margin improvement, including benefits from the lapping of discrete 2022 R&D investments.
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"As a result of outstanding execution by IDEXX commercial and operational teams, IDEXX delivered continued solid CAG Diagnostics recurring revenue growth across our major regions and record full-year premium instrument placements, with solid gains across our major in-clinic platforms," said Jay Mazelsky, President and Chief Executive Officer. "Veterinarians continue to look to IDEXX as their trusted partner to deliver highly effective diagnostic testing solutions and information management products to support growing demand for companion animal healthcare. We're well positioned to build on our growth momentum moving forward as we address the significant untapped potential for companion animal healthcare globally."
Companion Animal Diagnostics Trends Update
Trends in companion animal healthcare, including growth in demand for clinical services, continue to support solid growth for companion animal diagnostic products and services across regions. Average U.S. diagnostics revenue per practice grew 7% on a same-store basis in the fourth quarter, faster than 5% growth in overall clinic revenues. U.S. same-store clinical visits at veterinary practices declined 2.8% in the fourth quarter, consistent with recent trends in 2022, reflecting impacts from reductions in veterinary clinic capacity levels. Growth for pet healthcare including diagnostics remains elevated compared to pre-pandemic levels, reflecting compound annual growth of 3% in clinical visits and 12% in same-store diagnostics revenues for the U.S. compared to the fourth quarter of 2019. Additional U.S. companion animal practice weekly key metrics are available in the Q4 2022 Earnings Snapshot accessible on the IDEXX website, www.idexx.com/investors.
Fourth Quarter Performance Highlights
Companion Animal Group
The Companion Animal Group generated 4% reported and 8% organic revenue growth for the fourth quarter. CAG Diagnostics organic recurring revenue growth of 8% reflects solid gains across IDEXX's major modalities globally, supported by growth in clinical service demand and expanded utilization of diagnostic products and services.
- IDEXX VetLab® consumables generated 4% reported and 9% organic revenue growth, supported by expansion of our global premium instrument installed base, high customer retention levels and net price gains.
- Reference laboratory diagnostic and consulting services generated 4% reported and 8% organic revenue growth, reflecting high single-digit growth in the U.S. and improved organic growth Internationally, supported by benefits from global net price realization.
- Rapid assay products generated 7% reported and 9% organic revenue growth, reflecting continued solid volume gains in the U.S. and benefits from net price increases.
Veterinary software, services and diagnostic imaging systems revenue growth increased 15% on a reported basis and 17% organically, supported by double-digit growth in subscription-based service revenues and strong growth in new veterinary software system placements.
Water
Water achieved revenue growth of 6% on a reported basis and 10% on an organic basis, reflecting benefits from net price improvement and volume gains for compliance and non-compliance testing.
Livestock, Poultry and Dairy ("LPD")
LPD revenue declined 2% on a reported basis and grew 6% on an organic basis, benefiting from growth in herd health screening and improved year-over-year results in China, which now compare to normalized levels of African Swine Fever and core Swine testing.
Gross Profit and Operating Profit
Gross profits increased 6%, and gross margins of 59% increased 150 basis points compared to prior year results on a reported basis and 110 basis points on a comparable basis. Gross margin results reflect benefits from net price gains, higher software service margins, lab productivity gains and comparisons to higher prior year initiative investment levels, and business mix, all of which offset inflationary cost effects.
Operating margin was 27.3% in the quarter, 240 basis points higher than the prior year period results on a reported basis and 220 basis points on a comparable basis. Operating expenses were flat on a reported basis and increased 4% on a comparable basis. Low operating expense growth reflects benefits from investment prioritization, leverage from prior commercial expansions, and favorable comparisons to prior year operating expense levels.
2023 Growth and Financial Performance Outlook
The following table provides the Company's initial estimates for annual key financial metrics in 2023:
Amounts in millions except per share data and percentages
| Growth and Financial Performance Outlook | | 2023 | | ||
| | | | | | |
| Revenue | | $3,590 | - | $3,690 | |
| Reported growth | | 6.5 % | - | 9.5 % | |
| Organic growth | | 7 % | - | 10 % | |
| CAG Diagnostics Recurring Revenue Growth | | | | | |
| Reported growth | | 8 % | - | 10.5 % | |
| Organic growth | | 8.5 % | - | 11 % | |
| Operating Margin | | 29.0 % | - | 29.6 % | |
| Reported operating margin expansion | | 230 | - | 290 bps | |
| Impact of foreign exchange | | (~ 50 bps) | | ||
| Comparable operating margin expansion | | 280 | - | 340 bps | |
| Impact of 2022 discrete R&D investments | | ~ 230 bps | | ||
| EPS | | $9.27 | - | $9.75 | |
| Reported growth | | 16 % | - | 21 % | |
| Comparable growth | | 19 % | - | 26 % | |
| Impact of 2022 discrete R&D investments | | ~ 10% | | ||
| Other Key Metrics | | | | | |
| Net interest expense | | ~ $48 | | ||
| Share-based compensation tax benefit | | ~ $8 | | ||
| Share-based compensation tax rate benefit | | ~ 1 % | | ||
| Effective tax rate | | 21.5 % | - | 22 % | |
| Share-based compensation EPS impact | | ~ $0.10 | | ||
| Reduction in average shares outstanding | | 1 % | - | 1.5 % | |
| Operating Cash Flow | | 100% - 110% of net income | | ||
| Free Cash Flow | | 80% - 90% of net income Werbung Mehr Nachrichten zur IDEXX Laboratories Aktie kostenlos abonnieren
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