IDEXX Laboratories announces fourth quarter, 2022 results
IDEXX Laboratories, Inc., a global leader in pet healthcare innovation, announced on Feb. 6 in a news release its fourth quarter and full year results, as well as an update on U.S. companion animal diagnostic trends.
The company reports revenues of $829 million for the fourth quarter of 2022, an increase of three percent compared to the prior year period on a reported basis and seven percent 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 four percent reported and eight percent 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 eight percent 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 five percent as reported and seven percent on an organic basis, driven by five percent reported and eight percent organic growth in CAG Diagnostics recurring revenue.
Jay Mazelsky, president and CEO, said in the news release that IDEXX delivered continued solid CAG Diagnostics recurring revenue growth across major regions and record full-year premium instrument placements, with solid gains across major in-clinic platforms.
"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,” he said. “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 seven percent on a same-store basis in the fourth quarter, faster than five percent 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 three percent 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.
Read more details online in the company’s press release.
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