IDEXX had a strong finish to the year, reflected in the company’s all-around beat in the last quarter. Its revenues increased organically, driven by organic gains in CAG Diagnostic and strong growth in its water and software businesses. Organic revenue growth in the quarter was supported by solid organic growth across its major business segments and growth in diagnostic imaging and veterinary software revenues. Operating profits increased, benefitting from OpEx leverage and solid gross margin gains. The company achieved solid organic improvements across its testing modalities. IDEXX sustained solid new business gains globally and recorded high customer retention levels. Dairy, Poultry, and Livestock revenues increased. Diagnostic imaging and veterinary software revenues increased organically. This includes benefits from the acquisition of ezyVet, which continues to track above the company’s acquisition model projections. It saw a growth in competitive and new premium hematology placements leveraging robust customer interest globally in ProCyte One. Besides, Rapid Assay revenue grew, and Global Lab revenues expanded organically. IDEXX announced multiple expansions in its preventive care solutions lately at VMX. Furthermore, the launch of IDEXX Nu. Q Canine Cancer Screen expands the growing oncology platform. IDEXX Preventive Care Simple Start, an improved wellness program, rolled out in the quarter. We initiate coverage on IDEXX Laboratories with a ‘Hold’ rating.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
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