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IDEXX Laboratories Inc IDXX

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Stock XNAS Rating as of
$523.25 +4.20 (0.81%)
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Idexx Earnings: Fair Value Estimate Intact, Softness in Visit Volume Could Linger Into 2024

Debbie Wang

Idexx Labs reported third-quarter results that generally put the firm on track to meet our full-year expectations, and we’re reiterating our $351 fair value estimate. Though the market may have been disappointed with quarterly top-line growth of 9%, our projections for 2023 remain bounded by management’s lower outlook. We saw little in the quarter to change our view of Idexx’s narrow economic moat, which is rooted in switching costs related to its installed base of benchtop analyzers in animal hospitals, as well as intangible assets including its high-touch service for vets. Nonetheless, there are some endogenous factors that have weighed on the larger animal health industry recently, and Idexx has not been immune.

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Price vs Fair Value

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IDXX is trading at a 48% premium.
Price
$518.95
Fair Value
$391.00
Uncertainty
Medium
1-Star Price
$929.27
5-Star Price
$343.40
Economic Moat
Fcntxm
Capital Allocation
Sptyrwhs

Bulls Say, Bears Say

Bulls

Unlike human healthcare, pet health services and products require cash payments—thereby bypassing the reimbursement issues and pricing pressure associated with third-party payers.

Bears

International sales account for a substantial chunk of Idexx's total revenue; as the U.S. dollar strengthens, Idexx would feel the pain on its top and bottom lines.

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Trading Information

Previous Close Price
$519.05
Day Range
$517.35–529.30
52-Week Range
$372.50–565.25
Bid/Ask
$522.97 / $523.36
Market Cap
$43.49 Bil
Volume/Avg
335,092 / 506,485

Key Statistics

Price/Earnings (Normalized)
52.58
Price/Sales
12.14
Dividend Yield
—
Dividend Yield (Forward)
—
Total Yield
0.28%

Company Profile

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 close to 40% of its revenue from outside the United States.
Sector
Healthcare
Industry
Diagnostics & Research
Stock Style Box
Mid Growth
Total Number of Employees
10,780
Website
https://www.idexx.com

Competitors

Valuation

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Metric
IDXX
ZTS
Price/Earnings (Normalized)
 52.5834.35
Price/Book Value
 33.3716.26
Price/Sales
 12.149.96
Price/Cash Flow
 44.0829.91
Price/Earnings
IDXX
ZTS

Financial Strength

Metric
IDXX
ZTS
Quick Ratio
 0.881.87
Current Ratio
 1.433.87
Interest Coverage
 23.5112.44
Quick Ratio
IDXX
ZTS

Profitability

Metric
IDXX
ZTS
Return on Assets (Normalized)
 30.69%17.28%
Return on Equity (Normalized)
 101.23%52.16%
Return on Invested Capital (Normalized)
 41.41%21.71%
Return on Assets
IDXX
ZTS

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