IDEXX Q3 EPS $2.80, revenue $976M; cuts FY24 revenue guidance citing macro headwinds

IDEXX LABORATORIES INC /DE

2024-Q3 EPS reported $8.05 revenue$2,943,216,000

Q3 revenue $976M (+7% reported, +6% organic); EPS $2.80 (+11% reported, +12% comparable).
CAG Diagnostics recurring revenue +7% reported and organic; global premium instrument installed base +10% YoY.
FY24 revenue guidance cut $38M at midpoint to $3,865M-$3,890M; organic growth now 5.3%-6.0% (prior 6.2%-7.8%).
EPS guidance narrowed to $10.37-$10.53, midpoint unchanged; $0.56 negative impact from litigation accrual.
Water revenue +13%; LPD -3%. Gross margin 61.1% (+120 bps). Operating margin 31.2% (+110 bps).

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