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IDEXX Laboratories Inc - Stock Quote IDXX

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Morningstar's IDEXX Laboratories Inc Stock Analysis

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Idexx Faces Lab Challenges in Q1, but Long-Term Path to Growth Is Solid; No Change to Our FVE

Debbie S. Wang Senior Equity Analyst

Analyst Note

| Debbie S. Wang |

Idexx Labs posted first-quarter results that were generally consistent with our expectations on the top and bottom lines. However, management lowered its full-year outlook, which prompted shares to fall 6%. After making some slight adjustments to our assumptions, we’re leaving our fair value estimate unchanged, and our projections remain on the high side of management’s new guidance. Nonetheless, Idexx shares have long been insanely overvalued, from our perspective, and we’re pleased to see shares come closer to earth. We remain confident in Idexx’s narrow economic moat, which is supported by cost advantage in its large reference lab business, intangible assets related to the firm’s relationships with veterinarians, and switching costs from its benchtop analyzers and practice management software. Despite the uncharacteristically slow growth in first quarter, we see nothing to suggest that there’s been any erosion in these competitive advantages.

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IDEXX Laboratories Inc's Company Profile

Business Description

Idexx Laboratories primarily develops, manufactures, and distributes diagnostic products, equipment, and services for pets and livestock. Its key product lines include single-use canine and feline test kits that veterinarians can employ in the office, benchtop chemistry and hematology analyzers for test-panel analysis on-site, reference lab services, and tests to detect and manage disease in livestock. The firm also offers vet practice management software and consulting services to animal hospitals. Idexx gets about 38% of its revenue from outside the United States.

One IDEXX Drive
Westbrook, ME, 04092
T +1 207 556-0300
Sector Healthcare
Industry Diagnostics & Research
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Aggressive Growth
Employees 10,350

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