UPDATE: IDEXX Labs (IDXX) Tops Q4 EPS by 62c, Revenues Beat; Offers FY21 EPS/Revenue Guidance Above Consensus
IDEXX Labs (NASDAQ: IDXX) reported Q4 EPS of $2.01, $0.62 better than the analyst estimate of $1.39. Revenue for the quarter came in at $720.94 million versus the consensus estimate of $680.03 million.
- Achieves fourth quarter reported revenue growth of 19% and organic growth of 17%, driven by CAG Diagnostics recurring revenue reported growth of 23% and organic growth of 21%
- High revenue growth supported by sustained strong global trends in pet healthcare
- Delivers full year EPS of $6.71, an increase of 37% on a reported basis and 31% on a comparable constant currency basis
- Strong full year EPS results supported by operating margin expansion of 270 basis points on a reported basis and 340 basis points on a comparable constant currency basis
"IDEXX had an exceptional finish to 2020, supported by continued robust global market trends in companion animal healthcare and outstanding execution by the IDEXX organization globally. Performance was strong across our major geographic markets, enabling us to deliver 12% organic growth overall and 31% EPS growth on a comparable constant currency basis for the full year, above our long-term goals. The IDEXX team stayed focused on serving our customers in an exceptional way through the COVID-19 pandemic. The team's high level of engagement and focus on execution enabled us to be well-positioned to benefit from a strong market recovery in pet healthcare. We are planning to drive continued strong growth in our companion animal business, as reflected in our initial financial 2021 outlook, leveraging our expanded global commercial capability and unique innovations, which support higher standards of healthcare for pets," said Jay Mazelsky, the Company's President and Chief Executive Officer.
GUIDANCE:
IDEXX Labs sees FY2021 EPS of $7.39-$7.71, versus the consensus of $6.81. IDEXX Labs sees FY2021 revenue of $3.065-3.12 billion, versus the consensus of $2.96 billion.
- Provides initial outlook for 2021 revenue of $3,065 million - $3,120 million, reflecting reported growth of 13% - 15.5% and organic growth of 11.5% - 13.5%
- Estimates 2021 EPS of $7.39 - $7.71, an increase of 10% - 14% as reported and 15% - 20% on a comparable constant currency basis
*(Update corrects EPS in headline and body)
For earnings history and earnings-related data on IDEXX Labs (IDXX) click here.