IDEXX Laboratories stock slips on mixed Q1 earnings, cut in FY revenue and EPS guidance
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IDEXX Laboratories (NASDAQ:IDXX) stock has lost 6.5% to $384.78 in Thursday afternoon trade, after the veterinary services company reported a mixed set of Q1 2022 earnings and cut its FY 2022 guidance for both revenue and non-GAAP EPS.
IDXX reported Q1 non-GAAP EPS of $2.24 which missed by $0.01 and revenue of $836.54M which was in-line with estimates.
The company cut its FY 2022 EPS guidance to $8.11-$8.35 from $9.27-$9.59 previously, and slashed organic revenue growth guidance to 7.5%-10% from 10%-12% previously.
"We're updating our organic revenue growth ranges to reflect Q1 performance, recent CAG sector trends and projected impacts related to the Ukraine War," said IDXX CFO Brian McKeon on the earnings conference call.
The revenue outlook includes $10M of projected revenue reductions related to IDXX's Russia, Belarus and Ukraine businesses.
A moderation in veterinary clinical visit growth levels impacted by constraints on clinical capacity weighed on both Q1 earnings and the slashed guidance.
"It appears that in addition to some effects from COVID case spikes and weather dynamics in (Q1), there are near-term constraints on vet clinic capacity that are impacting clinical visit levels," said IDXX CEO Jonathan Mazelsky on the call.
IDXX stock -37.5% YTD.