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• Organic Revenue Growth (Q4 2024): 6% overall, with 7% in CAG Diagnostic recurring revenues.

• Operating Profit Growth (Q4 2024): 7% as reported, 8% on a comparable basis.

• EPS (Q4 2024): $2.62, up 10% on a comparable basis.

• Full Year Organic Revenue Growth (2024): 7% in CAG Diagnostic recurring revenues, 11% in recurring software and digital imaging revenues, 11% in water business.

• Full Year EPS (2024): $10.67, up 12% on a comparable basis.

• Gross Margin (Q4 2024): 59.8%, up 130 basis points on a comparable basis.

• Free Cash Flow (2024): $808 million, 91% of net income.

• Share Repurchases (Q4 2024): $249 million for 564,000 shares.

• Leverage Ratios (End of 2024): 0.7 times gross, 0.4 times net of cash.

• International CAG Diagnostic Recurring Revenue Growth (Q4 2024): 12%.

• VetLab Consumable Revenues Growth (Q4 2024): 12% organically.

• Instrument Placements (Full Year 2024): Approximately 18,500 premium instruments.

• Operating Margin (Full Year 2024): 29%, up 60 basis points on a comparable basis.

• 2025 Revenue Guidance: $4.055 billion to $4.170 billion, 4% to 7% growth on a reported basis.

• 2025 EPS Guidance: $11.74 to $12.24 per share, 8% to 12% growth on a comparable basis.

• Warning! GuruFocus has detected 2 Warning Sign with IDXX.

Release Date: February 03, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• IDEXX Laboratories Inc (NASDAQ:IDXX) reported a 6% organic revenue growth in Q4 2024, with CAG Diagnostic recurring revenues increasing by 7% organically.

• The company achieved a full-year EPS of $10.67 per share, marking a 12% increase on a comparable basis.

• IDEXX's international CAG Diagnostic recurring revenue growth was strong at 12% in Q4, supported by net price gains and improved volume growth.

• The company successfully launched IDEXX inVue Dx, a new cellular analyzer, with nearly 1,600 preorders globally by the end of Q4.

• IDEXX's software business saw double-digit growth in cloud-native PIMS placements, enhancing clinic efficiency and fostering deeper connections with practices and pet owners.

Negative Points

• US same-store clinical visit levels declined nearly 3% in Q4 and 2% for the full year in 2024, posing a constraint on IDEXX's growth.

• Rapid assay revenue was flat on an organic basis in Q4, constrained by pressure on US wellness visits.

• Operating expenses increased by 10% as reported in Q4, reflecting higher R&D spending.

• Foreign exchange had a negative impact on Q4 EPS, contributing to a $0.03 per share headwind.

• The company faces a 2% negative impact on full-year 2025 revenue growth due to foreign exchange rates.