IDEXX Laboratories Inc

IDXX: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$248.00	Gqzh	Btmhcwbyrp

Idexx Earnings: Strong Pricing Gains Drove Growth in the First Half of 2023

Debbie S. Wang

Aug 1, 2023

Narrow-moat Idexx Labs reported a solid second-quarter performance, with the firm closely tracking our full-year projections. However, the minor adjustments we've made to our underlying assumptions weren't material enough to shift our fair value estimate. As usual, the companion animal segment led the way with 11% quarterly organic revenue growth, and the water division wasn't far behind with a 9% increase. Idexx did a nice job of keeping expenses under control, with quarterly operating margin coming in slightly above the 29% we've projected for the full year.

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