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IDEXX (IDXX) Launches First Veterinary Diagnostic Test
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IDEXX Laboratories, Inc. (IDXX - Free Report) recently launched its first veterinary diagnostic test, IDEXX Cystatin B, for detecting kidney injury in cats and dogs. This can help veterinary professionals to spot kidney damage before it affects kidney function and may result in better patient outcomes.
In order to provide novel clinical insights for an anticipated two million patient visits each year, IDEXX Cystatin B Test will be incorporated into test panels evaluating kidney health. Later this year, these tests will be conducted at IDEXX Reference Laboratories in the United States and Canada, with plans to roll out the test in Europe in 2024.
The latest development will fortify IDEXX’s Livestock, Poultry and Dairy segment by expanding the veterinary industry's most comprehensive renal testing portfolio.
More on IDEXX Cystatin B Test
IDEXX Cystatin B Test makes the company's kidney health suite more comprehensive than it has ever been. A kidney injury marker has never before allowed veterinarians to identify live or acute kidney injury. Now, when clinical indications may or may not be obvious, veterinarians can detect renal tubular damage with IDEXX Cystatin B Test, a straightforward urine-based test.
Significance of Veterinary Diagnostics Test
IDEXX Cystatin B Test will improve veterinarians' understanding of kidney health by detecting injury and adding more clarity when a change in kidney function may not be immediately apparent. IDEXX’s suite of kidney health diagnostics includes IDEXX SDMA testing for kidney function, IDEXX FGF-23 Test for management of kidney disease and this newly launched IDEXX Cystatin B Test for detection of kidney injury. IDEXX Cystatin B and IDEXX SDMA tests work in tandem to provide a thorough understanding of kidneys by revealing structural damage and decreased renal function.
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Management noted that they are excited to deliver the first kidney damage biomarker in market with the inclusion of IDEXX Cystatin B Test. Better outcomes for patients over the course of their lives are made possible by IDEXX’s array of tests and technology, which enables veterinarians to intervene earlier, enhance treatment and now identify kidney injury.
Industry Prospects
Per a report by Grand View Research, the global veterinary diagnostics market size was valued at $7.30 billion in 2022 and is expected to grow at a CAGR of 11.2% by 2030. Growth in this market is attributed to various factors, such as increased expenditure on animal health, rising incidence of zoonotic diseases, number of veterinary practitioners, technological advancement in point of care diagnostics and increasing disposable income levels in developing regions. The growing incidence of infectious animal ailments is further poised to augment the demand for veterinary diagnostics.
Progress within IDEXX Business
IDEXX exited first-quarter 2023 on a decent note, with earnings and revenues beating the Zacks Consensus Estimate. The company registered year-over-year growth in revenues on reported and organic bases. The top line was driven by continued solid demand for veterinary services and benefits from strong IDEXX execution.
IDEXX innovation and commercial engagement drove record first-quarter global premium instrument placements. Veterinary software, services and diagnostic imaging system’s revenue growth was supported by double-digit organic gains in recurring software and digital imaging revenues.
IDEXX CAG Diagnostics recurring revenue growth remained solidly above sector growth levels in first-quarter 2023. In the U.S., the company achieved a 1,350 basis point growth compared with relatively flat same-store U.S. clinical visit growth levels. These results reflected benefits from execution drivers including higher net price realization. Solid U.S. volume growth was supported by new business gains, high customer retention levels, continued increases in diagnostic frequency and utilization at the practice level.
Price Performance
Shares of IDXX have gained 46.8% in the past year compared with the industry’s rise of 20.1%.
Zacks Rank and Key Picks
IDEXX carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are CONMED (CNMD - Free Report) , Merit Medical Systems, Inc. (MMSI - Free Report) and Boston Scientific Corporation (BSX - Free Report) .
CONMED, currently holding a Zacks Rank #2 (Buy), has an estimated long-term growth rate of 19.4%. The company’s earnings surpassed estimates in two of the trailing four quarters, missed once and met in another, delivering a negative average surprise of 10.54%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
CNMD’s shares have risen 54.2% in the past year compared with the industry’s 21.3% growth.
Merit Medical, currently carrying a Zacks Rank #2, has an estimated long-term growth rate of 11%. MMSI’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 20.2%.
Merit Medical has surged 60.2% compared with the industry’s 21.3% growth over the past year.
Boston Scientific, presently holding a Zacks Rank #2, has an estimated long-term growth rate of 11.5%. BSX’s earnings surpassed estimates in two of the trailing four quarters and missed twice, the average surprise being 1.9%.
Boston Scientific has gained 50.1% against the industry’s 19.2% decline over the past year.
