IDEXX Laboratories, Inc. reported strong financial performance for the third quarter and the first nine months of 2024, with total revenue reaching $975.5 million for the three months ended September 30, 2024, a 6.6% increase from $915.5 million in the same period of 2023. For the nine months ended September 30, 2024, total revenue was $2.943 billion, up 6.7% from $2.759 billion in the prior year. The Companion Animal Group (CAG) segment was a significant contributor, generating $892.0 million in Q3 2024, reflecting a 6.5% increase from $837.2 million in Q3 2023.
Gross profit for Q3 2024 was $596.0 million, representing a gross margin of 61.1%, compared to $548.0 million and a margin of 59.9% in Q3 2023. The increase in gross profit was attributed to a favorable business mix and lower instrument costs, despite inflationary pressures. Income from operations for the quarter was $303.9 million, up from $275.3 million in the prior year, while net income rose to $232.8 million from $212.2 million.
For the nine-month period, gross profit was $1.808 billion, or 61.4% of revenue, compared to $1.664 billion (60.3% of revenue) in 2023. Operating expenses increased to $941.6 million, primarily due to higher sales and marketing costs, general and administrative expenses, and research and development costs. Income from operations for the nine months was $866.7 million, slightly up from $851.8 million in 2023.
The company’s cash and cash equivalents decreased to $308.6 million as of September 30, 2024, down from $453.9 million at the end of 2023. This decline was attributed to significant share repurchases totaling $610.7 million for the nine months ended September 30, 2024, compared to $45.0 million in the same period of 2023. The company repurchased 1.2 million shares in total during the nine months, reflecting a strategic decision to return capital to shareholders.
IDEXX also made a strategic acquisition in February 2024, purchasing a software and data platform business for approximately $81.1 million, which included various intangible assets and goodwill. The company continues to focus on organic revenue growth, which was reported at 6.1% for Q3 2024, driven by higher realized prices, increased volumes, and new business gains.
Overall, IDEXX Laboratories demonstrated robust revenue growth and profitability improvements, alongside strategic investments and share repurchase activities, positioning the company favorably in the veterinary diagnostics market.
About IDEXX LABORATORIES INC /DE
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