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IDEXX Laboratories Inc (NASDAQ:IDXX) shares are trading higher after the company released better-than-expected fourth-quarter 2023 financial results.
Animal diagnostic company reported adjusted EPS of $2.32, beating the consensus of $2.12.
The company reported sales of $901.60 million, beating the consensus of $891.25 million.
The sales increased 9% compared to the prior year period on a reported basis and 8% on an organic basis, driven by Companion Animal Group (CAG) growth of 10% reported and 9% organic.
CAG Diagnostics recurring revenue gains of 11% reported and 10% organic in the quarter were supported by continued benefits from IDEXX execution drivers, including placements of CAG Diagnostics capital instruments across regions, high customer retention, new business gains, and net price realization.
Guidance: IDEXX forecasts fiscal year 2024 sales of $3.93 billion-$4.04 billion versus the consensus of $3.97 billion, reflecting full-year growth of 7.5%-10.5% as reported and 7%-10% on an organic basis.
The company sees a full-year 2024 profit between $10.84 and $11.33 per share versus the consensus of $11.
William Blair writes that despite a decline in veterinary visits during the quarter, the results from IDEXX highlight the resilience of the global animal health market and the strength of the IDEXX business franchise.
Although negative trends in end-market volume persist, the long-term outlook appears promising due to the increased pet ownership during the pandemic, particularly the puppy boom.
Anticipating a growing demand for veterinary care from an aging pet population starting as early as summer 2024 through 2030, the industry has a positive trajectory.
Supported by pricing growth in the preceding year and the upcoming launch of a novel instrument platform (InVue Dx) in late 2024, the outlook for 2025 remains strong.
Additionally, the veterinary healthcare market is considered a relatively safe investment.
The analysts reiterated the stock with an Outperform rating.
Price Action: IDXX shares are up 6.1% at $559.32 on the last check Monday.
Photo by Wikimedia Commons
Posted In: IDXX