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IDEXX (IDXX) Launches First Veterinary Diagnostic Test
IDEXX Laboratories, Inc. (IDXX - Free Report) recently launched its first veterinary diagnostic test, IDEXX Cystatin B, for detecting kidney injury in cats and dogs. This can help veterinary professionals to spot kidney damage before it affects kidney function and may result in better patient outcomes.
In order to provide novel clinical insights for an anticipated two million patient visits each year, IDEXX Cystatin B Test will be incorporated into test panels evaluating kidney health. Later this year, these tests will be conducted at IDEXX Reference Laboratories in the United States and Canada, with plans to roll out the test in Europe in 2024.
The latest development will fortify IDEXX’s Livestock, Poultry and Dairy segment by expanding the veterinary industry's most comprehensive renal testing portfolio.
More on IDEXX Cystatin B Test
IDEXX Cystatin B Test makes the company's kidney health suite more comprehensive than it has ever been. A kidney injury marker has never before allowed veterinarians to identify live or acute kidney injury. Now, when clinical indications may or may not be obvious, veterinarians can detect renal tubular damage with IDEXX Cystatin B Test, a straightforward urine-based test.
Significance of Veterinary Diagnostics Test
IDEXX Cystatin B Test will improve veterinarians' understanding of kidney health by detecting injury and adding more clarity when a change in kidney function may not be immediately apparent. IDEXX’s suite of kidney health diagnostics includes IDEXX SDMA testing for kidney function, IDEXX FGF-23 Test for management of kidney disease and this newly launched IDEXX Cystatin B Test for detection of kidney injury. IDEXX Cystatin B and IDEXX SDMA tests work in tandem to provide a thorough understanding of kidneys by revealing structural damage and decreased renal function.
Management noted that they are excited to deliver the first kidney damage biomarker in market with the inclusion of IDEXX Cystatin B Test. Better outcomes for patients over the course of their lives are made possible by IDEXX’s array of tests and technology, which enables veterinarians to intervene earlier, enhance treatment and now identify kidney injury.
Industry Prospects
Per a report by Grand View Research, the global veterinary diagnostics market size was valued at $7.30 billion in 2022 and is expected to grow at a CAGR of 11.2% by 2030. Growth in this market is attributed to various factors, such as increased expenditure on animal health, rising incidence of zoonotic diseases, number of veterinary practitioners, technological advancement in point of care diagnostics and increasing disposable income levels in developing regions. The growing incidence of infectious animal ailments is further poised to augment the demand for veterinary diagnostics.
Progress within IDEXX Business
IDEXX exited first-quarter 2023 on a decent note, with earnings and revenues beating the Zacks Consensus Estimate. The company registered year-over-year growth in revenues on reported and organic bases. The top line was driven by continued solid demand for veterinary services and benefits from strong IDEXX execution.
IDEXX innovation and commercial engagement drove record first-quarter global premium instrument placements. Veterinary software, services and diagnostic imaging system’s revenue growth was supported by double-digit organic gains in recurring software and digital imaging revenues.
IDEXX CAG Diagnostics recurring revenue growth remained solidly above sector growth levels in first-quarter 2023. In the U.S., the company achieved a 1,350 basis point growth compared with relatively flat same-store U.S. clinical visit growth levels. These results reflected benefits from execution drivers including higher net price realization. Solid U.S. volume growth was supported by new business gains, high customer retention levels, continued increases in diagnostic frequency and utilization at the practice level.
Price Performance
Shares of IDXX have gained 46.8% in the past year compared with the industry’s rise of 20.1%.
Zacks Rank and Key Picks
IDEXX carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are CONMED (CNMD - Free Report) , Merit Medical Systems, Inc. (MMSI - Free Report) and Boston Scientific Corporation (BSX - Free Report) .
CONMED, currently holding a Zacks Rank #2 (Buy), has an estimated long-term growth rate of 19.4%. The company’s earnings surpassed estimates in two of the trailing four quarters, missed once and met in another, delivering a negative average surprise of 10.54%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
CNMD’s shares have risen 54.2% in the past year compared with the industry’s 21.3% growth.
Merit Medical, currently carrying a Zacks Rank #2, has an estimated long-term growth rate of 11%. MMSI’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 20.2%.
Merit Medical has surged 60.2% compared with the industry’s 21.3% growth over the past year.
Boston Scientific, presently holding a Zacks Rank #2, has an estimated long-term growth rate of 11.5%. BSX’s earnings surpassed estimates in two of the trailing four quarters and missed twice, the average surprise being 1.9%.
Boston Scientific has gained 50.1% against the industry’s 19.2% decline over the past year.