IDEXX Laboratories, Inc. (IDXX - Free Report) posted second-quarter 2021 earnings per share (EPS) of $2.34, reflecting a 36% year-over-year rise. The figure surpassed the Zacks Consensus Estimate by 16.4%.
Comparable-constant-currency EPS of $2.20 in the second quarter of 2021 reflects year-over-year growth of 33%.
Revenues in Detail
Second-quarter revenues grew 29.6% year over year to $826.1 million. Organically, growth was 25%. The metric surpassed the Zacks Consensus Estimate by 5.8%.
The year-over-year upside was primarily driven by 30% reported and 26% organic growth in global Companion Animal Group (CAG) Diagnostics’ recurring revenues and 86% reported and 78% organic growth in CAG Diagnostics capital instrument revenues. Overall revenue growth was also supported by 32% reported and 27% organic revenue growth in the Water business.
Segmental Analysis
IDEXX derives revenues from four operating segments — CAG, Water, Livestock, Poultry and Dairy (LPD) and Other.
In the second quarter, CAG revenues rose 32% (up 27% organically) year over year to $745.6 million. The Water segment’s revenues also grew 32% (up 27% organically) year over year to $37.2 million. LPD revenues rose 4% (down 2% organically) to $33.5 million. Revenues at the Other segment fell 11.7% on reported and organic basis to $9.8 million.
Margins
Gross profit in the second quarter rose 28.9% to $489.3 million. Gross margin contracted 27 basis points (bps) to 59.2% on a 30.4% rise in cost of revenues to $336.8 million.
IDEXX Laboratories, Inc. Price, Consensus and EPS Surprise
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IDEXX Laboratories, Inc. (IDXX - Free Report) posted second-quarter 2021 earnings per share (EPS) of $2.34, reflecting a 36% year-over-year rise. The figure surpassed the Zacks Consensus Estimate by 16.4%.
Comparable-constant-currency EPS of $2.20 in the second quarter of 2021 reflects year-over-year growth of 33%.
Revenues in Detail
Second-quarter revenues grew 29.6% year over year to $826.1 million. Organically, growth was 25%. The metric surpassed the Zacks Consensus Estimate by 5.8%.
The year-over-year upside was primarily driven by 30% reported and 26% organic growth in global Companion Animal Group (CAG) Diagnostics’ recurring revenues and 86% reported and 78% organic growth in CAG Diagnostics capital instrument revenues. Overall revenue growth was also supported by 32% reported and 27% organic revenue growth in the Water business.
Segmental Analysis
IDEXX derives revenues from four operating segments — CAG, Water, Livestock, Poultry and Dairy (LPD) and Other.
In the second quarter, CAG revenues rose 32% (up 27% organically) year over year to $745.6 million. The Water segment’s revenues also grew 32% (up 27% organically) year over year to $37.2 million. LPD revenues rose 4% (down 2% organically) to $33.5 million. Revenues at the Other segment fell 11.7% on reported and organic basis to $9.8 million.
Margins
Gross profit in the second quarter rose 28.9% to $489.3 million. Gross margin contracted 27 basis points (bps) to 59.2% on a 30.4% rise in cost of revenues to $336.8 million.
IDEXX Laboratories, Inc. Price, Consensus and EPS Surprise
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Zacks Investment Research has released a Special Report to help you pursue massive profits from the world’s first and largest decentralized form of money.
No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%.
Zacks predicts another significant surge. Click below for Bitcoin: A Tumultuous Yet Resilient History.
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