IDXX - IDEXX stock falls on Q1 profit miss 2022 forecast below estimates

IDEXX Laboratories (NASDAQ:IDXX -10.6%) stock falls after the company posted lower-than-expected Q1 profit and revised its 2022 revenue forecast, that were below wall street estimates.  The company now expects 2022 revenue to be between $3.39B - $3.46B vs. consensus estimate of $3.54B. "U.S. same-store clinical visits at veterinary practices declined 2% in the first quarter compared to prior year period clinical visit growth of 13%, which included benefits from increases in new pet ownership during the COVID-19 pandemic," the company said. IDXX recalibrated its full year revenue growth outlook to reflect first quarter results as well as ~$10M in projected revenue reductions related to the war in Ukraine and ~$40M in impact from the recent strengthening of the U.S. dollar. The Companion Animal Group generated revenue growth of 10%. IDEXX Q1 Non-GAAP EPS of $2.24, missed estimates by $0.01, while revenue of $836.54M (+7.6% Y/Y) was in-line.

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IDEXX stock falls on Q1 profit miss, 2022 forecast below estimates