Annual revenue topped $3.2 billion, the pet therapy giant edexcel reported in its latest annual report

2022-05-01 0 By

Pet industry watch news, before the U.S. stock market time on February 2, pet treatment industry giant IDEXX announced the fourth quarter of fiscal 2021 and full year results, details are as follows:According to financial data, for the fourth quarter ended December 31, 2021, IDEXX reported revenue of $801 million, up 11% from the same period last year, and net profit of $162 million, down slightly from the same period last year.For the full year of fiscal 2021, IDEXX reported revenue of $3.215 billion, up 19% year-over-year, and net income of $744 million, up 28% year-over-year.Among them, IDEXX’s CAG Companion Animal Group revenue increased 14% in the fourth quarter, organic revenue increased 13%, and CAG Diagnostics organic recurring revenue increased 13%, driven by continued demand for pet clinical services and increased utilization of pet diagnostic products and services:1. IDEXX VETLAB Consumables achieved 14% reported revenue and 15% organic revenue growth, supported by an expanded global installed base of premium instruments, high customer retention levels, improved test utilization, and moderate net price growth;2, Reference Laboratory Diagnostic and Consulting services achieved 12% reported and organic revenue growth, reflecting mid-to-high teen growth in the U.S. and high single-digit growth internationally compared to the strong growth levels of the prior year.Overall earnings from reference LABS continued to reflect high same-store volume growth, gains in the test category, and modest net price gains.3. Rapid test products achieved 10% reported and organic revenue growth. The dog, cat and professional test segments continued to grow globally thanks to strong overall demand trends, high customer retention levels and moderate net price growth.At the same time, revenue from veterinary software, services and diagnostic imaging systems increased 30% on a reported basis and 13% organically, driven by subscription revenue as well as strong growth in new veterinary software system deployments.Reported growth included gains from the acquisition of Ezyvet, which was closed in June 2021.”IDEXX delivered outstanding results in 2021, with veterinary customers responding positively to our highly differentiated diagnostic testing and information management platform,” said Jay Mazelsky, CEO of IDEXX.We are excited to see veterinarians seeking solutions from IDEXX to support their passion for improving patient care and conducting their business more effectively than they have ever been busier.This has also resulted in continued high recurring revenue growth for CAG Diagnostics in our key regions and a record level of placement of quality instruments, with significant gains on our key clinical platforms.As a goal-driven company focused on improving the health and well-being of pets, people and Livestock, our excellent results reflect the high level of execution of the IDEXX organization in the challenges of the Novel Coronavirus pandemic.We are well positioned to build on this momentum and address the tremendous potential that still exists in companion animal health on a global scale.”According to IDEXX’s annual report, the company’s fiscal year 2021 CAG companion animal business segment net revenue reached $2.889 billion, an increase of 21.13% compared with last year, accounting for about 90% of the company’s total revenue;CAG diagnostics recurring revenue was $2.534 billion, up 19.9% year on year;CAG diagnostic capital tools revenue was $149 million, up 36.9% year-over-year;Revenue from veterinary software, services and diagnostic imaging systems increased 26.6% to $206 million.About IDEXXIDEXX Incorporated in 1983 in Delaware, IDEXXIDEXX develops, manufactures and sells products and services to the veterinary, livestock, dairy and water testing markets, as well as a range of portable electrolytes and blood gas analyzers for the human medical diagnostic market.IDEXX has occupied a leading position in the global pet medical industry. The wide innovation gap, strong business model, differentiated integration of diagnosis and cloud information management have formed certain competition barriers.Today, IDEXX continues to accelerate the growth of its diagnostics business, accelerate customer growth, and drive sustained recurring revenue through a high return on invested capital and a resilient business model adapted to the economic cycle.Stock performance