IDEXX Q1 2021 Earnings Highlights | (NASDAQ: IDXX) | ||||||||||||||||
Revenue | Operating | Diluted | |||||||||||||||
Profit | Earnings Per Share | ||||||||||||||||
$778M | $248M | $2.35 | |||||||||||||||
Reported growth: | +24% | 31.8% of Revenue | Reported growth: | +82% | |||||||||||||
Organic growth: | +21% | YoY change in basis points: | |||||||||||||||
CAG Diagnostics Recurring | Reported | +880 bps | Comparable growth: | +73% | |||||||||||||
Organic Growth: | +23% | Comparable | +830 bps | ||||||||||||||
CAG | Water | LPD | |||||||||||||||
Revenue | $693M | Revenue | $34M | Revenue | $39M | ||||||||||||
Reported growth: | +26% | Reported growth: | 0% | Reported growth: | +15% | ||||||||||||
Organic growth: | +22% | Organic growth: | -3% | Organic growth: | +9% | ||||||||||||
Net CAG Revenue | Q1 | Reported | Organic | Q1 Premium Instrument | WW | North | Intl | ||||||||||
Revenue | Growth | Growth | |||||||||||||||
Placements | America | ||||||||||||||||
year over year | year over year | ||||||||||||||||
CAG Diagnostics Recurring | $617M | +27% | +23% | Catalyst | 1,731 | 665 | 1,066 | ||||||||||
IDEXX VetLab® Consumables | $246M | +30% | +26% | New and competitive | 1,107 | 302 | 805 | ||||||||||
Rapid Assay Products | $70M | +21% | +20% | Premium | 956 | 382 | 574 | ||||||||||
Hematology | |||||||||||||||||
Reference Laboratory Dx and | $276M | +25% | +22% | SediVue® Dx | 577 | 324 | 253 | ||||||||||
Consulting Services | |||||||||||||||||
CAG Diagnostics Services and | $26M | +20% | +16% | TOTAL | 3,264 | 1,371 | 1,893 | ||||||||||
Accessories | |||||||||||||||||
CAG Diagnostics Capital - Instruments | $31M | +31% | +27% | ||||||||||||||
Veterinary Software, Services and | $44M | +10% | +9% | ||||||||||||||
Diagnostic Imaging Systems | |||||||||||||||||
IDEXX Premium Instruments Installed Base | |||||||||||||||||
Catalyst Installed Base | Premium Hematology Installed Base | SediVue Installed Base | |||||||||||||||
(in thousands) | (in thousands) | + 10% | |||||||||||||||
year over
+ 13% | 34.6 | 35. | ||||||||||||||||||||||||||||||||||||
year over year | 33.6 | |||||||||||||||||||||||||||||||||||||
31.5 | 32.0 | 32.4 | ||||||||||||||||||||||||||||||||||||
43.9 45.1 | 46.0 47.6 | 49.6 51.0 | 28.9 | 29.5 | 29.8 | 30.5 | 8.9 | 9.3 | 9.6 10.0 | 10.7 11.3 | ||||||||||||||||||||||||||||
38.5 39.8 | 41.5 | 26.7 | 27.4 | 28.0 | 6.6 | 7.1 | 7.6 | 8.2 | ||||||||||||||||||||||||||||||
31.1 32.8 | 35.1 37.0 | 4.6 | 5.2 | 5.9 | ||||||||||||||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 |
2018 | 2019 | 2020 | 2021 | 2018 | 2019 | 2020 | 2021 | 2018 | 2019 | 2020 | 2021 |
For full financial data, non-GAAP reconciliations and cautionary language regarding forward-looking statements, please refer to IDEXX's 2021 first quarter earnings release issued on May 4, 2021 available at https://www.idexx.com/investors. Amounts presented may not recalculate due to rounding.
© 2021 IDEXX Laboratories, Inc. All rights reserved. Contact: John Ravis, Investor Relations (207) 556-8155.
IDEXX Q1 2021 Earnings Highlights (NASDAQ: IDXX)
2021 Growth and Financial Performance Outlook Commentary
- Increases outlook for 2021 revenue to $3,105 million - $3,160 million, reflecting projected reported revenue growth of 14.5% - 16.5% and organic revenue growth of 13% - 15%, driven by 14.5% - 16% CAG Diagnostics recurring revenue organic growth.
- Raises 2021 EPS estimate to $7.88 - $8.18, reflecting a targeted operating margin improvement of 270 - 320 basis points as reported and 150 - 200 basis points on a comparable basis. The updated EPS outlook reflects annual EPS growth of 17% - 22% as reported and 21% - 26% on a comparable basis.
