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IDEXX (IDXX) Global Sales, Instrument Placement Robust
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IDEXX Laboratories, Inc.’s (IDXX - Free Report) robust worldwide commercial capabilities, along with a sturdy Companion Animal Group (CAG) arm, are key growth drivers for the company. The stock carries a Zacks Rank #2 (Buy).
Over the past year, IDEXX has been outperforming its industry with respect to share price movement. The stock has lost 6.5% compared with the 12.9% decline of the industry.
IDEXX exited the fourth quarter of 2022 on a decent note, with earnings and revenues beating estimates. The company registered year-over-year growth in revenues on a reported and organic basis. The top line was driven by continued benefits from the expansion of IDEXX's global premium instrument installed base. CAG Diagnostics’ organic recurring revenue growth reflects solid gains across IDEXX's major modalities globally, supported by growth in clinical service demand and expanded utilization of diagnostic products and services.
IDEXX continues to demonstrate solid growth globally. International revenues primarily led to a gain in CAG and Water businesses. CAG premium instrument placements increased 13% in the fourth quarter, reflecting double-digit gains across the catalyst, premium hematology and SediVue platforms. The company placed 5,065 premium instruments in Q4.
The quality of placements continues to be excellent, reflected in 3% global gains in new and competitive Catalyst placements, including 7% gains in the United States. The company also witnessed 5% growth in new and competitive premium hematology placements globally, leveraging strong customer interest in ProCyte One.
Global Lab revenues increased 8% organically, reflecting high single-digit gains in the United States, led by improved organic growth in international regions.
Water revenues increased 10% organically in Q4 and full-year 2022, reflecting strong performance across the major regions, including benefits from net price improvement and volume gains.
On the flip side, during the fourth quarter, IDEXX's Livestock, Poultry and Dairy (LPD) revenues declined year over year on a reported basis. Further, clinical visit levels declined 2.8% in the quarter. Further, inflationary pressure has been weighing on the bottom line.
Escalating operating costs result in a contraction in operating margin, which is a concern. According to the company, discrete R&D investment in the quarter and operating expense growth related to investments in commercial capabilities put pressure on the bottom line.
Other Key Picks
Some other top-ranked stocks in the broader medical space are AMN Healthcare Services, Inc. (AMN - Free Report) , Cardinal Health, Inc. (CAH - Free Report) and Merit Medical Systems, Inc. (MMSI - Free Report) .
AMN Healthcare, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 3.3%. AMN’s earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, the average beat being 10.9%.
AMN Healthcare has gained 5.4% against the industry’s 19.6% decline in the past year.
Cardinal Health, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 11.6%. CAH’s earnings surpassed estimates in two of the trailing four quarters and missed the same in the other two, the average beat being 6.4%.
Cardinal Health has gained 48.7% against the industry’s 0.8% decline over the past year.
Merit Medical, flaunting a Zacks Rank #2 at present, has an estimated long-term growth rate of 11%. MMSI’s earnings surpassed estimates in all the trailing four quarters, the average beat being 25.4%.
Merit Medical has gained 28.1% against the industry’s 0.8% decline over the past year.
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IDEXX (IDXX) Global Sales, Instrument Placement Robust
IDEXX Laboratories, Inc.’s (IDXX - Free Report) robust worldwide commercial capabilities, along with a sturdy Companion Animal Group (CAG) arm, are key growth drivers for the company. The stock carries a Zacks Rank #2 (Buy).
Over the past year, IDEXX has been outperforming its industry with respect to share price movement. The stock has lost 6.5% compared with the 12.9% decline of the industry.
IDEXX exited the fourth quarter of 2022 on a decent note, with earnings and revenues beating estimates. The company registered year-over-year growth in revenues on a reported and organic basis. The top line was driven by continued benefits from the expansion of IDEXX's global premium instrument installed base. CAG Diagnostics’ organic recurring revenue growth reflects solid gains across IDEXX's major modalities globally, supported by growth in clinical service demand and expanded utilization of diagnostic products and services.
IDEXX continues to demonstrate solid growth globally. International revenues primarily led to a gain in CAG and Water businesses. CAG premium instrument placements increased 13% in the fourth quarter, reflecting double-digit gains across the catalyst, premium hematology and SediVue platforms. The company placed 5,065 premium instruments in Q4.
The quality of placements continues to be excellent, reflected in 3% global gains in new and competitive Catalyst placements, including 7% gains in the United States. The company also witnessed 5% growth in new and competitive premium hematology placements globally, leveraging strong customer interest in ProCyte One.
IDEXX Laboratories, Inc. Price
IDEXX Laboratories, Inc. price | IDEXX Laboratories, Inc. Quote
Global Lab revenues increased 8% organically, reflecting high single-digit gains in the United States, led by improved organic growth in international regions.
Water revenues increased 10% organically in Q4 and full-year 2022, reflecting strong performance across the major regions, including benefits from net price improvement and volume gains.
On the flip side, during the fourth quarter, IDEXX's Livestock, Poultry and Dairy (LPD) revenues declined year over year on a reported basis. Further, clinical visit levels declined 2.8% in the quarter. Further, inflationary pressure has been weighing on the bottom line.
Escalating operating costs result in a contraction in operating margin, which is a concern. According to the company, discrete R&D investment in the quarter and operating expense growth related to investments in commercial capabilities put pressure on the bottom line.
Other Key Picks
Some other top-ranked stocks in the broader medical space are AMN Healthcare Services, Inc. (AMN - Free Report) , Cardinal Health, Inc. (CAH - Free Report) and Merit Medical Systems, Inc. (MMSI - Free Report) .
AMN Healthcare, carrying a Zacks Rank #2 (Buy) at present, has an estimated long-term growth rate of 3.3%. AMN’s earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, the average beat being 10.9%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
AMN Healthcare has gained 5.4% against the industry’s 19.6% decline in the past year.
Cardinal Health, carrying a Zacks Rank #2 at present, has an estimated long-term growth rate of 11.6%. CAH’s earnings surpassed estimates in two of the trailing four quarters and missed the same in the other two, the average beat being 6.4%.
Cardinal Health has gained 48.7% against the industry’s 0.8% decline over the past year.
Merit Medical, flaunting a Zacks Rank #2 at present, has an estimated long-term growth rate of 11%. MMSI’s earnings surpassed estimates in all the trailing four quarters, the average beat being 25.4%.
Merit Medical has gained 28.1% against the industry’s 0.8% decline over the past year.