Q1 22 EPS
$2.27
BEAT +0.44%
Est. $2.26
Q1 22 Revenue
$836.5M
MISS 0.38%
Est. $839.7M
vs S&P Since Q1 22
-37.4%
TRAILING MARKET
IDXX +33.5% vs S&P +70.9%
Market Reaction
Did IDXX Beat Earnings? Q1 2022 Results
IDEXX Laboratories posted a narrow earnings beat for Q1 2022 but fell just short on the top line, as strong companion animal diagnostics momentum ran up against a meaningful drag from its livestock business. The company reported EPS of $2.27, edging … Read more IDEXX Laboratories posted a narrow earnings beat for Q1 2022 but fell just short on the top line, as strong companion animal diagnostics momentum ran up against a meaningful drag from its livestock business. The company reported EPS of $2.27, edging past the consensus estimate of $2.26 by 0.44%, while revenue of $836.55 million missed the $839.72 million consensus by 0.38%, though it still grew 7.6% year over year. The primary weight on results came from a 21% reported decline in Livestock, Poultry and Dairy revenues, driven by unfavorable comparisons to prior-year African Swine Fever testing programs in China, which offset otherwise solid 8% organic growth in CAG Diagnostics recurring revenue. Operating margin contracted 220 basis points to 29.7% as the company accelerated investment in commercial capabilities. Looking ahead, IDEXX meaningfully trimmed its full-year 2022 EPS outlook to $8.11 to $8.35, reflecting roughly $80.00 million in discrete Q2 R&D licensing costs, currency headwinds, and moderated veterinary clinic visit growth, while projecting revenue of $3.39 billion to $3.47 billion.
Key Takeaways
- • Record first quarter premium instrument placements globally
- • High single-digit organic growth in CAG Diagnostics recurring revenues building on strong prior year
- • Strong growth in cloud-based software placements
- • Net price gains and high customer retention levels across modalities
- • Same-store volume growth and new business gains in reference laboratory services
- • Continued solid recovery in water testing demand
IDXX YoY Financials
Q1 2022 vs Q1 2021, source: SEC Filings
IDXX Revenue by Segment
With YoY comparisons, source: SEC Filings
IDXX Revenue by Geography
With YoY comparisons, source: SEC Filings
“IDEXX's first quarter results build on the significant gains in demand for companion animal diagnostics and software solutions achieved over the last two years. Veterinarians and their staffs continue to work passionately to support their practices in a demanding environment. IDEXX solutions help to improve patient care and manage increased demands on their time, as well as to continue to advance higher standards for pet healthcare, including utilization of diagnostics. This is reflected in continued strong IDEXX premium instrument placements globally, expansion of our cloud-based software solutions and high single-digit organic growth in CAG Diagnostics recurring revenues compared to very strong prior year growth levels. These results demonstrate the benefits of our ongoing focus on innovation, the continued high level of customer-focused execution of IDEXX teams globally and our commitment as a purpose-driven company to improving the health and well-being of pets, people and livestock.”
— Jay Mazelsky, Q1 2022 Earnings Press Release
IDXX Earnings Trends
IDXX vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
IDXX EPS Trend
Earnings per share: estimate vs actual
IDXX Revenue Trend
Quarterly revenue: estimate vs actual
IDXX Quarterly Results
7 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $3.41 | $3.47 | +1.74% | $1.14B | +2.88% |
| Q4 25 BEAT | $2.94 | $3.08 | +4.85% | $1.09B | +1.73% |
| Q3 25 BEAT | $3.14 | $3.40 | +8.29% | $1.11B | +3.16% |
| Q2 25 BEAT | $3.30 | $3.63 | +9.97% | $1.11B | +3.95% |
| Q1 25 BEAT | $2.84 | $2.96 | +4.06% | $998.4M | +0.20% |
| Q2 23 BEAT | $2.47 | $2.67 | +8.10% | $943.6M | +0.99% |
| Q1 22 BEAT | $2.26 | $2.27 | +0.44% | $836.5M | -0.38% |