Growth and Financial Performance Outlook | 2021 | |||
Revenue | $3,105 | - | $3,160 | |
Reported growth | 14.5% | - | 17% | |
Organic growth | 13% | - | 15% | |
CAG Diagnostics Recurring Revenue Growth | ||||
Reported growth | 16% | - | 17.5% | |
Organic growth | 14.5% | - | 16% | |
Operating Margin | 28.3% | - | 28.8% | |
Reported margin expansion | 270 bps | - | 320 bps | |
Comparable margin expansion | 150 bps | - | 200 bps | |
EPS | $7.88 | - | $8.18 | |
Reported growth | 17% | - | 22% | |
Comparable growth | 21% | - | 26% | |
Other Key Metrics | ||||
Net interest expense | $30 | - | $31 | |
Share-based compensation tax benefit | ~ $16.5 | |||
Effective tax rate | 19% | - | 20% | |
Reduction in average shares outstanding | 0% | - | 0.5% | |
Operating Cash Flow | 100% - 110% of net income | |||
Free Cash Flow | 80% - 90% of net income | |||
Capital Expenditures | $120 | - $140 | ||
Amounts in millions except per share data and percentages
For full financial data, non-GAAP reconciliations and cautionary language regarding forward-looking statements, please refer to IDEXX's 2021 first quarter earnings release issued on May 4, 2021 available at https://www.idexx.com/investors. Amounts presented may not recalculate due to rounding.
© 2021 IDEXX Laboratories, Inc. All rights reserved. Contact: John Ravis, Investor Relations (207) 556-8155.
U.S. Companion Animal Practice Growth Update
Total Practice Revenue and Visit Growth
Weighted Average Year-over-Year % Change Per Practice*
16% | Practice Revenue | 14.9% | |||||||||||||||||||||||||||||
14% | 12.6% | ||||||||||||||||||||||||||||||
12% | 11.2% | ||||||||||||||||||||||||||||||
10% | 6.8% | 7.3%7.5% | 6.7% | 7.8%8.1% | 7.3% | 6.6%6.4% | |||||||||||||||||||||||||
8% | 5.1%5.4%5.6%5.9% | 5.7%5.1%5.8% | Total Visits | ||||||||||||||||||||||||||||
6% | 4.6% | 5.3%5.5% | 4.3%4.7% | 5.1% | 4.7%4.1% | ||||||||||||||||||||||||||
4.1% | |||||||||||||||||||||||||||||||
4% | 4.7%5.1% | 2.1% | 5.1% | ||||||||||||||||||||||||||||
2% | 3.9%4.4% | ||||||||||||||||||||||||||||||
3.4% | 3.5%3.0% | 4.1% | |||||||||||||||||||||||||||||
0% | 2.4% | 2.5%2.5%2.3%2.5% | 2.3% | ||||||||||||||||||||||||||||
1.4%1.2% | 1.5%1.0%1.6% | 1.6% | |||||||||||||||||||||||||||||
-2% | |||||||||||||||||||||||||||||||
0.2% | 0.5%0.5%0.6%-0.1% | 0.1%0.3% | |||||||||||||||||||||||||||||
-4% | |||||||||||||||||||||||||||||||
-6% | -5.2% | ||||||||||||||||||||||||||||||
-8% | |||||||||||||||||||||||||||||||
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 | |||||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
Clinical Visit Growth
Weighted Average Year-over-Year % Change Per Practice* | Q1 2020 & Q1 2021 | |||||||||||||||||||||
Average | ||||||||||||||||||||||
18% | ||||||||||||||||||||||
16.2% | Wellness Visits | |||||||||||||||||||||
6.7% | ||||||||||||||||||||||
13% | 10.6% | 10.2% | 11.7% | Clinical Visits | ||||||||||||||||||
5.6% | ||||||||||||||||||||||
6.6% 8.5% | ||||||||||||||||||||||
8% | Non-wellness Visits | |||||||||||||||||||||
8.8% | ||||||||||||||||||||||
7.5% | 5.0% | |||||||||||||||||||||
3.9% | 3.5% | 4.1% | ||||||||||||||||||||
3.8% | 2.9% | |||||||||||||||||||||
2.5% | 2.5% | |||||||||||||||||||||
2.2% | ||||||||||||||||||||||
3% | 2.1% 1.3% | 3.9% | ||||||||||||||||||||
2.6% | 3.1% | |||||||||||||||||||||
2.2% | 2.0% | 2.5% | 2.4% | |||||||||||||||||||
1.7% | 1.6% | 1.5% | -0.9% | |||||||||||||||||||
1.8% | 1.5% | |||||||||||||||||||||
1.0% | ||||||||||||||||||||||
0.6% | 0.5% | 0.6% | ||||||||||||||||||||
-2% | -0.4% | |||||||||||||||||||||
-2.9% | -2.9% | |||||||||||||||||||||
-7% | -5.7% | |||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | ||||||||||
2018 | 2019 | 2020 | 2021 |
Total visits include clinical and non-clinical visits. In 2020, there were an estimated 320 million U.S. total visits. Approximately 70% of estimated U.S. companion animal diagnostic market revenue is from non-wellness visits.
