IDEXX Q1 rev $837M (+8%); cuts FY22 EPS guidance to $8.11-$8.35 on vet capacity, forex, R&D charge

IDEXX LABORATORIES INC /DE

2022-Q1 EPS reported $2.27 revenue$836,549,000

Q1 EPS $2.27 (-3% reported, +3% comparable); revenue $837M (+8% reported and organic).
CAG Diagnostics recurring revenue +9% organic; record Q1 premium instrument placements; capital instrument rev +22% organic.
FY22 revenue outlook cut to $3,390-$3,465 (5.5%-8% reported growth); organic growth 7.5%-10%.
FY22 EPS outlook $8.11-$8.35 includes $0.72 discrete R&D charge, $0.10 forex, $0.05 interest; prior guidance implied down.
U.S. same-store clinical visits declined 2% in Q1 vs +13% prior year; practice revenue +6% vs +16%.

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