IDEXX Q1 revenue $900M (+8% reported, +10% organic); EPS $2.55; raises 2023 guidance

First Quarter Results The Company reports revenues of $900 million for the first quarter of 2023, an increase of 8% reported and 10% organic, driven by Companion Animal Group ("CAG") Diagnostics recurring revenue growth of 9% reported and 12% organic. First quarter results were supported by continued solid demand for veterinary services and benefits from strong IDEXX execution, reflected in 14% reported and organic growth in U.S. CAG Diagnostics recurring revenues and double-digit organic gains across IDEXX's major testing modalities. IDEXX innovation and commercial engagement drove record first quarter global premium instrument placements, supporting 11% annual growth in IDEXX's global premium instrument installed base. Veterinary software, services and diagnostic imaging systems revenue grew 13% as reported and 14% organically, reflecting high growth in recurring revenues and continued strong quarterly placements of cloud-based software solutions. Overall first quarter revenue gains

Increases 2023 revenue guidance to $3,615 million - $3,700 million, reflecting 7.5% - 10% growth as reported and organically Updates 2023 EPS outlook to $9.33 - $9.75, a year-over-year increase of 16% - 22% as reported and 20% - 26% on a comparable basis, including ~12% combined growth benefit from a customer contract resolution payment in Q1 2023 and lapping of discrete 2022 R&D investments