Clinical visits are those where the reason for visit involves an interaction between a clinician and a pet.
Non-wellnessvisits include those for which the reason for visit is sickness, procedure or monitoring.
Wellness visits include those visits for which the reason for visit is an annual exam, vaccination, or routine check-up.
Source: Based on analysis of IDEXX Practice Intelligence data (n = 7,915 practices). Growth rate estimate with margin of error of +/ - 0.4% at a 95% confidence level.
- Note that we estimate net new practice formation adds ~1% of incremental market growth per year beyond per practice growth.
© 2021 IDEXX Laboratories, Inc. All rights reserved. Contact: John Ravis, Investor Relations (207) 556-8155.
U.S. Diagnostic Utilization Trends
2020 Clinical Visits Including Bloodwork
'Bloodwork' represents chemistry and/ or hematology
% of 2020 Clinical Visits | % of 2020 WellnessClinical Visits % of 2020 Non-wellnessClinical Visits | ||||||||||||||||||||||||||||||||||||||||||||||||||
including Bloodwork | including Bloodwork | including Bloodwork | |||||||||||||||||||||||||||||||||||||||||||||||||
43% | |||||||||||||||||||||||||||||||||||||||||||||||||||
45% | 45% | 45% | 42% | ||||||||||||||||||||||||||||||||||||||||||||||||
38% | |||||||||||||||||||||||||||||||||||||||||||||||||||
40% | 40% | 40% | |||||||||||||||||||||||||||||||||||||||||||||||||
35% | 35% | 35% | |||||||||||||||||||||||||||||||||||||||||||||||||
30% | 30% | 30% | Mean: | ||||||||||||||||||||||||||||||||||||||||||||||||
25% | 25% | 25% | |||||||||||||||||||||||||||||||||||||||||||||||||
20% | Mean: | 20% | 20% | 23.4% | |||||||||||||||||||||||||||||||||||||||||||||||
15% | 17.8% | 15% | Mean: | 15% | |||||||||||||||||||||||||||||||||||||||||||||||
10% | 10% | 10% | |||||||||||||||||||||||||||||||||||||||||||||||||
5% | 5% | 9.2% | 5% | ||||||||||||||||||||||||||||||||||||||||||||||||
0% | 0% | 0% | |||||||||||||||||||||||||||||||||||||||||||||||||
Bottom | Top Top | Bottom | Top Top | Bottom | Top Top | ||||||||||||||||||||||||||||||||||||||||||||||
Decile | Decile 2% | Decile | Decile 2% | Decile | Decile 2% | ||||||||||||||||||||||||||||||||||||||||||||||
Deciles of Practices | Deciles of Practices | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deciles of Practices |
Bloodwork utilization is defined as chemistry, hematology, or both run on one patient in a clinical visit.
The percentage of clinical visits including bloodwork increased ~1% in 2020, which is
double the rate of annual increases seen in recent years, with year-over-year utilization increases across deciles as highlighted by the light blue pattern-filled areas in the bar chart.
Annual Trending of Clinical Visits Including Bloodwork
'Bloodwork' represents chemistry and/ or hematology
- of U.S. Clinical Visitsincluding Bloodwork
30% | ||
25% | ||
20% | 16.9% | 17.8% |
16.5% | ||
15% | ||
10% | ||
5% | ||
0% | ||
2018 | 2019 | 2020 |
- of U.S. WellnessClinical Visits including Bloodwork
30% | |||
25% | |||
20% | |||
15% | |||
10% | 8.3% | 8.7% | 9.2% |
5% | |||
0% | 2018 | 2019 | 2020 |
- of U.S. Non-wellnessClinical Visits including Bloodwork
30% | |||
25% | 21.9% | 22.2% | 23.4% |
20% | |||
15% | |||
10% | |||
5% | |||
0% | |||
2018 | 2019 | 2020 |
Source: Based on analysis of IDEXX Practice Intelligence data (n = 7,804 practices). 'Clinical visits' are those where the reason for visit involves an interaction between a veterinary clinician and a pet, including wellness and non-wellness visit types. 'Bloodwork' represents chemistry and/ or hematology.
© 2021 IDEXX Laboratories, Inc. All rights reserved. Contact: John Ravis, Investor Relations (207) 556-8155.
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IDEXX Laboratories Inc. published this content on 04 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 May 2021 14:40:02 UTC.